All You Need to Know About Employee Value Proposition (EVP)
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Employee Value Proposition, also known just as EVP, is a concept that has become more relevant over the last couple of years. It’s become a major game-changer when it comes to attracting and retaining talent, engaging with your workforce, and even strengthening your employer branding.
Since it’s a concept of huge importance for both companies and workers, both parties must understand what exactly an EVP is and how organizations can create a compelling employee value proposition that features their corporate perks, growth opportunities, and other silver linings.
What is an EVP?
Despite a few people and websites addressing the concept as Employer Value Proposition, while the most common term is Employee Value Proposition, the definition is the same. An EVP is a company’s unique set of benefits that an employee receives in exchange for their skills, certifications, and experience.
Even though salary and other benefits are negotiated during the interview, candidates and job-seekers can take EVP as a promise between them and their potential employer. Since an Employee Value Proposition is equivalent to building a case, you should build your EVP considering both tangible benefits and company culture to convince talent to pick your offer as their best choice.
Essentially, an EVP is about communicating why your company is the right place for employees who are already thriving there so you can also attract professionals who align with your values, culture, and other unique traits you can offer. As you can see, a well-rounded EVP is essential because it works as an element to sharpen your company’s identity, ease your recruitment process, and improve your employer branding.
EVP vs Employer Branding
As mentioned above, even if employer branding and Employer Value Proposition are two different elements of your recruitment and marketing strategy, both are linked, and partnering the right way will be highly beneficial for your business. But then, are they at odds, or how do they differentiate one from another?
As it’s already defined, EVP is strictly related to the unique offer you have as an employer for any candidate who wants to work for you or employees who already belong to your organization. On the other hand, employer branding encompasses a company’s reputation as a workplace and in the general labor market.
Some even argue an EVP is more of an internal asset, while employer branding is external as it refers to your company’s image and the public’s perception of it. Inevitably, combining both shapes your company’s image inside and outside. In general, employer branding is the reputation, while the EVP is the narrative.
Even if you try to keep your EVP internal, your employees will share their thoughts with anyone who asks them about their current employer. Also, LinkedIn and other social platforms will allow them to share reviews about you. The best thing is these will benefit you, so if you have a healthy work environment, don’t be afraid of having your employees share their experiences with you.
How to create a great employee value proposition
As mentioned above, both your employer branding and EVP should match and be consistent. Although employer branding is mostly in control of the efforts a company is investing in its strategy, an Employee Value Proposition will back up this reputation and, more importantly, will be something that your staff, candidates, and any other individual related to your company will verify.
Consult existing perceptions around your brand
A compelling and accurate EVP will come from both leadership and team members. Basically, anyone who breathes and lives up to your business values daily. These perceptions will give you a realistic reference of your team building, work atmosphere, and other aspects of your company that you’ll include in your EVP.
As you develop your Employee Value Proposition from your vision to reality, consult with your current staff, potential employees, contractors, and even customers about their perception of your business. You can pull up a survey by questioning yourself about this first:
- Why are job seekers attracted to the company?
- What makes existing employees engaged with the company?
- Why do they think this company is unique?
- What do they value the most about working here?
- When an employee leaves, what are their motives?
- Despite offers from other employers, why do they stay?
Identify key selling points
Once you’ve gathered perceptions from different standpoints, identify the most valued aspects. Crafting your EVP around those pivotal points will give a clearer sense of what your business stands for and how it may fit with a candidate’s values, goals, and working style.
Make sure to draft your Employer Value Proposition highlighting those differentiating aspects that will play in your favor. Once you’ve identified them and included them in your EVP draft, make sure these questions are answered:
- Do your selling points align with your objectives?
- Are those highlights enough to make your company stand out?
- Overall, does your EVP set a realistic picture of your workplace atmosphere?
- Is it inspirational or attractive enough?
- Is it inclusive enough to attract people from untapped talent markets?
If you want to test your EVP draft or get insight, share it with your employees so they can let you know if it reflects why they joined your company and what it’s like to work for you.
Spread the word through different channels
If you’ve defined EVP, now it’s time to plan how you’ll communicate so it gets to all types of talent pools, from fresh grads to high performers and C-level executives. You can start by distributing it through your hiring channels, from the ones with greater reach, such as websites and ads, to more personal approaches, as during the interview process.
The idea is that your EVP works as a filter for prospective candidates, who will have another element in mind to determine if your company is a good match for them. Communicating your EVP consistently and in a compelling way with marketing, branding, and PR efforts will also do the work of creating a solid presence among the passive labor market and the public in general.
Keep all efforts align and consistent
The most powerful, effective, and low-cost advertising method is word-of-mouth. Your employees play a key role in keeping your EVP standing in the job market and even on social media. In order to motivate them to become brand ambassadors of your business you have to be consistent and live up to your Employee Value Proposition on a daily basis.
Make sure every team in your company has a clear understanding of your EVP, and it stays on track. For onboardings and new hires, include your EVP in the induction plan or welcome kit; for the day-to-day, incorporate recognition plans, strengthen your internal communications, and set clear policies of how daily operations have to be conducted.
Even if you weren’t aware of what an Employee Value Proposition is and how it helps your employer branding and talent attraction, every aspect your company has to offer to your employees and how you treat them, in general, have defined it.
Now that you know more about it, be sure to track and invest in every aspect that will strengthen your EVP and put in the effort to spread it throughout the labor market.
Contributed by Luis Arellano
