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Employee Value Proposition (EVP)- Tool to Attract and Retain Top Tale


 

Finding best talent is going to be the big race for many businesses over the coming decade. Being able to stand out from the rest is getting harder. That’s where a strong EVP can help.

"An employee value proposition (EVP) is the unique set of benefits that an employee receives in return for the skills, capabilities, and experience they bring to a company"

EVP helps in reducing employee turnover, improve profits, provide a great employee experience, and build an inclusive workplace. Below is detail brief of EVP elements that organizations can look into.

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It is evident that , An employee value proposition is beyond just a marketing exercise and competitive salary . It includes culture of respect , work-life balance, learning opportunities. Essentially, an employee value proposition should provide incentives that not only reward hard work but create a supportive, inclusive work environment for all.

Question arise , how to create value proposition? There isn't fix formula of creating effective EVP , it is tailored with organizations and need modification at least once in a year , to start with , here are few steps which might assist in creating an effective EVP.

Steps to Create Effective Employee Value Proposition.

1. Scope out what your company currently offers - Understanding what your company branding currently is and what it stands for. Find out core elements. Understanding business is paramount of Effective EVP.

2. Collect feedback from employees (past and present) - Use surveys, internal focus groups, exit interviews to get a better understanding of the challenges faced with creating the EVP. Asking the right questions also matters such as; Why do you like working here? What motivates you at work to engage more? What improvements would you like to see? What kind of support do you expect from the company,Identify and include in EVP that matters the most.

3. Identify and define the key points to include in the EVP : Your EVP should be tailored to both in job listings and a careful combination in your website/social media communications to attract the right candidate based on where they will see your business advertising. Think of words like, loyalty, fun environment, positive experience, employee perks for graduates. For experienced candidates use language like, work-life balance, childcare availability and pension scheme.

4. Draft your EVP You need to create something that is clear, unique and inspirational. This is the only way you can get through to the best talent. You also need to align two key areas; what your company can offer vs what your ideal candidate wants. The EVP is where there is an overlap of these two key areas.

5. Compare and evaluate your EVP Once you have drafted your EVP, take a step back and look at it. Analyze what you have created and then give it to someone who isn’t in the business. Check its viability within same industry.

6. Communicate your EVP via relevant channels An EVP is only effective when people see it. Internally, you can use the company blog, send an email , have a launch about it. Externally, you want to reach out on different platforms like your website (a careers page), social media and importantly, in Job Ads.

7. Assess responses to your EVP Understanding if your EVP is working or not is key so you need to assess it. Few indicating points could be quality of applications coming through , engagement level on social media if increased , if employee turnover is reduced.

Summing up

An EVP is about developing your business brand and asking the questions, “what makes my company so attractive to work for?”

Make it worth working! :)

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