We’re often thinking about what candidates can offer the organisation. But how often do we reflect on what we are offering to candidates in return? Most likely, the answer is ‘not enough.
Sure, salaries and wages make up part of the offering, but truly providing value to your candidates is so much more than this. Effectively designing and communicating your Employee Value Proposition (EVP) is a crucial element in attracting and retaining top talent in today’s competitive job market. In the long run, teams that are offered a strong EVP will benefit both parties.
In this blog post, we will discuss the importance of EVP and some tips on how to create one that reflects and resonates with your team.
What is an Employee Value Proposition (EVP)?
EVP is essentially a set of offerings, benefits, and experiences that an employer provides to employees in exchange for their time, skills, and knowledge. In other words, EVP is the promise that an employer makes to its employees, conveying what the company stands for and what the employees can expect from the employer in return for their contribution. Factors like flexibility, paid leave, bonuses, amenities, discounts, upwards mobility, remote options, personal development, mentorship, company culture, and of course, pay, can all be part of this.
The Benefits of a Strong EVP
EVP is essential for any organisation that wants to attract, engage and retain talented employees. Here are some reasons why:
Competitive Advantage
In today’s talent-short market, having a compelling EVP can give you an edge over your competitors. In fact, it’s one of the most important things you can do to stand out. Employees are no longer content with just a large salary package, and many will consider their well-being and happiness just as important, if not more so, when looking for a new role. If your EVP resonates with job seekers, it can help you attract the best talent in the market.
Employee Engagement
When employees feel valued, respected, and heard, they are more likely to be engaged. Showing that your organisation cares about their people, and offers meaningful benefits that provide genuine value, goes a long way in keeping team members motivated. This engagement can lead to higher productivity, better job satisfaction, and lower turnover rates.
Retention
A strong EVP can also help retain your existing employees. If the only reason an employee stays is the salary, they’ll be moving on the moment a better-paying opportunity comes along. Employees who are satisfied with their work and feel valued are less likely to leave the company. This can save your organisation a lot of time and money associated with hiring a replacement, empty-seat time, and retraining costs.
5 Tips for Creating an Excellent EVP
Define your employer brand
Before you can create an EVP, you need to define your employer brand. Your employer brand is your company’s reputation as an employer and the message you communicate to existing and potential employees. It encompasses your company culture, values, and mission. Defining your employer brand will help you create an EVP that aligns with your company’s values and resonates with your workforce.
Understand your people
To create an effective EVP, you need to understand your workforce. You need to know what it is they value most to be able to provide it. One option is to conduct surveys and focus groups to gather feedback from your employees. This feedback will help you understand what motivates them. Use this information to create an EVP that addresses their needs and aspirations.
Focus on the Benefits
When creating an EVP, focus on the benefits that your employees will receive. These benefits can be tangible or intangible. Tangible benefits include salary, health insurance, and retirement plans. Intangible benefits include opportunities for growth, recognition, and work-life balance. Make sure your EVP communicates these benefits clearly.
Be authentic
Your EVP should reflect the reality of your company culture. Don’t make promises that you can’t keep. If your company culture is highly competitive and fast-paced, don’t promise a laid-back work environment. Be authentic and transparent about what your company stands for and what it offers. This way you’ll attract the right people while filtering out those who are looking for their value elsewhere.
Communicate your EVP
Once you have created your EVP, you need to communicate it effectively. Use all channels available to you, such as your company website, social media, and job ads. Make sure your message is prominent in all your communication with potential candidates. For existing team members, it can be important to embed and highlight your EVP in internal communications. It can also help to remind team members of options that are available to them if they aren’t being taken advantage of.
Prior to being struck with the inspiration to launch TalentVine, one of our founders, Justin specialised in Employer Branding for the likes of Mi5, Royal Bank of Scotland, Arrium and Phillips in both the UK and Australia.
Whilst EVP development is not at the core of what TalentVine does, Justin still loves to assist employers who are looking at ways to do things better. If you would like to spend an hour with Justin to understand how you can communicate a strong, accurate EVP, then please feel free to book a time here.
Book a MeetingClosing Remarks
EVP is a critical element in attracting and retaining top talent in today’s competitive job market. It communicates what you as an employer stand for and what employees can expect in return for their contribution. To create a powerful EVP, you need to define your employer brand, understand your workforce, focus on the benefits, be authentic, and communicate your EVP effectively. By creating a compelling EVP, you can attract the best talent in the market, engage and motivate your workforce, and retain your top performers.
