What is an Employer Value Proposition (EVP) ?
Think about when you started your current job. What was it that attracted you in the first place? Now the big question – one year into the role, did it match up to your expectations, and did it align with the picture your company painted of it? If so, there’s a good chance they had an effective Employer Value Proposition (EVP), and it was successfully articulated in the hiring process.
Why it’s important
Nowadays, having a defined EVP should be the norm for organisations that want to attract and retain top talent. And that doesn’t just apply to senior and specialist roles. In a sector like retail where reward can be low and turnover high, staff are willing to relocate to another employer for a little extra – whether that be holiday, wages or flexibility. Having an EVP strategy for every level and role within the business can help attract the right people in the first place – this is the best way to grow a loyal and engaged workforce.
What is it?
So what is an EVP? It’s the sum total of everything someone should expect when working in their role and for the company. Things like policy, programs, rewards, benefits and perks will be included, but that’s nothing new. Firms should also think about understanding and capitalising on the benefits of their unique take on:
– Leadership: business leaders are the key figureheads in a business and can attract and engage staff across their lifecycle with the company
– Culture: each company has a unique culture, defined in part by the leaders, but there’s a lot more to it than that. Culture is extremely important in terms of people’s fit within the company – so understand it, tackle any issues and most importantly, celebrate the good bits
– Progression and development: without a sense of development within a role people become disengaged – this has been proven time and again in engagement surveys. Remember this doesn’t always have to mean more money – more skills and responsibility can actually be more engaging for staff on a day-to-day basis
– Corporate Social Responsibility: Most people would now be willing to pay more for something if they thought it came from a sustainable brand – so why not their work too? People, especially the younger members of the population, care about the social role of organisations – this should now be a key part of an attraction and retention strategy
What’s our EVP?
The best way to start work on an EVP is to start with a review of what’s there already. Work through the elements outlined earlier and build a picture of what your organisation offers.
Honesty is key. EVP’s outward facing component is employer brand – the brand you build in the recruitment market place. It’s essential your EVP and employer brand align and people’s experience is authentic, especially in the age of Glassdoor.com.
What do we do with it?
Your EVP should be a cornerstone of a wider employee experience strategy, with strategic links to work you do in employee engagement, motivation and workforce planning. In essence it has two primary functions:
1) In recruiting: it should be consistently worked into every part of the recruitment process, from initial job ads and what recruiters say to prospective hires through to the interview content, who conducts the interviews and the on-boarding process.
2) In engagement: it should be a reference point for monitoring the feelings of staff. If your EVP contained a promise of a certain type of culture, or development opportunities, use regular feedback to make sure the lived experience measures up.
Why’s it worth our time?
All successful firms recognise the importance of providing an honest and consistent experience to their customers – without this people don’t come back for more. Having an EVP helps provide the same positive experience for both prospective and current employees, and it’s a chance to formalise this experience into business strategy. It’ll help ensure the people you work with know and share the values of the company, are motivated and stay loyal in the future.