Understanding the employee value proposition (EVP)
By Michael Halling
What is an employee value proposition (EVP) and why is this really important? In simple terms it’s an emotionally centric promise an employer makes to its employees as we have a responsibility to support them professionally. An employee value proposition (EVP) is important within an organisation no matter your size.
So what is an EVP? It’s an organisations specific set of written benefits an employee should receive in return for their employment. These should include tangible and intangible benefits, such as:
- Compensation and benefits: salary, bonuses, health insurance, retirement planning and any other financial benefit offered.
- Work-life balance: helping to illustrate a flexible working arrangement, leave and a supportive work environment.
- Career development: opportunities for training and development, mentoring and personal advancement.
- Culture and values: the company's mission statement, vision, ambitions and values. These coupled with the overall positive workplace culture.
An EVP should be tailored to the target audience you are seeking for example, looking to attract millennials you might focus on the benefits of flexible work arrangements and travel opportunities. Looking to attract experienced professionals might mean a greater focus on benefits such as inferred authority, agility, mentoring and additional advancement opportunities.
A well-crafted EVP, paired with a mature recruitment drive will help attract and retain the talent you are seeking and help to create an engaged workforce.
Having understood its importance and the value to be gained, how do you begin to consider development of an EVP strategic approach?
Here are a few steps to consider when developing your EVP strategy today:
- Understand your current and target audience and their views of your organisation.
- Ensure your EVP process tells a story of emotional responsibility for each employee.
- Who are you trying to attract and retain? What are their needs and wants? What are their priorities when considering joining or staying?
- Identify your unique selling points and qualify materially what makes your company different from its competitors. What are the benefits of working for your company if not monetary?
- Your EVP should reflect and document your organisations unique culture and values but it also needs to be based on a promise that you can keep.
- Your EVP should be easy to understand. It should be short, possibly with a catchy statement that sums up the value of working with you.
- Be compelling to make employees want to work for your company. Highlight the benefits of working for your organisation and why it is a great place to work.
- Be consistent. Your EVP should be communicated via your website to your employee onboarding materials. It should be a consistent message that is reinforced in all of your communications.
- Review and update your EVP regularly. As your organisation changes, so too should your EVP.
‘Where work is more than a job’
‘We're not just a company, we're a family"’
‘Where your passion is our purpose’
‘We're not just here to make a living, we're here to make a difference’
‘Where you can be yourself and do your best work"’
Framework:
- Keep it short and sweet.
- Use strong action centric verbs.
- Be creative and clear.
- Test it out through personas (user journey’s). Then test it again!
Vitro works with clients to assist in the ideation and creation of an EVP. We can help to create a model to attract the best talent and find ways to retain your brightest stars.
About the author
Michael Halling
Michael, or Mike, is the CEO of Vitro and works closely with clients to discuss and define their current and future HR ambitions across the talent management spectrum. He knows that technology and process improvements are the greatest organisational enablers and understands systems and processes which can help an organisation meet their needs.
What is an employee value proposition?
- Start by understanding your target audience - who are you aiming to attract and retain? What are their expected needs and wants?
- Ensure your EVP reflects your organisation and is clear and concise. Your EVP should be easy to understand and for all current and future employees.
- Be compelling: your EVP should be designed to make current employees want to work for your company and entice new people to join.
- Don’t be afraid to tailor the EVP to your company and personnel goals. It should reflect your company's unique culture and values.
- Be consistent: your EVP should be communicated throughout your company, from your website to your employee onboarding materials and used to build loyalty and transparency for both employer and employees.
Considerations for your EVP
Developing an EVP strategy
Here some of my additional tips for developing an EVP strategy where data is available or an employee survey has been completed:
- Use data to inform your decision-making. Gather data from your employees, customers and other stakeholders to understand what they value in a workplace.
- Get input from a variety of stakeholders. Involve employees, managers and other key stakeholders in the development of your EVP. This will help to ensure that your EVP is aligned with the needs of your entire workforce.
- Test and measure your EVP. Once you have developed your EVP test it with potential employees and see how they respond. This will help you to determine if your EVP is effective in attracting and retaining top talent.
Finally, create a visual journey and with a multi-channel delivery focus to ensure it’s visible:
- Tangible benefits
- Intangible benefits
- Company culture and values
- Target audience
Additional tips
Additional tips
Additional tips
Additional tips
Catchy strap line principles
How Vitro can help
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