In order to hire the best employees, there is a lot of pressure on organisations to offer the most competitive and appealing packages. This is by no means easy and there are a series of steps to take to establish a strong Employee Value Proposition (EVP).
Often confused with the much talked about, employer brand, the Employee Value Proposition is an integral part of bringing on board new recruits. In this guide, we’ll talk you through the ins and outs of creating a compelling EVP and offer practical advice on how you can go about this.
What is an Employee Value Proposition?
Essentially, it’s a combination of the benefits and appealing factors that make working for your company so fantastic. That could be anything from the structure of your working day and the competitive salaries you offer, to the added perks on top of these.
Think of it as the key benefits of working for your company. What’s going to make your business sound appealing to candidates? While you may carefully select what you highlight as the main benefits to different individuals in different departments, a good EVP is one that truthfully reflects your organisation as a whole.
It should meet employee demands and act as a promise to your staff that you’ll help them to shape their career in your business.
How can a strong EVP benefit your business?
One of the main benefits of an EVP is the boost it can give to your recruitment efforts. From attracting more candidates to your vacancies, to setting you apart from the competition, a strong Employee Value Proposition can help you to establish yourself as an employer of choice.
What’s more, employees will be more engaged with your business, helping significantly with staff retention rates. Overall, this can create a more positive, happy and motivated workforce. This is vital if you want your employees to be as productive as possible.
How do you create an effective EVP?
Your current employees can offer valuable insights into what it’s like to work in your business. Therefore, they should be your first port of call for understanding what makes your company brand and culture so appealing. You can gather this data through a range of mediums: exit interviews, employee surveys and performance reviews, for example.
Be sure to ask the right questions during these conversations. For instance, what the employee enjoys most about working for you, their reasons for leaving, what they think makes the company unique. Alongside this, consider taking on board feedback from candidates who have rejected your job offers. It’s not always the nicest conversation to have, but it can be useful.
Once you have these insights, it’s all about cross-referencing these with your overall business goals, to ensure that they are aligned. For example, if you’re looking to become a much savvier organisation, you wouldn’t want to start offering every financial benefit under the sun in order to attract and retain candidates.
How can you communicate this to staff?
A huge part of creating a winning company culture is effectively communicating your EVP to your staff. After all, why would you put the time and effort into creating one, only to hide it from employees? A strong EVP will turn your key selling points into compelling messages that your workforce can live by.
Make it an integral part of your internal communications strategy. Consider including your vision and values in staff communications such as newsletters or weekly emails and your intranet.
You could also consider reinforcing the messaging during performance reviews. Here, managers will play a key part, so ensure that they are fully aware of your EVP and how it needs to be communicated to staff.
Alongside this, think about how it can fit into your external marketing activity. Include your EVP on your company website and your social media channels, using clear and easy to understand language. Make it as relevant as possible. You could even use facts, employee testimonials and other examples to demonstrate it effectively.
How often should you review it?
An effective EVP will stand the test of time. However, there are instances in which it may be beneficial to review it. For example, any major changes in leadership, to services or even your core strategy.
Alongside this, if you’ve gone through a period of fast growth, a time of crisis, have launched a new global office or even a merger or acquisition, it might be worth thinking about whether your EVP effectively communicates what you want it to.
Building a strong Employee Value Proposition can help massively with your candidate attraction, recruitment and retention efforts. Spend the necessary time on getting it right and communicating it effectively both internally and externally. You’ll soon recognise the benefits.
For more information, why not check out our article on the essentials of an excellent employer brand.