A compelling Employee Value Proposition (EVP), is essential for any businesses wishing to succeed in this dog-eat-dog labour market.
Why? Because it takes a razor-sharp competitive edge to attract and retain the best talent.
Potential recruits need to understand the benefits of working for your company, not your competitors… Let’s say for example a candidate turns around in an interview and says, “So you’ve got my attention, tell me why I want a job here”. Do you have a clear understanding of what you would say? If the answers no, then you need an EVP.
If you’re still not convinced about the value of an EVP, then take a look at the stats. Global research company, Gartner, says an effective EVP can help you reach 50% deeper into the labour market, increase the commitment of new hires by 30% and reduce annual employee turnover by 70%. Bottom line – it makes sense.
So what exactly is an EVP?
An EVP is the deal struck between the employer and its employees, or what your company gives in return for the skills, capabilities and experience of the workforce. But seeing as every organisation offers something different, you need to determine what is unique about yours.
Don’t be fooled into thinking an EVP is a flash-in-the-pan campaign to fix recruitment issues; it’s a long-term commitment that needs a solid level of investment.
And it’s super-strategic. It defines the essence of your business and helps you answer fundamental questions such as: What do we do? What do we stand for? What workforce do we need? What matters to them? How do we want to present ourselves?
To work, it needs the buy-in and involvement of everyone, from the very top of the hierarchy board members, to the newest recruits and all the mushy middle layers in-between, and it respects employees by placing them at the heart of everything you do. (Perhaps it’s time to stop calling them ‘mushy’, then).
For an EVP to work, it needs the buy-in and involvement of everyone, from the very top of the hierarchy board members, to the newest recruits and all the mushy middle layers in-between.
How do you create an EVP?
Yes, it’s pretty heavy stuff. But don’t be scared off.
A good starting point is simply asking your existing workforce – your greatest asset. Use employee surveys to find out what they think of the organisation, why they work there and what makes your company different. Let them put forward ideas and describe their values. Consider if these match the company values.
Don’t shy away from negative feedback. Exit interviews will provide excellent insight. Ask soon-to-be-ex-employees what might have persuaded them to stay or what the new company is offering that you aren’t.
Exit interviews will provide excellent insight into what employees truly thought of you organisation. Ask soon-to-be-ex-employees what might have persuaded them to stay or what the new company is offering that you aren’t.
With a good gauge of existing perceptions and maybe a few reality checks too, you can determine your selling points and start to build your employee offering.
It can’t stick to the obvious though. Pay and benefits remain important, but focussing too much on these leaves employees without a valid reason not to jump ship when your competitor offers a bigger pay packet.
Loyalty and job satisfaction are built through career development and progression, training opportunities, work-life balance, challenge, autonomy, recognition, team morale, respect, collaboration, ethics and social responsibility… and each of these needs embedding across the organisation.
How do you implement an EVP?
Much like global technology giant, Sage, who we interviewed on the subject recently, you might like to appoint a director responsible for your EVP strategy. This shows employees how seriously you take it.
You could set up working groups in every business area to help define exactly what needs your attention.
Once it’s agreed, focus on communication. Bring in your internal comms team as well as HR, and tell everyone what your EVP is all about. Training days or Q&A sessions will help your workforce understand what’s on offer.
Focus on communication. Bring in your internal comms team as well as HR, and tell everyone what your EVP is all about. Training days or Q&A sessions will help your workforce understand what’s on offer.
Make the most of the EVP in job adverts and job descriptions, interviews and employment offers.
International beauty brand, L’Oréal, describe working there as an ‘adventure’ and they highlight their focus on opportunities, impact and personal development. They especially don’t overlook one key feature: fun! It’s ok to enjoy your job, so your EVP should explain how you’ll make that happen too.
Evaluating the EVP
You’ve defined and rolled out your proposition, so now it’s time to measure your success.
Send out regular internal employee surveys to see if the EVP promise meets the reality. Recruitment and retention metrics, as well as Glassdoor reviews, can also act as a clear indicator to see if things are improving.
But never say never. If your EVP remains static you’ll miss the chance to respond to evolving attitudes to work or to the impact of new economic climates (hello, Brexit..?), so regular review is vital.
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