What is an EVP (Employee Value Proposition)?
The world of business faces many challenges, recruitment being just one of them. But, it’s a challenge the senior leadership team can take back control of, all with the help of an EVP. Not sure what an EVP is? Read on to find out!
What is an EVP?
In a nutshell, it’s corporate speak for what your business can offer its employees (beyond a salary!) For a more official definition: An Employee Value Proposition, or EVP, is the way in which a business presents anything that has a ‘value’ to people who would work for, and with, them in return for their skills and experience.
Why do you need it?
Your EVP encapsulates the features and benefits of your workplace. Developing an effective EVP enables you to send a clear, succinct message to potential new hires. Getting this right can attract the right talent with values that are aligned with those of the business, significantly reducing costs associated with recruitment–onboarding, additional training etc. Your business strategy determines where your business is going and why it is headed there. An EVP articulates why people should come on the journey with you.
More than remuneration - the ingredients of an EVP….
Using the visual above we split the ‘ingredients’ (based on Maslow’s Hierarchy of Needs) of the EVP into two parts; Internal Brand Experience and your External Brand Perception.
Internal Brand Experience: Self Actualisation
Employees need to know they have an environment (be that physical, or digital!) to reach their full potential, the most that they can be!. This sense of fulfilment can come in variety of ways including:
Can I make a difference?
Career Progression and Opportunities
Training & Development
Did you know 79% of employees cite lack of appreciation as their reason for leaving - according to research by OCtanner.
Internal Brand Experience: Physiological Needs
Your talent needs to know they can get what they need to survive. In a work setting this can include knowing the below areas meet their requirements:
Clear purpose and direction
Culture and Team
Remuneration and Benefits
External Brand Perception - breathing life into your EVP with Employer Branding and Candidate Experience.
This set of ingredients is about how your EVP is observed externally (hello, talent attraction!) split across both First Impressions and First Experiences. This covers the touchpoints, messages and experiences (both with humans and your tech-stack!). From Job advert, to induction–your EVP plays a key role in communicating your business’ ‘what’s in it for me'’ to attract, and convince talent to work with you.
Your employer brand does a lot of the heavy lifting here, but it’s only as good as its delivery. You can talk the talk, but you definitely need to walk the walk too.
In our next blog we talk more in detail how EVP and Employer Branding differ, and some best practices on how to amplify those key messages to potential hires.