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EVP (Employee Value Proposition) Explained
For any employer interested in talent attraction and retention, an EVP (Employer Value Proposition) should be at the forefront of their business strategy and goals. Likewise, employees should be aware of EVP’s and their significance when it comes to any prospective employers. We aim to explain it in the following piece –
What exactly is an EVP?
EVP stands for Employer Value Proposition and is essentially the actual value a workplace or role can offer or is offering an employee. Having a clear EVP ensures current and prospective employees are aware of the benefits or rewards they will receive for working to a high standard for your organisation. It’s fairly straightforward – employees offer and provide you with their time and talent, and this is what you provide them with in return.
Don’t think that an EVP is just centred around financial remuneration however, it also includes flexible working, remote working opportunities (commonplace now because of Covid-19), training and progression and career development opportunities, amongst other things.
What is the importance/benefit of having a strong EVP?
When you put similar roles within similar companies beside each other, chances are they’re more than likely to have a similar salary range. However, if a candidate aligns more with one employer’s EVP than another, chances are they are more likely to take up a role within that company. Delivering and consistently improving on your EVP is proven to significantly decrease employee turnover and hence improve staff retention. While salary may be enough to initially entice individuals to work for your brand, once in the role they want to be able to see clear career progression and that their contributions matter.
EVP versus Employer Branding
EVP also differs from your actual employer brand, it’s more the ”why” people should actually want to work for you than putting the focus on attracting the potential talent. Your employer brand is what your company is known for, and possibly its field of expertise. For example, at Lincoln, we are known for our specialist recruitment services and a team of expert recruiters. However, while those who are interested in working in recruitment within one of these areas may be interested to work for us, it’s our company culture, training and flexibility which will keep employees engaged and make us stand out against competitors.
While EVP and Employer Branding are separate concepts, they should also be strategised hand-in-hand. So for example, you could use them in conjunction to make a prospective candidate think ”this company is a renowned brand in my area of interest, but also they promote inclusivity, diversity and cross-collaboration which are all really important elements to me in my job search.”
How to begin creating, improving and promoting your EVP
Maybe you’re a start-up that has yet to establish an EVP, or a company that hasn’t thought about their EVP in some time. Either way, it’s something that should be on your radar and which you can start strategising today. You should start by identifying what your current employees would like or need from you. Whether this is more training or development opportunities, clearer career progression, more CSR activities or increased flexible working options, taking these into consideration will drastically help you when forming or enhancing your EVP. This in turn should also help you reduce attrition rates. A simple employee survey is a great way of gathering data and allowing your employees to voice their opinions honestly and anonymously.
Once your EVP is established, be sure to display it on your company website, and also in any prospective talent acquisition documents. Ensure that all members of your ”People Team” such as HR, TA and recruiters are well versed in your EVP, as this could well be something they are asked about by prospective candidates and potential hires during the interview process. It’s no longer enough to just lay roles on the table and focus on brand marketing, fostering a positive company culture and enhancing employee engagement seems to be the future!
Want to know more about how Lincoln Recruitment can help you solve your business needs? Get in touch here.
For more informative news and insights, visit our sister site the Lincoln Lens.
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