What’s Your Employee Value Proposition?
If a strong candidate were offered a job at two organizations, including yours, what would compel them to choose your offer over the other?
Is it their personal connection felt to your mission, vision, and core values, and the way those things shine in your company culture? Is it the way you recognize and reward achievers and provide opportunities for employees to grow and progress in their careers? Maybe it is the market-leading compensation package or creative perks you offer to your people.
The likelihood is that it’s not only one of these, but a combination of all of them, and this combination is referred to as the Employee Value Proposition (EVP).
What is an Employee Value Proposition?
The EVP is a strategic statement that defines how a company wants to be perceived by its employees. It embodies the company's values and ideals and is a fundamental step in defining an employer brand strategy for talent acquisition. - Society of HR Management (SHRM)
An EVP acts as a key driver of talent management and talent acquisition. It encompasses the main reasons that make people proud and motivated to work there, such as an inspiring vision or a distinctive culture. When integrated into all aspects of a business, a strong EVP will help to retain top performers and attract the best external talent.
In the simplest terms, the EVP can be thought of as, “The value your employees gain from working at your organization rather than a competitor’s”.
Why Do I Need One?
Because 90% of the current job market is candidate-driven, employers need to work harder than ever to attract quality talent and retain employees. With companies An EVP is about defining the fundamental nature of your company; about what makes it unique and what it stands for.
An EVP establishes credibility with candidates and differentiates your employer brand to attract top talent – which is not easy in this market. It also re-energizes current employees. An EVP defines the give and get of the employer-employee relationship. This relationship is just like any other relationship; there is an ebb and a flow. It’s not just why you join a company; it’s why you stay.
Along with establishing perception and attracting top talent, creating and following a great EVP can help you grow your business. As we know, businesses can’t grow without a talented workforce to run the show. When you can find, attract, and retain the right talent, they will help boost your business and ultimately your company’s bottom line.
Is an EVP only for Companies with Nap Pods?
When thinking of the terms “creative perks” and “excellent culture”, many people envision tech giants offering their employees nap pods, on-site Laser Tag, and Whiskey Fridays. This can feel defeating, as most organizations can-never or would-never offer these things; however, we must remember that there is a reason that we know about what’s in those offices. It is uncommon and not easily attainable.
Of course, perks are nice, but many of those nap pods go unused, pool tables go un-played, catered lunch goes uneaten, and employees don’t feel any happier than those without those perks. What most candidates and employees do crave is simply appreciation, recognition, and opportunity.
A study by online career site Glassdoor revealed that more than 80% of employees say they're motivated to work harder when their boss shows appreciation for their work. This can be as simple as a note, an unexpected treat, or a company-sponsored social event like a happy hour - nap pods are not on the list.
How Can My Organization Write an EVP?
Research is the key to beginning to craft any effective EVP statement. Understanding that it’s not something defined by your C-suite, Board, or HR Team is paramount. The EVP should be about the core strengths of your organization inherently defined by your employees. You must find out why your employees chose to work for your organization and more importantly, why they stay.
Set up surveys and focus groups to determine what aspects of your company culture are central to your EVP. There are many free online survey tools that will allow employers to collect data anonymously, which is recommended for the most accurate information.
- Assess What You Currently Offer:
- Financial Rewards
- Total Rewards: Salary, Commission, Bonuses, Stock Options, Etc.
- Employee Benefits
- All Additional Benefits associated with the job
- Career Development
- Sponsored Courses or Tuition (PMP, CISR, MBA, etc.)
- Promotion Opportunities
- Opportunities to work on specific projects, in different locations, or with specific software/systems
- Work Environment
- Flexible Working Hours
- Work-Life Balance
- Team Building
- Communication Systems
- Workspace Design
- Office Location
- Remote Work Opportunities
- Company Culture
- Trust and collaboration
- Positive relationships between team members across hierarchies
- Team communication and support
- Alignment of employees with company goals
- Financial Rewards
- Interview Existing and Past Employees:
- Use employee surveys to collect feedback – many online survey tools offer free anonymous surveying for more accurate results
- Define the Key Components of Your EVP
- What themes do you see or what pillars stand out in the information found?
- Write Your EVP
- Begin Communicating your EVP and Building your Employer Brand (next blog post!)
Feeling stuck? Here are some examples from excellent organizations around the world:
"At Stripe, we're looking for people with passion, grit, and integrity. You're encouraged to apply even if your experience doesn't precisely match the job description. Your skills and passion will stand out—and set you apart—especially if your career has taken some extraordinary twists and turns. At Stripe, we welcome diverse perspectives and people who think rigorously and aren't afraid to challenge assumptions."- Stripe
“You can make a difference by helping to build a smarter, safer and more sustainable world.”
“From empowering mentorships to customized coaching, PwC provides you with the support you need to help you develop your career. You’ll work with people from diverse backgrounds and industries to solve important problems. Are you ready to grow?”