Attract, Retain and Engage the best candidates in a competitive job market
What is an EVP?
Britt Minchington, International Employer Brand Strategist and Author, defines the Employee Value Proposition (EVP) ‘as a set of benefits and offering given to employees for bringing their experience, skills, contribution and performance in the company.’ He calls it an ‘organizational strategy’ that focuses mainly on the employee experience. He also underlines the fact that an EVP should be distinctive and significant if a company has the objective to increase and attract the best talent.
Therefore, a well-structured EVP contributes to the growth and awareness of the following elements:
- Brand image – the up-to-date vision about a specific brand
- Brand visibility – a way of increasing brand awareness, in the consumers mind, through a brand presence on different channels
EVP perspective: employer and employee
It is essential to also introduce a very peculiar EVP feature, that is the ‘double perspective’ which is related both to the employer and the employee. Shrm.org defined a very clear framework that describes both points of view:
- Employee Perspective: ‘Employees’ connection with the EVP determines their level of discretionary effort in bringing the company mission, vision and values to life.’
- Employer Perspective: ‘A strategically designed EVP attracts, retains, engages and motivates employees to drive business success.’
The duality of such framework enables both parties to gain competitive advantage, improve their communication, enhance the brand identity. When developing your strategic EVP, always take into consideration this double direction outlook.
What are the main benefits of well build EVP for an employee?
Once an organization has defined a coherent EVP, it should also elaborate a specific document and include potential benefits that helps the company in terms of engagement and talent retention of potential and current employees. Here are some welfares that should be highlighted:
- Renumeration (Compensation system satisfaction)
- Flexibility and work-life balance
- Career development through permanent learning
- Great work environment
- Unique company culture (e.g., gender friendly)
How to boost your EVP
According to Gartner, one of the best methods that you should adopt when designing the EVP is to create an offer based on Authenticity and Differentiation. According to Gartner’s studies, ‘your organization can reduce the compensation premium by 50% and reach 50% deeper into the labor market when candidates view an EVP as attractive.’ Another important characteristic concerns the reduction of the annual employee turnover and increase ‘new hire commitment by nearly 30%’.
One of the best and practical techniques in designing an effective EVP statement is to take example from well-known brands and pose yourself the following question: “what do we currently offer to our employees in exchange for their time and effort?”
For instance, consider the statement elaborated by PwC:
“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?”
Once you’ve defined a strong and consistent Employee Value Proposition statement, always distribute and share it with your employees, candidates, and new hires.
This will improve and facilitate the way you communicate the value that your company proposes and the consequent commitment an organization is willing to take towards all those who are interested in a specific brand.
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