There are many strategies that you can apply in your company, in what is known as employer branding, that can help when attracting and recruiting new talent or if we want to retain the existing employee already working in the company.
One of the first steps in an employer branding strategy is the employer value proposition or EVP. An EVP can help us to improve our brand perception and make it more attractive, so more people want to work in your company. Here we will see what an EVP is, and what steps you should follow to create one.
What is an Employer Value Proposition?
The Employee Value Proposition or EVP is the set of benefits offered by a company to an employee in return for his or her work. It can include monetary or non-monetary benefits and growth opportunities as well as a good working environment.
The EVP should reflect what it means to be part of a certain company, what attributes make it unique, and why it is worth working in it and not in the competition.
Your value proposition is key to communicating what your company offers to your candidates. It is an important part of your Employer Branding and is critical to attracting the right talent.
The tangible benefits that can be included in an EVP are salary increase, vacations, flexible working hours and work-life balance, training plans, restaurant tickets, etc.
The main intangible benefits that can be included in an EVP are a good working environment, professional growth opportunities, etc.
Why is it important to design an Employer Value Proposition?
An EVP helps you attract talented employees and retain them for your company while motivating your current employees. It will be a great help for the company to grow and advance day by day.
Another advantage of an EVP is the reduction of cost per hire since communicating your value proposition and building a strong employer brand around it lowers your monetary investment in each recruitment process.
By not being based solely on monetary compensation, your EVP will be able to attract more potential candidates who will not only look at the salary. Therefore, you can compete with companies that offer higher salaries.
Your Employee Value Proposition helps you to think about and analyze what is important and what your employees and potential candidates want from you and your company. Collecting all this information helps you to make your brand more attractive both in your job postings and in your candidate searching.
Building and communicating your proposition to your employees will help you build employee loyalty. Listening to your team will help you understand what is important to them and develop new initiatives. Including employees in this process will strengthen their confidence and motivation.
Finally, your Employee Value Proposition diversifies your attraction power as it addresses the interests and motivations of the ideal candidates for your company. A strong and well-defined proposition will position you as the company everyone wants to work for.
How to create your Employee Value Proposition
The first step in creating your EVP is to know what your company currently offers to its employees and whether it communicates it effectively, and if it is good enough to attract talent. Start by thinking about what your company offers and why people want to work there. This will give you a perspective to create a list of tangible and intangible elements of your current EVP.
Think about the type of candidates you want to attract to your company and what can motivate them, meaning, everything that aligns with their interests. For example, most of them will probably want to know what kind of equipment they will be working with and will want to meet people already employed by the company.
Having a starting point, you need to research what your candidates want. The best source of information is your own employees. Ask them why they work at your company, what they like best and what they would like to see improved. a short, mailed survey can be a great source of information.
You can quickly gather a lot of information this way. However, it is important that you do not write too many questions on the survey or you run the risk that most of your employees will not answer it.
Organize the results and analyze them by department or profile. Each candidate or position has different needs and interests. Once you have analyzed the data you will be able to identify patterns and trends by groups.
Check what the competition is doing. Look at other companies looking for the same profiles as you and evaluate their proposition. Use whatever you consider useful, always trying to be different from them. Your company is unique and your value proposition should also be unique.
This is not a one-person job. Invite colleagues from your HR team, Marketing, managers, and anyone you think can assist you in the design of your EVP. This will help you identify which of the tangible or intangible benefits are most attractive and which can be developed.
Other people’s opinions can also help you to be realistic in your proposal. Honesty is important because if your EVP promises more than you are actually capable of delivering, you will end up hiring the wrong people for your organization.
Once you have all the information you need, the last step is to build your Employee Value Proposition. Your proposal can take the form of a single sentence or it can be a list of elements. Whatever you want or think is most suitable for your ideal candidates; there are no limits to creativity. The idea is to use your conclusion and turn it into the key elements of your EVP.
A good EVP can do wonders for you and your company. It will attract and retain the right talent for your company, motivate your current employees and also reduce hiring costs.
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