Employee value proposition or EVP is a concept closely related to Employer Branding. it is the set of strategies and concrete actions that an organization implements intending to attract and retain the best talent. So, It should be an essential element for any Human Resources department.
It is the first step you will need to take to develop a truly attractive and successful employer brand. So to pull it off you need to know the key element for a successful Employee Value Proposition, but first thing first, what is an EVP?
What is an Employee Value Proposition?
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 salary, non-monetary benefits, opportunities within the company as well as a good work environment. It is key to communicate what your company offers to a candidate.
is important for the professional development of the company and, consequently, taking care of it will be essential for the productivity and profitability of the company.
It is an essential part of processes such as attraction, recruitment and selection, onboarding, development, retention, and employer branding. So, it is critical for attracting the right talent.
The employee value proposition components can be tangible or intangible. Tangibles elements are monetary or non-monetary benefits, or programs for employees such as extra vacation days, flexible scheduling, work-life balance, or training.
Intangible elements are just as important as tangible ones and include opportunities for professional growth and a good work environment.
Findind out the elements of your Employee Value Proposition
Finding out the right elements to design your EVP is hard but not impossible. You just need to follow some simple steps evaluate, investigate, dialogue, make:
Evaluate
The first step 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 non-tangible 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.
Investigate
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.
Dialogue
This is not a one-person job. Invite colleagues from your HR team, Marketing, managers, 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.
Build
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, these are some advantages of making a proper proposition.
Advantages of making a proper Employee Value Proposition
An attractive EVP can reduce costs per new hire by up to 50%. It also improves the degree of loyalty of new employees by 29%, so they will stay longer in your company. However, your value proposition will not base solely on compensation.
If your potential candidates find your EVP attractive, they will not look at salary as the only deciding point. This means that even if you don’t offer the highest salary you can still compete and beat other companies.
Making your EVP will force you to learn and focus on what is important and what your employees and potential candidates value. Gathering all this information will help you to target your recruiting efforts, unifying your pitch and making it more appealing in both your job postings and your candidate mailings.
It will diversify your attraction power as it addresses the interests and motivations of ideal candidates for your company. Reaching out even to people who are not actively looking for a job.
Making a strong, well-defined proposition is a great money and time investment. it will improve your company’s image, make you save money in the long run, and it will position your company as the one everyone wants to work for.
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