What is an Employee Value Proposition?
In short, an Employee Value Proposition (EVP) is everything a company offers an employee in exchange for their work. This includes more than just compensation, healthcare, and benefits. A strong EVP also translates to intangible assets, like a positive corporate culture, good work/life balance and a meaningful connection to the work being done.
Employer branding has become an important area of focus for companies. With the current challenges of a highly competitive labor market, it is essential to effectively promote what your organization has to offer candidates. Employer brand and EVP go hand in hand as quality candidates will be attracted to quality companies.
Effectively promoting your EVP works to attract the best and brightest into your company. Your brand, recruiting, and retention efforts should be built around your Employee Value Proposition.
Establish your Employee Value Proposition
What do you currently offer employees in exchange for their work? In addition to basics like compensation, vacation, and health benefits, think about other areas your company provides value to employees. For instance, do you give preference to internal promotions, so employees are able to quickly climb the corporate ladder? Do you have monthly team building excursions that strengthen the core of your corporate culture? Do you value innovative, out-of-the-box thinking and risk taking?
Identifying what makes your organization truly unique is the central focus of your Employee Value Proposition. These factors make up your corporate environment and attract the right candidates for the job. While some candidates may be drawn to a creative, innovative environment, others may prefer a desk job where they work independently. Having a clearly established and well-communicated EVP will attract candidates who are a good fit while weeding out unqualified applicants.
An authentic EVP may take some time to craft, so don’t rush the process. Be sure to include a representative from all job levels for comprehensive and inclusive feedback. Consider sending out a survey to employees, and always conduct exit interviews when employees resign.
Other important questions to take into consideration:
- What do your current employees value most about working for your company?
- What do they think is the most unique aspect of your company?
- Why do current employees choose to stay? (Ask those who have been with your company for five years or longer)
- What are thee adjectives they feel best describe the corporate culture?
Market your Employee Value Proposition
Once you have established your EVP, it is time to start communicating it to candidates that you are looking to attract, engage, and inform. Integrate this important message into all of your corporate marketing platforms, like your website, social media channels, careers page and any open job posts.
Strong EVP Examples:
Get creative when it comes to communicating your EVP. BMW Group created an authentic video that highlights real employees describing why they love the company.
Hubspot uses their careers page to highlight their EVP through employee videos and testimonials. “We’re building a company people love. A company that will stand the test of time. So we invest in our people, and optimize for your long term happiness.” Their blog, with employee contributors, allows a peer-to-peer insight into the company.
L’Oréal also has invested time, thought, and resources into creating a comprehensive, authentic Employee Value Proposition. Their 10 Reasons to Choose Us page is a fantastic example of seamlessly incorporating their EVP into their talent attraction efforts.
The main takeaway is that when you tell the true stories of your company, your employees, and your corporate culture, you will successfully attract like-minded candidates who feel a genuine connection to your brand and mission.