Employee Value Propositions
Attract, engage and retain the right employees with your Employee Value Proposition (EVP).
In today's job market, employees have many options and are very discerning about who they work for. So, how can you make your company stand out and attract the best employees? We start by understanding what your employees value about working for your business. Only then can you create messaging that will attract top talent that’s right for your business. An Employee Value Proposition (EVP) is a messaging platform that outlines what your company has to offer employees regarding benefits, culture, development opportunities and more. It supports your talent strategy while articulating what sets you apart from other employers.
A strategic EVP requires a meticulous, proven process, employee and market research, and comprehensive knowledge to ensure the creation of a sound strategy. A well crafted EVP is the foundation for the Employer Brand; supporting visibility, memorability and importantly alignment with the company's talent and business objectives. Organisations that invest in creating a compelling EVP are better poised to attract top talent and establish themselves as sustainable businesses in the long haul.
Belong Creative has crafted strategic EVP frameworks that are authentic, relatable and differentiating for many of Australia’s most sought-after employers, helping them attract, engage and retain the right talent.
An EVP definition expressed simply is ‘why choose you’. It should be authentic; an employment experience you can deliver on, that helps employees reach their potential, differentiating; (sets you apart from competitor employers) and relevant; resonates with your ideal employee/s. Building your brand through these strategic pillars engages people who are looking for these specific benefits. And by aligning your EVP with your Customer Value Proposition (CVP), you will create a strong employer brand that will attract the right people to meet your business goals.
To give EVP meaning, you have to start with research. Internally – what do your employees value most about working for you? Externally what are candidates attracted to? What sets your employment experience apart from competitors? If you want your EVP to be authentic (and by the way, it has to be to work), you must build it from the bottom up. To get to the heart of your culture, you must hear from a diverse range of employees from right across your business, not just the aspiration from leadership. Having an external EVP research specialist conduct surveys, interviews and focus groups ensures employees can offer their views anonymously and therefore are often more open and honest.
Fit is oh-so important for both employee and employer. To enhance the ‘courting’ process, you need your EVP to be crystal clear. That’s why having a proven framework to help you distill and focus on what makes your business a great place to work is critical. Start by building from the ground-up. The foundation is proof points; tangible evidence like size, reach, track record, policies and intangible like culture, aspiration and how employees feel. We then collate these into 3-4 strategic pillars (themes), which work together to differentiate your employment offer. Sitting above your pillars is a short sharp narrative that perfectly sums up your employment experience.
Once you’ve created your distinctive EVP messaging, the next step is to add a layer of visual story-telling around it. This is your Employer Brand. As experts in Employer Branding, we conceptualise different creative approaches based on your EVP, including a Talent Tagline, to help share your unique story to candidates and employees. Your Employer Brand should complement your Corporate Brand, while speaking directly to your target audience through the complete life-cycle; from recruitment, onboarding, employee engagement to alumni. We can help you embed and operationalise your Employer Brand through all your brand touchpoints.
Here are the key steps in creating a strategic EVP for your organisation
1. Research what your employees value
2. Identify the gaps between what employees value and what you and other competitors offer
3. Define your EVP based on authenticity, relevancy and differentiation
4. Construct your EVP message
5. Promote your EVP internally and externally
Components of EVP Framework
There are multiple factors that work together to form an Employee Value Proposition. These include both tangible (e.g. salary or complimentary membership to the local gym) and experiential (e.g. flexible work hours or supportive culture) elements. A comprehensive EVP encompasses five pivotal elements: Benefits, Environment, Career Development, People and Culture and Journey. Focusing on these critical areas can assist in crafting a compelling EVP that stands out and attracts potential employees to your organisation.
Employee benefits can help the organisation to differentiate itself from competitors and attract potential employees. Benefits can include financial; like salary, bonuses, medical allowances, phone, car leasing, or discounts in health services, insurance, or retail outlets. Non-financial benefits such as employee recognition programs, opportunities to volunteer, extra leave, mental health days or even job stability can all be central to helping your EVP stand out from others. Whatever the combination of benefits an organisation provides, it acts as a stimulus to attract employees towards the company.
An organisation's work environment can be a significant factor that can either encourage an employee to stick with, or leave the company. Every workplace environment is different. That’s why an EVP can highlight positive differences in systems, policies, facilities and ways of working. Things like flexible working (either hours or locations), or services such as gyms, end-of-trip facilities, cafes or child care. With work-from-home now ‘normalised’, employers are having to ensure the virtual workplace is also conducive to productive and happy employee experiences. The better the environment, the higher the chances of employees sticking to the organisation.
3. Career Development:
Most employees want to master a skill, be challenged or progress up the corporate ladder. The higher the chances of growth for an employee within the organisation, often increases the retention rate of employees. Career progression can take many forms; on-the-job training, external courses, growing interpersonal skills, secondments and promotion. An EVP can often articulate an employer’s commitment to career conversations and pathways, helping attract talent who value this highly.
4. People and Culture:
Often it’s the people and culture of an organisation that has the biggest impact on the employee experience. Progressive cultures that are inclusive, diverse and nurture a sense of belonging are often seen as attractive by today’s employees. Culture is usually inspired by leadership but can also be guided by corporate values and behaviours which help guide the actions of all the people in the business. A culture can be positive, or negative depending on how people communicate and collaborate internally. If an organisation has a positive culture, as expressed through the EVP, it can benefit productivity, reduce attrition and attract new ‘right-fit’ employees.
In an uncertain world, employees crave trust, stability and transparency from employers. While the future can be difficult to predict; an EVP can offer some direction and intent of where the company is headed and what’s required to get there. The EVP needs to balance aspiration with the reality of the journey to achieve that vision. Probable challenges and possible opportunities can equally excite the right candidates or refute those that may not be best suited for the changes ahead.
Why is an Employee Value Proposition required?
Attracting and retaining top talent is one of the biggest challenges businesses face today. With the current state of the economy, many employees are reconsidering their career choices. This includes where they want to work, how they want to work, and who they want to work for. Human Resources departments across Australia are struggling to keep up with the demands of this new generation of employees. They have very different work aspirations and expectations than older generations.
Defining your company's EVP is key to success in today's market. Clearly outlining how your organisation will stand out against the competition makes it easier to ‘sell’ prospective and current employees as to the benefits of working at your company. You also have a clear plan of action for how you can improve your employee experience.
The best employee value propositions help build an inclusive work environment that attracts and takes care of diverse talent.
Are you looking for a professional EVP consultant to build a strong EVP?
A strong EVP can help you stand out from the crowd in the race to attract top talent. Today's employees are looking for a great place to work and a great experience in the workplace. Organisations that realise this and factor this into their recruitment strategy are likely to be attractive employers for top talent. Learn more about building a compelling Employee Value Proposition by partnering with Belong Creative.
Your Employer Value Proposition (EVP) is an essential business tool. It highlights the unique and attractive qualities of your workplace, setting it apart from your competition. It serves to answer the question: "What makes your organisation the ideal choice for employment?"
To create a strong and successful EVP, you must start by understanding what your employees value the most AND how that compares to competitors. Only once you have this information, can you create an EVP that will help you attract and retain the best employees or top talent to your company.