What is an EVP?
An Employee Value Proposition (EVP) is the employee branding, benefits and rewards all packaged up to help attract and retain the right people for your business – it can be hugely beneficial for the success of a business. It should answer the all-important question – why work with us?
Why is an EVP important?
An EVP is a way to tell a story of who the company is, your values, goals and essential what someone can expect working for the business. Your EVP can be used to provide job seekers an opportunity to see how your business stands out from competitors and entice them to join your business. It’s not just a list of benefits you offer, but a handbook on career development pathways, rewards and recognition programmes, how your business gives back to the community and the company culture and values.
It’s an excellent talent attraction tool and will help you attract people who will be a good fit from the offset. (Gone are the days of having to do a cultural interview!). If you’re unsure of what differentiates you from your competitors (if you don’t know your Unique Selling Points), then why not ask your employees. Here’s how.
What to include in your EVP?
An EVP isn’t a one-and-done thing. It’s something that will (and should) evolve with the business, but here are some of the key things to include.
Over the years, there has been lots of research into the perks and benefits that job seekers look for but it changes constantly. In the last 2 years alone, gone are the “funky office perks” people used to look for. I’m talking about big coffee machines, ping pong tables, bean bags, or free food. SEEK surveyed over 4000 people which showed an inflation of people looking for a healthier work-life balance. Complete your own employee survey and find out from them what they consider to be useful benefits so that you can continue to implement and add new benefits, not only to attract new talent but retain who you have in the business already!
Rewards and Recognition
This is different from the benefits. The benefits should be company-wide standards. What do you do to reward people who have gone that extra mile? Or achieved something extraordinary.
Values, People and Culture
Not only are people interested in the monetary value but also being in a job that matters, where they can make an impact and work with great people. We spend so much of our time at work, why can we not make the most of it!
You should be asking yourself
- What is your company mission?
- Who are your employee personas?
- What do your people value?
- What type of experience are you creating for them?
- How are you helping them to develop their careers?
- Why are potential employees attracted to the company?
- Why do existing employees think the company is unique?
- What do they value most about working there?
- Why do they stay?
- Why do they leave?
Candidates want to know what the day-to-day life is, not just what their responsibilities are or what is expected of them. How can you support them to be the best person they can be? With this clearly defined in your EVP, I guarantee you’ll see the volume increase of quality candidates that align with your company values.
Having an excellent onboarding process can increase your retention rates by 82%. You can read an article I wrote on onboarding remote employees which talks through the 4 steps of an onboarding process:
Pre-Onboarding < Orientation < First Assignment < Ongoing Support
Think about how you want to communicate your EVP. How will you present it? Which channels will you use?
Utilise video! Video is an excellent way to connect with your future employees (as well as your customers!). It creates a real connection and according to a survey done by Wyzowl, 92% of marketers who use video say that it’s an important part of their marketing strategy. Why not use that same strategy to attract quality talent?