What Is An Employee Value Proposition (EVP) And Why Is It Crucial For Your Business?

Running a business in the UK can be quite a challenge, especially in today’s competitive job market. Despite recession we have seen in the last year, it’s important not to assume that employees will simply stick around in their current roles. At Your Talent Solutions, we believe that people are continually evaluating their priorities and making decisions based on their personal goals.

So, now is definitely not the time to take your foot off the pedal when it comes to recruitment efforts!

The good news is, there are numerous ways businesses can adapt their recruitment strategies to leverage the opportunities presented in the current labour market. But when it comes to ramping up your recruitment efforts, your Employee Value Proposition (EVP) is one of your most valuable assets. Having a compelling EVP is critical for attracting future talent to your business and not only retaining current employees but also turning them into powerful advocates.

So, what makes a great EVP and how it can significantly impact your business?

 

What is an Employee Value Proposition (EVP)?

Think of your EVP as your shop window. It’s the window through which people outside your organisation can peek in and get a sense of why you exist and what it’s like to work with you. It showcases the kind of opportunities available to them if they choose to join your team. Your EVP allows candidates to see if they can envision themselves thriving within your organisation.

It’s about understanding WHY people work for you. It’s the unwritten contract between the business and its employees. It states what the organisation can offer its people, and what employees will be expected to do in return.

This contract should provide as much detail as possible. Future candidates should have a clear understanding of their role, the behaviours that are valued and rewarded within the organisation, where they’ll be working, the hours they’ll be expected to keep, the benefits that come with the role, and everything else that helps them determine if working for you aligns with their lifestyle. Understanding this helps ensure you select people who “fit” your business and ultimately, this leads to happier, more engaged employees who see a future for themselves with the business.

Some of this information should be readily available on your website, careers portal, social platforms, and anywhere else potential candidates might seek information about your organisation. Your EVP should capture your uniqueness; the good, the bad, and the ugly.

 

Who owns your EVP?

Crafting a compelling Employee Value Proposition is a collective effort. It’s a part of your culture, and everyone in the business has a stake in it.

Your marketing team or external provider will manage the workshops and research that goes into developing the understanding of your EVP and will primarily handle the customer-facing communication tools that showcase your EVP (such as your careers and company website, and your social media channels). It’s also important to remember that your staff, both past and present, will leave reviews on platforms like Glassdoor. Any discrepancies between the image you project and the reality of working with you will be glaringly apparent.

Ensure that your EVP presents an authentic, transparent, and aligned image of your company, inside and out. An EVP is an ongoing and evolving process that never “ends” so regularly reviewing and updating this to keep in line with the current reality is important.

 

Why do you need an EVP?

 

Helping you recruit the right talent:

In today’s candidate-driven market, attracting new talent is a challenge for businesses across the board. Your EVP can be a game-changer for your recruitment process. It shapes the way managers talk about your business during interviews, influences the way you write job adverts, and even impacts the online recommendations left by current and former employees. Ensuring that each of these touchpoints paints a positive, realistic, cohesive picture of what you have to offer can be a decisive factor in a candidate’s decision-making process.

 

Assisting with staff retention:

Your EVP shouldn’t only focus on attracting new talent. It’s equally about creating brand advocates and fostering a talent pool that takes pride in being part of your organisation. This kind of advocacy not only leads to higher staff retention rates (and subsequently lower turnover costs), but also ensures that future candidates are more likely to commit to your business. By attracting employees who resonate with your organisation’s purpose and mission, you’re more likely to retain them and even attract like-minded candidates in the future.

 

When should you develop an EVP?

Well, you might not think you do but all companies have an EVP already, regardless of whether they have worked on it. Your internal culture, values, mission, employee benefits, and career development initiatives collectively form your EVP. However, not all companies have a control of their EVP and therefore can control the right messaging you want to put out there. Companies that have no interest in their EVP can be pushing people away from their business without realising it, and for some businesses that can mean customers too.

Your EVP is dynamic and evolves with your business. It effects every stage of your employee experience, from the first moment a candidate becomes aware of you, right through to their departure from the company. It’s what ties together recruitment, onboarding, and career development to ensure a consistent and fulfilling experience for your people.

However, having an EVP doesn’t mean you should rest on your laurels. Presenting a compelling image of your organisation to the world requires continuous effort. Look at your various channels, read reviews on Glassdoor, and get feedback from your internal audience to gain insights on what it’s truly like to work with you. Use this knowledge to refine and enhance your EVP.

 

What are the components of an Employee Value Proposition (EVP)?

A comprehensive EVP encompasses more than just a polished careers website. It includes everything that allows prospective employees to gauge if they see themselves thriving within your organisation, including:

– The specifics of their role (role description, responsibilities, contribution to organisational goals)

– The mission and values of the business

– Who they’ll be reporting to (leadership and managerial team)

– The community they’ll be a part of (team and wider network)

– The logistical details (location, flexible hours, dress code, salary brackets, promotion requirements, holidays, pension, and everything in between)

– The career growth opportunities available (learning and development, internal mobility)

Every interaction between your people and your organisation contributes to your EVP, and HR departments should ensure these elements work together to vividly portray what it’s like to be a part of your team.

 

How do you go about creating your EVP?

Don’t aim to reframe your business or send out lots of forgettable slogans. An EVP is about being honest about who you are so the strategy and messaging aligns with reality.

This may involve addressing existing issues you’re aware of. Analyse feedback to pinpoint areas where small, incremental changes can enhance the employee experience. And if there are significant issues that could give potential candidates pause about working with you, don’t sweep them under the rug. Acknowledge the shortcomings and take steps to rectify the situation.

 

Getting started with your EVP

Employees will continue to seek opportunities that align with their values and lifestyle.

How can you ensure that those considering you as a potential employer take the next step towards joining your business?

As you work tirelessly to find talent and bridge skills gaps, remember that you’re dealing with human beings. Continuously seek ways to enhance their experience and make it stand out from the crowd.

Begin with data. Review your metrics, engage with your people, gather feedback from everyone, including candidates who withdrew from the recruitment process. Identify what’s effective and what needs improvement and build from there.

Employers who excel in recruitment show that they care and put people at the heart of everything they do. This fosters passion and belonging in their employees and ensures a committed workforce. Your EVP isn’t just a recruitment tool, it is something that can help shape the nature of your business.

If you want more to read to convince you to start thinking about your EVP, read our other blog about IBM going into beast mode after they developed their EVP. It’s a case study packed with stats about efficiencies and hard savings, and you don’t need to be an IBM to take some of their learnings onboard.

Your Talent Solutions has experience of supporting EVP research and helping clients develop and understand their EVP messaging to support and enhance their retention and recruitment.

If you would like to know more, please contact James on james@yourtalentsolutions.co.uk to learn more about how we could help you.