EVP (Employee Value Proposition) — what is it and what are its benefits?
Employees and candidates day by day expect more and more from employers in addition to the regularly received salary. Companies outdo each other in the offered benefits and try to present their job offer in the best possible way to find the right people for the selected position. Employers care about employees with a high level of motivation, for whom work is a passion and who will quickly assimilate into the team.
However, in the pursuit of talents, it is worth stopping for a moment before planning communication and carefully considering what features and values of our organization will be the most attractive to them. Candidates often pay attention to non-financial aspects. They want to work in a company that represents similar values, in line with their beliefs, with a friendly organizational culture and a flexible approach to the needs of employees.
How to find the best talents and retain employees for longer? It will be necessary to determine the competitive advantage, thanks to which we will be able to present a package of real benefits resulting from working with us, i.e. the so-called EVP (Employer or Employee Value Proposition).
What is EVP?
In short, Employee Value Proposition is a package of benefits offered to employees by the company. The reason why candidates want to work there and employees don’t want to leave.
The Employee Value Proposition should answer a few questions of the candidate or the employee:
- Why do I want to work in the company and stay in it longer?
- What motivates me to work in this company?
- Why would I want to recommend the company to my family and friends?
- Why should I come back to this company?
EVP may consist of functional benefits (e.g. employment stability, development opportunities, work-life balance), emotional benefits (e.g. job satisfaction, pleasant atmosphere, values, CSR) and economic benefits (related to remuneration, additional pay raises and bonuses).
What are the benefits of EVP?
Gallup’s research shows that 35% of employees changed jobs in the last 3 years, 51% of respondents are actively looking for a different job, and for 36%, the employer’s brand is one of the main factors influencing employment decisions in a given organization. Inappropriate employer branding, leading to an unattractive employer brand, effectively discourages both new candidates from applying for the company’s job offers and current employees from remaining in its structures.
High recruitment costs (up to the amount of the annual salary of a new employee) and a large number of unfilled vacancies mean that no company can afford to lose the opportunity to attract good candidates. A well-defined EVP gives you a better chance to properly match new talents to the needs of the organization, and thus, maintain long-term cooperation.
Investment is necessary for developing a solid benefit package for your employees. It is worth devoting a sufficient amount of time to this activity and involving representatives of the entire company. Thanks to this, EVP will evoke positive associations and emotions in the recipients. It will make them identify with the brand and its mission. It will have a positive impact on its image, encourage candidates to apply for your offers, help you reach the right target group and even reduce employee turnover.
Regardless of the size of the company, determining EVP is key to conducting effective employer branding activities. Thanks to this, we will be able to recruit even the most sought-after specialists in the most difficult, from the point of view of recruitment, industries (such as the IT industry).
Remember that your EVP must be properly defined, unique and convincing. Only then will you be able to use it as the main factor in attracting and retaining talent.
Originally published at https://nexttechnology.io on April 4, 2022.