An Employee Value Proposition (EVP) has become an increasingly useful way to attract top talent to a company. An EVP is an effective way to demonstrate to potential employees what makes a company unique and what only it can offer. It’s a strategy often used to entice employees to work for them, much in the way companies typically try and entice customers to use their services.
What is an Employee Value Proposition?
If you are a business owner, an EVP is essentially a marketing strategy used to encourage top talent to apply for your company. It highlights why your company is a better place to work than the competition’s.
If you are an individual, you can glean a great deal of information on a company’s culture from an EVP. It allows you to think about what you will get out of a specific company besides a job and a salary.
Why is an EVP important for me?
An EVP is vital both for companies and for prospective employees. It’s increasingly important in today’s market because of each business’s desire to secure the absolute best people for the job, and also for an employee’s desire to work at a company that suits them well.
Here are some reasons why EVPs are important.
- It allows the employee to decide where he or she best fits. In addition to just attracting the best people for the job, it also allows the employee to decide where he or she is the best fit. This has huge benefits for employees and employers alike.
- It allows companies to better articulate their vision. An EVP is a good opportunity for a business to sell their mission and their vision, which will in turn make highly qualified candidates more likely to seek out the company.
- It gives companies a way to assess their employee morale. If a company is developing an EVP and genuinely can’t say that their employees are happy, then creating this EVP gives them a reason to assess it and to implement change that will positively impact the workplace culture overall.
What makes a good EVP?
- It is based on what makes employees happy. A truly solid EVP considers what makes the employees at a given company happy. Employers can determine this in a number of ways, but it means that the leadership needs to make a serious effort to understand their employees.
- It must list the tangible rewards that come with working for the company. These rewards are all of the basics: the wages the employee will receive, and included bonuses, benefits, work trips, included tools, paid leave, etc. Top talent is not just going to look at the salary, but also at these rewards as well.
- It talks about what the company truly stands for. This means showing prospective employees what a company has done, but also demonstrating the reasons that employees can genuinely be proud of their company.
- It discusses future opportunities. In addition to mentioning what the job offers right now, a good EVP also talks about how the employee will be able to grow with the company. Most employees want to know where a job can take them in the future because it allows them to envision not only a career, but an entire career path as well.
- It answers questions about company culture. It’s really important for an EVP to mention what the workplace environment is like and also what the other employees are like. This is a really important factor for prospective employees, who increasingly desire a job that they actually enjoy going to.
- It describes the work the employee will be doing. Maybe this goes without saying, but it is very important for an EVP to talk about the role at hand. This includes what the employee is responsible for, and what a good day at the office will look like. This allows the employees to actually see themselves in a role and determine if it truly suits them or not.
Remember that all EVPs are uniquely worded and may take various approaches toward depicting their main idea. Ultimately, an EVP should reflect the best parts of a company and successfully represent its individual brand. This article includes some samples that can help business and marketing strategists get started.
Also, it’s important to remember that even the best EVPs must be continuously updated in order to stay relevant. A company’s culture and goals may shift, and when they do, this needs to be reflected in the EVP.
In conclusion, a good Employee Value Proposition makes it easier for companies to seek out and find top talent, and also allows employees to find the company that is the best fit for them. Employees no longer just look at the basic package that a job provides, but also at various other factors including room for growth and a company culture that will allow them to enjoy going to work every day.
Stewart, Cooper & Coon offers Human Capital Strategy Services to both individuals and corporations. Our staff is dedicated to our clients’ success via innovative job search processes, employment management strategies, and state-of-the-art technologies. Contact Fred Coon – 866-883-4200, Ext. 200