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At the centre of any strong employer brand is the employee value proposition (EVP). This concept can make a business appeal to the type of employee it wants to attract and retain, therefore creating a strong competitive advantage over businesses in the same industry.
However, developing a employee value proposition brings so much more than commercial benefits to companies that take the time to create a message unique to their organisation. A strategic EVP helps businesses to portray what they are really about, including their wider values. Promoting this EVP can help businesses recruit passive candidates and refine ongoing recruitment objectives.
In this guide, we will look to further explain why EVPs are essential for businesses in the modern landscape. We will also offer tips on how to create an EVP that keeps your organisation’s values at its core.
Your brand’s EVP is the value that members of staff will gain from working for you compared to with a competitor. It can include factors such as benefits, rewards and schemes to improve work-life balance, as well as opportunities for career development.
However, contrary to popular belief, a truly strategic EVP will describe more than simply salaries and benefits. Business owners looking for strong employee buy-in must take action to create something truly unique in order for the organisation to benefit.
Overall, an EVP will include tangible things – such as salary, training and development or flexi-time – as well as intangible, including an engaging company culture and opportunities to get involved in CSR initiatives.
Generally, a strong EVP should take the following factors into consideration:
Most of the intangible parts that make up a strong EVP will not cost your organisation anything, but they must be embedded into the culture in order to add any real value for employees. Businesses need to assess the elements that are most important to the organisation when hiring new members of staff and retaining existing members of the team.
Before building an EVP, take some time to evaluate what your company can realistically offer to employees in its current position. Consider what it is that makes members of staff stay loyal to your business and not move to a competitor. Then, make a list of your offerings, and ask your colleagues if they agree with your answer.
Consider the type of candidates you are looking for, and whether you think the benefits you offer will align with their values. Think carefully about the types of benefits available, and whether they will appeal to members of your team, both long standing and new.
Research will help you to gain a better understanding of what your potential candidates want and need from their employer. A good starting point is to look closer at any data your business has already gathered, including existing recruitment figures, literature from exit interviews and employee engagement review performances.
Businesses that do not have much of this data should think of carrying out an employee engagement survey, which asks members of staff what they enjoy the most about working for your business, as well as areas where they believe their role could improve.
Any responses gained from this will help you discover what is most important to your employees, which can then be used to determine any common trends or underlying issues.
The research you conduct should not only be internal, and you can find out a great deal by looking into what your competitors are doing. However, be wary not to make your EVP too similar to that of another business, as employees may find this unoriginal. Instead, ensure your EVP stands out to both existing and potential candidates in order to set you apart from the competition.
After completing your research, it is time to create your EVP. Work together with your employees to use these findings and translate the key insights into terms that truly reflect your business, including its culture and values.
Many businesses opt to create a single statement that encompasses the employer brand, whereas others go for several sentences presented in the form of a mission statement. While there are no rules on what makes the strongest EVP, it is better to be concise, and try not to be too formal with the language used.
Once this has been created, the time has come to promote your EVP, both internally and externally. Use your EVP in all aspects of the recruitment process, such as on the careers website and in job adverts. In addition, it is best to feature the EVP throughout every stage of interviews, and then throughout career development.
It is also a good idea to include your EVP in any relevant marketing collateral – from blog posts to press releases and at internal and external events. Businesses that do not typically use marketing tools such as these should consider other ways to spread the word about their values in a way that will get them noticed.
There are a number of benefits that come with building a strong employee value proposition. They include attraction, retention and overall employee experience.
Your company will have a competitve advantage when compared to other organisations, this means that there will be an improvement in your company's reputation, as well as a reduction in employee turnover.
An effective and strategic EVP is incredibly important for your business, and can be especially helpful in recruitment and retention strategies. Organisations, whether large or small, that take the time to create one will almost certainly enjoy the benefits it brings, from a happier internal workforce to an enhanced reputation among competitors and potential candidates alike.