It’s no great secret that companies – perhaps even yours – have been struggling to find and retain top talent over the last couple of years. The reality is that the talented individuals who are willing and able to separate themselves from the rest of the pack are looking at opportunities through a stronger lens, weighing the skills and attributes they bring to the table against the compensation and experiences offered in return. Common sense may dictate that it all comes down to the paycheck; that more money will lead to the acquisition of the best talent – and to the victor goes the spoils. Unfortunately, it’s not that simple. There are many things beyond financial compensation that can tip the scales in either direction. The hard truth is that a company’s brand, values, and corporate leadership are of significant importance to employees; if any or all of these become misaligned with those of the talent pool, sourcing and keeping talent will become exceptionally difficult.
With all of that said, companies that are looking to hire and hold onto top talent can ill afford an antiquated Employee Value Proposition (EVP). Instead, each and every hiring company should have a firm grasp on the benefits and employment experiences that are most valued by the people who are and will be working for them, as well as the investments that should be made to further those benefits and experiences, throughout an employee’s tenure.
Why is an EVP Important?
We’ve already established that a unique EVP is vital to attracting top talent in a competitive market, but let’s explore that a little bit more.
The hiring process has certainly changed over the years – gone are the simple negotiations of compensation versus responsibilities. Instead, prospective employees are looking at the much broader benefits package when choosing between company A or company B. From an employee’s perspective, a company’s EVP is important because it communicates why the company is the right fit. From the employer’s perspective, it reduces turnover through re-recruitment of tenured employees by consistently reminding them what it was that drew them to the company in the first place and why they get up each morning eager to continue that relationship.
One of the greatest detractors of employee fulfillment is corporate leadership which is disassociated from that which matters most to the teams that operate beneath them. A successful EVP provides those in leadership roles with the tools needed to elevate the work experiences of their employees so that they are aligned with their values. Additionally, a sound EVP will allow an organization to make internal investments that will enhance the experiences of its workforce because there is a clear correlation between the values of the company and employees.
Lastly, and this is perhaps a less obvious benefit of an Employee Value Proposition, a company’s brand reputation will see an uptick because its employees can more effectively communicate with others how and why the company makes them happy.
The Elements of an Employee Value Proposition
An EVP will clearly communicate the following:
- The entirety of the rewards, bonuses, support programs, etc. available to the employee, are stated clearly.
- A detailed and genuine picture of what an employee can expect in their day-to-day with potential variations based on the role or employment location.
- How the company and those in leadership will support and elevate the employee on both their personal and professional growth journeys.
- The impact that the employee, in their role, will have within the company or within the community.
- The company’s expectation/flexibility on things like remote work versus in-office requirements.
- What the employee can expect in terms of feeling engaged through community groups or initiatives, events, workplace mentors, or collaboration opportunities with other departments.
- A glimpse of what the future may hold for the company; not necessarily in terms of the evolution of their products or services, but how they will build upon the benefits and experiences that initially drew the employee to the company in the first place.
How to Build an EVP
To be fair, a lot of work will go into building your very own EVP, but doing so is well worth the effort. Even if you have one in place already, it may be worth setting aside some time periodically to ensure it still rings true. In short, the only thing worse than not having an Employee Value Proposition is having one that may mischaracterize the company.
If you haven’t built one already, you may be wondering where to start. First, you’ll need to answer some of the bigger questions. For example, what is your budget? How varied are the roles within your organization? Have you clearly defined the desired outcomes you’d like to see from your EVP? Will it be difficult to synchronize your EVP across all the regions in which your company operates?
With some of those broader items addressed, you will need to conduct some research. You may want to start within your company, tapping everyone from high level stakeholders to front-facing employees to flush out the EVP attributes that you would like to communicate. Research will also need to be conducted on the external perceptions of your company. This is likely something that can be outsourced to a qualified third-party company that specializes in such projects. Once the research is complete, you will be able to tailor the cultural programs and employment experiences based on the findings. Of course, you will also need to ensure that said findings align with everything from brand commitments to the purpose and values held by the company.
The EVP itself must now be drafted using content that speaks to the key demographics within your target audience.
With approvals given by corporate leadership, the EVP strategy can be created and rolled out (usually this is done internally first while new marketing campaigns are created to support recruitment activities).
Start Crafting Your EVP
Your organization’s EVP is essential to building an effective and compelling employer brand. In today’s world of work, top talent expect employers to be thoughtful and consistent in how they communicate and deliver the work experience and they want to ensure there is an alignment to their personal values and future aspirations.
When you take control of your EVP and the narrative and focus on designing and delivering an employee experience that is aligned, your organization will be set up for success. To get started with building your EVP, ensure that you have the expertise, the tools and the internal stakeholder support.
Employer Brand and Culture Consultants can be key to getting your EVP research, copy, culture, and Employer Brand strategy done right. Leadership stakeholding and employer brand activation can be complex and subject matter expertise can be a crucial part of your employer brand education and project success.
