EVP (Employer Value Proposition) often termed as Employer Brand Proposition or Employee Value Proposition and is closely related to employer branding. In one of the studies conducted by Willis Towers Watson, it is reported, companies that successfully use EVP are five times more likely to say their employees are highly engaged when compared with organizations that use EVP less effectively.
What is EVP?
EVP or Employer Value Proposition is a set of offerings and associations delivered by the company in return for the capabilities, skills, and experiences an employee (or workforce) brings to the organization. It comprises opportunities like professional development or work-life balance, benefits or rewards.
It is imperative for organizations that their EVP must be compelling, unique and relevant if it is to act as a primary driver for talent engagement, attraction, and retention.
How to create your Employer Value Proposition?
There are innumerable ways an organization can move towards employer brand and EVP development. Nevertheless, most fall into these basic steps.
Step 1. Slice up your data
The primary step is to review and dissect the available data. This might include recruitment and retention metrics, employee engagement, exit surveys or onboarding feedback. Identify the key themes and trends by analyzing all data.
Step 2. Dive Deeper
At this stage involve your key stakeholders and decision makers including HR, senior management, marketing as well as target and existing employees. It is a critical step that can also cause much debate. Therefore, this stage must include focus groups with employees and interviews with important stakeholders to gather more data based on key themes recognized in step one.
Step 3. Create your EVP
Based on all of the insights and research from steps mentioned above, you need to develop your employer value proposition. Clearly state the focus areas to support your EVP, for instance, CSR (Corporate Social Responsibility), Work-Life Balance and Career Development.
Prominently, test the EVP against your HR strategy, and if they both are not aligned, then you need to revise it.
Step 4. Implement your EVP
Now it is time to deliver your message through your recruitment process, career development, and onboarding and even through the exit stage. It is critical that intent and message of the EVP must be delivered precisely and timely in materials like remuneration discussions, performance development, and recruitment adverts.
Employer Value Proposition Techniques
Now the question is what techniques should be uses to achieve a successful EVP implementation. Let’s take a look at following best practices.
- Align the EVP goals with each reward and talent management programs by creating specific objectives.
- Develop a formal EVP using employee survey data.
- Articulate comprehensive reward strategy streamlined with the HR and business strategy.
- Effectively communicate the Employee Value Proposition to the workforce.
- For the critical employee, segments develop a customized EVPs.
- Deliver on Employee Value Proposition promises.
Test the effectiveness of the total reward programs by successfully implementing the organizational analytics including, employees’ performance data, workforce demographics, etc.
Benefits of developing a strategic Employer Value Proposition
- Help you become most desirable employer brand in the industry
- Help you recognize Human Resources priorities
- Easily attract and retain top talent you might otherwise lose to your competitors with more attractive employer brand
- Control the new hire compensation substantially
- Help you to reach tough-to-hire groups and people in different markets
Moreover, a successful EVP will lay a long-term foundation for your branding that in turn leads to better employee engagement and increase in the talent pool.
Employee Value Proposition Examples
1. Do Cool Things That Matter — Work at Google
2. Deloitte’s Employee Value Proposition
3. What do employees value about working for BMW?
For both employees and employers, EVP is a critical element for a successful career experience and workplace. In the war for talent having a clear EVP is an increasingly vital tool for employers specifically. The program acts as a talent magnet and helps them to engage and retain employees to drive business success.
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