Does an Employee Value Proposition really matter?
What is EVP?
An Employee Value Proposition (EVP) is the “why” behind an individual working for your business. It incorporates your characteristics, benefits and modus operandi, and in particular gives your organisation a clear differentiator from the rest of the marketplace, allowing you to steal a march on your competitors. Often, companies fall short with their EVP if they are not clear on their differentiators, or more commonly, their branding is not a true reflection of day-to-day life in their business. Getting your EVP right is critical if you want to attract and retain the best talent in the marketplace.
What are the benefits of a strong EVP?
According to the Corporate Leadership Council’s research, a well-executed EVP can:
Improve the commitment of new hires by up to 29%
Reduce new hire compensation premiums by up to 50%
Increase the likelihood of employees acting as sponsors from an average of 24% to 47%
In addition to improving your hiring story in attracting and retaining talent, creating a strong EVP will undoubtedly re-engage your internal communities and enhance staff motivation. Establishing and promoting your EVP will quickly identify where your HR strategy should lie, as well as areas that may need development such as attraction, engagement and retention.
Companies with a strong EVP have the most powerful marketing tool at their fingertips – their people – who are great sponsors and ambassadors to the external marketplace.
Promoting a good EVP – find your audience
Whilst it’s all well and good to have a great EVP, just as crucial are the channels in which you want it to resonate. It’s key to get your message out there, especially into the active and passive talent pools from where you are looking to draw from. Essential also is the consistency of your message – ensure your EVP is aligned to reality, and is a real indicator and true reflection of your business, its strategy and its people.