An employee value proposition (EVP) encompasses everything an employer is doing to attract and retain employees. It includes all of the pay, benefits, rewards, and perks that come with being an employee of that organization. Basically, it’s the reason why an employee would want to work there as opposed to finding employment somewhere else.
An EVP is the unique value that the company brings to employees. If the EVP is what sets you apart from the competition for talent, then it pays to have a good EVP that will help you attract and retain the talent you need. Having an effective EVP can help to attract new employees that have goals and values that are in alignment with organizational goals and values, which aids in employee retention.
In her article in HRDailyAdvisor.com, Bridget Miller points out that your organization has an EVP whether it is purposefully cultivated or not. No matter what, there are benefits that will be weighed by current and potential employees when determining whether to come to (or stay with) your organization. If the organization is not working to ensure that its EVP is aligned with company goals, it may not be aligned at all, and could be one of many reasons why you’re not attracting and keeping the right employees.
Here are Miller’s recommendations on working toward having an effective EVP:
- Find out what perception exists—both in the market and internally—about what your company currently offers. What about this perception is already in alignment with the company’s goals and vision? What can be improved to better reflect the company vision and culture? Consider the type of company culture you’d like to foster.
- Research what benefits are important to the type of employee you’d like to attract. Remember to also get input from current employees on the benefits they would value.
- Be prepared to consider changing the benefits on offer to be more in alignment with the goals, values, and needs of the employees.
- Don’t overlook the tough-to-quantify items that bring value to employees, like challenging work, interesting company culture, and values that align with their personal goals.
- Remember the importance of communication. Employees need to be aware of what is offered to be able to take part in and appreciate it.
- Integrate the components of the EVP with existing systems. For example, if the company offers time off for employees to volunteer for charities as part of its EVP, don’t let it be overlooked in the administration of leave programs, and make sure it’s communicated and understood.
- Be sure the leadership of the organization is actively involved in developing the EVP.
- Integrate the EVP with the external brand and customer experience.
- Work with all stakeholders to ensure the EVP is integrated into total compensation packages and communicated consistently and effectively.
Even if your business does not create and foster the things that make up the EVP, that does not mean an EVP does not exist—it just means it’s not being actively managed!