Have you updated your Employment Value Proposition (EVP)? If not, get it on your to-do list. It can help you attract and retain talent in a competitive labor market.
Don’t have an EVP? Today’s job seekers expect a prospective employer to showcase their employer brand front and center.
An Employer Value Proposition is also called an Employment Value or Employee Value Proposition. Your EVP should succinctly explain the value you provide to a potential candidate as well as your existing employees. This includes compensation, benefits, perks and, increasingly, your company’s commitment to causes your employees care about.
Why Is an EVP Important?
An Employee Value Proposition is a useful tool in any labor market. But it’s especially important now, because it’s never been more difficult to find top talent. Surprisingly, recession fears and rising inflation haven’t put a damper on hiring, at least in most industries.
Employer Value Proposition Example
You don’t have to be a large business to create and benefit from an EVP. Small businesses can (and should) articulate what they have to offer, specifically the benefits of working at a small company. Swipeclock, for example, is a 100-employee company. Here are some excerpts from our employment value proposition:
Our team casts a wide net across numerous locations, lifestyles and backgrounds. We celebrate the uniqueness and strength found in diversity and inclusivity. It’s our differences that make us interesting, and our shared belief in Swipeclock’s core values that bind us together. Resilient: We are a resilient group of individuals. We know the business environment can be unpredictable. Thriving means being able to pivot, respond to the unexpected and keep the focus on what’s important — our customers. Agile: Phenomenally agile are able to take a problem and work it into a success story. With our agile mindset, we seek to deliver solutions quickly and respond to customer inquiries with the same speed. WorkforceHub.com
How Has Your Value Prop Changed?
As reflected in the title of this piece, it’s time to update your value proposition. Your company and employees have changed dramatically. If your workforce is thriving, you have been successful at supporting your employees and adapting to the new world of work and life. In other words, you have a strong EVP.
Have you revamped your benefits package by adding mental health coverage or childcare? It’s never been more important to strengthen your commitment to work live balance. Do you provide hybrid working and flexible schedules to make life easier for your current employees? What causes do you support? Your ideal candidate shares your values.
How about career development? This has become increasingly important to candidates and employees. A work environment where employees understand their career paths is critical if you want to improve retention and find the right talent.
If so, update your Employer Value Proposition so you can convey these things to prospective candidates. Furthermore, it will help you unify your workforce which will, in turn, reduce employee turnover.
This evolution in thinking has undoubtedly been accelerated by the Covid-19 pandemic, which put immense pressure on leaders to not just communicate their values but also to demonstrate them. In the face of difficult decisions, employers suddenly had to decide whether their professed ideals and “north stars” were real and substantive or mere lip service. They gained a heightened awareness of the importance of organizational purpose, team cohesion, and employee experience. Bryan Adams, Harvard Business Review
What if I’m Creating Our First EVP?
It’s important to realize that your company’s EVP merely expresses the value of working for your organization. In other words, you already have an identity and culture. To write your value prop you need to figure out what it is.
Begin by identifying what makes your company special. An anonymous employee survey can help. In addition, you can check Glassdoor and other workplace review sites to see what current and former employees say. Customer testimonials and feedback from your support team can shed light on how your company is perceived in its space.
How Can We Improve It?
Once you understand your current value proposition, you can make a plan to improve it if needed. This is called your employer brand strategy.
If you have high turnover, it’s not just your EVP that’s weak, Unfortunately, it’s the company culture upon which it’s based. If this is the case, it’s time to re-evaluate the employee experience you provide as an employer. Create an ideal Employer Value Proposition to guide you as you work toward it.
If your employees are loyal, but don’t have clarity why, you have a communication problem. This is not the worst problem to have. It means you have a terrific culture and can create a strong Employee Value Proposition. As discussed previously, use focus groups to identify your company values.
Then, work to get your compelling Employment Value Proposition out to your team and potential candidates. Share it with employees in your HR portal. Have your talent acquisition team Include it in your job descriptions and discuss it in interviews. Talk about it in company-wide meetings.
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