Employee Value Proposition (EVP) – Why should I work for you?
It has never been more important to have a strong Employee Value Proposition. You're hearing it a lot, and may have experienced it too: finding new talent is hard right now and retaining your top talent will become more challenging as companies offer more and more above the 'asking offer'. Ensure your EVP is the MPV with these updated tips for retaining and attracting top talent for a strong 2022.
What is an EVP?
An employee value proposition (EVP) is the unique set of benefits that an employee receives in return for the skills, capabilities, and experience they bring to a company.
When integrated into all aspects of a business, a strong EVP, ensures your company is competitive within the talent market. It’s a clear (and creative) message that conveys the benefits of working with your company & promotes what value your business puts on it’s people. This proposition is then used to attract, engage and retain the right talent, whilst setting you apart from your competitors.
“The needs of employees are changing. They want more than just the bonus and the salary–they want to belong to something, to feel fulfilled–those softer things.”
Why should I work for you?
At the heart of your EVP, needs to be the answer to the most important question. Why should I work for you?
If your company doesn’t have a dedicated EVP, it is time to get creative. A catchy slogan, informative bullets, a unique video; it’s your opportunity to tell your companies’ story to future candidates. What sets you apart in your approach? Not to businesses & clients, but to your team and how do you show them the true value they hold in your business.
Here are a few ideas….
The people-centric workforce
In order to stay competitive when attracting & retaining good people, companies must adapt from an office-centric to people-centric approach. And this should be the basis of any EVP updates.
Here’s what we know
- Job security is at the top of people’s priorities. With rising interests rates, inflation and lack of certainty/fatigue with COVID, protecting job and income is important.
- 30-40% people are looking for change
- 20% of people are looking for a fresh start
Selling beyond the salary
In the age of the counter offer, multiple job offers and opportunities for great candidates, what can you offer above salary to sweeten a deal. Some of the popular ideas include:
Flexibility
Flexibility can mean a lot of things, but candidates are mainly looking for flexibility with WFH and working hours. Are you happy for people to start at 6am so they can pick kids up at 3? Or perhaps WFH every Wednesday so they can go to their local Bootcamp. Candidates are looking for companies who promote and support employee well-being and family life, above the 9-5 office clock in/clock out.
“Employers now need to develop more “progressive” approaches to flexibility to remain in line with employee demand, and we are already seeing this in many of our clients.”
Perks & Benefits
- Flexible WFH options & set up costs
- Flexible start & finish times
- 4 day weeks
- Extra holiday leave
- Car or travel allowance
- Childcare options
- Healthcare & Insurances
- Maternity and Paternity leave & pay options
- Learning and Development – courses, training, university
Align your Values & Practice what you preach
What does your perfect candidate look like? or more importantly, what does your perfect candidates’ perfect job look like? Candidates are now prospecting clients & companies to see who they align with. Does the company value people and balance or do they merely focus on output?
Company values are also at the forefront of the job search. With candidates wondering how businesses and individuals, especially management, are actively representing company values within their everyday work lives.
Brand Advocates
Good employees are your #1 asset. They sell the product or service, create the culture, promote your brand and service your clients. If they are happy and thriving within the business, what better way to that, than getting them to tell your story. Whether during the interview process or on your website, your people will sell your company culture and the secret to why amazing talent should join your team.
EVP’s & retention
“Long-term business success, is directly linked to long-term people success, and this requires having a value proposition that employees believe in and that encourages them to choose your company every day as the one at which they want to build a long-term career.”
Learning & Development is still a leading way of retaining team members. When you choose to invest in your team you show them they’re valued, and moreover, you also add value to your business. Learning and active minds create a strong, innovative and collaborative environment. So, it’s important to be actively promoting L&D options to your team members and helping them with their future career path goals.
Above all, don’t just update your EVP for new team members. Yes, you will use your new and improved EVP to find exciting new talent, but make sure your existing talent feels that same value. So often, the team members who have been in a company the longest actually earn less and have fewer perks. Don’t forget to reward the loyalty seen from your current team members, especially if you see them as the future of your business.
If you’re creating your EVP from scratch, why not ask your team what is of value to them. Include your people in your plans and you’ll ensure they come along for the ride.
Your USP is your EVP.
Your EVP should be celebrated and used to market your company to future talent, so a dedicated page on your website with visuals or video to tell a story, is a great start.
Use it to motivate your current talent and use it to attract new talent. And hey, along the way it will probably help align you with some great customers and clients long term.
“Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients.” -Richard Branson