What is an Employee Value Proposition (EVP) and why is it important?
In this blog we explain what an Employee Value Proposition (EVP) is and why it is important to attract and retain top talent.
18th Apr 2024
What does EVP stand for?
An Employee Value Proposition (EVP) is the unique value you offer as an employer to your employees in return for their skills, experience, and commitment to your company.
Think of it as a magnet that attracts candidates and retains talent, making you an employer of choice. Your EVP is about putting employees first and aligning this with your company's values and strategies. The secret sauce that makes your company unique, relevant, and compelling to work for. To attract, engage, and retain the best talent out there, having a killer EVP should be a top priority.Why is an EVP important?
If you neglect to prioritise your EVP, you're likely to be running into a few different roadblocks and challenges, including;
- It is hard to attract top talent without a strong EVP that aligns with company identity and purpose.
- High employee turnover happens when employees don't feel valued or engaged, making them lose motivation and look for new jobs. A weak Employee Value Proposition (EVP) can increase turnover rates. This can result in higher recruitment costs, lower productivity, and decreased team morale.
- Not having a strong EVP puts you at a competitive disadvantage when competing for talented candidates with other companies. This makes it harder for you to stand out and show why job seekers would choose to work for you.
- If your company's benefits are not clearly communicated, it can cause delays in hiring new employees. This can also result in higher costs for recruitment agencies. Additionally, it may lead to a decrease in productivity due to unfilled positions.
If you're looking to start building a powerful EVP from scratch or refresh your existing EVP, we have an exclusive workshop for you!
Flexa CEO and Co-Founder Molly Johnson-Jones will be taking you through the 7 core pillars of a strong EVP, how to find out which ones to lean on (and which to avoid!). Find out how how to use your current working environment to attract top talent, build brand awareness, reduce recruitment costs, improve diversity, and increase the internal awareness of your EVP.7 key Employee Value Proposition (EVP) elements
Deciding what makes a great EVP will be unique to your company. However, we believe there are some key ingredients that should feature. We will be delving into each of these elements in our Masterclass and giving you more detailed guidance on how to implement each of them.
Salary compensation
Making sure your employees are happy with their salaries is a must. We're talking about fair and competitive pay (regardless of gender, ethnicity and location); this will show that you appreciate and value their work. Bonuses, salary raises and promotions are an ideal way to showcase this; a culture where you're rewarded for your performance keeps employees engaged and motivated, as well as benefiting the company. Let's not forget about other perks too, like profit-sharing, company shares and commission structures that can really give employees a sense of ownership.Benefits
Benefits are like the icing on the cake of your EVP; we're talking about all the other exciting stuff that doesn't involve money. Think health insurance, retirement plans, paid time off, family and parental leave, mental well-being support, sabbaticals and work from home budgets. Taking care of your people and showing commitment to work-life balance can have a hugely positive impact on overall well-being. Within this competitive market, a unique benefits package will help set you apart in attracting, retaining and engaging top talent.Career
Growth and progression opportunities are the name of the game when it comes to attracting candidates and keeping employees engaged, whether learning new skills or tackling exciting challenges. So, what does that look like? Think about offering mentorship opportunities and training initiatives to help every employee level up. This includes clear progression plans that put employees in the driver's seat of their careers so they know exactly what they need to do to advance. A strong EVP will have an emphasis on continuous learning and development to keep employees engaged and help you retain talent.Work environment
An EVP that incorporates inclusivity is key; and one key component of this is a work environment that's all about positivity, boosting productivity and fuelling collaboration. When we say work environment, we mean everything from location flexibility to flexible working hours, Work From Anywhere Schemes, dog-friendly offices, prayer and worship rooms and disability access. Embracing diversity and making sure everyone feels welcome and supported is a must to have a great work environment.Workplace culture
A positive workplace culture focuses on employee engagement and satisfaction to create a sense of belonging. It represents the values and beliefs that define the overall behaviour of a company and its employees. It includes elements such as trust, open communication, teamwork, role modelling that feeds down from the leadership team, diversity and inclusion, employee recognition, work-life balance and a supportive and respectful environment.Reward and Recognition
Acknowledging your employees' achievements is integral to your EVP. Beyond salary compensation, your team values recognition for their efforts. By celebrating the small wins as well as the big ones, you’re creating a workplace culture that motivates your employees to continue their hard work.Values & Mission
Having a clear vision and mission helps employees understand their role in your organisation. When you embed this purpose into your EVP, it can make a difference in attracting and keeping top talent. Employees want to know how they're contributing to the company's goals as it gives them a sense of purpose and control in their work.Remember, having a strong EVP is what sets you apart from the competition. It acts as a powerful magnet, attracting top talent and compelling them to choose your company over others. A well-crafted EVP not only captures the attention of highly skilled candidates but also creates their long-term commitment and loyalty. It becomes the secret sauce that keeps your best employees engaged, motivated, and dedicated to your company's success.