Have you ever wondered what drives professionals to choose one employer over another or what makes them stick with a company through thick and thin? The secret lies in a compelling employee value proposition, or EVP.
An EVP is more than just a catchy human resources (HR) phrase. But what gives an EVP meaning? Think of it as a set of company values and organizational culture aspects that make your business unique and desirable to work for.
While the idea of an EVP isn’t new, the urgency to broadcast it loud and clear is. Today’s professionals are on the hunt for more than a paycheck. They’re after jobs that mirror their values and give them a sense of doing something that really matters.
They’re also less inclined to compromise on what they want. The tight job market offers top talent the luxury of waiting for an employer whose EVP aligns with their personal and professional aspirations.
What’s more, a strong EVP isn’t just a magnet to attract talent; it’s the glue that holds your teams together. So, if your employee value proposition isn’t moving with the times, watch out: Your top performers might start looking for an employer whose EVP adapts to their changing needs.
So, how can you craft (or reshape) your EVP to add meaning and resonate with these changing priorities and aspirations? It boils down to a few critical components:
Compensation and benefits: Fair and competitive compensation remains a cornerstone of a compelling EVP. This includes salaries as well as benefits like health insurance, retirement plans and performance bonuses.
Career development: Opportunities for professional growth and advancement are vital. This could mean offering upskilling programs, mentorship and clear pathways for career progression.
Work environment and culture: A positive, inclusive and supportive work culture is nonnegotiable. It’s about fostering a sense of belonging and a space where employees can be their authentic selves.
Work-life balance: Flexibility in work schedules, remote work options and a focus on employee well-being are increasingly essential components of an EVP.
Company values and social responsibility: Many employees want to work for organizations that reflect their values, be it through sustainable company practices, community involvement or ethical business operations.
EVP and employer brand are sometimes used interchangeably, yet they represent distinct concepts. The EVP is what you promise your employees, and the employer brand is how potential and current employees perceive your organization.
A well-crafted EVP complements your employer brand. It also plays a pivotal role in your ability to attract and retain talented professionals who are likely to thrive in your company’s unique work environment and support the firm’s mission and values.
For example, a globally renowned tech firm — let’s call it XYZ Tech Co.— showcases an EVP that is centered around cutting-edge innovation, ongoing learning opportunities and a culture that fosters creativity. This EVP not only attracts top talent from around the globe but also underpins their impressive employee retention rates.
In another case, a company known for its commitment to environmental sustainability, which we’ll dub “ABC Eco,” attracts individuals who share a passion for ecological causes. Their EVP, rooted in sustainability and social responsibility, aligns with their employees’ values, creating a dedicated and highly motivated workforce.
These are just two examples of how EVPs can attract and retain skilled employees who thrive in the work environment your company or organization offers.
Knowing how to create an EVP isn’t a one-off task but a continuous process that involves several steps:
1. Assemble the right team
Crafting an EVP that mirrors the depth and breadth of your organizational culture and company values is best achieved with a cross-functional team. It should include representatives from:
HR — for insights into what’s already working well in terms of employee perks and benefits and what you could do better.
Recruiting — to provide perspectives on market trends and what potential hires are looking for in an employer.
Team leaders — to hear the voices from the front line, proving real-world insights on how to manage and inspire teams daily.
Marketing — to ensure that your EVP doesn’t just sound appealing but is also woven into the larger narrative of your employer brand and overall company reputation.
2. Dive deep with assessment
Developing an EVP that truly resonates with your current employees and potential hires requires an in-depth understanding of what your company currently offers and what team members genuinely need.
Start by gathering data through traditional methods like surveys and interviews — but aim to go beyond surface-level analysis. For example, if you notice a spike in employees’ intent to leave, dig into the underlying reasons. Is it due to a lack of professional growth opportunities, or do your employees feel disconnected from their colleagues? Understanding these nuances is vital for crafting an EVP that addresses the real issues.
3. Align the EVP with your core values
Make sure that your EVP reflects what your organization stands for and aspires to achieve. Consider a retail organization that prides itself on customer service excellence; their EVP could be aligned to highlight opportunities for employee development in customer engagement and service skills.
4. Don’t just announce, communicate
Let’s say you’re implementing a new policy on flexible work hours. You could simply blast this out via a companywide email, but you add more value to your EVP by communicating it thoughtfully.
Use town halls, team meetings and other forums to explain how this change supports your commitment to work-life balance and how it will benefit employees in both the short and long term.
Going beyond mere announcements, this approach involves a deeper engagement with your audience, inviting dialogue and feedback, which not only clarifies but also personalizes the impact of your EVP.
5. Reassess and review
Be open to making adjustments to your EVP based on employee feedback. For instance, if you learn that they’d like more mental health resources, such as access to counseling services, in your company’s wellness initiative, you could expand the program to include these elements.
6. Stay ahead of the curve
Keeping up with what’s changing in the job market is vital for an EVP that really speaks to today’s employees.
Consider research for the Robert Half Salary Guide that found 78% of workers now rank flexible work options as a top perk. That’s a big jump from just over half (51%) in 2019. Providing flextime, hybrid and remote working options could help you elevate your EVP and catch the eye of top talent.
A strong EVP is more than just a list of perks and promises. It’s an ongoing commitment to meet the needs of your workforce. It’s designed to attract today’s in-demand talent —and help your business connect deeply with them.
Make your EVP dynamic, align it with your company’s mission and core values, and watch as it becomes the reason that professionals choose to work for your organization — and stay for the long term.
