What is an EVP?
You may have heard of the phrase ‘Employee Value Proposition’ otherwise known as an ‘EVP’, but what does it mean and why is it important?
As it all falls under employer branding, think of it as how you are presenting yourself to existing staff and prospective employees. By offering up strong values, a healthy company culture, opportunity for progression and comprehensive reward & recognition, you can recruit the top talent and retain your best employees.
Communicating to employees what you give back to them in exchange for their hard work is the beginnings of an EVP strategy, and enviable employer brand.
Values
Do your people know what the company stands for? If you were to ask around the workplace what the business values are, would they look at you blankly? Communicating values isn’t just for the benefit of good PR, but attracts people that believe in what they’re doing and advocate for the company too.
Whether it’s through a meeting, asking anonymously what people think the company values are, holding a workshop, or creating a company newsletter, there’s ways of ensuring that people have a clear understanding of the company values.
Culture
It isn’t just about talking the talk, though, actually creating a working environment that reflects these company values is key. When employees are comfortable and happy with the culture that has been created, not only is this good for staff satisfaction, but there are also links between company culture and productivity.
Happy employees are more likely to stick around for the long run, so if employee retention is high on your list of priorities, culture is a good place to start.
Progression
Ambitions and growth drive a lot of employees, so enabling progression is a large part of an EVP. Creating learning opportunities and potential to advance in the workplace is a way that a company can prove its value to existing talent and promising candidates.
Whether through training, external courses and experiences, or putting employees on track for a new role, career progression is integral to a strong EVP.
R&R
Reward and Recognition are a big part of an EVP. Aside from salary, the perks, benefits and rewards that a company offers can be the difference between new talent accepting a job or seeking better offers. With the cost of living crisis also remaining an issue for most, financially rewarding benefits outside of salary have more allure than ever.
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