Defining Employer Value Proposition
Before you assume this topic is technical jargon, you may want to hear me out. The Employer Value Proposition (EVP) is neither technical jargon nor a new concept. It’s a process that has been followed for decades, which is now called the “Employer Value Proposition (EVP).”
EVP means the benefits an employer provides to its employees in exchange for their skills, time, experience, and contribution to the organisation.
If your organisation has employer branding strategies implemented and you’ve yet to crack it or you feel like something’s missing, EVP may be the missing piece in your puzzle.
There is a buzz around the term, which is not yet justified. LogicMelon is here to explain why EVP has such a notion. Though EVP’s explanation is straightforward and objective, continue reading to learn more about EVP.
Employer branding helps to set a brand for the organisation that makes job seekers and employers want to bag a job and continue working. 72 % of recruiting leaders worldwide agreed that employer brand has a significant impact on hiring
You might be wondering if EVP is similar to employer branding. Employer branding and EVP hold their own definitions to define them. However, the debate will continue if the doubt isn’t cleared.
HR roles are now marketing-based compared to the admin-driven function followed for ages. Hence their quest to find and retain top talent is very high. In simpler terms, HR departments work how marketing and sales departments work to keep their customers. HR intends to provide value to its employees as a return for their services in the organisation. These valued benefits can help to retain their top talents.
You will come across employer branding even more in this article; knowing about employer branding will help you to understand EVP even better.
The Difference Between Employer Branding and EVP
EVP is making the current employees stay while attracting job seekers to your organisation. Your organisation’s EVP must align with corporate branding to fit into the industry. This, in turn, will help to attract the right people to your organisation.
Your marketing strategies require a value proposition to succeed. An EVP tells job seekers why your organisation is a good choice.
Your EVP must be employee-centred. Being employee-centred needs to be your fixed strategy, while others can change based on the feedback received or your marketing research.
Before setting your organisation’s EVP, make sure you have considered your comprehensive market research and what may attract employees.
Employer branding says what your organisation is well known for. While the EVP is what benefits or perks employers provide to the employee.
So, What’s EVP For?
EVP can be viewed from two perspectives: employer and employee.
- Employer: To set a value for their organisation and attract potential clients.
- Employee and job seekers: Make them want to join or continue working.
EVP is more of a trade and business kind. Here’s how you can understand what it means:
- Employers provide perks, benefits, and salary to the employee.
- The employee invests their time to work for the organisation with the experience and skills they have attained to date.
Employers and employees exchange work, time, and money based on their contribution to the organisation. I hope it is now clear how EVP works like trade and business.
Who Is the Creator of EVP?
Usually, EVPs are set by HR. However, contributions from fellow managers and employees are encouraged.
When creating or fixing EVP, the HR team ensures it aligns with the organisation’s mission, vision, and work culture.
Factors to Consider in Your EVP
A EVP should be realistic, while attracting the top talents. Hence, there are three factors you should consider before writing your EVP:
- Status Quo.
- Key Differentiator.
- The Big Picture.
These three factors should be enough to set the expectations of your employer brand while fulfilling the expectations of the current and future employees.
Status Quo: This means the current status of your organisation. Considering the benefits or culture helps your employees to feel good and comfortable. These can be job-related features like roles, responsibilities, performance tracker, or benefit-related features, like Reimbursement of physical activity memberships, Wi-Fi bills, or meal coupons.
Key Differentiator: This topic speaks for itself, doesn’t it? Yes, this factor is all about the different benefits or cultures your organisation has set up compared to your competitors. Listing what additional and comfortable benefits you provide to your employees is necessary.
The Big Picture: Your organisation will have its own short and long-term goals. Mentioning the long-term goals and achieving them with your top talents is an important aspect you should focus on while drafting your EVP.
Other than the three factors that help draft the EVP, you may have to understand that your originality matters. Consider your organisation in every single process (i.e.,) retention, recruitment, and motivation. Choose your words wisely and try not to use the general sentences that people are bored of hearing.
Your EVP Must Speak About the Following Process
Now that you know what EVP means and what to consider while writing it, you should be well-informed about the topic you should talk about. Considering the present, the future, and how different you are from your competitors is vital. How are you showing it to the top talents? On what basis are the talks going to be the game-changer. The following will help you figure out this piece of your puzzle.
Remuneration: At the end of the day, it comes to the pay an organisation provides. Down the line, this might change because the employee may hate the work culture. But, for any beginners or experienced folks, it’s the pay that pushes them to learn more about the employers. Hence, being vocal about the remuneration, based on the job roles, should be your first step in EVP.
Working Environment: How flexible is your organisation with employees? Do you provide remote working options? Payscale tops the tunnel; however, an engaging workspace can compete with it. Providing standard and comfortable workspace furniture or offering meals or cold drinks to your employees seems small, but it is an attractive feature to your top talents.
Corporate Culture: Regardless of the value your organisation holds, employees always look forward to corporate culture (especially those who look for long-term relationships with your company.) Employees must be able to share their views.
Career Progression: Your EVP needs to be transparent about the growth of employees within your organisation. The free training provided in upskilling or taking over managerial roles based on their impeccable performance. Being upfront about this feature will help you drag potential talents into your organisation.
Job Security: A well-established company needs to speak about the job security it offers, while many start-ups can’t do that. Be loud and proud about the job security your organisation provides in your EVP.
Tracking Competitors: Your EVP is your unique selling point; you need to ensure you are not copying (even unknowingly) from your fellow competitors. Standing out and being unique from the crowd is the only way to attract top talents to your organisation.
Identifying Strength: How do you determine your organisation’s strength? Easy, go ahead and ask your employees. You can make it easier for them by preparing a questionnaire. If you have a lot of time, then conduct one-on-one meetings to find the answer. You can probably ask questions like why they decided to join your company or would they refer your company to their friends or family. These fundamental questions can help you narrow down your strengths.
Now that you are well aware of EVP, its benefits, and how to draft one, it’s time to get into action. Conduct interviews, discuss with your team, get help from fellow workers, and bang the job boards and websites with your attractive, logical, and unique Employer Value Proposition.
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