What is an Employee Value Proposition?
An Employee Value Proposition (EVP) is an employment proposal which outlines what an employer expects from its employees and what it provides its employees in return. Generally, it is the key tool to engage, attract and retain quality talent.
Similarly, to a Customer Value Proposition (CVP) which focuses on why customers should buy into a product or service, an EVP concentrates on why a candidate should choose to work, stay and engage within a company.
It is the unique value which a company can bring not only to its future but also its existing employees.
According to Richard Veal, Head of Towers Watson’s Reward, Talent and Communication Consulting, UK practice:
“Unfortunately, to many organisations the EVP remains a hidden gem that is unshaped, overlooked or not utilised to its fullest extent. Our latest research provides important insights into what makes the best companies – those with highly effective EVPs – different.”
The impact of an effective employee value proposition
Effective EVP’s encompass strategy, communication and engagement. This can help attract new employees and align personal goals and values with the company’s goals and values (aiding in employee retention).
To develop a strong EVP that is effective and communicates the overall strategy of the company it is imperative to collate and digest current feedback. Fundamentally, this should focus on how internal and external audiences perceive the company’s brand and culture.
Find out why employees were attracted to your company, why they have stayed and the unique offerings that competitors have failed to offer. It is also important to assess why employees have left or why candidates have turned down a role. A company can achieve a 360° review of its proposition in a variety of ways. These can include employee surveys, focus groups and external surveys targeted at former employees and job applicants; providing more qualitative and quantitative data.
By establishing current and previous feedback, this will help create a more effective and targeted EVP; strengthening the overall company brand and solidifying industry positions.
Strengthen your company with a purpose-led EVP today!
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At ClearVoice™, we are experts in delivering employee communications and engagement solutions. We inspire and motivate your workforce to increase your company’s productivity and profits. For more information on creating a more wholesome and strategically focused EVP, call or email us today. Let us show you how engagement can boost your organisation.