What’s the number one thing employees are looking for in a job position? Many business leaders assume salary, but in reality, there are a number of factors that candidates consider during their job search.
To attract the right employees, you need to give them a clear picture of everything they can expect as one of your employees—also known as your employee value proposition (EVP).
What Is an Employee Value Proposition?
Your EVP is the set of benefits your organization promises to employees in return for their skills, capabilities, and experience. It not only defines the unique perks of working with your company but also highlights what you stand for and the type of candidates you’re hoping to attract. As the core of your employer branding strategy, a strong employee value proposition can help your organization increase new hire commitment and decrease annual employee turnover.
Key Components to Include
An EVP consists of different components which, together, show employees why your organization is a great place to work. Here are five key elements every EVP should include.
Compensation
Financial compensation may only be one piece of the EVP puzzle, but it’s an important one. You want to give potential employees a look at what they can expect financially from your organization, including salaries, bonuses, and your evaluation system.
Employee Benefits
How much paid time off do you offer employees? What about health insurance and parental leave? There isn’t a one-size-fits-all benefits package, so customize according to your industry, organization, and individual employees when possible.
Company Culture
Now more than ever, job candidates are looking at company culture to determine their next career move. In fact, in a Glassdoor study, 73% of adults said they would not apply for a job unless the company’s values aligned with their own. With that in mind, it’s critical that you honestly state your values and demonstrate how you live up to them.
Career Development
Employees want to know how they’ll be able to grow within your organization and the resources you provide to support that journey. This component might include training and education opportunities, promotion opportunities, employee evaluations, and career guidance.
Work Environment
The right work environment can help your employees thrive, so show job candidates that you’ve built an environment that includes sought-after benefits, such as flexibility, work-life balance, recognition for personal achievements, and thoughtful workspace design.
Building A Successful EVP
Now that you know the key points to include, you can begin creating a strong EVP that attracts ideal candidates that are eager to work with you.
Look at your current offerings
An effective EVP is an honest reflection of what your organization can provide employees. This means you need a clear idea of what your company currently offers (and what it doesn’t). Do you offer great development opportunities but minimal paid time off? Go through each component and determine the extent to which you offer each.
Gather employee feedback
When getting an objective evaluation of what you do and do not currently offer, gathering feedback from current and former employees is invaluable. Whatever method you use, be it surveys or exit interviews, ask key questions such as:
- Why were you first attracted to this company?
- Which company benefits are most important to you?
- What drives you to stay?
- What caused you to leave?
Define your key components
Using the feedback you gather, you can identify the key components listed above, making sure to target your desired candidates. For example, an EVP for an entry-level position might highlight job perks and career growth opportunities. In contrast, an EVP for a professional with decades of experience might focus on career stability and possible pension plans.
Create and communicate your EVP
Once you have a clear idea of what you can offer employees, it’s time to get the word out there. There are many ways to go about this. Many companies create separate pages on their website. Others create engaging videos featuring their employees. No matter how you convey your EVP, it should be inspirational, unique, and an authentic reflection of what makes your company great for employees.
Assess and evolve
To evaluate whether your EVP is working, you need to establish KPIs you can use to track performance, such as your time to hire and employee turnover rates. Additionally, you might look at the applications and candidates that come through. Are applications consistently of a higher standard? Are you seeing more candidates aligned with what you’re looking for?
Even when your EVP is effective, you should revisit it regularly. Companies are always changing, and you need to ensure your EVP still reflects your values and the reality of your workplace.
Get Expert Help With Your EVP & Beyond
With an emphasis on holistic, industry-specific solutions, we’re here to help you execute every stage of the talent lifecycle, from strategy and sourcing to training and development. Connect with us today to learn more about how our approach to talent acquisition and management can add value to your organization.
