Today, offering competitive salaries and a conventional benefits package isn’t necessarily enough to attract top talent. Instead, companies need a compelling employee value proposition (EVP) that sets them apart from their competitors.
Fortunately, developing an enticing EVP isn’t inherently challenging. If you’re wondering what an EVP is, why it matters, and how companies can build a strong EVP, here’s what you need to know.
What an EVP Is
In the simplest sense, an EVP is the sum of what employers offer employees in terms of value and the employee experience. Essentially, it’s what companies offer their workforces in exchange for an employee’s commitment, diligence, and skillset.
While a salary and benefits package is part of an EVP, they aren’t the only components. Any perks offered also become a portion of the EVP. Additionally, the company’s culture, any supportive initiatives, and the features of the physical workplace are also included within the broader EVP.
Why Your EVP Matters
Today, candidates and employees are far more discerning when it comes to their workplace experiences. The vast majority aren’t motivated solely by their salary and classic benefits like medical and retirement. Instead, they have preferences relating to their workplace experience, including being part of a supportive culture, participating in meaningful work, and more.
Your EVP serves as a highlight reel for what your company offers, making it a critical part of your broader employer brand. If your EVP isn’t compelling, connecting with candidates becomes increasingly difficult. Similarly, if your presented EVP doesn’t align with the genuine employee experience, that disconnect harms your reputation and often leads to increased turnover. As a result, ensuring your EVP is both enticing and an accurate reflection of what it’s like to work for your company is essential.
Building a Strong EVP
In a general sense, a strong EVP involves a company successfully meeting the needs of a diverse workforce. It leads to an employee-centric workplace, one where everyone feels reasonably supported and valued for their contributions.
If you want to build a compelling EVP, begin by speaking with your employees. Learn about where your company shines and areas where it’s falling short. The goal is to find out what benefits, perks and features are helpful in the eyes of your workforce, as well as discover opportunities for improvement that make your company better at meeting the needs of its employees.
In some cases, evaluating the EVPs of competitors is also helpful, particularly if any are performing incredibly well when it comes to recruitment and retention. The goal isn’t to copy what’s offered but to learn about what they’re doing that’s bolstering success. You might identify shortcomings in their EVP that you can capitalize on, allowing you to develop a valuable differentiator that you can promote.
Additionally, ensure that your employer brand accurately represents the employee experience. That ensures there’s no disconnect between what you’re claiming and the realities of being a part of your workforce, leading to greater authenticity.
If you’d like to learn more about building a strong EVP or need top talent to fill open positions, The Squires Group wants to hear from you. Contact us today.