Building a solid Employee Value Proposition is a business imperative
An effective EVP can bring an organisation significant benefits. According to the Corporate Leadership Council’s research, a well-thought through and executed EVP can:
- Improve the commitment of new hires by up to 29%
- Reduce new hire compensation premiums by up to 50%
- Increase the likelihood of employees acting as advocates from an average of 24% to 47%
- Increase access to passive candidates. This is important for organisations who want to secure the best talent in an increasingly difficult talent market.
- Re-inspire your workforce: Building and sharing your EVP involves listening to your existing employees, so you can understand what’s important to to them. This practice helps to build trust and strengthen commitment by including employees in the process.
- Refine your recruiting objectives. The process of building an EVP forces you to drill down on what’s important to your employees and potential new hires. Having this information will help guide your recruiting efforts to better share a compelling offer.
COMPONENTS OF A COMPELLING EVP
STEPS TO CREATE THAT PERFECT EVP
Creating a superior EVP involves the following stages:
- Insight gathering
- EVP Strategy development
- Management and metrics
EFFECTIVE EVP: SUCCESS FACTORS
To be effective, your EVP should meet the following criteria:
- Alignment with vision, mission and values to enhance organisational culture
- Honesty – a statement of what’s offered to employees while setting clear expectations; not a “false advertising” exercise
- Linkage to your workforce planning strategy so it’s relevant to the type of employees you want to attract and/or retain
- Uniqueness to drive competitive advantage/differentiation
- Effective wording and use of your organisation’s communication style
- Alignment with your external branding
- Understanding among your key target audience; the EVP is not an essay, it should contain concise statements supported by appropriate imagery
In today's context, the EVP has become fluid, responsive and an ever changing conversation between organizations, employees, candidates and the media. This has created additional challenges and opportunities for HR and leadership teams that want and need the best talent for their businesses. By understanding the current environment and continuously following trends in the EVP space, companies have to learn to adapt their strategies to influence rather than control, and to guide rather than dictate to be effective talent advocates.