Employee Value Proposition or EVP as its popularly known is a term used to describe the characteristics and appeal of working for an organisation. An EVP describes the culture, benefits, and uniqueness of working in an organisation. In other words, an EVP characterises a company's ‘employer brand’ and differentiates it from its competition.
All you need to know about EVP
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.