How to Craft an Employee Value Proposition (EVP) That Attracts, and Retains, Top Talent
In January 2022, 4.3 million people quit their jobs and there were 11.3 million job openings, both near historic levels and another indicator of the pandemic-era juggernaut known as the Great Resignation. The Great Resignation has reshaped the labor landscape making it more difficult to attract, and retain, top talent. Much of the discussion has been around, well, the resignation. But, more intriguingly, the data suggests that employees aren’t just leaving the job market to go home; they’re upgrading to what they believe are better jobs with more work-life balance, greater flexibility, cultures that are built on trust and align to their values, and an excellent Employee Value Proposition (EVP). The Great Resignation has become the Great Reshuffle.
With the ever-changing shifts in worker availability, how can you, as an employer, handle the shortage in talent while also trying to retain your current top performers? An employee value proposition is a great way to start. In this blog, we’ll go through what an EVP is, why it’s important, and walk you through the process of crafting one that resonates.
What is an Employee Value Proposition?
An employee value proposition has historically been defined as a “part of an employer’s branding strategy that represents everything of value that the employer has to offer its employees. Items such as pay, benefits and career development are common, but employers also highlight offerings that are currently in demand—like technology, remote work and flexible scheduling.”
Here at Blue Beyond, we take the definition a step further. A strong employee value proposition isn’t just about the offerings – it’s an ecosystem of support, recognition, and values that an employer provides to employees to achieve their highest potential at work. An EVP should never be viewed as a two-way transaction but as a set of principles, values, and offerings that boost employee engagement and contribute to a culture of Deep Trust and High Expectations™.
Additional resources
Why is an EVP important?
In short? It’s good for your organization and your people.
According to Gartner, having a strong EVP can lower your turnover by 69%. In addition, a strong employer brand can help decrease your cost per hire by 43% according to a report by LinkedIn.
An employee value proposition personalizes and contextualizes the mission, vision, values, purpose, and culture – and clarifies what this means to all employees. It prompts the question – what is the essence and heart of your organization?
A strongly crafted EVP is a vital piece of your overall organizational strategy and provides a distinct competitive advantage when looking to set yourself apart. It also helps with:
- Retention – when employees know what their employer stands for, they are more engaged, motivated, and productive making them less likely to leave.
- Brand advocacy – employees act as brand ambassadors, spreading the good word to customers and prospective talent alike.
- Recruitment – candidates will be able to view comprehensive information regarding the organization and job openings, allowing them, and you, to discover whether or not they’re going to be a good fit.
- Employer branding – enhance and elevate the entire brand as a great purchase option for customers and a great place to work for existing and potential employees.
Crafting a Compelling EVP
It’s critical when crafting an employee value proposition that it’s unique, relevant, and compelling. Remember, this is your organization’s calling card and should detail all of the reasons your employees are proud to work there.
Here’s how to do it:
Assess what you currently offer
It seems like a no-brainer but the best place to start is to assess what your company currently is and what it’s not. Measure and analyze key attributes such as:
- Culture – trust and collaboration, relationships between employees, communication, alignment of goals and values, social responsibility, sustainability
- Compensation and benefits – pay, health insurance, retirement benefits, paid leave, remote office stipends, company-sponsored holidays, free lunch, education
- Work environment – flexibility, workspace design, well-being, recognition, family support, hybrid/remote/office, autonomy, work-life balance, role clarification
- Career – progression, promotions, training and development, talent management and acquisition, stability
Additional resources:
Listen and learn from your employees
In order to find the essence of your organization, it’s important to understand your existing and prospective employees’ current perceptions about your organization, and how that lines up with the value they desire from a place of employment. This takes deep listening to understand the value existing employees see now and the unrealized value they’re searching for. Doing this will help you know not only what to focus on when crafting your EVP, but also what work needs to be done so that employees’ experience in the company is reflective of your employee value proposition.
Potential questions could be:
- What brought you here and what has your experience been like so far?
- What do you see as the best attributes of working here?
- What gaps or areas of opportunities do you see?
- What are some of the biggest challenges the organization faces?
- How would you describe the vision and purpose of the company, and to what extent do you feel that impacts or excites you?
- In what ways do you feel that your learning, development, and career aspirations are supported here?
- What does your organization do to support building relationships and connections with coworkers?
- How important is coworker connection to you?
- What can be improved to establish a greater sense of community among the team?
Additional resources:
Find your pillars
Now that you’ve assessed and analyzed what you have, what you want to be, and what your employees are experiencing, it’s time to begin defining what pillars or principles your EVP will have that will work together to form the whole experience.
To find the pillars, use the research you’ve previously gathered to answer questions like:
- What core values and unique selling points do employees rate highly?
- What drives employee engagement, motivation, and satisfaction?
- What do employees find meaningful in their work?
- What rewards and benefits are attractive to potential and existing employees?
- What is your competitive advantage that makes you stand out in your industry?
- What can you offer your employees that will increase the likelihood of accepting a job offer or staying with the company; e.g., increased flexibility, paid leave, more leadership development opportunities.
- What societal, environmental, and cultural issues do you champion and do those align with what employees want?
- What concrete steps will you take to grow and develop your employees?
Write it up
Once you’ve identified your competitive advantage and what employee experience you can deliver, the next step is to write a strong employee value proposition statement.
Your EVP should:
- Be uniquely you.
- Characterize and differentiate the value employees will gain from working at your organization.
- Highlight what’s most important to your employees and why they stay.
- Balance the reality of what the organization offers now, and the aspiration for what it will offer in the future.
- Resonate with both existing and prospective employees.
- Appeal to a widespread audience.
- Provide a compelling strategic frame for your organization’s talent initiatives and culture goals.
- Survive a pressure test with your top talent to confirm that it accurately conveys the experience of working for your organization.
Roll it out
Now that your employee value proposition is complete, it’s time to implement and share it. Just like the unique selling points in the EVP, the rollout should be done with creativity and uniqueness to bring it to life for your organization.
Leverage all of the different internal and external communication channels you’re currently using to share the good news. Convey it through all hiring channels such as your websites, advertising, and the interview process so that prospective talent, and you, can determine if they would make a good addition for your organization.
Internally, you can promote your EVP through company blogs, newsletters, email, town halls, and internal communication tools. Identify employee value proposition ambassadors within your organization to organically champion it. Get creative with puzzles, quizzes, competitions, etc. to engage at all levels. Test for alignment with all employees to ensure that they’re well-versed in the EVP so they can share with coworkers and new hires.
Reevaluate your employee value proposition
EVPs are never one-and-done projects. It’s a living, breathing entity that will change with your organization and employees as you both grow and develop. It is vital to the success of your organization that employee value propositions are continuously evaluated and reevaluated to ensure that it’s working and resonating with current and future employees.
The wrap-up
No one knows how long the great resignation will last but one thing is clear: people will continue to look for companies that make their work-life meaningful and add value to them. Crafting a compelling employee value proposition is an impactful way to ensure employees, and prospects alike, have a clear perspective on what your organization has to offer today, and the promises it’s making for the future.