How To Determine Your EVP
An Employee Value Proposition (EVP) is the set of benefits that a company offers to its employees in exchange for their loyalty and commitment. Your EVP can make you stand out from the crowd and help significantly with your recruitment process, mitigating the stress of hiring by ensuring that candidates choose you over competitors.
But how do you define your EVP? What makes your company an attractive place to work? We briefly explore how to determine your EVP with a checklist.
What should an employee value proposition include?
Your company is unique, so make sure that your EVP reflects this and includes your brand's key selling points. Your EVP should be tailored to meet the specific needs and culture of your company and should reflect input actively solicited from your current team. It should include details of your employee benefits package, which is an important factor in recruitment, talent acquisition and retaining the most talented individuals.
Make sure your employee benefits are communicated effectively - and regularly - so that your employees are reminded of what you have to offer and why your organisation is a great place to work. Ensuring this is communicated externally on a regular basis will let potential candidates know about what your company is about.
Choosing the right benefits
Since Covid-19, a range of organisations have introduced flexible working arrangements and remote working. Many firms still have this in place as it has proven extremely popular. Flexible working, competitive salaries, attractive bonus schemes, and ride your bike to work schemes are commonplace. What can make your firm different? What other perks can you offer? How about Free Lunch Fridays? Perhaps two paid "Me Days" a year? Think differently from the competition, but make sure that your company can afford the benefits in the long term.
You should also include a clear and concise description of your approach to work-life balance. Whilst you may sometimes rely on staff to help out when needed occasionally, your approach to work-life balance says a lot about your company and its values.
Opportunities for progression
Staff retention can be a serious challenge. Do your staff know how they can progress? Your employee value proposition should include clear details of your company's career progression opportunities. Candidates will also wish to understand the career opportunities available to them in your organisation. Training and development opportunities should be highlighted, clearly demonstrating that your company invests in its people and takes progression seriously.
Rewards and recognition
How do you reward talent? How do you recognise those who have worked hard on a project, or put in extra hours? Your EVP should include ways of thanking team members who go that extra mile. It also helps to keep employees motivated and feeling appreciated and shows potential employees the rewards and recognition opportunities available to them.
Different people, different rewards?
Your company is unique. It is important to know what your employees really want. Asking staff for feedback will ensure you identify which benefits matter most or least to them. Anonymous surveys and feedback forms are excellent ways of getting the data you want. Feedback might indicate that rolling out certain benefits to everyone is not appropriate. You might find that employees want different things based on their roles, departments, or seniority levels. Feedback will also highlight whether your staff feel valued and encouraged, or show which groups find work interesting or challenging.
Regular engagement is required
EVP is not a one-time exercise. Through staff engagement, you can collect data about the things that matter most. Reactivity to your employees' needs shows that you care and can be used to tackle any issues quickly and efficiently. For example, finding out that staff may require support and acting on it accordingly confirms that they are valued and drives retention. Regular surveys and feedback also identify areas where the business needs to improve and, as you do so, the EVP can be further updated.
Find Out More
Here at Reuben Sinclair, we can help. If you are looking to improve your brand image or are looking for talented individuals for senior positions, please call us on +44 (0) 203 826 1206.