A strong Employer Value Proposition (EVP) is essential for companies looking to attract and retain talent. But what exactly is EVP and how do you ensure it is more than just a nice promise? In this blog, we dive into the EVP meaning, its importance and how to create and implement an effective EVP.
EVP meaning: what is EVP?
EVP stands for Employer Value Proposition. It is the unique value an employer offers to (potential) employees. This includes not only salary and fringe benefits, but also company culture, development opportunities and job satisfaction. A strong EVP helps companies stand out in the labour market and attract talent that suits the organisation.
Why is an EPP important?
A well-defined EVP has an impact on both employer branding and employee retention. It ensures:
- Clarity: Candidates know what to expect from an employer.
- Attraction: It attracts talent that feels drawn to its core values and culture.
- Engagement: Employees feel more connected and stay with the organisation longer.
- Competitive advantage: A strong EVP helps a company stand out in the war for talent.
How do you come up with a strong EPP?
An EVP should be authentic, distinctive and relevant. Follow these steps to develop an effective EVP:
1. Research and analysis
Start with internal and external research. Ask employees what they find valuable about their work and analyse how your company stands out from competitors. Use surveys and interviews to gather input.
2. Formulating core values and promise
An EVP should reflect the essence of the organisation. What values and benefits do you offer employees? Formulate a powerful promise that is realistic and distinctive.
3. Matching EVP to target audience
Not all employees and candidates have the same needs. Tailor your EVP to different audiences within your company and make it personal.
Bringing your EVP to life
For an EVP to be effective, it must be actively promoted. You do this by:
- Internal Communications: Make sure employees understand and propagate the EPP.
- Recruitment strategies: Use the EVP in job ads and campaigns.
- Employer Branding: Share employee stories via social media and testimonials.
- Onboarding and Culture: Make sure new employees immediately experience the company's values.
Common mistakes in EVP and how to avoid them
Creating and implementing an EPP can be challenging. Here are some common mistakes and how to avoid them:
- Too general promises: An EVP should be specific and distinctive. Avoid vague terms and focus on concrete values and benefits.
- No support within the organisation: An EVP should not only be propagated by HR, but embraced by the whole company.
- Lack of consistency: Make sure your EVP is visible and consistent in all your communications, from job postings to internal processes.
- Don't measure and optimise: Regular evaluation is crucial to keep your EVP relevant and effective. Use feedback and data to make improvements.
Evaluate and optimise your EVP
An EPP is not a static concept. Regular evaluation is necessary to keep it relevant. Collect feedback from employees and adjust your EVP based on changes within the organisation and the labour market.
Conclusion
The EVP meaning goes beyond just a promise; it is a strategic tool to attract and retain talent. By developing and implementing a strong EVP, you will ensure that your company remains attractive to both current and future employees. Want to get started on your EVP? Start with research, formulate an authentic promise and make sure it is visible in all aspects of your organisation.
At Goals, we help organisations develop and implement a strong EVP that makes a real impact. Find out how we can support your company in employer branding and talent management.
