What is an Employee Value Proposition (EVP) part 2

Creating a winning Employee Value Proposition (EVP)

It can be tough finding the right candidates for any given role. So once you’ve got them, you want them to stay.

Recruiting can be costly both financially and in terms of employee time, so it’s vital for any organisation to ensure that it keeps good employees happy in order to minimise attrition rates and the associated re-hire and indirect costs.

Even the best salary packages are not always sufficient to hold onto the people you most want to retain. This is why creating a great Employee Value Proposition (EVP) is essential.

Remember that EVP is basically HR-speak for all the amazing reasons why somebody would want to work for one particular company over and above any other. It exists to attract, retain and motivate staff.

EVP covers a multitude of rewards and benefits, extending far beyond salary. Work-life balance, professional development opportunities, culture and even long-term vision can all play a key role in the overall ‘offer’ a company can communicate to job seekers and existing employees.

Creating an EVP

Thankfully, although EVP needs to be more than somebody bringing in cakes to the office once a week, it isn’t difficult to create a good offering.

There are many ways in which you can go about creating a winning EVP, but perhaps the first step is to take an honest look at the company and canvass opinion on it. An EVP can only work well if it truly reflects the reality of working for the business.

Some simple questions that can be asked of current team members include:

• Why were you attracted to working for this company in the first place?
• Why are you still working here?
• Why might you decide to leave in the future?
• What makes working for the company unique?

When you feel you have a good understanding as to the reality of working for the business, there are several other steps you can take to ensure you build and communicate a great EVP.

Get the right candidate for the right job

If you end up with the wrong person in a role, not only will this adversely affect the business and other members of the team, but the individual themselves are unlikely to want to stick around in a position in which they feel they can’t thrive. This will render even the best EVP pointless.

So, it’s worth taking the time to get recruitment right from the outset, targeting the right talent. Be professional and accurate, but also be prepared to sell the benefits of working for the company over working anywhere else.

Provide potential hires with positive insights

The power of the internet should never be underestimated. The best prospective candidates will take the time to check out the company before applying for a role, so make sure that your website explains what the company is about in the best possible way. Suggestions as to why the company is a good place to build a career, in addition to positive employer and client reviews which point to a positive brand reputation are all plus points.

Ensure you conduct a productive interview

Remember that feeling of a good job interview? The one where you felt listened to and valued by the interviewer or panel. An effective interview should leave candidates feeling that they have been able to fully communicate what they can bring to the role. Dull, predictable questions are unlikely to leave the best candidates feeling excited about the prospect of continuing their career with you.

Sell the benefits of working for your company

When it comes to the stage at which you're ready to make an offer to the chosen candidate, bear in mind that a wide range of factors come into play in determining whether they will accept. These go far beyond remuneration.

Today's employers need to be prepared to shout about what makes them THE company to work for, whether financial benefits, other rewards, flexible working or a proactive culture that supports continuing professional development. Ideally all of the above.

Candidates who join the company with detailed insight and accurate expectations are ideally positioned to become loyal, productive, long-term hires.

If you're looking to refine your Employee Value Proposition (EVP) or hire top talent for your company, feel free to reach out to me at +44 (0) 1342 330 553 or email [email protected].