employee value proposition
Is it hard to stand out in your industry sector?
Do you struggle to appeal to top candidates in different countries and functional areas?
Do you really understand how you compare to your competitors?
Have you been told by candidates that it is hard to know the difference between one company and another in the same sector?
A clear and differentiated Employee Value Proposition (EVP) will enable you to tackle questions like these. We are well known for our expertise in this field and can help you to create your own unique and differentiating Employee Value Proposition using our proven structured methodology.
An EVP articulates clearly the unique appeal of working for you, how you are different and why great people want to work with you and stay with you. Of course nobody’s perfect and all organisations have their flaws. Developing your Employee Value Proposition will tell you which flaws people care about (and therefore you should fix) and which don’t matter that much. A good EVP also combines what is important to the organisation with what is important to its employees. This means that any aspects of your company that are key to its maintenance and development need to be reflected in your EVP.
People sometimes confuse ‘Employer Brand’ with Employee Value Proposition. They are not the same thing. An ‘Employer Brand’ is the ‘wrapper’ or the badging. An Employee Value Proposition is the whole of the employment proposition. Think of the Employer Brand as the icing and the EVP as the cake. A solid and clear EVP makes sure that what is on the inside is as good as the promise made by the wrapper.
A clear and differentiated Employee Value Proposition is increasingly important in these competitive times. In fact, Dave Ulrich, the HR guru, reckons that developing an EVP should be the number one HR priority. We agree.
What are the benefits of an Employee Value Proposition?
An Employee Value Proposition will bring an organisation significant benefit. 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%
An ineffective EVP can be costly in terms of attrition and higher recruitment costs.
But that’s only half the story. In our experience the value of an Employee Value Proposition goes way beyond cost and time savings, it also:
1. Helps you to attract and retain talent that you might otherwise lose to other organisations with more attractive EVPs
2. Helps you appeal to people in different markets and tough-to-hire talent groups
If you operate out of more than one country your EVP will need to move beyond a one-size-fits-all. It will need to be take account of different employees’ needs and preferences in different countries, age groups and cultures.
3. Helps you to re-engage a disenchanted workforce
The process of creating an Employee Value Proposition involves surveying and talking to existing employees. Our experience is that this is a very powerful engagement tool in itself and people enjoy and appreciate it. If you want to re-engage people and rebuild excitement then developing an EVP will really help.
4. Helps you to prioritise your HR agenda
The process of creating your Employee Value Proposition will help you to understand what your HR priorities should be. To develop an EVP you need to understand what makes your people tick; what’s attractive to them in an employer, what motivates them at work, what opportunities they want available to them and how they want to communicate and be communicated to. Having this insight will mean that you understand what specifically you need to do to attract, engage and retain people that you want, where improvements need to be made and what will most likely make people leave if they are not addressed.
5. Helps you gain a reputation as a great place to work
Organisations with a strong and credible Employee Value Proposition become as famous for the way they treat people and the quality of their people as they are for their products and services. This is when an EVP works so well — people start queuing up to work for you!
Sound too good to be true? It’s not. We can help you achieve all the benefits of a great Employee Value Proposition in your organisation.
Click here to read our case study showcasing our Employee Value Proposition work with AstraZeneca or call us now on +44 (0) 20 7127 4741 to discuss your Employee Value Proposition.