Why A Strong Employee Value Proposition (EVP) Can Be the Biggest Asset for your Employer Brand?

Discussions about employer brands are incomplete without mentioning employee value proposition (EVP). An EVP is the unique set of benefits an employee can expect to receive in return for giving a company their skills, capabilities, and experience. Recently, Gartner suggested that organizations must reinvent their EVP. The EVP is a critical element of your employer brand. How? Let’s take a look.

 

It Helps You Attract and Retain the Best Talent

A recent survey found that more than half of US employees (54%) are willing to work at a company with great value even if they have to take a pay cut. Another 56% wouldn’t even consider a job at a company whose values don’t align with their own. A unique and compelling EVP can show people that the company’s values align with their own, which will then attract the right talent to its shores.

A thoughtful and clear EVP also matters for existing employees. It effectively defines and communicates what the company offers, which will encourage them to give their best effort every single day. Additionally, if it provides a more “human deal”, that shows how the firm is committed to employees’ personal growth, holistic well-being, and enhanced life experiences, it can reduce employee turnover and increase the commitment of new hires.

A weak EVP will do exactly the opposite. Potential employees will not know how they can benefit and will therefore not be attracted to the company. Similarly, current employees won’t understand what they will get from the company, which will impact their motivation levels and on-the-job performance. A weak EVP may also result in high levels of disengagement, and burnout, and ultimately, increase employee turnover and brain drain.

 

It Strengthens the Employer’s Brand

Your employer brand is your reputation as an employer and the perception of outsiders in the employment market. Your EVP can go a long way toward enhancing this reputation and turning people’s perceptions in favor of your organization. One reason is that it communicates to existing and potential employees what they can get by aligning themselves with your organization. It defines the essence of the company as an employer and tells the wider world why people want to work for you and what the company gives in return for their effort and loyalty. Thus, it is a crucial element of the employer brand.

Additionally, an EVP that’s presented in a creative form and captivating format can make the company appear unique and attractive, and present people with a host of reasons to join the company, and more importantly, to stay with it. Again, all of this will strengthen your employer brand and attract the right kind of talent the company needs to compete, grow, and succeed.

 

It Creates Passionate Advocates for Your Employer’s Brand

To boost your employer brand, you may have hired a professional PR agency. You may also advertise the company in online or offline channels. Some firms also try to connect with their audience through social media. Others scale up their internal initiatives for employee engagement, on-the-job training, and learning and development to enhance employee experiences and keep them motivated and connected to their work and the firm. It’s important to talk about these initiatives and offerings in the EVP. Why? Because if you don’t clearly state what the company offers to its employees, they may not see a compelling reason to stay with it.

On the other hand, a well-designed and clearly communicated EVP will convert employees into ambassadors for your employer brand. These advocates can be an effective source of advertising. They will advocate for the business and do their best to “sell” the brand’s image in their own networks. They will also gladly and voluntarily praise the firm’s onboarding plans, reward and recognition schemes, and internal policies, and tell outsiders about their positive employee experiences, which will help to boost the employer brand and attract new talent to the company.

 

It Strengthens the Firm’s Competitive Position

Many companies say things like “Our people are our greatest assets” or “We value people over profits”. They often assume that these words constitute their EVP and are enough to attract and retain the people they need to function and compete.

But this is just not true.

Such bland, commonplace statements do not accurately describe what’s unique about your organization, and neither do they describe the benefits talented workers get in return for trusting you with their talent. For this reason, you may not be able to attract these workers. And if you can’t, your firm cannot function properly, much less function in a highly competitive marketplace.

A strong EVP effectively communicates to your audience the value of aligning with your company. The right candidates will apply to work with you because they have a positive perception of the firm’s culture, policies, values, and management. They will also be optimistic about their own career progression and look forward to contributing to the company’s mission and vision. All of this will create a highly motivated, skilled, and competent workforce, which is crucial to strengthen your competitive position.

 

Conclusion

In the past, your company’s EVP might have only focused on the more tangible benefits for employees, such as salaries or bonuses. While these benefits are still important to attract and retain talent, they are not enough. Today’s employees also care about intangible benefits, such as flexible shifts, work-life balance, mental health, and DE&I initiatives. All these aspects should be part of your EVP.

Working with a partner like Ergode can help you align your EVP with these expectations. A strong, “human” EVP will enable you to attract the right candidates and keep current employees engaged and motivated. It will also signal that the company is a great place to work, distinguish you from the competition, decrease turnover, and create internal employer brand ambassadors. Contact us to know how we can help you fine-tune your EVP and boost your employer brand.

 

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