What is Employee Value Proposition (EVP)? A framework to create a compelling EVP.

Employee Value Proposition (EVP) is the unique set of benefits and rewards that a company offers to its employees in exchange for their skills, knowledge, and experience. It represents the total package of what employees receive in return for their contributions to the company, beyond just their salary and benefits.

The modern workplace is evolving rapidly, and it is becoming increasingly important for companies to create an attractive Employee Value Proposition (EVP) that resonates with their employees and prospective candidates. In today’s competitive job market, a strong EVP is essential for attracting and retaining top talent, boosting employee engagement, and improving overall business performance.

An effective EVP goes beyond just salary and benefits. It is a comprehensive strategy that encompasses the entire employee experience, including career development opportunities, work environment, culture, and purpose. A well-crafted EVP can help HR leaders differentiate their organisation from competitors, enhance their employer brand, and create a more engaged and productive workforce.

A framework to determine EVP for a company may include the following steps:

• Step 1: Define the target audience: Identify the specific group of employees for whom you are creating the EVP. This could include current employees, potential candidates, or a specific subset of employees such as high-potential individuals or those in a particular department.

• Step 2: Conduct research: Conduct internal and external research to understand what motivates your target audience, their needs, and their preferences. This can be done through surveys, focus groups, and interviews with employees, as well as research on industry benchmarks and best practices.

• Step 3: Analyze the data: Analyze the data collected from the research to identify common themes, preferences, and needs of the target audience. This can help identify the most important aspects of the EVP to focus on.

• Step 4: Develop the EVP: Based on the research and analysis, develop a clear and compelling EVP that outlines the unique set of benefits and rewards that the company offers to employees. This should include both tangible benefits such as compensation and benefits, as well as intangible benefits such as culture, career development opportunities, and work-life balance.

• Step 4: Communicate the EVP: Communicate the EVP through multiple channels to ensure that it is clearly and consistently communicated to employees and potential candidates. This can include internal communications, social media, and the company website.

Lastly, Monitor and update the EVP: Regularly monitor the effectiveness of the EVP and make updates as necessary based on employee feedback and changes in the market and competitive landscape. This can help ensure that the EVP remains relevant and effective in attracting and retaining top talent.

Needless to say, a well-articulated EVP is the crucial first-step to great Employer Branding.

Suggested Reading: Employer Branding – Why do it? How to measure impact