What is an employment value proposition (EVP)?
An EVP (Employee (or Employment) Value Proposition) highlights the competitive strengths of a position within your company that separates it from other/similar roles offered by your competitors. In other words, the EVP answers the potential employee’s question, “Why should I apply for this job — what’s in it for me?”
EVP is different to your Employer Brand. EVP is Internal, while Employer Brand is External.
Why is this important? A strong EVP is important for two reasons:
1. When presented correctly, an EVP offers a comprehensive look into each position,
making sure the role is attractive to top talent and allowing the candidate to discover
whether or not they are going to be a good fit.
2. Creating a strong EVP can enhance and elevate your entire employment brand
making you a more desirable landing point for top candidates. The fact that you have
a clear vision is something that good candidates will find attractive.
What are the key elements of an employment value proposition?
There are five key areas that should be touched on with most EVPs:
1. Tangible Rewards
As simple as it sounds; wages, bonuses, commissions, benefits, work tools, trips and any other tangible benefits an employee can expect from performing a job should be included. Savvy candidates are looking at the entire compensation package rather than just the raw ££’s. What does the bottom line look like? Paid time off, healthcare, allowances? Simple things can add to the overall value of the compensation package and none of these should be overlooked.
2. The Opportunity
This part of the EVP addresses the need for candidates to understand where this position can lead them on their own career path. Whether we like it or not, more and more, job seekers are considering their next job even as they are starting a current one: Richard is taking a job as an accounting clerk while trying to grow into an accounting manager position; Rachel is taking a merchandising position while looking for an opportunity to become a corporate buyer, and so forth.
By clearly defining where each position sits within your corporate structure and where within your organisation you expect this position to lead, job seekers can envision their career path several steps at a time. This is a value-add that can really strike a chord with new hires.
3. The Organisation
Building an EVP includes building the overall employment brand. People want to work for companies they can be proud of. What is it that sets your company apart from others in your industry? G.E. created a whole ad campaign around showing that it was actually ‘coo’ to work for them, that they were cutting edge and more than just a ‘your grandfather’s hammer’ type of company. Highlighting your company’s achievements, history and future plans in your recruiting strategy helps attract potential candidates. Let them know why you think you should be an employer of choice.
4. The People
“Who will I be working with?” is a popular question candidates ask, and thus the answer must be part of your EVP. Can you point to anyone who may be seen as a mentor or thought leader who will interact with the person who fills this position? What about the team atmosphere and group dynamics? What is the tenure of others in this role? Will this be an independent or work-from-home role?
For example; there is a key position in a company that really suits introverts. It requires eight hours of focused listening and is performed basically alone in an office at their headquarters. By highlighting that aspect of the role, the company attract the right people for the job — literally, the ad says that this role is “ideal for introverts.” People care about their work environment and the human dynamic should not be overlooked; it should be highlighted.
5. The Work Itself
What does a day in the life of this position look like? If you can accurately describe the keys to success in the role at hand, the potential new employee has the chance to envision themselves in it. The more detail and content, the better. You want to highlight what a good day looks like, and it exists for every role from Labourer to Sales Director. Find what a good day on the job looks like and describe it as part of your employment value proposition. As the job seeker projects themselves into the role, they will soon discover how well the job fits them and you should begin to see an influx of better-prepared candidates.
Selection and Strategy
All jobs are not all things to all people. All people are not qualified for all jobs. When formulating your employment value proposition, pick and choose those elements that work best for you and your organisation to attract the right candidate. As with any program, be sure to keep track of key metrics to assure you are getting the results you are looking for in terms of quantity and quality of candidates.
If you find a particular strategy is not working, make adjustments. Perhaps highlighting the tangible rewards is not driving better applicants for a given position but highlighting your organisation does. Highlighting the organisation may work for some positions within your company while highlighting the work itself helps attract better candidates for others.
Treat each role individually and don’t be afraid to tweak them independently of one another.
A focus on your employment value proposition will help you win the war for talent whether you are employing directly or utilising a search specialist.