The CIPD says an employee value proposition (EVP): “describes what an organisation stands for, requires and offers, as an employer.” An EVP demonstrates your dedication to your workforce and providing a good working environment and gives employees an overview of the company’s culture and values.
What is an employee value proposition?
In the same way potential employees will write a personal statement on their CVs to employers stating who they are, what they can bring to your business, and what their goals are – your employee value proposition has a very similar purpose.
You are giving your workforce reasons to choose your company by being transparent about your values and the type of people you want to work with. Essentially, the EVP is everything an organisation offers its workforce in return for their hard work, skills and experience.
Building your employee value proposition
Before you start, you must understand your employer brand – the true lived experience of your employees. The employee value proposition is an articulation of your employer brand. This is what gives your EVP credibility, and it must answer the question: ‘Why should I work for your company?’
Your employee value proposition should make your best employees feel represented and should be:
Honest - the most successful EVPs are the ones that a broad range of people can relate to, and that your whole company can adhere to. It needs to encapsulate your entire brand identity in just a few paragraphs. Therefore, it’s crucial to ensure that it accurately represents your company. If you can’t live up to your word, then you risk losing members of your workforce.
Accurate – it may sound impossible to be able to speak for your entire workforce, but it’s just a case of doing your research. To find out what kind of environment your employees feel is a great place to work in, you can survey employees. The survey can also be used to ascertain job satisfaction and determine what you need to improve on. This gives you an opportunity to close any gaps between employees’ expectations and reality.
Unique – it can be challenging for companies to differentiate themselves from their competition. An EVP should be your way of doing just that. Every individual within your company is different and highlighting this will be your unique selling point.
Optimising your employee value proposition
The best examples of EVPs are the ones that humanise the business, and focus on the happiness of the workforce, rather than how much money they could make with you. What makes your company the best place to work?
Some key considerations you should make when outlining your EVP:
Be transparent: if your business is not where you want it to be yet, state what your goals are and how you intend to get there. No company is perfect so you must be honest about it.
Representing different groups within your workforce: don’t exclude anyone in your workforce by referring to a few types of people – an EVP needs to be as inclusive as your company is.
Do your research on what perks you offer that your employees use and benefit from and
only mention those – not what your competitors offer or what sounds popular.
Make it timeless: what are your company’s core values? These are the most important qualities that your business will be recognised and remembered for.
Give your employees a voice: let them tell you what the best thing about working for your business is and highlight that.
The importance of an employee value proposition
The UK recently recorded the highest number of vacancies since 2001, when records began. As a result of this, and the burnout many employees faced during the pandemic, we are at risk of facing a ’Great Resignation’.
Professionals have been more likely to consider leaving their roles, with greater confidence in finding something new. Therefore, employee retention should be one of your top priorities. A thoughtful and well-written employee value proposition is one way to retain your best employees.
More than ever, on top of salary and benefits, people are looking for a company that shares their values and gives their work meaning. Essentially, your EVP should show your workforce that they are working for a business that cares about them to evoke a sense that they belong in your company.
Employees who share your values and goals, and feel supported by you, will want to support your business in return. They will be more engaged with the success of the company and have greater longevity as part of your workforce.
If you’re looking for talented candidates or your next opportunity, find your nearest Reed office and speak to one of our specialists.