In a candidate-driven market, it is vital to understand how a strong employee value proposition can help your business. Investing in your employees’ satisfaction for the long term, big-picture success.

What is an Employee Value Proposition (EVP) and why should your business care?

In short, an Employee Value Proposition (EVP) is the incentives, perks, benefits and support systems your business has in place.

It’s the balance of rewards and benefits that you as a company offer your employees (in return for their immense efforts within the business). Essentially, it’s your unique selling point. A point of difference that helps you stand out from the crowd. A list of initiatives you actively run to attract and retain employees. 

An EVP is essential to your business’s ongoing success and should be at the front of any recruitment strategy.

A strong and well-thought-out Employee Value Proposition can:

• Help your business stand out from your competitors
• Help your businesses attract and retain top talent
• Reduce your business’s recruiting expenses
• Create a safe, rewarding and happy environment for your employees – boosting productivity and loyalty.

A great employee value proposition shouldn’t be purely compensation orientated. But instead, shift to other things, such as career development paths, internal rewards and recognition programs, community initiatives and team-focused activities.

For more advice and ideas on what you can do to motivate staff other than with money, check out this short video by Senior Recruitment Consultant, Erika Tan

How to make a worthwhile Employee Value Proposition

Research is the key to developing an effective EVP.

Go straight to the source to gain the facts, then work backwards to develop a system that will benefit everyone involved. Where do you excel as a business? What makes your model unique or attractive? What can you do better??

If you’re unsure where to begin or how to work with the information you gain, reach out to an external specialist (like us!) for advice. Experts in recruitment and human resources will be able to guide your business through the process. Gaining insight with a benchmark review of what your competitors are successfully offering is a great start.

Just be sure that anything promised can be delivered!

What kind of research can I do to create a good EVP?

• The best way is to address your staff directly. Ask employees what they think is or isn’t working currently. Whether through a survey, an external company or even in your 1-1’s. Whatever method you choose, be sure to reassure your staff that there are no wrong answers and that their honest feedback is critical to generating a better environment for them! Let them feel heard and value their input. 
• Read your company reviews (and competitors) to understand any repeated themes or topics you can address or mimic. Are there multiple comments on poor work/life balance? Think of processes you can implement to address this, like WFH flexibility or stricter operation times. Is there a lot of praise for a competitor’s annual celebrations? Review what end-of-year rewards you have in place and see where you can enhance or improve.
• Review what employees say are the benefits and downfalls of working for your competitors. Take into account both the positives and negatives. You want your business to be unique so, this isn’t about cloning someone else’s processes but instead about reflecting on what foundations you can build upon. Look at what has had proven success and place importance on understanding what your employees value in their roles. Find ways to implement more of what makes them happy and reek the rewards as a business of a happier, engaged employee.

Why would I need a formal Employee Value Proposition?

A clearly defined Employee Value Proposition is crucial when communicating your offering to candidates. Whether it’s through employee inductions, social media, traditional media, or an external company having a tangible EVP is a priceless resource in attracting talent. Both new and existing employees will value a solid plan over vague promises any day. And having a guideline in place will help keep all parties accountable. 

Enhance your business’s reputation by ensuring anything listed as part of your EVP is actionable and that you are accountable for delivering on any rewards. Change is inevitable, so set aside time every 6-12 months to review your proposition to ensure it stays updated and relevant.

If you’re looking to create a formalised Employee Value Proposition or think you have a great EVP in place that candidates aren’t seeing – chat to us today. Let us help you bring your business to the next level with quality, highly engaged talent. Tried and tested retainment strategies backed by years of experience and competitor insights to help you stand apart from the crowd.