Explore how a strong EVP can differentiate your brand and attract the best candidates by focusing on culture, compensation, and career development.
Employee turnover is a constant concern for HR professionals, especially considering that replacing an employee can cost up to 150% of their salary. A recent SurveyMonkey study found that the top reasons for turnover include compensation and benefits (35%), lack of flexible work arrangements (29%), and poor work-life balance (27%).
To tackle this, companies need a strong employee value proposition (EVP) that clearly defines what their company offers and why it's the best place to work. This article will guide you in creating a compelling EVP using employee and candidate feedback.
An employee value proposition (EVP) is a clear and compelling statement defining what makes your company a great workplace. It outlines the unique benefits, rewards, and experiences employees gain by being part of your organization. A well-crafted EVP goes beyond salary, emphasizing the values, culture, and opportunities your company offers.
Your EVP should answer crucial questions like: Why should someone work here? What makes this workplace different? It should reflect your company's mission, the growth opportunities, and the overall employee experience—from work culture to career development. An EVP must set the expectations for what it's like to be a part of your team, making it a powerful tool for attracting and retaining top talent.
As traditional retention strategies become less effective, the focus on crafting a holistic and coherent EVP is essential for maintaining a competitive edge in a VUCA (Volatile, Uncertain, Complex, and Ambiguous) environment.
When potential candidates see a well-defined EVP, they know what to expect. This transparency can streamline the hiring process, making finding candidates who fit your company's culture and values easier. An EVP can also boost engagement and satisfaction among current employees.
Here are a few reasons why a strong employee value proposition is essential:
Your Employee Value Proposition should set expectations about what it's like to work for your company. Here are the key elements to include:
An effective EVP encapsulates these aspects, clarifying why your company is a great workplace.
After understanding the various benefits of a compelling employee value proposition, many companies want to develop their own. Considering the EVP's importance to employee experience, we recommend you take your time.
An EVP shouldn't just match your competitors. It should encompass your company values and offer something that sets you apart.
Here's a step-by-step guide to creating a winning employee value proposition:
The first step of developing an EVP is to decide on your goal or what you're trying to achieve.
A good place to start is by working backward. Define your ideal candidate or employee, from their characteristics to their interests and motivators. This can help you outline the core parts of your EVP.
Alternatively, you can look at your existing core values and build upon them. For instance, if transparency is a central value of your business, consider listing the expected salary range on the job posting.
It's important to understand that your EVP should reflect your business type and the one you want to become. You must effectively adapt your EVP to achieve goals like attracting collaborators or a diverse workforce.
Most companies have some form of an employee value proposition. Some simply add a list of benefits at the end of every job posting, while others have a more elaborate section on employee perks and workplace culture.
Collect employee feedback to determine the effectiveness of your current EVP or create a new one. Employee feedback can help you identify the areas of your EVP that are working well and may need improvement.
You can gather that feedback with different types of surveys:
Analyze the feedback you receive to determine any potential gaps in your current EVP and your employee experience. You'll also be able to establish your strengths, selling points, and areas you need to improve.
At this point, you've got a solid understanding of the successes of your current EVP and feedback from employees. It's time to draft a new employee value proposition.
Remember that a good EVP covers much more than compensation. You should outline how you improve the employee experience across every essential area. Think of the company culture, personal and career development opportunities, rewards and perks, benefits program, compensation, and workplace dynamics.
Your EVP should answer key questions a candidate may have about working for your company, including:
Remember that employees commit large portions of their lives to a company. The best return is always to make their time with your company as fulfilling as possible.
After drafting your EVP, it is crucial to share it externally and internally to ensure everyone, from potential candidates to current employees, understands what makes your company unique.
Remember to share your EVP's impact with stakeholders and leadership. Highlighting its success can solidify the value of your HR initiatives.
Measure your Employee Value Proposition's impact regularly to ensure its effectiveness. Use qualitative and quantitative methods to get a complete picture.
An employee value proposition is not static. As your company evolves, so should your EVP. Regularly revisit and update it to reflect new benefits, compensation structures, or changes in workplace culture, ensuring your EVP remains relevant and continues to attract and retain top talent.
Staying proactive with these updates keeps your EVP aligned with employee expectations and market trends, helping you maintain a competitive edge. A well-maintained EVP shows your commitment to meeting the needs of both current and future employees.
Here are four examples of employee value propositions, including how each brand crafts them using the key elements outlined above.
HubSpot publishes its EVP on its career's page:
"We're building a culture at HubSpot where amazing people (like you) can do their best work. If you're ready to grow your career and help millions of organizations grow better, you've come to the right place."
How HubSpot crafts its EVP:
Salesforce has a page dedicated to the company's EVP and values:
"Since day one, we have focused on doing well in business while also doing good in our communities. Our values have helped to differentiate our culture and strengthen our relationships with all stakeholders. We believe business is the greatest platform for change and proudly invite others to join us in taking action for people and the planet."
Salesforce also lists the company's core values: trust, customer success, innovation, equality, and sustainability.
How Salesforce crafts its EVP:
How Airbnb crafts its EVP:
At SurveyMonkey, we promote our EVP with five core values:
How SurveyMonkey crafts its EVP:
Get the feedback you need to create a compelling employee value proposition. Automatically survey employees and candidates, analyze the results, and use the insights to build a better employer brand. You can collaborate with your team and integrate SurveyMonkey with software you already use, making it easier to manage your recruiting and retention all in one place.
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