An Employee Value Proposition (EVP) is the ‘why’ of your company.
An Employee Value Proposition (EVP) is the ‘why’ of your company. It includes things you set for your company, like your business goals and vision. But it also includes less static things, like the perception of your business in the wider market and how your staff live and breathe your business values.
Having a solid EVP is important to retain your employees and attract new talent. When a prospect is left to choose between two competing companies, the company with the stronger and more compelling EVP will win out every time.
Finding your Employee Value Proposition
A good place to start defining your EVP is with your own employees. As part of a pulse survey, consider asking:
- What do you enjoy most about working here?
- What do you think is most unique about working here?
- What do you think is most attractive to potential employees? (See: What candidates look for in a new employer)
Next, examine any exit interviews you’ve conducted. Is there a common thread in responses? Are any areas lacking? Next, pose similar questions to old employees or prospective candidates and record their responses.
Determine selling points
With data in hand, group your feedback. Your EVP is made up of five key areas:
- Work: Location, variety, challenges.
- People: Leadership style, social dynamics.
- Growth: Opportunities, training pathways.
- Benefits: Monetary, extrinsic.
- Affiliations: Market position, social responsibility.
Ideally, your EVP will have a clear selling point for each of the five pillars. However, you may tick off many items in a single funnel in some instances. For example, your company could be centrally located, have a tangible positive impact on the community, and offer some variety (a key point for employee engagement) and autonomy; all existing in the work funnel.
Test your EVP
With your EVP grouped in a way that you can clearly communicate, it’s time to test. Ask yourself, then your team, then a small external pool:
- Does it align with your business goals?
- Does it reflect what you want your business to be?
- Does it paint a realistic picture of what it is to work at your company?
- Is it aspirational?
Once you’re happy with the answers and think your EVP is compelling, authentic and unique, you’ll be ready to go to market with it.