Building an EVP and Employer Brand - Recruitment Agency
Building an EVP and Employer Brand
Employer value proposition (EVP) is a unique set of advantages which an employee gets in return for the skills, attributes and experience they bring to an organization. A strong EVP motivates employees and helps in attracting a talented set of people.
The five main components of an EVP are:
Financial Rewards: This component acts as a key motivator for the employees. It includes all the financial offerings such as salary, stock options and bonuses.
Employment Benefits: This includes a range of benefits such as health insurance, retirement benefits, sponsored holidays and many more things.
Career Development: Employees want to see what their job has to offer and how the enterprise can contribute to their career development. This majorly includes technical and leadership training, promotion opportunities, and mentoring and career guidance.
Positive Work Environment: It is very important to create a positive working environment where employees can do meaningful work. It incorporates elements like flexible working hours, work-life balance, team building and recognition.
Great Company Culture: Great company culture includes things like trust and collaboration, positive relationship between team members and team communication.
Steps for creating an Employee Value Proposition (EVP)
Assess what you currently offer: It should understand what the organization currently is and what it isn’t. Employers should be clear about its branding and should include all the components of EVP. For this to be successful it is important to take opinions from the employees about how well these are being met.
Define the Components of EVP: It’s the time to analyze the findings and to arrive at the company’s new EVP. This will help the company to attract and retain top talent. EVP should also be divided for different roles and levels. For example, an EVP for recent graduates should highlight things like career growth, fun office environment and employee perks. On the other hand, EVP for professionals who are not recent graduates should highlight things like career stability and work-life balance.
Promote EVP: It is very important to promote EVP through company blogs, emails, newsletters and internal communication tools. Employers can also externally promote EVP through social media, such as LinkedIn and website career page.
Review EVP: The first step in the review process is to assess how the key talent is responding to your new EVP. This could be measured through if there is an increase in the applications or increase in responses from past employees. Moreover, one should review its EVP from time to time as people’s expectations change over time.