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In an increasingly competitive war of talents, employers are struggling to recruit and retain the right employees. 17% of employees expect to leave their jobs within the next two years. A strong employer brand helps attract talent, but how does a business communicate their brand to employees in 2019? This article will explore what defines an Employee Value Proposition (EVP) and why it is essential to employer branding. We also provide some of the best examples of employee value propositions from brands that got it right.
Everyone has heard of USPs and UVPs and how important they are for a successful business – but there is a new kid on the block, known as the EVP. An Employee Value Proposition is vital in today’s world where employer branding and employee satisfaction hold more value than ever before. 59% of recruiting leaders worldwide are investing more in employer branding – what was once considered a trending buzzword is now a necessity for the modern business.
An EVP is not meant to address the goals or aspirations of the business – it presents the current internal environment. Therefore, an Employee Value Proposition must be accurate in representing the workplace’s culture. The culture of a workplace can be complicated and multi-faced, but a good EVP will be flexible enough to resonate with each and every employee.
An EVP is a public statement that depicts the values, culture, and work environment an employer has to offer. The statement introduces employees, both present and future, to the employer brand.
An EVP is under constant construction. The work environment is fluid and often changing, depending on factors such as a company expansion or shifts in leadership. Company culture is not unchanging – neither is an Employee Value Proposition.
Here are 6 examples of strong, effective EVP statements from brands that are doing it right.
A compelling EVP embodies both the tangible and emotional benefits of being an employee. It is up to an employer to decide what should be emphasised – but if the next generation is your target, research shows that today’s job seekers are three times as likely to positively contribute to your business if they are emotionally invested. Intangible, emotional reasons to choose an employer are increasing in popularity. Meanwhile, the importance of salary and benefits is decreasing.
Keep in mind that this may not apply to all – different groups value different employer qualities. For example, an employer’s financial health holds much more value in Eastern countries than Western. Women value a pleasant work environment atmosphere more than men. Job seekers in the IT sector look for an employer with a good reputation and high salary.
However, age is the biggest differentiator when it comes to what workers value – and young job seekers know what they want in an employer.
Of course, financial benefits are a large incentive for job seekers – but will it retain your most talented, young employees in the long run? What if they get an offer from another employer that they just can’t refuse? Today, it is the emotional connection that holds the most value in an increasingly competitive job market. Emotional benefits come in the form of verbal confirmation, a positive work environment, or the opportunity to move upwards in the company. The workforce of tomorrow expects this nurturing atmosphere.
Generation Y & Z anticipate working at several companies over their lifetime, making them the most difficult employees to retain. Young job seekers are looking for employers that are technologically savvy, provide advancement opportunities, and promote a healthy work-life balance. They also expect their employers to value diversity and inclusion.
Many employers struggle to communicate what they have to offer regarding these ‘touchy-feely’ aspects of work culture. A compelling EVP should portray what emotional benefits an employee can expect to receive from their employer. Does working there make one feel confident? Does an employee always feel valued, no matter what their position is? A strong, effective EVP addresses the gap between what employees seek and what employers offer.
An Employee Value Proposition is reflective of company culture. When defining an EVP, it is critical to involve current employees and make sure the statement is something they believe in. 89% of employers think employees leave for higher salaries when, in reality, only 12% do. Find out what makes them stay. Do they value a beautiful office environment with designer furniture? Is it the food or social events? How flexible are the hours? Current employees are experts on the employer brand – they know best. Building an EVP statement requires feedback from employees.
This opportunity should be used to ‘fix’ any aspects of your work environment that are unsatisfactory, in order to reflect the employer brand that you want to have. Remember that having an EVP requires responsibility – failing to deliver will do more damage to your reputation than not having one at all.
Employer branding is not a passing trend – 75% of job seekers consider an employer’s brand before even applying. And a quality EVP statement is the most impactful way to reflect an employer brand.
Your reputation as an employer can make or break the success of your talent acquisition. In today’s digital world, news spreads like wildfire – especially bad news. By making an authentic promise to your employees (both present and future), you ensure their expectations are met and keep them satisfied.
Your team is the essence of your organisation. By providing them with extra benefits and perks, you show your employees you value them, forming an emotional bond. There is no doubt about it – happy, engaged workers try harder. It’s a win/win situation for both employers and employees. Remember to consider employees of all positions when investigating your work culture.
An employer brand should both inspire job seekers to work for you and encourage current employees to stay. However, many companies make the mistake of presenting themselves in a way that does not reflect what they have to offer. Make sure to remember that an EVP statement is not a goal, but rather a portrayal of your current work culture.
Want to know more about attracting and recruiting young talent to your business? Get in touch and let us help you communicate your employer brand!