Creating a compelling employee value proposition for employees allows you to attract the best candidates while reducing staff turnover.
You can’t just advertise a vacancy at your company with a high starting salary and expect hundreds of talented candidates to flock in.
You must be a desirable place to work and build a reputation around that. This means offering more compelling incentives than just a bumper salary.
The term for this comprehensive overview of benefits and services is the employee value proposition - or EVP as it is more commonly known. It’s become a popular industry term in recent years, reflecting a move towards human-centric management.
It also underpins the need to attract and retain industry talent in an age of over 75 per cent employment, when candidates can afford to be picky about where they work.
In this article, we cover employee value proposition meanings, and provide a number of employee value proposition examples that apply across all industries.
so what is employee value proposition?
There are various interpretations of this concept, but we’d define the employee value proposition meaning as:
- The blend of offerings and values provided to successful candidates in return for their commitment at work.
Our employee value proposition examples cover a number of areas that go beyond paying a high salary. Nonetheless, few people would work for free, so salary and bonuses remain key attributes in any recruitment campaign:
This extends beyond a basic salary to include the prospect of future promotions and bonuses. It should also touch on how performance is evaluated, and what’s expected in return.
2. career benefits
Examples will vary by industry, but typically include upward progression and career opportunities, alongside detailed training and education schemes.
3. non-salaried benefits
Flexible or home-based working is increasingly key to the employee value proposition. The same is true for private medical cover, generous holidays, insurance policies, and even likely retirement age.
4. corporate culture
Are staff encouraged to provide suggestions to management? If your firm has a strong track record of empowerment and collaboration, talk about it in your job posting.
5. workplace environment
Is your office close to a train station with a 24-hour gym next door? You need to highlight this to all applicants. Also discuss areas like staff autonomy, mentoring, and recognition schemes.
how to create employee value propositions
Start by reviewing every benefit you offer, from performance-related bonuses to health insurance for staff and their families. Consider non-financial offerings, such as extra holidays and guaranteed time off over Christmas.
Think about existing employees and what they receive – if certain people work from home permanently since the first lockdown, could you offer this to future recruits? If so, your pool of candidates will expand from local to national and even international.
ask the people who know your firm best
Speaking to existing employees is an effective way of expanding your EVP offering. You could do this through focus groups and anonymous surveys. What do current staff like about your company? Do they appreciate the opportunities for internal promotion, or does your policy of healthy inter-departmental communication remove the us-vs-them friction found in other firms?
Don’t be afraid to quote staff in an EVP document, though it might be advisable to withhold their names for privacy reasons.
celebrate character and ask for feedback
An EVP should highlight your company’s mission statement and celebrate its defining characteristics.
For instance, pointing out that a company was founded by two working mums might attract other parents of school-age children, showcasing a family-friendly employer who’ll be sympathetic to INSET days or sudden illnesses.
Run proposed text past people outside the company for feedback, and pay attention to suggested improvements. A first draft might not paint a realistic picture of life at your company, or sound positive enough.
conduct regular reviews
Cultural norms and social trends are constantly evolving – the work-hard-play-hard attitude of some pre-pandemic workplaces looks archaic after two years of work from home. It’s advisable to review any EVP document annually, adding in recent changes to induction, reward schemes, internal communications, and corporate-focused policy changes.
attract the right talent with an employee value proposition
A Gartner report found that a human-centric approach can lead to a 28 percent increase in employees who’d recommend your company. They also calculated that delivering fully on EVP reduces staff turnover by almost 70 percent.
At hireful, we’re committed to helping companies optimise their recruitment policies. We’ve developed a streamlined applicant tracking system to help companies attract the right talent, and our weekly webinars provide practical advice on everything from building an employer brand to choosing the right words for job ads.