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THE EMPLOYEE VALUE PROPOSITION: INVEST NOW OR PAY LATER

by | Apr 18, 2019

Without a strong EVP, offering more money is the only way a company can retain existing talent and compete for new talent. If you have a lot of money, that might be an okay strategy – unless the next company has more.

The Employee Value Proposition – the EVP – should succinctly sum up the “What’s in it for me?” aspects of working for a company. It’s the cumulative effect of the things that a company offers to recruit and retain the right employees. An EVP (For the difference between the EVP and the employer brand, you might like this blog.)

Money and benefits are always a part of the EVP. Does the company pay well? Does it feel like a generous place? However, the EVP is also about culture and environment. Is it a diverse and inclusive culture? Will I fit in? Is it a comfortable place to work? Do I enjoy walking in every morning? Is it an exciting place? Is it laid back? Is it an open environment? Do I get my own space?

The EVP can be a powerful tool for recruitment and retention. But, it can back fire if it’s overly aspirational. It should be demonstrable, recognizable and give prospective employees a clear understanding of what they can expect if they wind up working there. For existing employees, it should match the reality and keep them engaged and excited about why they chose this company.

The great thing about a strong EVP is that it helps attract the right people. The world’s an interesting place that’s full of interesting people. Your work environment might be a living hell for some people, and it might be the best possible place for others. For most companies, success is dependent on ensuring that the people hired are people who can actually thrive there. attracting the right people.

Uncovering a relevant EVP takes effort. An authentic and effective EVP is generally based on stakeholder conversations, focus groups and maybe a survey. A former client of Tribe, when faced with the discovery work that it would take to understand their EVP, said that they didn’t want to do the research because it would create unneeded expectations among their employees.

The truth is that the expectations are already there. It’s just a matter of whether leadership is aware of them or not. Developing an EVP allows the company to participate in a conversation that employees are already having.H

Developing and maintaining an attractive Employee Value Proposition represents a real investment. But, it’s the kind of investment that will pay dividends in this increasingly competitive recruitment environment.

Interested in honing and communicating your company’s EVP? Tribe can help.

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