Employee Value Proposition (EVP) refers to the facilities, rewards and benefits (tangible or intangible) received by employees in exchange for their performance in the workplace.
This is one of the most important factors to consider for any company looking to attract and retain top talent.
In simple terms, an employee value proposition (EVP) is the objective value that employees receive in exchange for their work in your organization.
.This can include financial compensation, benefits as well as perks like work-life balance and career development assistance.
Atmosphere, well-being, quality of work life or even daily fulfillment all play a part in creating a good employee experience.
Your EVP is essential to fidelizing the best talent in your company and it is critical to attracting the candidates you need.
An EVP must be unique, relevant and compelling to be an effective driver of attraction, engagement and retention of talent.
A well-defined employee value proposition helps organizations recruit top talent and compete with the most successful companies.
So, if you want to dramatically increase your recruiting performance and showcase your advantages over your competitors, start by determining your company's unique employee value proposition.
The way companies recruit has changed. Over the past decade, qualified candidates with in-demand skills have so many job openings to choose from.
This is why consistent and effective EVP communication has become extremely important. Many recruiters and other HR professionals now have planned strategies to communicate their EVP with potential candidates.
An exemplary EVP can differentiate you from all your competitors, allowing them to attract new talent and retain the best employees.
According to a study by the Corporate Leadership Council, EVPs considered unattractive require 21% higher compensation packages to hire employees than organizations with attractive value propositions.
Defining an EVP is about assessing the essence of your company - what makes it special and what exactly it stands for. It should cover all the core reasons why people are proud and motivated to work there, such as the fun workplace or the distinct company culture. Find out in our infographic how to build your EVP in 5 steps!
A strong EVP is key to your organization retaining its best talent and attracting the best external talent at the same time. The employee value proposition is a broad concept but can be broken down into five main components:
This refers to your employees' satisfaction with their pay and additional financial rewards such as prizes and promotions. Does your team feel paid enough often? Do they feel treated well enough?
This covers a wide range of benefits such as the provision of private daycare as well as health, dental, retirement, disability benefits. It can also include industry-specific benefits such as free train tickets when working for the SNCF.
This criterion explores how you can contribute to the development and growth of your employee's career, through training and education opportunities, sponsored travel to events related to your company, etc.
It's about deliberately understanding the various factors that make up a positive work environment. This includes everything from designing customized office spaces to regularteambuilding exercises to build camaraderie to providing professional mental health experts for your team.
A good corporate culture is based on maintaining positive relationships among colleagues, and is characterized by a sense of trust, collaboration, team spirit, and support.
The EVP is at the heart of your employer brand strategy.
Inbound Recruiting will be the method by which you can better market it to your most sought after candidates.