Employee Value Proposition
What is an employee value proposition (EVP)? These are a set of benefits offered by an employer to an employee, in return for their skills, experience, and capabilities that they bring to an organization. A strong EVP is very important to an organization as it helps employees and future job seekers to understand the values of your company when it comes to employee motivation. EVP will include a distinctive working culture and an inspiring vision. When coming up with an EVP make sure it's compelling, unique, and relevant. When you integrate the perfect EVP into all aspects of your business operations you will be able to retain the top performers in your industry.
A good EVP needs to understand the existing perceptions in the industry while carefully determining the most important selling points in business value. Having a creative and efficient way of communicating your EVP message is also important. It’s also important to review your EVP annually to ensure it still reflects the changing employee experience. Companies that have great EPV tend to attract a large workforce, most candidates want to work for them.
To strengthen your EVP, Gartner advises on focusing on these five key pillars:
- Professional and self development
- People & Management
- Company (market position and positive impact)
- Work (meaningful tasks and work/life balance)
- Rewards (compensation, meaningful benefits and leave allowance).