EVP or Employee Value Proposition is a crucial part of any employment process. It’s a factor that can help you determine how to attract and retain talented employees; in addition, it answers the question of why they should work for your company instead of your competitors.
This article will show you a quick overview of EVP and how you can create a strong one for your company.
What is EVP?
According to hrsource.org, EVP is defined as “the balance of rewards and benefits that an employee receives in return for what they contribute to the workplace.” However, a more modern outlook of EVP sees it as an ecosystem of three factors, including support, recognition, and value. These are three attributes that an employer provides to employees to help them perform their greatest potential at work.
Moreover, it’s more than just a two-way transaction. Instead, it’s a set of comprehensive offerings that will boost employee engagement and morale. Organisations with a strong EVP tend to have a strong brand and effectively recruit and retain good performing professionals.
How To Create A Strong EVP?
Now that we know its importance let’s take a closer look at how you can make a strong EVP for your business.
Go beyond salary
When looking for potential employers, candidates are not only browsing for salary rates. Instead, they are also interested in the whole compensation package that a company offers. These are the benefits and other perks included with the job. Some of the most enticing benefits are flexible working hours and the ability to have a good work-life balance.
If you want to attract candidates, these benefits and compensation packages should be highlighted in the recruitment process.
Display a positive career pathway progression
Did you know that millennials are actually tagged as the “Job Hopping” generation? A study even shared how those in this generation are expected to change careers about 15 times in their life. This is mainly attributed to how they have no career progression or direction.
One effective way to attract a genuine workforce is to display employee testimonials on how their careers have progressed during their stay in your company. This way, you can show your candidates clear information on their career path and see their career direction, guided by your organisation.
Share your workplace culture.
So, they know what their role will be, the benefits that they will enjoy and how their career path will go inside your company. The next thing they’ll look at is the company culture and environment. You can share here the fun, exciting and meaningful activities that your company hosts to improve employee relationships.
Nike’s EVP
Here’s a great example of a strong EVP by Nike:
“When you join NIKE, Inc., you’re part of the family. To inspire greatness inside and outside work, we invest in our culture and offer employees competitive health, financial, security and work-life benefits. From opportunities for career development to personalized benefit options, we want all who join our team to realize their full potential.”
While Nike is a big company well known to all, its strong brand is also paired with a strong EVP. One of its main selling points is its fitness centre and sports culture that appeals to candidates who are big on health and fitness. Awarded by Glassdoor as one of the “Best Places to Work” in 2018, there’s no doubt that Nike attracts and retains a great workforce.
Developing your own EVP
Inspired yet? You should be! EVPs are a critical aspect in attracting and retaining the right talent for your business.
At Fitness Lifestyle International we work with individuals and brands alike and are helping transform the health and fitness industry through career planning, professional development, brand strategy, and talent placement. Need help finding your company’s EVP, or interested in the other ways we can help supercharge your business? Connect with us on LinkedIn or browse our website for more great resources to help you stand out in the industry.
