Attracting and Retaining Top Talent with a Strong Employee Value Proposition
Having a strong employee value proposition (EVP) is essential for any business that wants to attract and retain the best talent. An EVP communicates why a potential employee should choose your company over others, and what makes it unique. It allows you to stand out in a competitive job market and gives employees an incentive to stay with you long-term.
In an age where trends such as The Great Resignation and Quiet Quitting are gaining more popularity, having a strong EVP can be the difference between a successful business and one that struggles to keep up with its competitors.
In fact, aGartner study found that organizations that can establish and effectively deliver on their EVP can decrease employee turnover by 69% and increase new hire commitment by nearly 30%.
It’s important to note that the EVP that works for one company may not work for another. Ultimately, the goal is to put together an EVP that reflects your unique strengths and values, and the talent pool you are targeting. With that said, common elements of a strong EVP include:
Competitive salary and benefits – Compensating employees well is a key factor in any potential employee’s decision-making process. Plus, it shows that you value the work they do.
Growth and development opportunities – In addition to a competitive salary, offering growth and development opportunities is essential for attracting top talent. People need to see a path for professional growth and development, as well as the opportunity to test their skills in different areas.
Flexibility and work-life balance – You should be able to accommodate employees’ needs as much as possible, whether it’s flexible working hours or other perks like working remotely.
Company culture and values – People want to know that they are joining an organization with similar values and beliefs. This can be achieved by establishing your company’s mission statement and core values.
Meaningful work and impact – Providing employees with meaningful work that has a real impact on the organization is key in engaging them.
Developing a strong EVP
Once you understand what top talent is looking for, the next step is to develop a strong EVP that reflects your unique strengths and benefits. Here are some tips on how to do it:
Conduct market research
Even if you think you know what potential employees might be looking for, it’s important to conduct market research to find out what the latest trends are. This will give you a better understanding of the job market and help you identify any gaps in your current offering.
Keep DEI&B in mind
It’s important to ensure that your EVP is inclusive and encompasses elements of diversity, equity, inclusion, and belonging (DEI&B). Not only will this help you attract a diverse talent pool, but it will also help ensure that everyone feels valued and respected in the workplace.
Identify the unique strengths and benefits of your company
What makes your company different from the competition? What strengths and values can you offer potential employees that will make them want to join your organization? Keeping this in mind when developing your EVP will help maximize its effectiveness.
Communicate your EVP effectively
Make sure to communicate your EVP clearly and consistently throughout the recruitment process. This could be done through job postings, social media campaigns, or even in-person events. On top of this, you should continually remind current staff of the benefits and perks they’re entitled to as this will help to keep them engaged and motivated.
Create a varied EVP
Finally, make sure to create a varied EVP that appeals to different types of talent. This could include offering internship and apprenticeship programs, providing career development opportunities for employees, or even offering volunteer and pro bono work. People are motivated by different things and having a varied EVP will ensure you can attract the right people for your organization.
Examples of companies with strong EVPs
There are many companies that have been successful in developing a strong EVP. Here are some examples of organizations that have done it right:
Google – Google’s EVP focuses on creating a high-performance culture with opportunities for learning and growth. The company also prioritizes DEI&B and is known for its generous perks, including free meals, on-site gyms, and flexible work schedules.
Patagonia: Patagonia’s EVP is centered on sustainability and social responsibility. The company is committed to environmental conservation and offers employees the opportunity to get involved in environmental activism and philanthropy.
Zappos: Zappos is known for its strong company culture and emphasis on employee happiness. The company offers a range of perks, including a fully-paid sabbatical program, on-site yoga classes, and a fully-stocked kitchen.
A strong employee value proposition (EVP) is essential for any business that wants to attract and retain top talent. By identifying and effectively communicating your unique strengths and benefits, you can stand out in a competitive job market and give employees an incentive to stay with your company long-term. Just remember to keep DEI&B in mind, create a varied EVP, and always communicate your message clearly.
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