Most companies struggle with attracting and recruiting top talent. One of the common mistakes these companies often make is neglecting Employer Value Proposition (EVP) while building their employer brand.
EVP and Employer branding are both important to attract and retain good talent. They are connected and a strong EVP can help boost your employer branding.
Employer branding
Your employer brand is your company’s reputation as an employer and the value it offers to its employees. Your employer brand tells people what it is like to work at your company. A poor employer brand can sabotage all your recruiting efforts and even make the process of recruiting skilled candidates difficult. A strong employer brand, on the other hand, can help you attract A-grade candidates who are critical in driving growth for your business.
Employee value proposition or EVP
An employee value proposition is defined as the attributes of experience of working at your company that are liked the best by your employees. Simply put, EVP is the value that your
employees gain from working at your company rather than with any of your competitors. The components of EVP can be of two types: Financial and Non-financial.
Here’s what will make up your EVP:
1. Financial rewards
This attribute of EVP addresses an employee’s expectation of financial offerings, such as salary, stock options, bonuses, incentives, etc. from the overall evaluation and compensation system. The financial benefits may seem to be a key motivator for employees, but that’s not the case. It’s just one piece of the puzzle. There are other equally important non-monetary benefits that make for a strong EVP. Let’s discuss them.
2. Non-Financial benefits
This component of EVP refers to the range of benefits that are associated with the job.
a.) employment benefits
These benefits may include the following:
● Paid leaves
● Retirement benefits
● Health insurance
● Company-sponsored holidays
● Gym memberships
For the benefits package to serve its purpose, it has to be customized to the
employees, the culture, the organization, and the industry.
b.) career development
This component of EVP addresses the employees’ need for growth within the
organization.
The company should contribute to their career development by
including the following:
● Mentoring and career guidance
● Promotion opportunities
● Leadership training
● Technical training
● Sponsored courses for upskilling (MBA, project management certification courses)
● Opportunities to change projects/functions
● Opportunities to work in other cities or countries
● Opportunities to work in specific projects
If an organization is able to offer clear career development and growth opportunities, even if it is unable to offer a salary compensation as good as its
competitors, it is still more likely to hire great talent and retain them as well.
c.) work environment
This component of EVP is all about creating a work environment that constitutes positive employee experience and engagement.
These may include:
● Work-life balance
● Flexible working hours
● Team building
● Recognition
● Workspace design
● Communication systems
Organizations must focus on building and marketing a positive work environment in which their employees can thrive and do meaningful work.
d.) company culture
This component of employer value proposition refers to what constitutes a great company culture.
These include:
● Team communication and support
● Constructive relationships between teams and team members across hierarchies
● Trust and collaboration
● Alignment of employees with company goals
Difference between Employer brand and Employee value proposition
Although EVP and the employer brand are intricately connected, there are some solid differences between these two. Listed below are the key differences:
● Employer brand is an external parameter, whereas EVP is an internal paramete
The employer brand is the face of your company, which the world sees. It is important because your potential employees judge your company based on your employer brand. It tells them how it is to work in your organization. Your EVP is the internal face of your company, as seen by your employees. This image is drawn from factors like flexible work
time, growth opportunities, compensation packages, intellectually stimulating environment, cool office place perks, etc.
● Employer brand is a creative expression, and EVP is based on research
The employer brand of your company is an impressive image created by hard facts and figures. It is built by transforming the conclusions of EVP into marketing and advertising materials that lend your workplace an emotional facet to attract talent. On the other hand, the EVP of your company is inherently defined by the employees. Surveys and focus groups can help you determine the aspects of your company culture, which are core to your EVP.
Employer brand answers the ‘What’ and ‘How,’ EVP answers the ‘Why’
Your organization’s employer brand tells others what you are about as an employer and how to become a part of the company. Your company’s EVP, on the other hand, explains what retains your employees even though they may have other options in your
competitors.
Importance of a strong EVP for creating a powerful employer brand
The core parameters of EVP are used to build the public image of the company – the employer brand. So, if the EVP of a company is unclear or poorly developed, an employer brand created based on such EVP will also fail to attract skilled candidates. Basically, you can make your recruiting efforts more effective with a compelling employer brand, only if you focus on creating a strong EVP first.
About the author:
Kelly Barcelos is a progressive digital marketing manager for Jobsoid – Applicant Tracking System. She is responsible for leading the content and social media teams at work. Her expertise and experience in the field of HR enables her to create value-driven content for her readers – both on Jobsoid’s blog and other guest blogs where she publishes content regularly.
