Your Business Has An EVP Do You Know What It Is

Whether you realise it or not your business has an EVP (Employee Value Proposition) and everyone in its circle of influence talks about it and if you do not know what they are saying you need to make it your business today to find this out.  The quality of your employee acquisition and retention rates depends on it.  Employees talk about pay, benefits, and leave and other stakeholders talk about the reality of engaging with your business day-to-day.  People talk and people listen and form opinions about your business. They may be singing praises or whispering harsh criticisms.  Whatever they are saying you need to listen and take action where necessary.

All businesses should have a clearly defined EVP that is periodically scrutinised to ensure it is current, on brand and is meeting the market.  So, EVP?  Traditionally a business’s EVP was its wage and salary offerings plus compensation and benefits exchanged for the employees’ skills sets, experience, capabilities, and diversity contributions.  However today it is a combination of EVP and EB (Employee Brand) that influence your talent acquisition and retention and sets your business apart from the competition.  Your EVP should authentically reflect the value of your employees and describe your employer-employee relationship.  It is how a candidate determines a potential culture fit and outlines the reasons why they should join your business and more importantly, it is the reason why they will stay. 

There are various ways to develop an EVP, but the basic components are: Wages and Salaries, Compensations, Benefits, Development and Training Opportunities, Company Culture, Customer Culture and Company Vision.  I recommend: 1. Surveying your employees to understand your existing EVP and your suppliers and customers to understand your current EB and CB (Company Brand).  The positives will identify your areas of strength and the negatives will identify opportunities for improvement.  2. Draft a statement to blueprint the content.    

The content of your EVP will communicate your Employee Brand to future potential hires and reinvigorate your business’s relationship with your existing employees.  It will tell a story of what it is like to work in your business including your culture, mission, and values.  You should be proud to broadcast it so be mindful that it is real and robust, able to withstand scrutiny.  

Here are EVP statements of some well-known brands. HubSpot - “We’re building a company people love. A company that will stand the test of time, so we invest in our people and optimize for your long-term happiness.” Google - “Do cool things that matter.” PwC - “From empowering mentorships to customized coaching, PwC provides you with the support you need to help you develop your career. You’ll work with people from diverse backgrounds and industries to solve important problems. Are you ready to grow?”.  L’Oreal - “Lead the future of Beauty. When you love your work and the people you work with, amazing things can happen.” Nike - “We lead. We invent. We deliver. We use the power of sport to move the world.”  I hope some of these statements inspire and encourage you to start developing your EVP today.