In 2023, companies across the country are still struggling to keep positions filled. In order to recruit and retain workers, businesses are finding that they have to do more than just have the best salary. Employees want more than a paycheck; they want to feel valued at their job, and they want that job to provide more merit to their life than just money. How does a company show that, though? What else can businesses offer to potential employees to make them choose that particular job? What can be offered to the current employees to retain them in this job seekers’ market?
These questions, along with other similar ones, are important for identifying a company’s Employer Value Proposition, or EVP. A business’s EVP is, in short, the combination of salary, benefits, and other forms of non-monetary compensation and perks that a company brings to the table when it comes to hiring and retaining talent. It is important to communicate these values to employees, and that communication and transparency can help smooth the way for workers to choose to stay with their current company.
In today’s article in our series on retention, we’re discussing the Employer Value Proposition and how it can be a beneficial addition to your recruitment marketing and employee retention goals.
Employer Value Proposition vs. Employer Branding
It is easy to get EVPs and Employer Branding confused. They both exist to provide a framework for businesses to show potential employees the wonderful things that come from working for that particular company. However, Employer Branding follows more along the lines of traditional marketing; a company’s brand is what they are known for to both potential candidates and customers. This is what sets businesses apart from their competitors in the eyes of the outside world.
In comparison, the EVP is specific to potential and current employees, people inside the company or the business’s funnel of hopeful workers. While an Employer Brand and an EVP may complement each other, the EVP is what convinces a candidate to take the job with the company.
So, What is an EVP?
A good Employer Value Proposition includes several key elements. Of course, employees want the standard financial rewards that come from working, such as a salary, bonuses, stock options, etc. Today, though, they also want to know what is in it for them, aside from the money. Workers, at minimum, now require a full range of benefits, like paid time off, health insurance, and parental leave. After that, younger workers want career development opportunities, more training, and a way to move up in a company. It is important to remember that an EVP also includes a positive culture in the office, one that involves a good work/life balance, recognition for their hard work, and positive relationships with coworkers and management.
That sounds like a lot, right? It really isn’t when one considers that creating a well-rounded EVP can fill a recruiter’s funnel with many excellent candidates, all clamoring to work for a particular business. Another helpful factor is that many of the items that are part of an Employer Value Proposition are pretty basic ideas that can be easily put into place by a company at any given time.
“Oh Yeah, It’s All Coming Together…”
Creating an EVP is as easy as thinking about all of the reasons to go to work. While a particular EVP can contain whatever a specific company thinks is necessary, and no two EVPs are the same, there are several key ingredients to any Employer Value Proposition. The most important are, of course, compensation and benefits. Always start by listing out the current perks and bonuses of working for your company. Next, focus on the intrinsic benefits of a business, or, simply, the culture amongst the employees of the company. Maintaining a positive work environment that emphasizes honest communication is a big draw for potential employees. Finally, helping workers envision their goals and giving them the education, tools, and support to chase those goals is one of the most tantalizing portions of a good EVP. Career progression is extremely important to workers these days and having management support upward mobility is going to be a game changer in the future of most offices.
Once an EVP is created, it is imperative to communicate it to the entire company. While the EVP may have been created to draw in quality candidates, this proposition should also wow the current employees, giving them multiple reasons to stay with their company. Retaining the excellent employees a business already has is paramount to success in the future.
For younger workers, a company’s EVP is an open and honest representation of a business. If an employee starts work for a company and finds that their EVP isn’t providing all of the benefits it promised, not only will that employee leave, but they may leave bad reviews on job posting sites, further hampering the search for another worker to replace them. As with everything else in life, honesty is the best policy for every party involved.
Finally, Employer Value Propositions have to be mutually beneficial for them to be successful. Not only does a company need to offer impressive benefits to attract workers, but those workers need to be willing to give their skills and dedication to the company that employs them. Together, both sides succeed and move forward.
Meaghan Goldberg covers recruitment and digital marketing for Lionzone. A Patterson, GA native, after graduating from both Valdosta State University and Middle Tennessee State University, Meaghan joined Lionzone in 2018 as a digital recruitment strategist before becoming the social media manager.