The Purpose of Having EVP (Employee Value Proposition)
Having an EVP (Employee Value Proposition) enables you to attract and retain the best talent in competitive market trends.
Starting with the current data: (Universum, 2023)
1. 90% of the world’s most attractive employers have an EVP
2. Companies with a strong EVP attract 20% more candidates (Gartner/CEB)
3. Strong EVPs are associated with 43% lower cost per hire (LinkedIn)
4. Companies with clear EVP are 2.7x more likely to report high engagement level (WTW)
5. Strong EVPs are associated with 28% lower attrition (LinkedIn)
Hence well-defined EVP is important to help your company:
1. Create brand differentiation:
by describing what makes you special as an employer
2. Builds brand consistency
by aligning employer brand communication and experience
3. Attracts target talent:
by highlighting the attributes they find most attractive
4. Promotes employee engagement and advocacy
by identifying and delivering on employee aspirations
5. Impact business results
by linking talent attraction, engagement, and performance
Building an EVP is not always supposed to become Wishful Thinking, but it is supposed to become more attainable, like credible aspiration and true to experience.
And the formula for building EVP requires these Four Success Factors: Attractive, Authentic, Distinctive, and Strategic.
And in order to build these four success factors, you need to gain several Data:
- Organizational insight
- Leadership aspirations?
- Brand alignment?
- Target profiles? - Employee Insights
- Employee Aspirations
- Engagement drivers?
- Employee experience?
- What are employees looking for? - Talent Market Insights
- Target talent aspirations?
- Attraction drivers?
- Image & reputation?
- What are target talent looking for? - Competitor insights
- Who are your key competitors?
- How are they perceived?
- How can you differentiate?
So these are the key questions that help me to navigate and build the relevant Employee Value Proposition toward the competitive market trends.
