In order for companies to stand out amongst their competitors and become an employer of choice, employers need to spark candidates’ interest by having a strong Employee Value Proposition. It is a very important part of the recruitment process as well as a great tool for retaining talent.
So, what exactly is an EVP? Why is it important? And how has it evolved since the COVID-19 crisis?
What is an employee value proposition?
An Employee value proposition is officially the salary, compensation and benefits that the employer pays to an employee who’s contracted to deliver skills, experience and productivity that further delivers the company’s business goals, mission, purpose and values. It highlights the competitive strengths of a position within your company that separate it from other roles offered by competitors. In other words, the EVP answers candidate’s questions like “Why should I apply for this job?’ and ‘What’s in it for me?’.
Why is it important?
Every EVP should be clearly defined because in doing so you can actively attract and retain talent. It works as an important incentive for candidates to apply for a role as office culture and values are highly regarded by today’s workforce. It also allows a candidate to discover whether or not they are going to be a good fit. An EVP can also add value to existing employees by helping them feel valued and recognised in the workplace. Creating a strong EVP can enhance and boost your entire employer brand making you a more desirable option for top talent. Having a clear vision is something candidates will find attractive.
How has it evolved since the COVID-19 crisis?
A crisis like COVID-19 will be a decisive test for an organisation’s purpose, values and Employer Value Proposition. In the employer branding world, you have to ensure that your EVP is robust and is delivering what it promises, in good times and in bad.
Due to COVID-19, how companies will approach their EVP has definitely changed. It’s time for HR leaders to take a step back and identify what employees now value. A robust EVP is about ensuring engaged leadership, meaningful work and career development, competitive salary and benefits, a supportive environment – all of these things are still key components of any EVP. However, since the COVID-19 outbreak, talent has begun to care more about other things as well. Corporate social responsibility, philanthropy and employee wellbeing are things that have evolved in EVPs and will continue to do so after the crisis.
Corporate social responsibility and philanthropy:
This has become of higher importance for employees globally. Due to COVID-19, people are increasingly engaged in the political and humanitarian world, as they both involve causes that matter. Companies will not just be thinking about what they are doing for their customers and what they are doing for their employees, but, what are they doing collectively for the world? This is something a lot of companies have already taken into consideration since the outbreak of COVID-19.
A few large organisations out there take wellbeing very seriously and even incorporate this as an EVP pillar. Since the COVID crisis, this will evolve through many more companies and organisations. We have seen how the wellbeing of employees is so important when it comes to their engagement and productivity. How companies support their employees in both physical and mental wellbeing is something companies should be taking into consideration where possible.
Strengthen Your EVP
Companies should review their EVP and understand how they could be perceived during the COVID-19 crisis. Is there anywhere they think they should improve on or evolve on? As every company gravitates towards different messaging that they think resonates with candidates, their view and evolution of the EVP could vary.
Once you have defined your EVP, what else should you do with it? Firstly you should always work on trying to improve it, then make sure to communicate it both internally and externally and finally keep it as a living document so you can review it regularly.
To learn more about how to build your employer brand, contact our team.