Having a unique Employee Value Proposition (EVP) is a linchpin for organisations aiming to attract, retain, and engage top talent.
If you wanna grow and attract the right candidates, then it's essential to focus on it.
But what exactly is EVP, and why has it taken centre stage in HR discussions?
What is an EVP?
At its core, an Employee Value Proposition is the unique set of benefits and values that an employee receives in return for the skills, capabilities, and experiences they bring to a company.
It's an organisation's commitment to its employees, articulated through offerings like competitive salaries, career growth opportunities, and a positive workplace culture (see image below).
What a company typically offers as 'benefits' in their offering.
The Contemporary Talent Crisis
Recently, organisations have dealt with challenges like talent shortages, an uptick in job movement, and the phenomenon of 'quiet-quitting'.
In these scenarios, a compelling EVP helps companies stand out and resonate with potential and existing talent.
Numbers Don’t Lie
So, what does the research say? It sort of says that EVP is a pretty big deal if you want to impact those HR metrics.
Attracting Top Talent: 80% of workers would rather have access to more perks and benefits than a salary increase, according to Glassdoor.
Reducing Employee Turnover: Gartner suggests that companies excelling in their EVP can decrease annual employee turnover by almost 70%.
Enhanced Employee Engagement: Gallup found that a strong EVP can boost the likelihood of employees acting as brand ambassadors by up to 47%.
These stats show that EVP isn't just an HR fad – it's a strategic imperative.
In the face of stiff competition and evolving employee expectations, a compelling EVP can be the difference between organisational success and stagnation.
Wondering how an effective EVP can benefit your organisation? Here are two easy things you can do today -
Download our free EVP guide - a step-by-step playbook on how you can create your own, unique EVP.
Catch up with us - schedule a free 30-minute consultation with us to discuss how an effective EVP can help support your goals.