Why You Need An EVP
We're hearing a lot in the industry right now about "Quiet Quitting" and "The Great Resignation", and how an EVP may be the antidote. So, what actually is an EVP?
In a few words, an employee value proposition (EVP) is the value a company offers to employees in return for the value they bring to the organisation.
An organisation's EVP is an important opportunity to stand out. For candidates looking for a role it’s the first stop for them to understand the values of a company they may want to work for. For existing employees it gives direction to how to act and behave on a daily basis.
It showcases the benefits and rewards offered to employees in return for their commitment, as well as the skills and capabilities they bring to the table. While often expressed as a “Tagline + Values” its actual benefit comes from brave and rigorous application to EVERYTHING you do.
As an example, let's look at Google's EVP tagline:
“Do cool things that matter”.
It promises exciting and meaningful work, without needing to go into too much detail of course, as Google's strong employer brand ensures we all know about their impressive benefits package
HubSpot, for example, need to go into a little more detail:
“We’re building a company people love. A company that will stand the test of time, so we invest in our people and optimise for your long-term happiness.”
And they don't just talk the talk, when they say they care about family planning and building an inclusive culture, this includes paying for female employees to freeze their eggs, empowering them to choose when to grow their careers and when to grow their families
The benefits of an EVP are especially key in today's context. With the phenomenon of "Quiet Quitting" showing evidence of a disaffected and disengaged workforce, and the famous post pandemic Great Resignation, now is the time to step up your game when it comes to attracting and retaining the best talent for your business.
The younger generation's changing attitude to work also means that catching their attention is harder than ever.
A 2022 McKinsey survey showed that 70% of employees say that their personal sense of purpose is defined by their work, and that they perform better, are more committed, and 50% less likely to be looking for another job if their work feels meaningful to them.
This is even more true for Gen Z, the future of your workplace might we add, as a recent Monster survey noted that 70% of them rank purpose as more important than pay when looking for a job.
What are the tangible benefits for you?
While the financial benefits are focused on reducing cost to hire and reduction in replacement of staff costs and training due to increased retention, there are six key benefits which are the critical defining highlights of any successful EVP.
Employee Retention, Reduced Cost To Hire, Increased Productivity, A Stronger Brand, Internal Cohesion, and Employee Happiness.
Your business is only as good as your people, and happy employees are engaged employees.
Putting in the work now to create a strong employer brand and build an engaged team within your organisation that will advocate for you now and later will literally future proof your business.
How do you know if your company needs an EVP?
As a company grows, especially ones that move to over 500 employees, it is common to experience challenges with ensuring ALL employees, both current and potential, understand and align behind the larger ambition, values and behaviours of an organisation.
An EVP can be a fantastic tool to align your company behind a greater purpose, especially in the cases of an evolving business model, rapid growth or a business that feels siloed across different sectors or locations.
With extensive experience in the sector and successful EVP's under our belt, we use our tried and tested 3D methodology to build your EVP from the ground up.
Ensuring that your EVP is built on your company's actual values by ensuring we work closely with employees and leadership alike to fully understand your needs, challenges and strengths.
We also believe that implementing your EVP is as important as defining it, and as a dedicated partner we don't just love you and leave you - we give you a strategy and tactics to ensure that your EVP is used as effectively as possible.
But don’t take our word for it - check out our case studies.
We've recently created an EVP for CPI, a rapidly growing business and driving force in the UK innovation and technology catapult network, which allowed them to unite their employees behind their values.
We also worked with the Manufacturing Technology Centre to develop a world class EVP in only six months, along with the creation of branding materials, videos, communications roll outs and training to meet their needs in record time.