What is your Employee Value Proposition? And why you should care.

As we spend more time talking about talent across sectors; it has become increasingly clear that People teams are hot on their businesses Employee Value Proposition, but outside of that ecosystem, the EVP seems misunderstood and almost like a mythical HR unicorn that line managers don't need to deal with. Lets get one thing straight, this matters, to EVERYONE in an organisation and it is essential to the success of a business. 

Larger corporate entities have been talking this language for years, technology companies who recognise the value of a Head of People aren't far behind, but on the whole, the creative industries are meandering around the topic with lethargy. And this is not because this isn't a wonderful and innovative sector to work in, where the employment experience is great, it's just that they haven't yet caught on to the value of packaging it up in the right way. We get moaned at that talent is leaving the industry in droves, but introspective reflection, investment and action to give all these people a real reason not to go, seems way down the list of priorities. 

So what exactly is the EVP and how does it differ from the other key talent acquisition and retention piece, the Employer Brand (we will save that for a whole other blog!)?

An EVP is the “why” around an organisation – it’s the attributes of an employment experience that attract and retain top talent. It’s what employees value most, how a company separates itself from its competitors, and the company’s promise to its people.

As per the diagram above it can be simply separated in to 5 key areas of influence:

- work-life
- culture
- recognition and rewards
- professional development
- compensation and benefits

An employer brand is the creative expression of the EVP and the organisational identity related to the employee experience – it’s ultimately what the organisation becomes known for as an employer. It’s a company’s reputation as a workplace and should be approached with the same drive, attention, strategy, creative and protection as any other brand reputation creative businesses work on. 

Ultimately of course they are intrinsically linked, but it is important to remember that your EVP is critical to carving out an employer brand that is authentic, compelling, and memorable. If you don’t know your “why” how can you expect others to want to join the journey?

For too long, the value of the 'why' and the advantage of a clearly defined and well presented EVP has been missed. And at the same time, the battle to attract and secure the best talent has become ever more competitive. 

Connectivity is such that we are competing for the best candidates in a global marketplace and their priorities are changing. In the face of these changing dynamics, there exists a fantastic opportunity for an industry so capable at storytelling and brand insights to unleash the power of the EVP. If businesses don't, not only are they missing out on an immediate easy win, there will be much more serious repercussions in the long term.