The Importance of EVP

  • Nicole Mikulla
  • 12/06/2017
  • 07:00
Tags:
  • Recruitment
  • Insights
  • Candidate
  • Client

A significant number of organisations are still missing out on key opportunities to attract, retain and engage with top talent due to their EVP.

Are you listening to your employees

So what exactly is EVP? The term is often utilised to mean “Employee Brand Proposition” but officially it’s the salary, compensation and benefits packages that the company provides. This also includes benefits such as personal development, holiday entitlement and work-life balance.  HR Daily Advisor defines “An EVP is the unique value that the company brings to employees”.

In combination with your Employer Brand this will be the determining factors in winning or losing talent from your organisation. As an employer you may well be listening to your employees but it is your EVP that communicates that back to your staff. You may be doing all the right things but communicating effectively, both internally and externally, is key.

Why is EVP Important?

2 years ago a survey by Willis Towers Watson revealed that less than half the companies they surveyed have a long term plan for getting the most from their employee value proposition. The research also shows that the clients that most effectively use their EVP are 5 times more likely to report their employees are highly engaged. According to the Corporate Leadership Council’s research, a well-thought through and executed EVP can improve the commitment of new hires by up to 29% and increase the likelihood of employees acting as advocates from an average of 24% to 47%.

So what are the signs that you need to take control of your EVP?

  • You’re losing key talent to your competitors
  • The employer/employee relationship was damaged during difficult times, Cutbacks, loss of pay reviews, uncertainty can create a lack of engagement
  • Employees are not bought into the business strategy
  • You are finding it hard to attract the right talent because the perception of your brand isn’t reflecting your actual offering
  • Your business has grown or evolved but employees are resisting the change.

A good recruitment partner can help support and develop your EVP in a range of ways

  • Market Insight: Provide market insight, assess your competitors, and help you measure your EVP.
  • Communicate your EVP: your recruitment partner should know your EVP and should be invested in making the candidate market aware of it.
  • Values: Choose a partner who has similar values, they will help reflect your EVP to potential candidates
  • Training & feedback: Your recruitment partner should work with key stakeholders to ensure the screening process is aligned to your EVP & offer feedback
  • Candidate experience: Create and structure a great candidate experience to application to on-boarding stage.

Interested in finding out how effective your EVP is?
Contact Nicole Mikulla
:
nicole_mikulla@spring.com