Top 3 Benefits Of Having A Strong Employer Value Proposition (EVP)
Your Employer Value Proposition (EVP) can change the game for your company. It can either entice the best talent or scare them away. If you don't want the latter to happen, this list of benefits will surely encourage you to start creating one.
Building Block vs Blocks Why do you need an EVP?
An Employer Value Proposition (EVP) is your brand's building blocks. It defines the company's core benefits, and signifies as your promise to future talents. Moreover, it displays a clear and consistent employer branding among the talent you need to attract, and the people you want to retain.
Building a strong employer brand means having a clear EVP
A strong brand entails having consistent brand communication, and to achieve that, you have to be clear on your messaging. This means defining what your brand stands for and the benefits it promises to deliver to its customers. This is also similar to employer branding, which caters your people and potential candidates. Both external and internal (employer) branding are founded on a proposition, one that defines the benefits derived from having a relationship with your brand. Therefore, an EVP signifies as a point of reference on your employer brand messaging and activities that cater your people and potential candidates.
Here's what you get when you effectively deliver on your EVP
1. Strong employee commitment
When you clearly define your EVP and the characteristics you're looking for in potential candidates, you will successfully attract and retain the people that best fits your organization. Attaining this will increase employee engagement and reduce turnover which improves company performance.
2. Positive brand sentiment
As mentioned, a clearly-defined EVP helps build your internal and external employer brand messaging which enables you to have influence over what you are known for and how you are perceived. Moreover, a compelling EVP leads to a strong employer brand, which turns you into an employer of choice.
3. Reduced hiring and compensation costs
Companies with an effective EVP are able to reduce the hiring and compensation costs in attracting new candidates. Since there is less turnover, the costs are also less which can be portioned into other important goals.
The situation in today's job market clearly shows that EVP and employer branding go hand-in-hand in generating real business benefits. To achieve those benefits, continuous research, development, and optimization are needed to come up with an EVP that represents the company's value to its people.
