WHAT IS YOUR EMPLOYER'S VALUE PROPOSITION?
DO YOU CARE ABOUT YOUR EMPLOYER'S VALUE PROPOSITION IN YOUR CAREER FOR LIFE?
One of the first things we explore with our clients is what an Employer Value Proposition (EVP) is and why it matters to their business. The bottom line is that it should be high on the agenda of businesses here in Towcester, Northamptonshire and throughout the UK. This is because it could have a serious impact on your company's continued success.
Rachel Collar is her own brand ambassador. These two images show her with and without tattoos.
WHAT IS AN EMPLOYER VALUE PROPOSITION?
There is a rather simple answer to what is a rather complex question about your employer's Value Proposition. Your EVP is about how you attract the most talented new team members to your organization. You will keep them, but also make them brand ambassadors for your company. In short, an EVP will help you attract the most talented and keep the best. This will then encourage even more talented talent to work for you.
That explanation is the easy bit. Now it gets more complex. What makes up your EVP is tuned to your company's uniqueness. That means to do it right, you need to consider some key areas in the context of sensible and practical considerations, such as what you can offer, what is reasonable or expected in your workplace and industry, where you are located, and what sort of candidates you are trying to attract and keep. It’s all about the right offer, not an off-the-shelf solution. To use an extreme example, a small engineering firm in a rural area with higher unemployment will need a very different Employer Value Proposition than a multinational, in a major city, with lower unemployment.
WHAT MAKES UP YOUR EMPLOYER'S VALUE PROPOSITION?
Well, the menu is varied, but there are some fairly standard key elements you need to incorporate into your offer. Firstly though, let’s talk about your salary offer. Naturally, your salary offer needs to be competitive and appropriate for your industry. However, throwing a big bag of money at the salary component of your offer may not always produce the results you want. It is only a factor in candidates' decisions. In fact, if done wrong, it can be counterproductive. We discuss this more in the paragraph about the importance of an effective EVP below. However, money is rarely a primary motivator for candidates, and almost never the only reason they move on.
Attracting and keeping the most talented people is actually about the working life they want to achieve. So your EVP will be drawn from what your employees can expect in various work/life-related areas, such as:
Benefits
Company culture
Working environment
Career development opportunities
Compensation
There may be other considerations specific to your industry, location, or role, but usually, they extend these categories. For example, bonus payments or seemingly insignificant things, like guaranteed parking or variable start times, etc. When we work with a business in these 5 areas, we always tailor the package to the target employees.
Is there a benefit to spending time and money on your EVP?
There is an investment required to ensure your employer's Value Proposition is where it should be, so naturally, you will want to justify that spend. We pride ourselves on being practical and down-to-earth here at Haus of HR, so let’s jump straight to the real answer to this. The truth is that it isn’t so much a question of whether you need an EVP, as it is about the dangers of not having one.
Candidates have changed, and the days when posting a job was enough to get applications are long gone. The truth is that employees are now far more proactive in looking for jobs. A shortage of experienced workers in the candidate pool and the skills gap drive the employment dynamic, as is a general lack of available employees. Current employers must focus on their EVP to maintain their teams. On top of this, there has been a huge attitude shift due to recent events, such as Covid. This is due to the move to hybrid working, the lack of available workers, and other factors. People are reevaluating their career paths, and asking ‘why should I work for you as an employer? They want to know what the role offers them beyond salary.
Simon Sinek sums up the need for a strong EVP when he says:
“If you hire people just because they can do a job, they’ll work for your money. But if you hire people who believe in what you believe, they’ll work for you with blood sweat and tears. ”
So don’t forget that candidates are looking to your Employer Value Proposition to tell them how working for you will enhance their world and bank account. Yes, a good salary helps, but ask yourself what makes a loyal employee? If someone works for you simply because you pay a few pounds more than the next business, will they remain loyal if a new offer comes along? Invested employees who are attracted to your EVP will join you for more reasons than a competitive salary. They are with you because they saw, understood, and aligned themselves with your brand and culture. They will know who you are, your values, and how you treat them as people and colleagues. It’s the difference between a team who says, “I get paid a bit more” and a team that says, “I enjoy working where I work”. Guess which team will be more productive and likely to enhance your reputation?
It’s impossible to cover all aspects of EVP. However, it’s worth remembering that the Employer Value Proposition is similar to the sales and marketing-based Unique Value Proposition. Marketing UVP is the core element that encourages customers to buy a product. So, going back to our earlier question about whether EVPs are worth the time and effort, I think it's more appropriate to reframe it in real-world practicalities. If an EVP is a route to getting the most talented people, can you risk being without one?
Call us on 01604 261380, or book a slot in our chat room, and let’s talk about how we can help you with your EVP and employer brand.
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Rachel Collar wrote and formatted this blog. I have used her branded images and key images that link to this blog's subject matter. If you are looking to work with an HR Specialist, call or book a 1:1 with her, via the link listed above.
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