Operational Insights

IN A WAR ON TALENT – WHAT SETS YOU APART FROM THE CROWD?

Most businesses understand the value of understanding their proposition for clients, but what is often overlooked is the need for a defined proposition for employees too.

Having a clear and defined employee value proposition (EVP) is crucial for businesses in today's competitive job market. In this article we look at what the benefits of an EVP are and how a business can define one.

What are the benefits of having a clear EVP?

An EVP is the set of offerings, benefits, and values that an organisation provides to its employees in exchange for their work and commitment. The advantages of an EVP are far reaching and include:

• Helping a business to attract and retain top talent: A well-defined and communicated EVP can attract top talent to the business and keep them engaged and motivated. In a highly competitive job market, candidates evaluate job opportunities based on more than just salary and job title. They look for a business that aligns with their values, offers growth and development opportunities, and provides a positive work environment.
• Increased employee engagement: An EVP that aligns with the values and needs of employees can increase engagement and motivation. When employees feel that the business really values their contributions and offers opportunities for growth and development, they are more likely to be committed to their work and feel a sense of belonging within the business.
• Improved employee productivity: When employees feel that they are being treated fairly, have opportunities for growth and development, and feel a sense of purpose within their role, they are more likely to be productive and committed to their work.
• Enhanced brand reputation: As the above point, when employees are engaged and committed to their work, they are more likely to speak positively about their employer to others and this can help to attract more top talent to the business and enhance its reputation in the marketplace, existing and prospective clients like to see that a business values and looks after its people as well as its clients.

How does a business go about defining its EVP?

It can be difficult to know where to start when developing an EVP for the first time. Here are our 6 top tips to get you going:

• Understand your current employees: Start by analysing your current employees to understand what motivates them and what they value. Conduct surveys or focus groups to gather feedback on what employees like about working for the company, what they feel could be improved, and what they would like to see in an ideal workplace.
• Understand your competitive environment: take time to understand what your competitors are doing to attract and retain talent, these competitors may be a different set of companies than those you compete with for clients, understand where else your prospective talent pool might be looking and what they will be seeing from other organisations.
• Align your EVP with your company's mission and values: In order to be authentic, your EVP should align with your company's mission and values. If your business values innovation and creativity, for example, your EVP could include opportunities for employees to work on new projects or develop new skills.
• Identify your unique value proposition: Using your findings identify the unique offerings, benefits, and values that your business provides to employees. This could include things like a supportive work environment, flexible work arrangements, opportunities for growth and development, competitive salaries and benefits, or a strong company culture.
• Communicate your EVP effectively: Once you have defined your EVP, communicate it effectively to current and potential employees. Use clear and concise language to describe the benefits and values of working for the company.
• Continuously evaluate and refine your EVP: Finally, it's important to continuously evaluate and refine your EVP based on feedback from employees and changes in the job market. Keep track of employee turnover rates and engagement levels to gauge the effectiveness of your EVP and make changes as necessary.

Most businesses have many elements of a strong and positive EVP, it is often a matter of joining the dots and creating consistency around communication and delivery of the wider proposition.

By taking the time to ask employees and join the dots, businesses can create a positive workplace culture and a competitive advantage in the job market.