An Employee Value Proposition (EVP) is turning into some sort of business mantra these days. Everybody is talking about it, but it seems like most professionals are still not clear about how to develop a decent EVP strategy. However, it doesn’t change the fact that it’s one of the key company documents.
EVP is a set of incentives and privileges which your employees receive in exchange for their skills and expertise. Essentially, this is the document that explains why someone should choose you instead of some other employer. And it can improve the commitment of new hires by almost 30%. For that reason, we will explain the 5 key steps to building your EVP.
Practical Tips to Create an EVP
It’s not easy to hire the biggest talents or keep your best employees these days. With the U.S. unemployment rate being close to the natural minimum at only 4.4%, companies need to invest a lot of efforts to develop and protect productive workers.
Stephanie Baxter, an HR specialist at Careers Booster, recently stated: “Employee satisfaction is not determined only by one element such as the salary or great internal communication. It’s a full set of factors that you need to nurture and present in your EVP.” But how do you translate the benefits of working for your company into the official document? Let’s check it out here:
- Analyze the current situation
Before you start writing the EVP, you need to analyze the current state of affairs in the company. Detect the weak spots and problems in each department from the position of central authority. Analyze the engagement of all employees in all sectors and find the problems that might be jeopardizing a regular work pattern.
The most common problems are usually poor recruiting and onboarding, weak productivity, and low retention. If you notice one or more of these issues, the primary goal of the company’s EVP should be to solve them. And that’s how we get to the next step in the creation of your EVP.
- Employee survey
You can detect the problems with your workforce, but you cannot explain anything without direct inputs from employees. This is why you should organize an employee survey. It will provide you with the most accurate explanations of both the strong and the weak spots in your organization. You are free to make it the anonymous survey if you think that it would get you more honest answers.
Ask your staff what they love about the company and what makes them satisfied. On the other hand, give them enough room to discuss what should be done better and what aspects of the business need to change. Create a combination of closed and open-ended questions to learn their opinions about the most important job satisfaction factors.
Financial compensations, overtime work, internal communication, freedom to express professional creativity, and training programs usually play the key role in that regard. For instance, recent studies showed that almost 90% of employees consider learning and personal development extremely important. If that’s the case with your employees, too, then you should emphasize training and self-development as important parts of your EVP.
- Use conclusions to create EVP
After you’ve conducted data analysis, you can create the EVP. Bear in mind that you have to be open and honest with your employees: EVP is not the company’s wannabe list but rather the document that clearly presents the advantages of working for this organization. Make it simple and aligned with the company’s general vision and values. It should reflect your mission and business objectives at the same time, leaving no room for misunderstandings.
- Make it an all-inclusive process
Representatives of all departments should take part in the creation of the EVP. It’s not something that is reserved exclusively for the HR unit, especially if you detect concrete problems in some sectors of your company. Besides involving staff representatives on all levels, you need to promote your EVP internally and externally.
You can do it through indoor posters, website announcements, social network accounts, company events, etc. All these channels of promotion will help you to get the employees acquainted with the new document. At the same time, digital announcements will be a helpful source of information for fresh prospects who would like to apply for a position within your organization.
- Analyze the post-EVP era
Now that you’ve created and promoted your EVP don’t think that the job is over already. You need to monitor the progress and conduct periodical analysis to determine if the problems are solved. For example, if you were struggling with poor retention rate, you should find out how many people left your company after the completion of the EVP. If the numbers are decreasing compared to the same period last year, you are probably on the right track. But if it doesn’t show any signs of improvement, you should re-evaluate your EVP.
Employee engagement and productivity constitute the core of each business. That’s why you need to keep the workers satisfied and give them a clear overview of the benefits which they receive while working for you. In this article, we made a practical guide how to build your EVP and increase the retention. Make sure to use our tips and let us know in comments if you have other valuable suggestions.
About the author:
Micheal Gilmore is an entrepreneur and career advisor from Dallas. His mission is helping people achieve perfection in anything they do. His life is fully dedicated to the people. Micheal loves writing about business, marketing, productivity and personal growth. Connect with Micheal on Twitter.