In the modern workplace, employee engagement is becoming increasingly significant. As a business owner, you need to be giving your employees – and prospective employees – a reason to pick your company over others, especially as the employment market remains competitive. A good way to do this is by having a strong employee value proposition (EVP).
In this article, we look at the importance of EVPs, how they help retain and attract talent and how to create one that works for your business.
Last year, a survey found that nearly 72% of workers in Europe are quiet quitting, with only 13% feeling engaged and ‘thriving’ at work. This insight is somewhat worrying, as quiet quitting can lead to workers either not feeling hap- py at work, more likely to be absent, not be as productive, and more likely to resign.
In fact, our 2024 salary guides found that over half of professionals in the UK (55%) are currently looking, or considering looking, for a new job – highlighting a need for businesses to audit what they are offering their current and future talent.
With the skills shortage showing little signs of easing, many organisations are increasingly turning to EVPs to help them to attract new talent. A strong EVP can help make or break this by outlining what your organisation stands for and what you can offer workers. In essence, it can be the reason why employees will join, stay and excel in your organisation. It will hold far more value for your employees than just a salary and it can do wonders for your employer brand, demonstrating your company’s dedication to the workforce and providing a good environment to work in.
Creating an EVP that works
While an organisation’s employer brand is tangible, such as logos or visual identity, your EVP will consider the more intangible benefits. These can be developed through your company’s diversity, inclusivity and workplace culture. It’s important to remember that your culture is not just about a mission statement or values – it’s based on the everyday experience of your workforce and their reviews and opin- ions of your organisation.
As such, there should be focus on what your workers will need to thrive over the long term. You must balance the material offerings – such as salaries and benefits – with opportunities to grow, fostering connection, meaning and purpose.
For instance, if your EVP was built around flexible working, you may find that offering policies that are even more adjustable than the new market normal will help flexibility be at the core of how you look after your employees.
The steps to building an EVP
A good first step is looking at what your employees want. Research by Reed found that two of the top five reasons for people looking for jobs elsewhere were salary or benefit related. Our research also unveiled that the top-three desired benefits are: an annual salary increment (45%), a four-day working week (36%), and flexi time (36%). Knowing what employees are after is a good starting point, but it’s important to make sure the benefits are tailored to what your employees want.
Your EVP is more than just the salary and benefits you offer – it’s about the whole workplace experience. Before you start, you must understand your employer brand so your EVP can answer your employees’ ‘Why should I work for your company?’ question.
- Define your employee persona – one of the first steps to consider is the kind of employee you want to attract. Here, you need to make sure the message you give internally matches the values you show to the outside world. Throughout this step, it’s best to also reflect on what you can offer potential employees, and those already working for you, to retain the talent right for your business.
- Be honest yet unique – it can be challenging for companies to differentiate themselves from competition, but a well-executed EVP will allow you to do just that. Every individual within your company is different and highlighting this will be your unique sell- ing point as the best EVPs resonate with a broad range of people and will allow your whole company to adhere to them. As such, it’s important to take the time to research what your workforce wants and employee surveys can be a good way of doing this. Honesty is key here. If your business is not where you want it to be yet, state what your goals are and how you intend to get there.
- Make it timeless – here, you need to consider what your company’s core values are in order for your EVP to last and be embedded within the company culture. These will be the most important qualities that you want your business to be recognised and remembered for.
Creating a company culture as part of your EVP doesn’t only come from business leaders – it’s created through employees living and breathing your values. A really strong proposition will be able to foster a sense of belonging throughout the business and make employees feel proud to work at your company. As such, it’s important to think about the values you want to be known for and how best to embed them into your EVP.
No matter what size your company is or the services you offer, recruiting and retaining talent is a top priority. Your business will have an employer brand whether it’s been consciously developed or not, so devising a strong EVP will up your chances of being an employer of choice and attracting the best.
If you’re looking to hire talented professionals to help your company flourish, get in touch with Chris Willsher chris.willsher@reed.com, or call Reed’s Northampton office on 01604 636 644 (opt 3).
Find out more about Reed at www.reed.com
Chris Willsher
Regional Director Reed
