Employee value proposition and employer branding can sometimes be confused with each other. Your EVP and employer branding actually require each other to be a determining factor in retaining or losing talent from your company.
So both are vital elements, but what does each of them represent and how do they work hand in hand to attract and retain?
What Is Your EVP?
Your employee value proposition is a combination of what you are offering an employee, who is hired to deliver specific skills and experience.
This includes salary, compensation, and benefits it also delivers your company’s goals mission, purpose, and values.
Defining Your EVP
The way we recruit has changed. The war for talent now requires you to showcase the potential offerings your company has to offer.
Creating a strong and unique employee value proposition allows you to strategically give yourself a competitive edge and differentiate yourself amongst your competition.
Getting started can be difficult so here are some questions to ask yourself when defining your EVP, keeping in mind to give a clear and honest picture of what it is like to work for your company :
- How do we characterise ourselves as a company?
- What is our mission?
- Why does it matter?
- Where will we source the employees we need to succeed?
- Who are our competitors for the talent we need?
- Who are the top talent and what matters to them?
“ Do your life’s best work here now. With the whole world watching.” ”
– Apple’s career page EVP
Without a solid employer value proposition, workers can easily become disengaged. In fact, a recent study by Gallup revealed that 51% of workers are not engaged with their work. Employees forget why they started working for your company in the first place, and what drove them to want to excel in their position.
By defining your EVP, you’re giving those employees the answers they need. When you do the in-depth research needed to develop a strong EVP, you’ll have the insight you need to make your employees want to do well again.
In addition, employers with strong employer brands see a 43% decrease in cost per hire.
What Is Employer Branding?
Simply put your employer brand is your companies reputation as a great place to work.
It can include elements such as your companies culture, values, testimonials from current employees, benefits and more.
An employer brand provides candidates with a glass window into your companies culture showing candidates what it is like to work there. It allows them to see themselves as a fit.
Just like any other brand a company must provide a unique selling point and differentiate themselves from the competition.
Companies are continually strengthening their employer brands to give them a better position in the market when it comes to attracting top talent. But also to attract future talent in the process.
Your EVP and Your Employer Brand
Your employer brand is made up of elements to tell a story. Your EVP is the intro into your brand’s story, it answers the question: why would a highly skilled individual want to work at your company?
When candidates are doing their homework you must be able to use both your EVP and your employer brand to capture your companies culture to attract those candidates to your roles and allow them to see themselves as a cultural ‘fit’.
With your EVP, you’re ensuring that the communication and branding done by your company is consistent, unique, true and relevant to important target groups.
You’re also promoting a positive employer brand reputation and experience among the talented people you wish to attract, engage and retain. If you’re looking to develop your employer brand and EVP into something truly exceptional.