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Did you know businesses with great EVP’s have the potential to reduce their annual employee turnover by 69%? Or that a strong EVP can increase new hire commitment by 29%?

An EVP (or Employee Value Proposition) defines the unique promises you make to potential employees about the perks and benefits of working for you. It’s what makes people say, ‘I want to work there, where do I sign?’. 

We know you probably have 101 other things going on right now, so spending time researching and developing an EVP might not seem like a top priority. The reality is, if you want the best of the best working in your business, you need a solid EVP to draw in potential employees (and keep them in).

 

Getting started

 

So, you’re ready to get your EVP together, what’s the first step?

1. Assess where you’re at

Stop and look around at what you already have. Do you have anything in place that could use refining, a half worked plan that you never quite finished? Maybe you don’t have anything - that’s ok too. Start by listing what your business already offers your employees. 

2. Speak to your employees

You’ve done a little brainstorming on your own, but talking to those on the ground floor will give you even better insights. Ask your employees what they appreciate about what your company offers them. What is it that makes them stay? Is there anything new and/or improved they’d like to see?

3. Check out your competitors

If you want to be the best, you have to be better than the rest. If you don’t know what others are doing, how can you do better? Look at what your competitors offer their employees and figure out how you can make your business stand out. 

4. Communicate your findings

You’ve figured changes to implement and now it’s time to put things to the test. Put together a document that outlines your new EVP. Next, get feedback from a small group of employees to see if it’s a winner or if more changes are needed. If feedback is positive, it's time for a full internal launch. This includes making sure all the relevant materials are ready and up to date - website content, induction materials, recruitment information, etc.

5. Keep checking in

An EVP isn’t a set and forget type situation - it’s a living, breathing part of your culture and wider business. With workplaces and the economy constantly changing, you need to keep tabs on what’s happening to make sure your EVP remains relevant, up to date and a step above the rest.

The secret to a strong EVP

 

You might know how to put an EVP together, but how do you make sure you’ve got a solid offering in place?

Ask yourself, is it fit for purpose? Does your EVP support where your company is heading? Have you received feedback from current employees? 

Also, be careful to not overcommit. Make sure you can deliver what was promised. If the real employee experience doesn’t match what you promised, you might notice your turnover rate start to increase.

 

How do I promote my EVP?

 

While a new and improved EVP is great for your existing employees, the main reason you’ve done all this work is to draw in new talent - so how do you get your EVP noticed?

 

Recruitment

This is the first phase of showing off your shiny new EVP. Not only will you be showcasing your benefits across job ads, social media and your careers page, it should also be embedded in the recruitment process. Don’t make potential candidates wait until they get in the door to see all the good things that await them - show them straight away!

Ensure all communications personalised, give feedback and guidance throughout the process, you can even invite prospective employees to any upcoming events you might have. Make your recruitment process a positive and memorable one.

 

Onboarding

Even though you’ve been showcasing your fantastic EVP throughout the hiring process, when someone comes on board, make sure they’re completely aware of all their benefits.

New employees may not feel comfortable asking questions on their first day, so check if they need clarification around anything or if there’s anything else you can accommodate for.

 

Day to Day

It’s time to step up and deliver. Make sure your employees are experiencing what they expected and have access to all the things they need. The most foolproof way to make sure everything is running as expected - ask questions and an open feedback loop for both parties.

 

Offboarding

No matter how great your EVP is, sometimes people have to say goodbye. Whatever the reason, offboarding doesn’t need to be a negative experience. In fact, a positive offboarding process should also be part of your EVP. 

Before an employee leaves, it’s always worth getting feedback about what they enjoyed and didn’t enjoy during their time with you and ask for any suggestions around improvements. This gives you information for future revaluations of your EVP and, with a positive offboarding experience, that employee might come back one day, or recommend your business to others.

While on the surface it might seem like just another document on the checklist, developing a strong EVP can be one of the most important and effective strategies you craft. If you want the best of the best working for your business, you need an EVP that shows that top talent why you’re the obvious choice for their next career move.