In a highly competitive labor market, companies are faced with the need to attract the best talent to ensure their long-term success. To achieve this, employers all have a key differentiating tool that describes the experience an employee can expect when joining their company: the Employee Value Proposition (EVP).
Employee Value Proposition, a component of an Employer Brand
Employer Brand, definition
Employer branding is the application of branding principles to human resource management. In a nutshell, it is what job seekers think of when they are asked “what would you think about working in this company ?“
This brand management principles refers to the deliberate actions taken to build a positive reputation among prospective employees, positioning the company as an attractive and desirable place to work.
From a managerial perspective, if potential and current employees expressed desire to work for your organization, this will lead to employee empowerment and new hire commitment, which in turn can improve business performance, decrease annual employee turnover, and give your organization a competitive edge in the labor market.
Employee Value Proposition, definition
The EVP is the set of ideas and benefits that a company wants current and potential employees to associate with it as an employer. This can include company culture, benefits, career opportunities, training programmes, corporate value and management.
A strong EVP is part of an employer brand strategy and helps to attract top talent, retain employees and build a positive employer brand image.
We are going to share with you the essential elements that characterize and effectively deliver a strong EVP and explain how to create a value proposition that resonates with employees.
Employee Value Proposition, understanding these 5 components
To stand out to the best candidates, it is essential for companies to create a strong and attractive Employee Value Proposition (EVP). To do this, there are five components that make up the employee value proposition: