Attracting and retaining top talent is front of mind for employers, and to get the best candidates organisations must focus on crafting a compelling Employee Value Proposition (EVP).
The importance of an EVP
In today's employment landscape, salary and benefits are no longer enough when it comes to attracting and retaining employees. Employees expect their employers to shape their experience of work through flexibility, career development, workplace culture and recognition. By creating and communicating a compelling EVP, organisations can differentiate themselves from competitors, attract top talent, and retain their valuable employees. With many organisations lacking a clear employer brand, working with experts to craft an EVP can provide a competitive advantage.
What is an EVP?
An EVP is the give and get between an employer and its people. An EVP embedded within recruitment and attraction activities can convince prospective employees to join the organisation. An EVP is also the lived experience that incumbent employees have and can be a motivator to stay at the organisation.
Importantly, the experience of an employee working in an organisation should match the external employer brand. Meeting these expectations will drive commitment, loyalty and performance. An effective EVP honestly communicates the realities of the organisation today and their ambitions for tomorrow, while also clearly articulating how this impacts the individual experience.
What makes up an EVP?
- Remuneration and Benefits — Remuneration and financial incentives paid to employees.
- Meaningful Work — Autonomous, purposeful work. Small, empowered teams.
- Safety, Health, and Wellbeing — Proactive efforts to protect physical and psychological health.
- Ways of Working — Flexible work environment and productive processes.
- Growth Opportunity — Career pathways and development opportunities.
- Leadership — Supportive and capable leadership, who set clear and transparent goals.
- People and Culture — Inclusive, diverse, supportive, and recognition rich environment.
- Purpose and Brand — Mission, purpose, values. Commitment to corporate social responsibility
There is no one size fits all approach
The EVP that attracts employees will look different across different industries, organisations, teams, and individual circumstances and priorities. It is dynamic, with the reasons we join being different to the reasons we stay. Understanding what your employees value, and what sets your organisation apart from your competitors, are the foundations for crafting a strong EVP.
Where to start
We've created an EVP audit, which you can use to self-assess your current EVP. It lists the key considerations mentioned above and questions to help guide you through understand your proposition.
How Gallagher can help
Gallagher can provide an end-to-end EVP solution or targeted support for wherever you are in your journey. We partner with our clients to research, assess, and design their EVP, implement benefits packages, and create compelling communications to bring it to life.
