What Makes the EVP So Important to Your Employer Brand?
We’ve answered your questions about employer branding and explained why investing in your employer brand is a must in other articles, but what about Employer Value Proposition? How does it relate to employer branding and why is it so important? What effect does a well-developed EVP have on your company? It is best described as a unique set of offerings, associations and values you can utilize to positively influence target candidates and employees. Read more on the EVP here.
How to think about the EVP
The EVP represents the value employees are expected to contribute and the value they can expect in return. This is the very reason why 86% of HR professionals agree that recruitment is becoming more like marketing. It’s a two-way street. In order for your employees to invest in your organization, you must invest in them in return. It’s the offer on which your entire employer brand is based. Developing an EVP requires a time investment from every level of your organization. However when done properly, you’ll reap great benefits. Let’s dive in:
Talent Attraction & Retention
Your EVP answers the question: Why would a highly talented person want to work at this company? Currently, the number one reason candidates choose one job over another today is company culture. They’re explicitly looking for what makes a company an attractive place to work. With your EVP, you’re giving them the answers up front.
In a recent study, 36% of job seekers said a company’s employer brand is the most important consideration in a potential new job. That means your EVP must be truly unique and compelling. When candidates are doing their homework, your employer brand needs to stand out from the competition. It doesn’t just tell candidates how they would benefit from working at your organization, it tells them how they would benefit more than if they took a job with your competitor.
With a strong EVP, you’re even appealing to passive candidates who aren’t necessarily looking to change employment. A recent study revealed that 59% of US workers are likely to leave their jobs when presented with better opportunities. An actively-managed employer brand helps you attract talented, culturally-fitting candidates, and the EVP is an essential part of that.
Without a solid employer value proposition, workers can easily become disengaged. In fact, a recent study by Gallup revealed that 51% of the U.S. workforce is not engaged with their work. Employees forget why they started working for your organization 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.
As an example, tech giant Apple’s career page boasts “Do your life’s best work here now. With the whole world watching.” This EVP inspires current and future employees to shine their brightest, because the whole world will see the difference they make.
The EVP and Employer Branding in short
It’s important to understand that the employer brand exists since the day the organizations started. Improving your Employer Brand, you first and foremost need to acknowledge this existence. Furthermore, you need to begin to manage it by having consistently positive associations to the brand. Therefore you need to build this through brand communication and employee experience. The EVP provides attributes and themes to be used as a long-term foundation for your branding and creative work. The only way to achieve this strategy is to be crystal clear about what your brand stands for and what benefits it promises to deliver.
Defining your EVP, could be the most important and best decision you can make. The EVP makes certain that your company’s communication and branding 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, Universum can help. Just have a look at our Analytics, Advisory, Activation or Academy services, to see everything we can do for you and your employer brand.