A company's ability to attract and retain top talent is critical for success in today's competitive and rapidly changing business landscape. A key factor that influences a candidate's decision to join an organization is its employee value proposition (EVP)—the unique set of benefits an employee receives in return for their skills, capabilities, and experience. Studies show that a compelling EVP can boost offer acceptance rates by up to 4X and reduce unwanted turnover by up to 50%. As the war for talent rages on, companies must focus on developing an EVP that convinces great candidates to come aboard.
A compelling employee value proposition can boost offer acceptance rates by 4X and halve unwanted turnover. Winning the war for talent demands an EVP that convinces great candidates to join your mission.
The Elements of an Effective Employee Value Proposition
An impactful EVP should highlight aspects of your workplace culture and environment that align to top talent's priorities. Key elements to emphasize include:
- Work Culture and Leadership Vision – Showcase your motivational leadership, collaborative environment, and inspiring vision. Leadership is the #1 driver of culture, which 91% of candidates say is important.
- Growth Opportunities – Outline career development programs, training, mentorship, and upskilling initiatives. 87% of millennials rate professional growth as a top priority.
- Rewards and Recognition – Detail both monetary and non-monetary rewards programs that celebrate employee accomplishments. Frequent recognition can increase retention by up to 48%.
- Workplace Flexibility and Balance - Underscore any flexible work arrangements, remote options, and family leave to support work-life balance. 72% of candidates consider work-life balance very significant.
- Diversity, Equity and Inclusion – Feature employee resource groups, leadership representation goals, and belongingness initiatives. 67% of candidates want reassurance their identities will be welcomed.
Crafting and Communicating a Differential EVP
With many basic table-stakes benefits being similar across companies, it’s vital to identify what makes your EVP truly unique to attract top talent. Smart tactics to explore include:
- Conduct specialized employee research through surveys and focus groups to gain insights into preferences and motivations of high performers and critical talent segments.
- Assess competitor EVP messaging to spot potential areas to differentiate, such as in DEI commitments, leadership quality, or development opportunities.
- Work cross-functionally to align EVP to employer brand personality and existing value propositions to customers and investors for consistency.
- Emphasize recent awards, rankings, certifications and culture recognitions that signify industry leadership.
- Feature employee testimonials sharing authentically why they chose your company and have stayed.
Once defined, it’s equally important to broadcast your EVP far and wide through multiple platforms:
- Incorporate prominently into career site pages and job descriptions.
- Spotlight benefits in digitally-enhanced recruitment marketing content across social networks. Video views containing benefits details are 105% higher than average.
- Equip hiring managers and employees to advocate your differentiators within their networks. 89% of applicants trust referrals.
Conduct specialized research, assess the competition, and align EVP to your employer brand to craft a differentiated value proposition. Then broadcast far and wide through digitally-enhanced content.
Tracking Performance and Iterating
There is no “set it and forget it” when it comes to an impactful EVP. Leading companies consistently assess performance and evolve their value propositions over time. Key metrics to monitor include:
- Offer acceptance rates
- External employer recognition and ratings
- Employee NPS and satisfaction/engagement scores
- Quality and performance of recent hires
- Workforce demographics and diversity representation
By regularly gathering and examining such measures, HR leaders can pinpoint what’s resonating with in-demand talent and what may need refreshment. Maintaining an exciting, authentic and inclusive EVP is central to accessing the people that will drive future success. The competition for top talent is here to stay; build an employee value proposition that makes candidates conclude they can’t find a better place to grow their careers than your company.
