An employee value proposition (EVP) is the unique set of benefits employees receive in return for the skills, capabilities and experiences they bring to an organization. While an EVP includes common factors such as compensation, benefits and career opportunities, it also expands to all the value an employee can receive in exchange for their work.

A strong EVP gives employees a powerful reason to work for the organization. It can contribute to a solid and positive employer brand, prioritize organization goals, reengage the workforce and reduce hiring costs. Most importantly, an EVP contributes to attracting and retaining top talent. In fact, according to an Indeed survey, 21% of job seekers decided to accept the offer for their current job because their interests and values were reflected in the company’s mission. So, not only should a suitable EVP address the wants and needs of employees, but it should also align with the company’s values. 

Building an EVP

Employers can and should personalize their EVPs to reflect their company’s values. Although EVPs are not one-size-fits-all, certain aspects must be factored in to make them appealing to as many candidates and employees as possible. Therefore, the process of building an organization’s EVP should take the following tips into account:

 Create buy-in from the top. An effective EVP has buy-in from the entire workplace, meaning it’s important that it’s supported by top executives and senior leadership.

Build an EVP for everyone. The goal of building an EVP is to cater to the needs of every employee, including any phase of life they may be in.

Engage in a research process. Consider sending out a survey or starting market research about the needs of the workplace’s employees.

Communicate the EVP. The EVP can be communicated in various places, including the organization’s website, social media and job posts.

Review the existing EVP. An organization’s EVP should be reviewed and adjusted as the needs of employees change.

Employer Considerations for Defining an EVP

An EVP is more extensive than a paycheck. So, when building an EVP, there are also considerations pertaining to job growth, work environment and more for employers to keep in mind. The following key elements help create a compelling EVP:

• An engaging and healthy work environment

• Opportunities for growth and development within the organization

• Consistent and stable job opportunities

• Competitive wages

• Additional monetary and nonmonetary perks

Building an EVP that fits the needs of employees is crucial for employee attraction and retention. Whether an organization is ready to start building an EVP or it’s time to reevaluate a current EVP, it must be based on the current workplace values and employee needs and desires. The time to assess a workplace’s EVP is today.