{"id":2844,"date":"2018-05-22T09:00:00","date_gmt":"2018-05-22T09:00:00","guid":{"rendered":"https:\/\/www.dailypay.com\/2018\/05\/22\/be-a-better-employer-with-an-employee-value-proposition\/"},"modified":"2023-05-12T11:14:28","modified_gmt":"2023-05-12T15:14:28","slug":"be-a-better-employer-with-an-employee-value-proposition","status":"publish","type":"post","link":"https:\/\/www.dailypay.com\/resource-center\/blog\/be-a-better-employer-with-an-employee-value-proposition\/","title":{"rendered":"Better Employee Recruiting With An Employee Value Proposition"},"content":{"rendered":"

The term \u201cwar for talent\u201d was coined by\u00a0<\/span>McKinsey\u2019s Steven Hankin<\/span>\u00a0in 1997 and popularized by a\u00a0<\/span>book of the same name<\/span><\/a>\u00a0in 2001. It refers to the rise of ever fiercer competition to recruit and retain employees when too few workers are available.<\/span><\/span><\/em><\/p>\n

 <\/p>\n

\n

 <\/p>\n

The war not only rages on to this day, those in battle are getting more desperate. A report from McKinsey called \u201cThe World at Work: Jobs, Pay, and Skills for 3.5 Billion People\u201d reveals that by 2020 employers in Europe and North America will require 16\u201318 million more college-educated workers than will be available.<\/span><\/p>\n

 <\/p>\n

And yet, as Gallup reported in a 2015 survey of 80,844 American workers, more than 50% were \u201cnot engaged\u201d and an additional 17.2% were \u201cactively disengaged.\u201d<\/span><\/p>\n

 <\/p>\n

Our hiring philosophy is that you must recruit to retain. This requires two things: being strategic and creative in your <\/span>recruitment approaches<\/span><\/a> and <\/span>fostering a future-focused culture<\/span><\/a> that gives each employee something to look forward to. <\/span><\/p>\n

 <\/p>\n

That\u2019s a lot to put into a single blog post \u2014 luckily we\u2019ve already written quite a bit about it.<\/span><\/p>\n

 <\/p>\n

 <\/p>\n

The Employee Value Proposition<\/span><\/h2>\n

Today we\u2019re going to narrow our focus to your <\/span>Employee Value Proposition (EVP)<\/span><\/a>. When you get a resume and cover letter, that\u2019s someone offering you their value proposition. But before they apply, and certainly before they accept a position, a prospect will want a clear picture of what\u2019s in it for them. <\/span><\/p>\n

 <\/p>\n

According to <\/span>SHRM<\/span><\/a>:<\/span><\/p>\n

 <\/p>\n

\u201cThis strategic statement defines how a company wants to be perceived by its employees. It embodies the company’s values and ideals and is a fundamental step in defining an employer brand strategy for talent acquisition.\u201d<\/span><\/em><\/p><\/blockquote>\n

 <\/p>\n

This mission statement of employer values gives people clear reasons to come aboard, and it gives them a reason to stick around by emphasizing what employees can expect from the company and what, in turn, the company expects of them. <\/span><\/p>\n

 <\/p>\n

Effective EVPs improve engagement of new hires by up to 29%, making them more likely to stay longer and to refer other job seekers.<\/span><\/p>\n

 <\/p>\n

 <\/p>\n

How To Build An Effective EVP<\/span><\/h2>\n

To be clear, these are steps you<\/span>\u00a0can <\/span><\/i>take to build out your EVP, but there are many ways to go about it. Every company is unique, so if something is missing or redundant, understand that this is merely a descriptive process.<\/span><\/p>\n

 <\/p>\n

A well-crafted EVP will help you better attract, recruit, and retain talent. It will help you focus HR efforts to engage and re-engage your workforce. It will be the cornerstone of your employer brand. It could mean the difference between staying ahead in the competitive job market and falling behind. It comprises a promise that goes beyond pay. It\u2019s a promise to take care of your employees so they take care of your business.<\/span><\/p>\n

 <\/p>\n

 <\/p>\n

Start Reviewing Employee Engagement Data<\/span><\/h2>\n

The first step is to review your starting point. What data is available? This might include employee engagement, <\/span>eNPS<\/span><\/a> or other employee surveys, recruitment and retention metrics. <\/span><\/p>\n

 <\/p>\n

Make a list of your tangible offerings to employees. For tangible benefits, what is the opt-in rate? What\u2019s the most popular benefit? What benefits do you think are unique to your company? What benefits have the lowest adoption \u2014 and why do you think that is?<\/span><\/p>\n

 <\/p>\n

And what are the intangible benefits? Balance your own perception with the survey data you\u2019ve been able to collect. These benefits might include things like autonomy, challenging work, internal mobility, or collaborative culture.<\/span><\/p>\n

 <\/p>\n

Now, put on your marketer cap. Refer to <\/span>your talent personas<\/span><\/a>, and rank the tangibles and intangibles from most to least important for your current and future employees. Tactically, this gives you a list of where to focus your efforts in optimizing and promoting.<\/span><\/p>\n

 <\/p>\n

\"AnUse Competitive Research To Form An Employee Value Proposition<\/span><\/h2>\n

Go beyond the information that\u2019s readily at hand, and start actively researching across your company and competition. This phase includes interviewing key stakeholders, management, and \u00a0employees. The interviews and surveys should expand upon your current lists, and they should also deepen your perspective on the bullet points you\u2019re starting with. <\/span><\/p>\n

 <\/p>\n

In this step, you are looking to be shown what you should tell. It\u2019s an employee-centric approach built on existing employees and current HR strategies. <\/span><\/p>\n

 <\/p>\n

In addition to eNPS-style questions, get specific. Ask employees which benefits they value most and which they use most. What makes their (current job, your company) unique from their (past jobs, former employers)? What three adjectives might they use to describe their current employment (which is vaguely worded enough to invite description of their role, responsibilities, department, or company). \u00a0<\/span><\/p>\n

 <\/p>\n

Look for trends and themes in the response data. Do they track across departments, and how do departments respond differently? In addition to tailoring EVPs to different roles, this will help deepen your talent personas. <\/span><\/p>\n

 <\/p>\n

Then research the competition to be sure that the points in their EVPs aren\u2019t too similar to your own. The point of the EVP is a hybrid of marketing and HR. You want to serve current and future employees, and you want to stand out as a unique employer of choice.<\/span><\/p>\n

 <\/p>\n

 <\/p>\n

Craft Your EVP<\/span><\/h2>\n

Time to put it all together! Based on all this new research and insight, assemble a concise, conversational overarching statement that distills employer commitment and employee experience. This translates stand-out themes and points into one powerful message that reflects the truth of your HR strategy.<\/span><\/p>\n

 <\/p>\n

Though EVPs are often described as one- to three-sentence blurbs, it\u2019s useful to remember that an EVP is actually just an honest sales pitch of reciprocal value. As such, when building out your EVP, prepare different versions of different lengths for different audiences. \u00a0<\/span><\/p>\n

 <\/p>\n

For great examples of world-class employer branding, check out these case studies of <\/span>L\u2019Oreal<\/span><\/a> and <\/span>Nike<\/span><\/a>.<\/span><\/p>\n

 <\/p>\n

 <\/p>\n

Share Your EVP With A Wide Audience<\/span><\/h2>\n

When you have the pitch-perfect EVP burning a hole in your hard drive, it\u2019s time to implement across the recruitment process and employee experience. This means job postings, onboarding, career development, employee relations, and even through exit stages. If employees leave on a good note, they\u2019ll be more likely to report a positive employment experience. <\/span><\/p>\n

 <\/p>\n

Work the EVP into blog posts, new-hire announcements, social pages and posts, press releases about company events. Just as Nike imbues their brand in everything to the point where they don\u2019t even have to say or write \u201cJust Do It\u201d on every piece of marketing collateral, your EVP should be stated and echoed throughout your company communications. \u00a0<\/span><\/p>\n

 <\/p>\n

And finally, build your EVP into employee surveys and other people metrics. Try to get hard data on how you\u2019re measuring up to your EVP \u2014 are you hitting it? Can you aspire to even greater heights? Are there areas that need more attention? Are you nailing it but finding a gap to fill?<\/span><\/p>\n

 <\/p>\n

Your EVP is a living document. It should be revisited, revised, edited, rewritten, and built upon. Dramatic changes in the employment landscape are getting faster and more dramatic with every year, and by 2020, Millennials and Generation Z will comprise nearly three-quarters of the workforce.<\/span><\/p>\n

 <\/p>\n

Now is not a time to let yourself fall behind.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The term \u201cwar for talent\u201d was coined by\u00a0McKinsey\u2019s Steven Hankin\u00a0in 1997 and popularized by a\u00a0book of the same name\u00a0in 2001. It refers to the rise of ever fiercer competition to recruit and retain employees when too few workers are available.     The war not only rages on to this day, those in battle areRead More<\/a><\/p>\n","protected":false},"author":32,"featured_media":2845,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[147],"tags":[618,296,106,613],"class_list":["post-2844","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-benefits","tag-employee-recruitment","tag-employee-retention","tag-hr"],"acf":[],"yoast_head":"\nBetter Employee Recruiting With An Employee Value Proposition - DailyPay<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dailypay.com\/resource-center\/blog\/be-a-better-employer-with-an-employee-value-proposition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Better Employee Recruiting With An Employee Value Proposition\" \/>\n<meta property=\"og:description\" content=\"The term \u201cwar for talent\u201d was coined by\u00a0McKinsey\u2019s Steven Hankin\u00a0in 1997 and popularized by a\u00a0book of the same name\u00a0in 2001. 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