Let’s begin with a simple definition of Employee Value Proposition (EVP): An EVP is made up of everything employees experience and receive while being a part of an organization. It includes both intrinsic and extrinsic rewards. I use the word “unique” because each EVP is truly unique as related to the organization’s mission, values, leadership, culture, and compensation and benefits philosophy among many other variables.
Consider a few characteristics of an effective EVP:
- A powerful EVP attracts and retains the best talent. The best
talent creates competitive advantage, superior customer service/loyalty
and produces exceptional bottom-line business results.
- A powerful EVP is a living entity versus mere rhetoric woven
throughout the many and more traditional glossy business brochures.
- A powerful EVP is similar to what one might savor after a positive
customer service experience. For example, assume you have a positive
experience – often and unfortunately the anomaly these days –
why would you choose to do repeat business or consider purchasing
a particular product or service again? Because you had a positive
experience and would return expecting the same experience in the
future. The same analogy holds true in terms of why a talented
employee may choose to remain in your organization versus being
lured away by your competition.
The really exciting thing about creating and sustaining a unique EVP is that it doesn’t require new resources or large amounts of time and energy. Once you understand the value of an effective EVP, you may wonder why you didn’t invest sooner in such a powerful attraction, development, and retention advantage.