As we hurtle towards 2025, organisations across the UK are having to think about new and innovative ways to attract talented people beyond simply the draw of salary.
Already remuneration remains a vitally important and powerful tool, it is not the sole way to attract, recruit and retain the best people to your company.
The mission, purpose and values of an organisation have their own power, as demonstrated by the desire of employees to work for those companies whose values reflect their own.
Research conducted earlier this year by sustainability experts Given found almost half – 49.6% - of UK employees would leave their job if their employer failed to meet their corporate purpose.
Younger employees, particularly those in Gen Z – a cohort born after 1997, regard work as more than merely a job. Although they still want financial security, this generation also want work that allows them to live out their principles.
A study from Meta found 96% of Gen Z workers highlighted the importance of feeling valued, included and empowered at work, while almost three-quarters (73%) said they would leave a company which didn’t have ethical business practices.
One way for companies to meet these expectations is by aligning their EVP with the purpose or mission of their organisation.
The best EVPs are authentic, aligned with your organisational purpose, and reflected across your people strategy.
What is an employee value proposition
Quick rewind – what is an EVP? It’s the sum of everything an employee experiences at work. It’s the pay, benefits, and working conditions, combined with the culture, relationships, sense of identity, and belonging. It includes opportunities for growth and learning, as well as inclusivity and fairness.
Defining an organisation’s EVP demonstrates the dedication it has to its workforce and to providing a welcoming workplace. It gives employees an overview of your company’s culture and values.
Just as an employee might write a personal statement on their LinkedIn profile or CV, outlining their experience, what they can bring to your business and their goals, your company’s EVP will do the same on an organisational level.
Creating your EVP
A strong EVP will outline why someone would want to work for your company. It will outline the benefits and values an organisation provides to employees in exchange for their skills, time and knowledge.
When building an EVP, companies should address why they need to formulate it and research what your workforce wants and needs.
The best EVPs will resonate with a wide-range of people but should also be representative of your company and values. The most successful propositions are the ones that your business can adhere to, and which encapsulate your identity in just a few paragraphs.
A good EVP will be honest and accurate, reflecting why your organisation is a great place to work at. The best EVPs will humanise a business, focusing on the happiness of your workforce rather than how much money they are making.
When creating your EVP, the following factors should be considered:
Transparency: Be honest about where your business is and where you want to go. If you are not where you want to be yet, don’t pretend you are. Instead, outline that goal and how you intend to get there.
Be representative: Don’t exclude anyone in your workforce. An EVP needs to be as inclusive as your organisation is.
Do your research: Look into the benefits your organisation offers and how they match with what employees want.
Make it timeless: Your organisational values are what makes your company what it is. They are what your business will be recognised for. As such, it is important to highlight and be true to them.
Give employees a voice: Let your people tell you why they love working for you – and highlight what they say.
The value of a strong EVP cannot be underestimated. From reflecting your values, to fair renumeration and robust benefits, there is plenty organisations can do to build and refine their EVP.
It is important to think about benefits, financial reward, culture, work environment and career prospects. By collecting data around these areas and analysing what your company does well and where things can be improved, you can then define an EVP that will truly resonate with your people.
Getting it all together
Lots of organisations are now working on their EVP and showcasing it effectively. To stand out you need to take it to the next level.
This can be done by:
Putting your purpose and values at the centre of your EVP messaging
Organisations should look to develop a messaging framework – one overriding thing which binds you all together and is linked to your purpose. They should then work to understand what each segment of your workforce cares about. Tailor your EVP to them, whether that’s at department or role level, or relevant to skills types. Take the time to tailor your messaging across adverts and campaigns, as well as your internal engagement strategy.
Allowing your EVP to lead your people strategy
When you review and define your EVP, three things should happen:
You understand and uncover the reality of your current proposition.
You become aware of any weaknesses and what needs to be improved.
You set a goal for your future EVP.
The weaknesses you find in your EVP are weaknesses in your people strategy. For example, your people may have told you that there’s few opportunities for career growth. You may then want to improve this and set about making it an important part of your future EVP.
Your EVP project should be about both how you market your proposition, but also how do you feed back into your people strategy and improve that proposition.
It can go further, however. The most effective EVP project will reflect the defined EVP in other talent management processes. For example, your EVP is aligned with your mission and values, your people care deeply about the purpose of the organisation, so you want to assess the values of potential hires.
The assessment process is then changed to ensure that the people coming into the organisation share the same values.
You can then look at reward and recognition, and ask if you are actually recognising people for showing those values.
Bringing your EVP to life
Once you have taken time to research what your people want, how your values align with theirs and how your EVP can be developed to address future need, you can really make it sing.
Take the example of Strava. It aims to keep its employees as energised as the runners, cyclists, walkers, and gym buffs who love its product. That means a fully stocked kitchen offering healthy snacks and meals.
Their proposition is: “You will engage in interesting and challenging work that will improve the lives of our athletes. In the same way that Strava is deeply committed to unlocking the potential of our athletes, we are dedicated to providing a world-class workplace where our employees can grow and thrive.”
In a world where social value, diversity and ethical practices are increasingly valued, organisations which can create an EVP which resonates internally and externally will put themselves in a powerful position when it comes to attracting and retaining the very best people out there.
Your organisation needs to be recognisable and relevant to current and future talent. We can help you develop an employee value proposition that resonates.
