You may have heard talk about EVP amongst HR, but what is it? Well, an EVP is an Employee Value Proposition and it essentially is what rewards and benefits your company can offer the employee. To get a better understanding, the concept of EVP as we now know it originally developed from the marketing concept of ‘Unique Value Proposition’ which is what unique value a company can give to its customers compared to their competitors. So in the same way, it is essentially what value you can give to your employees.

What is in my EVP

So as much as an EVP can include compensation, these days most companies have shifted their focus towards development schemes, internal reward and recognition programmes and community issues. More examples of what your EVP can include are:

• Technology: your company can provide the latest tech to employees for them to use for work
• Car or fuel: if someone is expected to travel often a part of their role you can compensate their car or fuel expenses
• Work-life balance: if your company takes pride in your flexibility, then show that off
• Culture and values: show off the environment you have worked hard to cultivate to attract the right candidates

Your EVP is basically just a portfolio of all your perks, benefits, incentives and support systems so pay attention to it, and make sure it's competitive.

Why is an EVP important

To answer this question in two words: ATTRACTION & RETENTION. Your EVP sets you apart from your competition and it attracts your ideal candidates by showing them how their talent is rewarded and valued, and if they feel it is they are going to want to stay with you for longer. Your EVP communicates your company's values and goals, and candidates which feel like their own values and goals align with yours will be inclined to come work for you. Attracting talent which fits into your culture is important for productivity and it also boosts your reputation in the market.

What you need to consider when building your EVP

Well to give you a general idea of where to start looking at your feedback. We know we keep coming back to this, but feedback from your employees is one of the most valuable things to your company. Only current employees can tell you what made you stand out from the rest. So before you start thinking about sending out some anonymous surveys!

Research is also an important thing to conduct in addition to feedback and data collected. A good place to start would be looking at the Australian Government’s Department of Employment and Workplace Relations webpage on EVP’s, and you can find that here

Beyond feedback the main things you need to consider are the following:

1. Salary Information: Everyone is in it for the money after all, so give an accurate figure which you feels reflects the value in their talent and make sure it is up to industry standards. You should annually review this
2. Rewards & Recognition: as much as money is important candidates want to see what other ways will they be valued at your company. Here is the perfect opportunity for you to be competitive. There are three forms of employee benefits:
   1. Supplementary compensation: this could look like anything your budget can accommodate such as free coffee, health insurance, gym memberships or even just flexible working hours
   2. Value, mission & purpose: people want to feel like their time and efforts really matter, they need simply just motivation and engagement
   3. People and culture: employees want to work with others they feel alike too or can look to for mentorship. By sourcing similar and eager-to-learn talent you set a standard for the culture of your workplace
3. Culture:  candidates want to know not only what their day-to-day will look like in your company but how it would feel in your workplace and what events or activities you may hos that they can get involved in. if you have employee incentive schemes or competitions that bring a little bit of fun into the workplace and to break things up a little, then showcase this.

How / Where to start when building your EVP?