What is your organization’s EVP?
By Mary Lynn Fayoumi, CAE, SPHR, GPHR, President & CEO
Published September 13, 2016
Human resources is a field full of acronyms. Just when you think you know them all, new ones arrive on the scene. Government agencies, specific regulations, employment forms and types of performance appraisals are just some of the formal terms that are condensed into catchy acronyms. Recently, I ran across a new one in an article in Gallup’s Business Journal titled, “What Attracts the Best Employees to a Company?” The short answer is a focused EVP!
For those of you who are not familiar with this particular acronym, EVP stands for employee value proposition. Although closely connected to an organization’s employment brand, it is defined as the balance of rewards and benefits that an employee receives in return for what they contribute to the workplace. In the article referenced above, Apple (yes, the Apple that had its big product announcement last week) was highlighted due to its decision to offer full educational reimbursement to employees. By doing so, they set themselves apart in the war for talent by demonstrating commitment to invest in employees who have a desire to learn and grow. An EVP speaks to a workplace’s culture and allows job seekers as well as current team members to assess organizational fit.
Most competitive employers undoubtedly have an EVP even if they have not taken the time to commit it to writing or communicate it consistently to the outside world. If you fall into that category, there is no time like the present to think about this important topic and work with your key leaders to craft a clear, concise summary of your EVP that will resonate with the type of talent you hope to attract and retain. If you are not sure where to start, Gallup recommends studying your best performers to determine what attracted them to your organization. Then, take a close look at your work environment and cultural elements that keep talented employees from considering other employment opportunities. Finally, make sure that your EVP enables you to stand out from the competition. What separates you from others in the marketplace and what are your unique distinguishing qualities? Is it your mission, innovative products, generous benefits, etc.?
It is the norm for employers to pour significant financial and human resources into their brand image in order to attract customers. Given the importance of talent in organizational success, it is essential that more resources be allocated to defining and articulating an EVP. If you already have a strong one, make sure that the applicants you are trying to attract, along with the employees you are trying to keep, know and understand it. If you are going to get to work developing one, good luck. Feel free to call us for help at 800-448-4584 if you need some assistance or email us at email@example.com.