Attract the Best Talent and Build Your Brand: Why Creating an EVP is Essential for Any Business

February 20, 2024
7
minutes to read
by
Jaala Alex
Table of Contents

In today's competitive job market, attracting and retaining top talent is essential for the success of any business, particularly small businesses. One effective way to achieve this is by creating an Employee Value Proposition (EVP). An EVP is a comprehensive set of benefits, rewards, and opportunities a company offers its employees in exchange for their skills and commitment. In this article, we will explore the meaning of EVP, its importance in HR and branding, and how small business owners can create an effective EVP to attract the best talent and increase brand awareness. We'll also provide examples of successful EVPs and their impact on brand perception and outline the steps involved in creating an EVP that works for your business.

What is an Employee Value Proposition?  

An Employee Value Proposition (EVP) is a statement of the unique benefits and opportunities that a company offers to its employees. It is the value that employees receive in exchange for their skills, knowledge, and expertise. An EVP communicates what sets a company apart from others and what it offers to attract and retain top talent.  

An effective EVP goes beyond the traditional pay and benefits package and encompasses a company's culture, mission, and values. It helps employees understand what they can expect from their employer and how they can grow and develop within the company.  

Examples of EVPs can include flexible work arrangements, opportunities for career advancement, training and development programs, and a supportive work culture.  

It's important to note that an EVP differs from other HR concepts, such as the employer brand or employee engagement. While the employer brand is the perception that a company creates in the minds of its employees and customers, the EVP is the tangible set of benefits and opportunities that the company offers. On the other hand, employee engagement is the emotional connection that employees have with their work and employer. An effective EVP can contribute to both employer brand and employee engagement by creating a positive and attractive workplace culture.  

Why Should You Have an EVP?  

Having a well-defined EVP can bring several benefits to your business. Firstly, it helps you attract and retain top talent. An EVP that is aligned with the values and interests of potential candidates can be a significant factor in their decision to work for your company over others. A well-crafted EVP can also help you differentiate yourself from your competitors, making your business more attractive to job seekers.  

Secondly, an EVP can help improve employee engagement and productivity. When employees feel that their employer values their contribution and is committed to their development, they are more likely to be satisfied with their work and motivated to perform at their best.  

Thirdly, an effective EVP can help reduce employee turnover. Employees who are happy with their job and feel that their employer is investing in their development are less likely to leave for other opportunities.  

Overall, having an EVP that is aligned with your company's culture, values, and goals can help you attract and retain top talent, improve employee engagement and productivity, and reduce employee turnover. It is an essential tool for any business looking to build a strong and committed workforce.  

How Can an EVP Increase Your Brand Awareness?  

An effective EVP can also help increase your brand awareness. When you create an EVP that aligns with your company's culture and values, you can communicate this message to the outside world, creating a positive brand image that attracts potential customers and partners.  

For example, suppose your company strongly focuses on sustainability and offers environmentally friendly benefits to employees. In that case, you can communicate this message to potential customers, investors, and partners, creating a positive association with your brand.  

In addition, when your employees are satisfied with their work and feel valued by their employer, they are more likely to become brand ambassadors, promoting your company to their networks and sharing positive experiences with others.  

Overall, an EVP that is aligned with your company's values can help create a positive brand image and increase brand awareness, leading to increased customer loyalty, partnerships, and business opportunities.  

How to Create an EVP  

Creating an effective EVP requires a thoughtful and strategic approach. Here are some steps to follow:

  1. Identify your company's values and culture: Before creating an EVP, it's essential to understand your company's values, mission, and culture. What sets your company apart from others, and what do you stand for?
  1. Understand your employees' needs: Conduct surveys and focus groups to understand what your employees value most. What benefits and opportunities are most important to them? What do they want to see from their employer?  
  1. Develop a compelling value proposition: Based on your company's values and your employees' needs, develop a compelling value proposition that highlights your company's unique benefits and opportunities.  
  1. Test your assumptions: Once you’ve crafted some potential EVPs, it’s critical to test them with your staff to see how they land. This must be based on truth and honesty; otherwise, there is no point in running this exercise. We gave our team 5 options and asked them to rank each from 1-5 (1 = hell no, 5 = this is on point!).
  1. Communicate your EVP: Once you have developed your EVP, communicate it to your employees, job candidates, and the outside world. Use your EVP as a tool to attract top talent, differentiate your company from competitors, and create a positive brand image.
  1. Continuously evaluate and refine your EVP: An effective EVP is not a one-time project but an ongoing process. Continuously assess and refine your EVP based on employee feedback and business environment changes.  

 

How we did it at Thriday  

At Thriday, we literally followed the same step-by-step approach as above. Overall, by following these steps, Thriday was able to create an EVP that truly reflects our employees' needs and preferences. Here is the list of questions we asked the Thriday team in the first survey (Step 2):  

  1. I truly feel I belong here (rating 0-10)  
  1. When I speak up at work, my opinion is valued (rating 0-10)  
  1. I am able to access appropriate development opportunities to help me grow (rating 0-10)  
  1. I am offered learning opportunities to help me reach my maximum potential (rating 0-10)  
  1. Thriday supports my commitments or personal pursuits outside of work (rating 0-10)  
  1. I feel that I am doing meaningful work (rating 0-10)  
  1. Why are you motivated to work at Thriday?  
  1. What makes Thriday a unique place to work?    
  1. What do you most value about working at Thriday?  
  1. Which opportunities do you wish Thriday provided?  
  1. What are Thriday’s most meaningful traditions or rituals?    
  1. What qualities, in your opinion, does someone need to be successful at Thriday?  
  1. What are your favourite parts about: the work, the team and the culture?  
  1. How would you describe Thriday’s culture in 3 words?

Here are some of the highlights:

Thriday supports my commitments or personal pursuits outside of work:  

What do you most value about working at Thriday?  

“Flexibility! I can work whatever hours I feel work the best for me and the team. It is understood by everyone here that understanding and compassion come above business needs in relation to needing time for personal situations.”

Why are you motivated to work at Thriday?

“I feel like I am part of a business that is breaking new ground and disrupting a number of sectors. I like being part of a business that is moving forward and doing great things.”

What are your favourite parts about: the work, the team and the culture?

“I have ownership over my work and can drive it in the direction I want, the team is always willing the celebrate each others accomplishments and everyone works together towards the same goal.”

How would you describe Thriday’s culture in 3 words?

“ABSOLUTLEY BLOODY AWESOME”

(We simply had to include that last quote!)

Based on the survey results, we identified the key drivers of employee satisfaction and engagement, which included flexibility, trust, and a high-performance work culture. From there, we came up with ~20 statements, and whittled them down to 5.

We then developed a second survey to test our EVP with employees, seeking their feedback on the proposed value proposition. This feedback helped us refine and finalize our EVP.

Here were the options:

  • Work on your terms and reach new heights!
  • Flexible work, limitless possibilities.
  • Achieve more, on your terms.
  • Making a difference, with the flexibility you need.
  • Thriday’s flexibility fuels excellence.

We made a conscious decision to make sure the final EVP had an average score of over 3.5 or above. If the highest average score was lower, we would have gone back to the drawing board to ensure that what we were proposing felt like a genuine representation of the experience of Thriday’s employees.

The Result:

At Thriday, we believe that flexibility is the key to fueling excellence. We understand that our employees have unique needs and preferences, which is why we offer a flexible work environment that allows them to achieve their goals and excel in their roles.

Our research has shown us that our employees value flexibility highly and appreciate the opportunities it provides. By allowing our employees to work from home, adjust their hours, and take time off when needed, we have created a culture of trust and respect that fosters creativity, productivity, and loyalty.  

Thriday's EVP, "Flexibility Fuels Excellence," highlights our commitment to providing our employees with the support and resources they need to thrive. A happy and engaged workforce is the foundation of our success, and we will continue to invest in our employees' well-being to ensure we achieve amazing things together.  

 

Key Takeaways

In conclusion, creating an effective EVP is critical for any business looking to attract and retain top talent, improve employee engagement and productivity, and increase brand awareness. By following these steps, you can create an EVP that reflects your company's values and culture and provides your employees with the benefits and opportunities they need to thrive.  

In today's competitive job market, creating a compelling Employee Value Proposition (EVP) is more critical than ever. An EVP can help you attract and retain top talent, improve employee engagement and productivity, increase brand awareness, and differentiate your company from competitors.  

By following the steps outlined in this post, you can develop a compelling EVP that aligns with your company's values and meets the needs of your employees. Remember to continuously evaluate and refine your EVP based on employee feedback and business environment changes.  

Investing in your employees' satisfaction and well-being is not just the right thing to do; it's also a wise business decision that can lead to increased profitability, improved customer satisfaction, and long-term success. So, take the time to develop an EVP that reflects your company's values and culture, and reap the rewards of a happy and engaged workforce.

DISCLAIMER: Team Thrive Pty Ltd ABN 15 637 676 496 (Thriday) is an authorised representative (No.1297601) of Regional Australia Bank ABN 21 087 650 360 AFSL 241167 (Regional Australia Bank). Regional Australia Bank is the issuer of the transaction account and debit card available through Thriday. Any information provided by Thriday is general in nature and does not take into account your personal situation. You should consider whether Thriday is appropriate for you. Team Thrive No 2 Pty Ltd ABN 26 677 263 606 (Thriday Accounting) is a Registered Tax Agent (No.26262416).

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