Employee Value Proposition’s Power
In today’s competitive job market, organisations with a compelling Employee Value Proposition (EVP) have a significant veritable difference in attracting and retaining top talent.
With over 18 years of experience in the business of attracting top talent, Citadel Search has seen firsthand the value of employers building an effective EVP. Companies with a strong EVP benefit from a distinct advantage when it comes to attracting and retaining talent. By understanding and addressing employees’ needs for meaning and purpose in their work, your organisation will be able to connect with employees more impactfully. Addressing this need also creates a conducive work environment that fosters high employee engagement, work satisfaction and employee retention in the long-run.
In this article, we explore the concept of EVP, its importance, and provide examples from renowned companies that have successfully implemented key EVP strategies. We also offer our insights into creating a strong EVP to enhance your organisation’s appeal to attract and retain exceptional talent.
What Is Employee Value Proposition (EVP)?
Employee Value Proposition (EVP) refers to the competitive advantage an employer presents to attract and retain employees, highlighting the advantages and benefits of working in the organisation compared to your competitors. Some applications of EVP include distinctive rewards packages, diverse growth opportunities, wellness and balance, zero tolerance for exclusion, work as you play culture, etc.
What Makes A Good EVP?
A strong EVP should align with the organisation’s culture, values, and goals, while also addressing the needs and aspirations of its employees. Renowned companies like Google, Netflix, Airbnb, Procter & Gamble, and Changi Airport Group have all mastered the art of creating an EVP that resonates with their employees, leading to exceptional performance and employee satisfaction.
Why Employee Value Proposition Is Important
A compelling EVP is crucial for several reasons. Firstly, it helps attract and retain top talent. According to a LinkedIn survey, 75% of job seekers stated that an employer’s brand and EVP is one of their biggest factors of consideration when applying for a job.
Secondly, a well-crafted EVP enhances employee engagement and productivity. When employees feel connected to their organisation’s mission and values, they are more likely to be motivated, engaged, and committed to their work. Connecting employees’ efforts to the broader purpose of the company encourages employees to appreciate the impact of their work, fostering a greater sense of pride and motivation to continuously contribute to the organisation. According to Gallup, companies with high employee engagement outperform their peers by 147% in earnings per share.
3 out of 4 professionals stated that an employer’s brand and EVP significantly influence their decision to apply for a job.
A good EVP creates a sense of purpose and meaning, leading to increased job satisfaction and performance.
Measuring and benchmarking the effectiveness of an EVP is essential for continuous improvement. Various metrics can be used to assess EVP success, such as employee satisfaction, retention rates, and employee referral rates, etc. Renowned companies provide excellent examples of successful EVP implementation.
Examples of Powerful EVPs
- Google: Google’s “Do Cool Things That Matter” is an EVP attractive to many job seekers, a great example of a market leader in innovation. Apart from its mission to make a difference in the world, the company is also known for its attractive benefits. Furthermore, Google’s videos showcasing their workplace culture on various social media platforms, like Youtube, demonstrate to top talent what it’s like to work at Google before even joining the company, allowing them to virtually experience a-day-in-the-life!
Google’s unique EVP also highlights the opportunity for personal and professional growth, along with a strong emphasis on work-life balance and employee well-being. By providing a flexible and inclusive work environment, Google has created an EVP that attracts top talent from diverse backgrounds.
2. Netflix: Netflix has built a people-centric EVP, “People Over Process”. The company is centred around its people, freedom, and responsibility rather than strict rules and regulations. Their unique “freedom and responsibility” culture encourages employees to take ownership, make decisions, and be accountable for their work, proving effective in attracting individuals who thrive in an environment that values autonomy and trust. As the company encourages independent decision-making and innovation, employees also feel a greater sense of ownership which leads to higher satisfaction, contributing to Netflix’s success as a leading entertainment provider. This EVP is a herd-calling for employees who work well with freedom. Candidates who appreciate such a culture will be attracted to this unique organisation.
- Airbnb: Airbnb’s “Create a world where anyone can belong anywhere” is an EVP that revolves around belonging and a sense of community, which closely aligns to the company’s mission and values. They emphasise diversity and inclusion, fostering an environment where employees feel valued and respected. In addition, employees enjoy travel perks that appeal to those interested in travelling and exploring global cultures.
4. Procter & Gamble: In June 2023, the company reported that they are investing more than $100 million into setting up a new manufacturing facility in Singapore. Mr Stanislav Vecera, P&G’s president for Asia-Pacific, Middle East and Africa, said “We chose Singapore as our home in this region because of its strategic location, robust business infrastructure, innovation and digital ecosystem and exceptional talent”. The recognition and acknowledgement of P & G reservoir of talent reflects the importance of EVP to them. This is effectively communicated from their innovative EVP statement, “P&G + Me = Mutual Success”, framed as an equation that leads to mutual success for both the business and their employees. With a strong commitment to making lives better for employees all around the world, employees are offered flexible working times, remote working options and access to a range of fitness and relaxation classes. Altruistic employees are also strongly encouraged to contribute to the company’s corporate-sponsored volunteer events to give back to the community.
5. Changi Airport Group: In 2023, Changi Airport Group was named as the World’s Best Airport for the 12th time by London-based research firm Skytrax and was awarded the World’s Best Airport Dining and Leisure Amenities at the 2023 World Airport Awards ceremony held in Amsterdam (Yufeng, 2023). Their EVP focuses on employee empowerment, wellbeing and wellness. For example, to encourage leading an active lifestyle, employees get to enjoy access to facilities such as bath amenities and bicycle lockers. During the pandemic, the company was equipped with the latest video conferencing features to facilitate hybrid meetings among internal and external stakeholders based overseas. Employees could also easily submit health declarations and coordinate meetings and discussions through their in-house app, CAGWorks!. By intentionally giving attention to employee well-being, it promoted strong employee engagement which is a key driver to sustaining high work productivity and performance.
In Summary
Crafting a powerful EVP is crucial to forming a strong and cohesive brand identity, as well as to attract the best-fitting talent to align to your organisational values. When you embark on your journey in creating your own EVP, look to these examples for inspiration. Remember, the hallmark of an effective EVP is the ability to connect to your employees, including existing and potential ones. Understanding the wants and needs of your talent will allow you to forge a strong connection between your employees and the organisation, enabling a successful long-lasting partnership for all!
Want to know how you too can build your own EVP and stand out from the crowd? Stay tuned for Citadel Search’s upcoming post on How to Create a Compelling Employee Value Proposition, where we go over the steps you can take to develop a winning EVP strategy!
Citadel Search is an executive search firm of choice at the forefront of bridging capabilities to unlock possibilities. In the course of working with many top tier MNCs, we have our ears to the ground on pressing issues, and hence seek to empower our clients to close gaps between their organisation’s talent requirements and what top talents are looking for.