What’s the difference between EVP & Employer Branding?
Many organisations have EVP (Employee Value Proposition) on their mind these days. This blog will help you understand how EVP is different from your Employer Branding and how you can create a good Employee Value Proposition for your company.
What is EVP (Employee Value Proposition)?
Your Employee Value Proposition is the commitment you make to your employees to give them some things in return for their hard work and efforts towards your company. It includes all the benefits and rewards they get as an organisation employee.
It’s an arrangement you’ve made to reward them for their work, skills, time and efforts. Your employer branding is a whole and your employee value proposition is one of the most important parts of that whole. It’s what makes your employer branding unique and differentiates it from the rest.
How Is EVP different from Employer Branding?
While your Employer Brand is what people outside the organization see and get attracted to the company for, your Employee Value Proposition meaning is what the employees internally get by working for you. Everything that you show to the outside world as a potential employer is what your Employer Brand is. It’s everything which people think it would be like to work for a specific company. Your EVP is what the company shows and gives to its employees.
Creating your Employee Value Proposition is a much more research-focused, deliberate and technical task, where you have to take care of the numbers, finances, operations and manpower, while formulating the same. Whereas, your Employer Brand is the creative way of expressing the same to potential employees, stakeholders and the outside world.
5 Key Elements of Employee Value Proposition
For your employees to feel satisfied and the best talent to continue working with you, your compensation, which is the salary, needs to be competitive and top-notch. There should also be certain rewards and bonuses to which they should be entitled to. With specific evaluation systems in place, it’s said that Fair and Performance Based compensation is one of the best HR practices to follow to retain top talent.
While important to many, it’s interesting to note that compensation is not equally valuable for all. With generational differences coming in, it’s been noticed that the younger talents value growth more than the compensation they get.
With a focus on mental health and divisions between working and non-working hours, work-life balance is a priority for many today. Here, you need to consider everything from flexible working hours, remote working options, paid time off, and holidays to retirement plans.
Here, different employees will value different things more. One size will not fit all. While some will value remote working options more, others will require parental leave more. You will have to try different recipes, time and again and find out the best one that works for you. Try and customize, and offer them what they are in need of, the most.
When it comes to stability, it doesn’t mean stagnancy. It also means educational opportunities, career growth opportunities, exposure to new knowledge, employee training and so on. It should also mean that your employees should feel a certain sense of security when working for you, and you should think of ways that you can offer it to them while not compromising on their quality of work.
Here’s where mentoring sessions, learning sessions and regular workshops come into play. You can include these in your EVP too.
This part is not just about where your office is located. It also refers to, in a broad sense, a work environment that’s positive and free of gossip. Your employees should feel motivated to come to the office and be inspired to showcase their best talent.
From the office space to the technological facilities, from the comfort in your office to the canteen facilities, it’s everything different, new and facilitating that you’re offering to them which might come across as a benefit.
This could also refer to location autonomy – you can design your employee value proposition in a way where you can offer remote working options, hybrid, flexible work-timing and more.
Often dismissed as something not part of an EVP, respect is rather its most integral part. It’s about cultivating office relationships that are positive, supportive and full of respect. If you can offer a company culture like that to your employees, you’ll truly stand apart and your employees will value you beyond compensation and benefits.
Examples Of Employer Value Proposition
We’ve talked about the theory enough, let’s look at a few examples of how the companies are creating their EVP in the real world.
In 2018, Shell was the third largest company in 2018 in the world, in terms of revenue. They have more than 80,000 employees and receive more than 1000s of applications every year.
Talking about their EVP, they’ve done a very good job in defining four pillars – Discover, Together, Connected and Impact. They’ve formulated all their EVPs on the basis of these 4 pillars. This is a great way of laying down the foundations and having a base for yourself to build on.
A global company, Unilever is known for its consumer goods. Their mission is to make sustainable living commonplace. They give a lot of importance to making a difference and that is what’s there at the core of their employer brand and Employer Value Proposition.
Unilever’s Employee value proposition is based on four pillars:
- Purpose Power
- Be the Catalyst
- Brilliantly Different Together
- Go Beyond
Experts like Velocita Brand Consultants (VBC) help organisations communicate the Employee Value Proposition to all their employees through relevant channels. Besides being an expert in Branding and Marketing in India, VBC is also known for its Employer Branding Services. VBC has years of experience working on Employer Branding Solutions with companies belonging to categories like IT, Auto, FMCG, Financial Services etc. A cross-industry experience like this helps Velocita brand as the employer branding consultant to implement some of the best industry practices for all its clients.
Conclusion: So, organisations planning to achieve the next level of growth must remember that besides their customers, they must also have their employees’ support too! While inspired employees will manage the customers correctly, positive Employer Branding will inspire the organisation’s employees to give their best!