An employee value proposition (EVP) is a part of employer branding, in that it is one of the ways companies attract the skills and employees they desire and keep them engaged. It is how they market their company to prospective talent, and also how they retain them in a competitive job market¹.

A strong EVP can have many benefits for an organization, such as:

• Reducing the compensation premium by 50% and reaching 50% deeper into the labor market when candidates view an EVP as attractive².
• Decreasing annual employee turnover by just under 70% and increasing new hire commitment by nearly 30% when organizations effectively deliver on their EVP².
• Improving business outcomes like company performance and reputation by treating employees as people, not workers².

But how can you create a strong EVP that appeals to your critical talent segments? Here are some steps you can follow:

Step 1: Understand your target audience

Before you design your EVP, you need to know who you are trying to attract and retain. You can use various sources of data, such as employee surveys, focus groups, exit interviews, social media reviews, etc., to understand what your current and potential employees value most in their work experience. You can also benchmark your EVP against your talent competitors to identify your strengths and gaps.

Step 2: Define your EVP components

According to Gartner², an EVP consists of four interrelated factors:

• Material offerings: These include compensation, physical office space, location, commuting subsidies, computer equipment, flexibility, schedules, and perks.
• Opportunities to develop and grow: These comprise all the ways an organization helps employees acquire new skills and become more valuable in the labor market—for instance, by assigning them new roles, putting them through job rotations, offering them training, and promoting them.
• Connection and community: These are the benefits that come from being part of a larger group. They include being appreciated and valued for who you are, a sense of mutual accountability, and social relationships. Their foundation is an energizing culture that allows people to express themselves candidly and engenders a sense of belonging.
• Meaning and purpose: These are the organization’s aspirational reasons for existing. They align with employees’ desire to improve local and global society. They’re the answer to the core question of why employees do the work they do.

You need to prioritize these factors based on what matters most to your target audience. You also need to ensure that they are aligned with your organizational strategy, values, and vision.

Step 3: Communicate your EVP effectively

Once you have defined your EVP components, you need to communicate them clearly and consistently to your internal and external stakeholders. You can use various channels, such as websites, social media, job postings, employee testimonials, etc., to showcase your EVP in action. You also need to segment your messages for different talent groups, such as millennials, women, diverse candidates, etc., to highlight the aspects of your EVP that resonate most with them.

Step 4: Deliver on your EVP promises

The last step is to ensure that you deliver on what you promise in your EVP. You need to monitor and measure the impact of your EVP on key metrics such as employee engagement, retention, referrals, productivity, customer satisfaction, etc. You also need to solicit feedback from your employees and candidates on how well you are meeting their expectations and needs. You should be ready to adjust or update your EVP as necessary to reflect changes in the market conditions, employee preferences, or organizational goals.

Creating a strong employee value proposition is not a one-time project, but an ongoing process that requires strategic thinking, data-driven decision making, effective communication, and consistent delivery.

By following these steps, you can create an EVP that attracts and retains the best talent for your organization.

Sharing with you 3 examples of great EVPs from different companies in India:

Kellogs India:

This is a leading food company that produces cereals and snacks. Their EVP is: “Nourish your Grrreat”. It includes four aspects of employee wellness: financial wellness, physical wellness, emotional wellness, and career wellness. They offer benefits such as financial planning guidance, retirement benefits, flexible car policy, health insurance, gym membership, counselling services, learning and development programs, and recognition awards¹.

Flipkart:

This is an e-commerce company that offers a wide range of products and services online. Their EVP is: “Flipkart gives you an opportunity to work with some of the smartest people in the industry who will challenge you every day to do better. You will be part of a culture that encourages innovation, risk-taking, and customer obsession. You will also enjoy perks such as flexible work hours, employee discounts, healthcare benefits, and stock options.”

Infosys:

This is a global leader in next-generation digital services and consulting. Their EVP is: “Infosys empowers you to shape your career path according to your skills, interests, and aspirations. You will work on cutting-edge technologies and projects that make a difference in the world. You will also benefit from a culture of learning, collaboration, and diversity. You will have access to world-class training facilities, mentoring programs, wellness initiatives, and social responsibility activities.”

These are some examples of great EVPs that showcase how different companies in India communicate their unique value proposition to their employees and potential candidates.

What is Value Hiring?

Value hiring is a hiring approach that focuses on identifying and recruiting candidates who align with the values and culture of an organization. This means that, in addition to having the necessary skills and qualifications for a role, candidates are also a good fit for the company’s mission, vision, and overall way of working. The goal is to create a team that is not only competent, but also committed to the company’s goals and values.

How to evaluate candidates for value hiring?

There are several ways to evaluate candidates for value hiring, including:

• Behavioral Interviews: Ask candidates about specific situations in their past where they demonstrated the values that are important to your organization. This can help you gain insight into how they think and behave in real-world scenarios.
• Cultural Fit Interviews: Ask candidates about how they would fit into the culture of the organization and how they would align with the company’s values.
• Reference Checks: Speak with previous managers or colleagues to get a sense of how the candidate behaves in the workplace and if they align with the values of the organization.
• Assessments and Surveys: Use pre-employment assessments and surveys to measure a candidate’s values, personality, and cultural fit.
• Observation: Observe the candidate during the interview process to see how they interact with others and if they align with the company’s values.
• Role-playing: Give candidates scenarios related to the company’s values and observe how they would handle it.

It’s also important to note that value hiring is not only about the candidate’s fit with company’s culture, but also how they align with company’s values and mission, and how they can contribute to it.

Some potential benefits of value hiring include:

• Improved employee engagement and retention: When employees feel that they share the same values as the company, they are more likely to be engaged and motivated in their work.
• Increased productivity: Employees who are a good fit for the company culture may be more productive and efficient in their work.
• Better alignment with company goals: When employees share the same values as the company, they are more likely to be aligned with the organization’s goals and objectives.

Some potential drawbacks to value hiring:

• Limited diversity: If a company places too much emphasis on values alignment, it may end up hiring a homogenous group of people who are similar in background, experience, and perspective.
• Limited talent pool: By focusing on values alignment, a company may limit the pool of potential candidates and miss out on talented individuals who may not align perfectly with the company’s values but would still be valuable employees.
• Difficulty in assessing values alignment: Determining whether a candidate aligns with a company’s values can be subjective and may lead to bias in the hiring process.

Whether a company should do value hiring depends on the organization’s specific needs and goals. Here are some factors to consider when making this decision:

• Company culture: If maintaining a strong company culture is a priority for the organization, value hiring can help ensure that new employees align with the company’s values and will contribute to maintaining that culture.
• Employee engagement and retention: If a company is struggling with employee engagement and retention, value hiring may be a way to improve these areas by hiring employees who align with the company’s values and culture.
• Business goals: If a company’s goals and objectives align with its values, value hiring can help ensure that employees are aligned with these goals and are more likely to work towards achieving them.

However, it’s also important to consider the potential drawbacks of value hiring, such as limited diversity and difficulty in assessing values alignment, and weigh them against the potential benefits. Ultimately, whether a company chooses to do value hiring or not, it’s important to have a clear understanding of what the company’s values are, how they align with its business goals, and how they will be used in the hiring process.

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