Designing an EVP That Inspires Growth, Performance, and Retention

In today’s competitive job market, attracting and retaining top talent is more important — and more challenging — than ever before. A 2023 Gartner survey revealed that more than one-third (35%) of candidates received four or more offers during their last job search, and 50% accepted a job offer but backed out prior to starting.

At the same time, workforce expectations are also changing. Modern performance management approaches prioritize continuous feedback, development opportunities, and employee well-being. By incorporating these elements into your EVP, you ensure alignment with the evolving expectations of Millennials and Gen Z employees, who seek employers committed to their personal and professional growth.

Faced with these challenges, an Employee Value Proposition (EVP) is one of the most powerful tools in an employer’s arsenal. An EVP is a comprehensive collection of unique benefits an organization offers to attract and retain talent. It captures the essence of the organization, focusing on compensation, benefits, career development, performance management, work environment, and culture.

An EVP provides potential and current employees with the answers to two critical questions:

• Why should I work for this organization?
• Why should I stay at this organization?

An effective EVP does more than attract talent — it creates an environment where employees feel their ambitions are supported and aligned with organizational goals. When combined with modern performance management practices such as agile goal-setting and real-time feedback, EVPs foster a culture of accountability, motivation, and shared success.

Creating and Communicating a Strong EVP

A well-constructed EVP communicates an organization’s care for employees’ personal and professional aspirations, creating a more engaged workforce and increasing satisfaction, loyalty, and performance. However, not all EVPs are equally impactful.

To avoid incompatibility and create the most compelling EVP, adhere to the following steps:

1. Identify Your Target Employee(s): Understand who you want to attract and retain.
2. Articulate Each of the Main Components of the EVP: Clearly define what you offer in terms of compensation, benefits, career development, work environment, and culture.
3. Research Current Employee Satisfaction and Job Market Trends: Gather data to ensure your EVP is relevant and competitive.
4. Customize: Tailor your EVP to meet the needs and preferences of your target employees.

Communicating Your EVP

By actively promoting your EVP, you ensure that it resonates with your audience and reinforces your organization’s commitment to its workforce. This can be achieved by:

• Aligning EVP with Vision and Values.

  Ensure that your EVP reflects your core vision and values. This alignment helps create a cohesive message that resonates with both current employees and potential hires, reinforcing what your organization stands for.

• Creating Employee Testimonial Videos.

  These personal accounts can highlight how your EVP translates into real-life experiences, making it more relatable and credible. You can also use video to highlight events, team activities, and day-to-day interactions to provide a vivid picture of your organizational culture.

• Enhancing Your Career Page.

  Design a Careers page on your website that not only lists job openings but also showcases your EVP. Use engaging content, visuals, and employee testimonials to make the page informative and appealing to potential candidates.

• Highlighting Your EVP in Internal Communications.

  Ensure that your EVP is consistently communicated within the organization. Use internal newsletters, meetings, and events to remind employees of the unique benefits and values you offer, fostering a sense of pride and belonging.

According to the Gartner survey, only 16% of employees reported knowing the components of their organization's Employee Value Proposition (EVP)

Evaluating Your EVP

Like any system or tool your organization uses, it is essential to routinely evaluate the impact and relevance of your EVP. This can be achieved by analyzing relevant key performance indicators (KPIs). In addition, organizations can implement anonymous employee engagement surveys to gather candid feedback on workplace satisfaction and culture, as well as utilize short, frequent check-ins to monitor trends in sentiment over time.

By routinely evaluating the efficacy of their EVPs, organizations build a culture that values diverse perspectives and encourages collaborative success, which contributes to both individual fulfillment and organizational resilience.

How Eide Bailly Can Help

An Employee Value Proposition is a powerful tool for sustained growth, development, and success, ensuring that both employees and the organization thrive. At Eide Bailly, we specialize in helping organizations develop and communicate effective EVPs that foster engagement, loyalty, and retention among employees.