Businesses today are involved in a war for talent. High-level candidates with the skills and experience companies need to thrive are in short supply, so you need to offer something unique to stand out and attract the most valuable workers.
This is where your employee value proposition (EVP) comes into play. A strong EVP allows you to show the value you can provide to workers, in return for the qualities and benefits they can bring to the organization.
According to Gartner, employers that deliver on their EVP can reduce annual employee turnover by 69% and increase new hire commitment by nearly 30%.
So how do you create a strong EVP that helps you attract the talent you need? Here are five brands that have met this challenge and some of the lessons you can learn from them:
HubSpot is one of the leading names in the sales and marketing software space, a position it has achieved thanks to a workforce driven by the company's powerful EVP.
One of the most valuable lessons to learn from HubSpot's success is how important it is to show faith in your staff and to trust them to do their jobs with freedom and autonomy. It does this with attractive perks including non-traditional hours, remote working and unlimited vacation time.
As the company states on its careers page, employees aren’t just assets for their employer to use as it sees fit, but "whole people" with families, interests, priorities and entire lives outside work.
A pizza restaurant chain with outlets across the north-eastern United States, &pizza sets itself apart with an EVP centered around a strict 'no ceiling' policy. This means there’s effectively no limit to how far people can progress with the company - an unusual and attractive proposition in an industry traditionally known for high rates of staff turnover and limited options for career growth.
Key takeaway: don't be afraid to take a fresh approach and offer your employees something completely different from the norm.
3. Bain & Company
This prestigious management consulting firm is one of only three companies - along with Google and Apple - to have appeared on Glassdoor's annual Best Places to Work list every year since it was launched 12 years ago. It was second in the 2020 ranking, narrowly behind HubSpot.
One of the most powerful aspects of Bain's EVP is its package of benefits and flexible working options designed to reflect different stages in people's lives and careers. These include:
- Four-to six-month externships at an organization of the individual's choice related to their professional goals
- Temporary and permanent relocation opportunities to work in other offices around the world
- Extended breaks allowing eligible staff to take two months off to recharge their batteries or pursue personal goals outside work
- Part-time and job-sharing options
Dell Technologies was among the new arrivals on Glassdoor's list of the best large employers in the US in 2020.
At the heart of their EVP is a culture of meritocracy, where people who do their best for the company and accomplish great things get the recognition they deserve.
This message to employees reflects the fact that, in addition to fundamental provisions like pay and benefits, one of the most important things people want from their job is recognition for their efforts.
The strength of Yelp's EVP lies in the fact that it emphasizes diversity, inclusivity and authenticity, which sends a strong message to employees that, once they come onboard, they become part of a team that celebrates them for who they are.
It encourages candidates to "come as you are and become who you want to be".
The company provides a positive example for other employers by showing the benefits that both the organization and its workforce can gain from embracing principles like community and a sense of belonging.