On paper, the idea of EVP sounds great and most executives and managers would be eager to implement any program or policy that would better their employer branding and increase their attraction and retention rates, provided that they don’t blow the budget (which is perfectly understandable). However, what happens when a company establishes an EVP for themselves without really thinking too much about it? Or what if they just do it for the sake of it and not because they actually care about the quality or viability of the perks they’re offering? In those cases, companies don’t improve their branding like they should, they’re actually doing the opposite.
There are three main angles from which one could analyze the reasons why your EVP is not bringing all the magical benefits it’s supposed to.
• Benefits that are not so beneficial: Whenever we hear someone talking about EVP, the first thing that comes to mind is employee benefits, meaning any other perk besides salary that a worker receives from their employer.
Mass media keeps sharing stories of innovative and ground-breaking companies that offer their workers amazing benefits. The most common of them probably being a health or wellness program that includes some sort of insurance, but there are other companies that go even further as to offer their workers things like gourmet meals, unlimited vacation plans, free transportation, and much more.
All of these perks sound great and we all wish we could work for a company that is so avant-garde. However, what we often fail to realize is that not all these benefits are right for every single company.
Take, for example, employee discount for products manufactured or sold by the company. This is a very common benefit, but it is only beneficial to your employees when you sell something that they can actually use. If your company sells something like household appliances or clothing, a discount for employees is a terrific idea; but if you sell bulk paper instead, an employee discount doesn’t sound as exciting.
• Your Company Values and Your EVP Are Not the Same: It’s easy to confuse or mix the two terms because they both contain the word “value”, but also because they relate closely to the company’s culture; both of which are sadly often put on paper, but not so much into action. Furthermore, there are some words that are commonly used with both definitions, such as innovation, teamwork, diversity, or self-growth, and this leads people to believe that they are in some ways interchangeable.
A company’s values are closely related to their culture. It defines the kind of people they want to have as part of their staff, including some specific character traits such as honesty, teamwork, and responsibility.
It is important to know the difference due to their very definition. Saying that part of your EVP is that you value teamwork, responsibility, and initiative doesn’t say much about what you do to reward and promote such traits. However valuable these may be, they’re not something that you’re offering, they’re something you want your candidates to bring in. The question is, what are you bringing to them?
• Lack of commitment to your EVP: Lots of companies still believe that their branding and their EVP is simply a façade they put on in order to attract clients and employees.
Creating and setting a good EVP program and just waiting for them to start giving results as if it were magic is simply not enough. You need to truly leverage and commit to what you’re offering. You can’t simply make empty promises and hope for the best. EVP requires a hands-on approach, otherwise, you’ll come across as a fraud and that will inevitably hurt your branding and your reputation.
Candidates value what their potential employer has to offer apart from a simple salary. Sites like Glassdoor are becoming increasingly popular among job seekers and the effects they have on the job market are undeniable. We live in a world where news travels fast and wide. The truth is that you can’t control what people say about you, but you can earn a good and honest opinion from them if you stick to your principles and actually deliver what you’re offering.
Remember, it takes years to build a reputation, but only seconds to destroy it.
When you decide to sit down and create an EVP, you need to really mean it. Don’t take this lightly, as it is one of the crucial factors that can help you tip the scales in your favor in the race to find the best talent. Keep in mind that everything that goes into your EVP has to be 100% real. If you’re offering benefits, make sure that they are actually useful for your employees; so take the time you need to figure out what makes your company stand out, what you can offer that no one else can, and commit to it.
There is a Candidate War going on, and only the bravest and boldest are getting the loot. You need to make sure that your entire arsenal is working as efficiently as it should.
Content Marketing Editor at neuvoo