An EVP is an Employee Value Proposition. This is the reason that someone would choose to work for you, keep working for you, be motivated and stay engaged. Adrienne Fox wrote “Make a ‘Deal’” in the January 2012 issue of HR Magazine about just this concept.
Adrienne talks about an articulated, well-thought-out, employee value proposition which is consistent with the business strategy and practices and how well it correlates with financial performance and recognition as a “great place to work”. An EVP describes the “give and get” between the company and the employee from both sides of the equations. A good employee value proposition defines what is great about your company and, while it should be used in your employment branding and recruitment, it really defines and builds your “corporate culture” – the “deal” you have with your employees and which they have with you. She quotes Jason Jeffay, Mercer’s global leader of talent management in Atlanta who says that your EVP won’t need to change if it is “aligned, authentic and aspirational”.
What struck me, as a recruiter, is how this is what I need to know in order to attract and “sell” the best candidates on your critical open positions. Even with so many people out of work, the best and brightest are usually employed and not looking, or they are “picky” about the companies they want to work for. I find this especially in the life sciences/biopharma space. The added factor is the science and how open the company is to fostering learning and development.
She also quoted a study that asked both the senior management and the rank and file employees if the companies they worked in had a formal employee value proposition. Guess what! The senior management said no or that it was informal, but the individual contributors said yes and quite formalized.
Do you know what your EVP is? Do your employees?