EVP templates

In today's fast-paced and highly competitive job market, attracting and retaining top talent has become increasingly difficult for many organizations. With so many options available to skilled workers, companies must go beyond traditional salary and benefits packages to stand out. This is where the employee value proposition (EVP) comes in.

An EVP is the unique set of offerings and benefits an organization provides its employees in exchange for their skills, knowledge, and experience. It’s the benefits that make an organization an attractive place to work. A competent EVP can reduce employee turnover by as much as 70% and enhance recruit commitment by 30%. Still, many businesses fail to establish a compelling value proposition that connects with their employees. 

So, join in as we dive into all you need to know about employee value proposition, including what it is, why it matters, and how to create one that resonates with your employees. 

An employee value proposition (EVP) is a set of rewards and benefits an organization offers to attract, retain, and motivate its employees. It's the unique combination of tangible and intangible benefits that an organization provides in exchange for its employees' skills, knowledge, and experience. 

An effective EVP includes several elements that are important to employees, such as:

• Competitive salary and benefits

• Opportunities for career growth and development

• A positive and inclusive work culture

• Work-life balance

• Flexible work arrangements

• Recognition and rewards for performance

• Meaningful work

These elements combine to create an overall proposition that appeals to employees and sets the organization apart from its competitors. Ultimately, an EVP represents an organization's value on its employees and the investment it’s willing to make in their growth and development.

Every company needs an employee value proposition to create a unique and compelling reason for talented professionals to work for them. A strong EVP can differentiate you from your competitors and make you an attractive option for top talent. Without an EVP, you risk getting lost in a sea of similar organizations struggling to attract the right talent.

A well-crafted EVP can also create a positive workplace culture that fosters motivation, engagement, and loyalty among your employees. This can lead to increased productivity, reduced turnover, and improved customer satisfaction, all of which support the overall success of your organization.

A well-crafted employee value proposition (EVP) can provide numerous benefits for your company. Here are some of the main benefits and how they can positively impact your business:

1. Attracting and retaining top talent

By creating a compelling value proposition that sets you apart from your competitors, you can attract and retain the best candidates for your organization. When you offer a unique set of benefits and rewards that appeal to the needs and wants of your employees, you can be more selective in your hiring process. That allows you to bring on top talent that aligns with your company's values, goals, and culture. 

Retaining top talent is also easier when you have a great EVP because employees are more likely to stay with a company that offers them meaningful work, growth opportunities, and a positive workplace culture.

2. Creating a positive workplace culture

A strong EVP can help you create a positive workplace culture that promotes employee engagement, motivation, and loyalty. You can create a sense of community and belonging by offering benefits that align with your company's values. 

Creating a positive workplace culture ultimately leads to increased collaboration, communication, and teamwork among your employees, improving overall productivity and innovation. Additionally, when you prioritize the well-being of your employees, they’re more likely to feel valued and supported, leading to higher job satisfaction and loyalty.

3. Building a strong employer brand

Your EVP can also help you build a strong employer brand, improving your reputation and making it easier to attract top talent in the future. When you provide a compelling value proposition for your employees, you differentiate yourself from the competition and become known as an employer of choice. 

With a strong employer brand, you can attract potential employees who align with your company's values and goals and lead to increased interest in your job postings and recruitment efforts.

4. Increasing productivity and profitability

A strong EVP can also increase your company's productivity and profitability. Employees who feel valued and supported are more likely to be engaged, motivated, and committed to their work. And engaged teams boost profitability by 23% and customer loyalty by 10%. 

Additionally, by reducing turnover rates, you can save costs associated with recruitment, hiring, and training new employees, ultimately leading to increased profitability for your business.

Creating a strong EVP takes more than simply a marketing effort. Here are the steps to follow when developing an EVP that will contribute to the success of your business:

1. Clearly define your employee personas

Employee personas are fictional characters representing different segments of your workforce based on demographics, career stages, goals, and aspirations. Defining employee personas will help you understand your employees' needs, preferences, and motivations and tailor your EVP to their unique characteristics. 

You can use qualitative and quantitative research methods, such as surveys, interviews, focus groups, and data analytics, to create employee personas. The key is to identify your workforce's most significant trends and patterns and use them to create accurate and relevant employee personas.

2. Listen to what your existing employees have to say

Your existing employees are your best source of feedback and insights on your EVP. They can provide valuable information on what works and what doesn't in your current EVP and what changes they would like to see. By listening to your employees, you can identify areas of strength and weakness in your EVP and develop strategies to improve it. 

You can use various channels to gather employee feedback, such as surveys, focus groups, suggestion boxes, or one-on-one conversations. The idea is to create an open communication and trust culture that encourages employees to share their honest opinions and ideas.

3. Define your unique EVP elements

Your unique EVP elements should reflect your organization's values, culture, and personality and align with your employee personas' needs and preferences. Use internal and external research methods to define your unique EVP elements, such as employee surveys, competitor analysis, and industry benchmarks. Your target is to identify the key drivers of employee engagement and develop a customized EVP that addresses them.

4. Write your employee value proposition

Once you have defined your employee personas, listened to your existing employees, and identified your unique EVP elements, it's time to write your employee value proposition. Your EVP should be clear, concise, and compelling, communicating the unique benefits and rewards of working for your organization. 

Your EVP should answer the following questions: 

• What makes your organization a great place to work? 

• What benefits and rewards do you offer to your employees? 

• What values and culture do you promote? 

You can use a variety of formats to write your EVP, such as a tagline, a mission statement, or a narrative story. The aim is to make your EVP authentic, relevant, and memorable and to align it with your employer brand.

5. Evolve over time

Creating a successful EVP is not a one-time event but a continuous process of improvement and evolution. Your EVP should evolve to reflect changes in your organization's goals, culture, and workforce and to remain relevant and effective in attracting and retaining top talent. 

You must track the performance of your EVP metrics, such as employee engagement, retention, and productivity, and make data-driven decisions to improve your EVP. By continuously evolving your EVP, you can create a competitive advantage in the talent market and drive the success of your organization.

An EVP template is a structured guide that helps companies create a compelling employee value proposition (EVP). The template outlines key questions to answer and prompts to follow to define a company's unique benefits and values. Using an EVP template, companies can develop a clear and concise message that resonates with top talent and sets them apart from competitors. 

To use an EVP template, start by understanding your target audience and company brand, then fill in the blanks or answer the questions provided in the template. Knowing your target audience will help you identify your unique selling points and craft a powerful EVP message that attracts and retains top talent while building a positive work culture and setting your company up for long-term success.

Here are five examples of employee value propositions from companies that know the benefits of EVPs and how to connect with workers and job candidates personally:

1. Strava

Strava has a values-based approach to the employee experience. For a fitness platform, this means a lot of wellness-related perks, like a $1,000 annual gear stipend, $500 annual gym reimbursement, weekly exercises, and free yoga lessons.

There are also many perks based on the company's culture, such as employee affinity groups, free breakfasts on Tuesdays, and twice-weekly dinners for late-night workers. Strava also places a premium on diversity, inclusion, and anti-racism initiatives.

2. HubSpot

Hubspot's EVP starts with the tagline, "Your best work starts here." The company's benefits page corroborates this claim by listing numerous perks such as unlimited vacation, working from home whenever you like, a five-year sabbatical, paid time off for parents, "fun stuff," and more. 

Hubspot's unique selling proposition centers on the idea that the company will "help you be the best 'you' that you can be" by facilitating a healthy work-life equilibrium. Hubspot is open about its values, which center on diversity and inclusion, and it has published a 100-plus-page document called the "HubSpot Culture Code" to explain in detail how it fosters this environment.

3. Airbnb

"Create a world in which anyone can belong anywhere" is the mission that unites Airbnb's employees. This mission is supported by four fundamental values that define what it means to work for Airbnb: innovation, care, support, and inclusivity. 

Their EVP example aligns well with the platform-enabled travel community of hosts and guests. Similarly, Airbnb provides a variety of travel-friendly perks, such as an annual credit for travel and experiences and paid volunteer time.

4. Merck

Merck has been recognized as a top workplace repeatedly. The company received the 2021 Employee's Choice Award from Glassdoor and, in the same year, was named one of America's Best Employers by Forbes. Merck provides its employees with a wide range of benefits, such as:

• A global recognition program

• Year-end shutdown days

• Flexible work arrangements

• Paid parental leave

The company also offers a "Returnship" program for those who left their job (to start or care for a family, return to school, or follow a passion) and are ready to return.

5. Shopify

Shopify gives its workers "strong values and a sense of purpose, caring leadership, and a place where everyone can feel like they belong." The e-commerce company wants to build a culture where everyone is welcome and all team members can make a difference.

Shopify's culture puts its employees first and encourages them to work remotely during key business hours rather than wasting time in transit. Employees can put in their best work at times and in places that best suit them. The company provides its staff with a generous internet allowance (allowing them to work remotely) and numerous internal and external training options. 

Standing out from the crowd becomes increasingly challenging as the job market becomes more crowded. That's why a strong employee value proposition (EVP) is more important now than ever. By developing a compelling EVP that communicates your unique benefits and values, you can differentiate your company from the rest and attract top talent to your organization.

Investing in your EVP is an investment in your future, and it will help you build a positive work culture that fosters growth, innovation, and employee satisfaction. As the job market continues to evolve, having a strong EVP will be essential to staying ahead of the curve and finding and retaining your organization's best talent.

Your EVP tells prospective employees what they can expect from you as an employer. A company's "employer brand" is its public image in the eyes of prospective employees. The employer brand, then, is the intangible, artistic manifestation of your EVP.

A strong EVP:

• Is measured with key measures so that it can always be improved

• Is well communicated

• Fits with the purpose and goals of the company

• Is unique to your business

• Adapts to the requirements of your employees

• Integrates employer branding and employee experience

A few key performance indicators (KPIs) you can use to measure the effectiveness of your EVP include: 

• Cost-per-hire

• Turnover rate

• Traffic to your company career page

• Employee satisfaction rate

• Time to hire

• Online company ratings and reviews

• Applicant-to-interview ratios