MB Group's Question Of the Quarter: Q3,2022

EVP is currently a hot topic, what are some key moves that companies can make?

Here is what our experts had to say:

EVP is only a hot topic for companies who know what it is! Those that don’t are where the real missed opportunities are. You could have the best EVP plan and not be publicising it or worse – not understanding that you do! It’s a massively important message to both attract and retain talent.

My biggest piece of advice would be to make sure you have a solid EVP strategy that you can confidently articulate the components of in order to attract and retain top talent. Understanding and leveraging a good EVP plan will benefit both your company and your employees, a win-win situation.

Internally review all components that make up your EVP, which include benefits your company has to offer, the work environment, career development opportunities, company culture, and compensation packages. But, understand it is more than just offering these things, it is about encouraging employees to utilise the benefits from your EVP as well as ensuring that what you are offering aligns with what your employees actually want, rather than doing it for the sake of ticking boxes and sounding good.

Importantly, make time for the things you might not understand. Stay ahead of your competition by coming to the table with a thorough EVP plan to leverage in the current candidate-driven market. As a good EVP plan is imperative to becoming an employer of choice.

 - Adam Bevan, Head of Client Solutions at MB Group

As businesses shift and adapt in increasingly challenging economic times, seeking to establish a competitive advantage to recruit and retain more of the right talent has become critical to future success. Enter the white-hot employer value proposition (EVP)…

The EVP is a framework that defines the ‘give and get’ of the psychological contract and the material delivery on promises made between employer and employee. It’s the discovery, articulation and delivery of unique purpose - the why, how and what an organisation means to its current and future people beyond a job and salary alone, and it directly drives attraction, engagement, performance, reputation and retention.

- Matt Robinson, Head of EVP at Matt Burton Associates

In the current climate, there isn’t a client that isn’t thinking about their EVP. Some are more agile in their thinking and others more mature in their business which can allow significant investment in new EVP strategies.

The most obvious change recently is a move to hybrid or remote working which was driven from COVID and has now reshaped how businesses can operate. But the office hasn’t been forgotten. We (in recruitment) are seeing a huge shift in the investment in the work environment to attract people to the office where culture can be built from and people can enjoy working and spending time.

Benefits that have always given advantages to retain and attract are still there - flexible working, unlimited annual leave, sabbaticals, enhanced paternity leave, menstrual cycle leave, bonuses, LTIPs….the list is endless if you can offer them. We find there is a rise in non-financial benefits that are making a difference.

EVPs are not new - they are just more talked about. What is essential to underpin a great EVP is a culture and employer brand that works behind it - does the business work as good as it looks? And if it does then it’s a recipe for success. 

- Andy Preston, CEO at VIDA Connected Specialists

EVP is incredibly important. As a business, we understand that it should be bespoke and tailored. Initially, our EVP was a blanket approach, it followed suit with that of competitors and what were the typical ‘perks’ (Birthdays off, Cycle to Work Scheme and the usual corporate company benefits).

After research, we asked our team: What means most to them? What would they like to see included? We then tailored our EVP. We included free gym memberships, childcare vouchers, weekly Gousto meals, and golfing / spa monthly incentives. We realise as a business, that a blanket approach doesn’t work when curating a culture where people enjoy their time inside and outside of work.

 - Aaron Bradley, Director at Irlam Associates

I have a few thoughts on EVP and things employers could be doing:

First, really help the whole company to understand what an EVP actually is/means and why they do it, so the acronym becomes emotionally meaningful.

Implement cultural anonymous questionnaires – what do you/don’t you like about working for this company – why do you stay/what does flexible working truly mean to you? etc.

Also, this one may be a little bit controversial – but asking them why they work, and why would a company employ them (because I think they also need to think about what their value to the company is, not just what the company can offer, so it's not just one-sided). Additional questions would include which parts of their job they truly enjoy and why, what they honestly think of the leadership team, etc.

Lastly, in some manufacturing industries, the JVs and consolidation in this industry mean the EVP needs to be even stronger, as there will be less talent available due to covenants restricting employees from moving from one company to another in certain sectors; so talent is further limited to replace leaving candidates we have experienced this frequently), hence they also need a really good recruiter to think of “out of the box” candidates to fill roles.

 - Charlie Brown, Managing Director at Austin Frye