What is EVP? The elements of EVP and how to build EVP

What is EVP? 5 elements of ERP

EVP will be built from 5 factors:

• Income: The issue of salary and bonus is a factor that has a direct impact on the candidate's decision to agree to work at the enterprise. Therefore, the salary, bonus and allowances need to be built first in the EVP. This is one of the factors that attract workers. However, when formulating salary and bonus, businesses need to ensure fairness and employee satisfaction.

• Welfare: Welfare is understood as benefits and employee remuneration: Holidays, social insurance, maternity, etc. If welfare policies are well developed, enterprises will not only attract employees but also retain talent.
• Occupation: Occupation includes different factors that affect the stability and opportunity of the job, for example: Opportunities for training, evaluation, feedback, promotion route.
• Work environment: Working environment has great impact on whether employees continue to work at the company or not. This element will build a positive working environment based on understanding of employees.
• Corporate culture: Similar to the working environment, corporate culture create excitement and cohesion in employees' work.

Why is building EVP important for businesses?

EVP not only helps businesses retain and attract talent, but also encourages the working spirit of current employees. In other words, EVP is a strategic element to build and ensure the quality of human resources.

In addition, according to research by Gartner, EVP contributes to increase the commitment level of new employees by 30%. The higher the level of commitment, the more employees will want to stay with the company for a long time.

EVP plays an important role for businesses

Moreover, EVP strategy supports businesses with other issues such as: 

• Approaching candidates passively: Building a good EVP will help businesses increase access to candidates through enhancing the company's image in the labor market. EVP will help businesses strengthen their position in the eyes of candidates.
• Inspire employees to work: Through the process of building and sharing EVP, businesses will have the opportunity to understand, listen and know what employees want. This will help businesses become closer and strengthen trust with employees.
• Impress a wide range of candidates: An effective EVP will impress a wide range of candidates and hit their desire to take the job.
• Reduce salary competition: If the candidate perceives the business as providing value to them, the salary issue will become less important. More specifically, even if the business does not offer the highest salary, the candidate is still willing to consider and work for the business.
• Accurately define goals and recruitment plans: Enterprises need to research and understand exactly the needs of potential new employees and employees. Once you have this data, you will be able to identify recruitment goals and make attractive offers for candidates.
  

6 steps to build an effective EVP

Business situation analysis

Next, businesses should think about whether the candidate is interested in these benefits or not. Usually, for social enterprises, candidates will be interested in the company's history, vision, and mission. On the contrary, for businesses providing electronic products or technology, candidates will be interested in tangible benefits such as: Equipment, technology platform, management software, etc. 

Research

Researching will help businesses better understand the requirements that potential candidates want. Enterprises can take advantage of available data sources such as: Surveys that have been done before, old candidate data in recruitment software, data on recruitment websites to get started the research process

Research EVP competitor

In case businesses do not have data available, online tools can be used to conduct internal or group surveys. Take a look at what the current employees want and have for the business. Employee responses represent the majority of what workers want in the marketplace.

Some questions that you can refer to:

• Level of employee satisfaction when working at the company on a scale of 10
• Which company's regime is most valuable to employees?
• Which mode do employees like to use the most?
• What is the level of employee satisfaction with the regime on a 10-point scale?
• Are your employees willing to recommend other candidates to work at your company? (Why?)

From the results, businesses can analyze and divide candidates into different groups such as: Marketing, Developer, Sales. After that is finding out the general trend of these employee groups. These are the factors that you should look for when recruiting candidates for the respective position.

Finally, businesses need to research about competitors. If the company has the same EVP as the competitor, the candidate will not be impressed. Therefore, an important factor when building EVP is the difference to make the business more attractive in the eyes of candidates. At the same time, businesses can research competitors through viewing recruitment websites, posts or asking their employees.

Discussion

In the discussion step, enterprises can deepen their research on the research results by consulting with managers who have a voice in the company. Through this question, enterprises can determine which benefits and regimes play a decisive role in retaining employees and attracting talents. In addition, meeting with low-level managers also helps enterprises to confirm once again the regimes learned in step 2.

Discuss about EVP

Questions that businesses can ask managers such as:

• Which regime do employees use and care about the most?
• What regimes and benefits do potential candidates want from the company?
• Why do employees like working at the company?
• How is the working mode in your business different from the rest?
• How to make employees feel satisfied when working at the company?
• Candidates are most likely to be attracted to the company's regime and benefits?

Building EVP

EVP is built on the information that you have gathered in steps 2 and 3. However, businesses need to keep in mind that an EVP that attracts candidates needs to use compelling, engaging and concise language.

Build an EVP

For example, an EVP in a job ad:

“What do you get when you join us?

• Income based on capacity, unlimited;
• Immediately provided with modern working equipment;
• Detailed product training and enhanced B2B skills;
• Clear promotion path in 3 months - 6 months - 1 year;
• Evaluation of capacity and salary review after each quarter;
• Dynamic, comfortable working environment, psychological superiority;
• The bonus scheme is clear in accordance with the law.”

Implement EVP into the enterprise

After building the EVP, the enterprise can announce it to potential candidates and its employees. At the same time, the human resources department promotes EVP into the recruitment process through: corporate recruitment website, video posting, fanpage, etc. Besides, EVP can also be applied to the recruitment process, from interviews, onboarding, and formality.

Implementing EVP into the business

EVP can also be included as marketing content for businesses through press or events. In addition, an effective EVP is used to create a positive mood and encourage ex-employees to introduce the business.

Review and revision

EVP needs to be revised regularly to suit the environment and become more effective. In fact, every year, many businesses have modified their EVP to give their employees the best compensation.

Review and Amendment

However, to modify EVP, businesses need to conduct an internal survey every year to evaluate the effectiveness of EVP and know what needs to be changed. This will also help businesses maintain transparency in the management process and relationships with employees.

The secret to building a successful EVP

Marketing and Human Resources collaboration

Tips: To develop an effective EVP, an enterprise needs a combination of competencies and professional skills between the human resources department and the marketing department. marketing. HR will be in charge of aligning internal departments. Meanwhile, the marketing department will analyze market knowledge and develop brand positioning.

This is a great opportunity for both departments to develop their capabilities, as well as build employer branding effectively If the marketing department of the business has not yet developed, the employer branding agency will be an appropriate choice.

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