Can an EVP Earn Top Performers? Yes! It Can.
What is an “EVP” you ask?
EVP stands for “employee value proposition.” In essence, it tells the job candidate what’s in it for them, why they should consider making a career move, and what makes your opportunity (and organization) so appealing. If you want to attract top performers, then you need an EVP.
Typically, when a company is looking to hire someone new, they list the employee benefits, vacation, holidays, insurance, and more along those lines at the end of a lengthy job description. That’s not your EVP. While those things may be part of what will attract someone to your organization, if you truly want to hire the best of the best, your EVP has to be far more than that.
What the EVP is All About
If an EVP isn’t a list of the benefits and possibly the salary, then what is it? And how can it earn you those desirable top performers?
First of all, an EVP goes beyond the company benefits that everyone gets. You can include those benefits in the EVP, absolutely, but it’s more than that. It takes some work to come up with a thorough EVP and it might even take the help of employees who do a similar task or the person leaving the position to really get a full grasp of the value behind the job.
A good EVP tells the candidates what the job itself offers. It details the trajectory of career growth associated with that position and it outlines the impact that individual has on the company, team, and/or clients. It might explain the additional qualifications or skills the individual will gain. They might learn where their career could be in the next five or ten years or the potential plan for that role. At its core, the EVP (as the name suggests) is about what value the employee will gain from sitting in this seat.
Why an EVP?
An EVP provides candidates with a wealth of information, telling them much not only about their potential role, but also your organization. Candidates can easily see what’s in it for them, what they can gain, and how they can grow with your organization. This is incredibly appealing to top performers who know their value and professional goals. If they see their goals align with what your role has to offer, a lot of the hard work is done for you. It’s also a great transparency tool that helps both sides understand what is expected of the person in this position and how you envision their future, eliminating any potential false hopes or lack of clarity.
Another reason an EVP is such a strong selling point is it shows that the company cares enough about this position and hiring the right person to take the time to think through the future, impact, and perks of the role (not to mention to take the time to write all of that out). While a candidate might not acknowledge that consciously, the effort shows, and it can be the tipping point that makes them see the value in your company.
All of this applies post-hire as well. While an EVP is a great tool to draw in a top performer, it can be the make-or-break piece that retains them. When your employee knows there’s a trajectory for their role, that there’s growth for them within your organization, that alone can be enough to motivate some individuals to stay. Or for others perhaps it’s another component of their role’s EVP, like the impact they are able to have on driving company initiatives ahead. Whatever the case may be, when an employer has thought holistically about what their roles have to offer prospective (and current) employees, retention is a natural by-product.
The EVP and the Performance Profile
So where do you put your EVP? If you’re recruiting for top performers, then you also need to have a Performance Profile. This is essentially a map for the employees that tells them what it means to succeed in that position from day one and beyond. It tells them what their top goals or objectives are, how their performance will be evaluated, and why their role matters (such as how it ties back to the company’s “why” and objectives).
The Performance Profile is not a description of characteristics, qualifications, or skills, rather it’s a specific list of actionable objectives. This lets them know what’s expected and it helps your hiring team know what to look for in a candidate. We call these “performance objectives”. When you combine your list of performance objectives for your role with that role’s EVP, you’ve successfully created a Performance Profile.
While now isn’t the time to really dive into the ins and outs of performance objectives, if this is something that you’d like to explore further, we’ve put together a complimentary guide that will walk you through step-by-step to create performance objectives for every role in your organization. Check that out here.
Be a Standout in the Hiring Crowd
Let’s be honest, just about everyone is hiring right now. In many cases, they’re not just hiring due to growth, but out of an actual need for employees just to be able to survive. That means there’s a lot of competition out there, especially for top performers and passive candidates. You might think you’re set up for success only to have a key player lured away to another company because they have a better offer.
To stay ahead of the curve and be a standout player, it’s crucial that your company step outside itself and view the company and your offerings from that dream candidate’s position. Are you truly competitive? Are you clearly expressing why you’re the best option? Are you really answering their questions (which means listening to what they want) and not just citing what you think matters?
There’s always something you can do to be a beacon to top talent and we’re here to help. Connect with our Titus Talent team to discover how you can become the company that appeals to top performers. We can even help you find ways to reconnect with your current team to strengthen their company loyalty and desire to stay.
Want to start a journey towards building a high performing culture? We can give you a roadmap. It takes less than 10 minutes.