Beyond Salary: What Really Matters About Your EVP - with Emma Wharton Love

In  "Beyond Salary" Toby Brown hosts Emma Wharton Love, co-founder of We Are the Loves, an employer branding agency. They delve into the concept of Employee Value Proposition (EVP), emphasizing that it goes beyond salary and encompasses compensation, benefits, culture, development opportunities, and more. 

Key takeaways include:

1. Understanding EVP: EVP is like an organization's CV, representing what it offers employees in exchange for their skills. It covers a wide range of factors, including culture, recognition, social responsibility, and work environment.
2. Ownership of EVP: While HR often manages EVP, it should involve input and feedback from all employees to be truly effective.
3. Developing a Bottom-Up EVP: This involves understanding organizational values, gathering feedback through surveys and interviews, and considering external market perceptions to attract talent that aligns with the company's values.
4. Balancing Internal and External Branding: It's crucial to ensure alignment between the employer brand and the external brand to maintain authenticity and avoid disappointment among new hires.
5. EVP and Generational Shift: Younger generations like Gen Z and millennials are driving a shift towards valuing flexibility and social impact in addition to salary.
6. Benefits of a Strong EVP: A robust EVP engages employees, boosts retention, and attracts talent aligned with the company's culture and values.
7. Monitoring and Adapting EVP: Set measurable metrics, such as staff surveys and recruitment costs, and collect annual feedback to keep the EVP relevant.
8. Common Mistakes and Emerging Trends: Avoid focusing solely on compensation, personalize the EVP, and embrace trends like transparency in pay and progression.
9. Impact on Workplace Culture: A well-developed EVP can help but won't solve deep-seated cultural issues within a company.
10. Examples of Effective EVP:  Bumble are highlighted for aligning their EVP with their brand positioning.
11. Building an Employer Brand: The podcast discusses a project with Q5, a management consultancy, to create recruitment marketing materials based on their EVP.
12. Hopeful Trends: The focus on employee development and skills expansion is seen as optimistic and vital in the evolving job market.

To learn more about employer branding and EVP, you can visit We Are the Loves website or find them on LinkedIn. 

Thanks for listening! Check out Interaction's website for more workplace culture content and case studies (or just follow us on LinkedIn and Twitter).

Transcript

Toby Brown hosts the podcast "Interaction's Thrivalism" and interviews Emma Wharton Love, co-founder of We Are the Loves, an employer branding agency. 

• What is an EVP (Employee Value Proposition): 
  • EVP is like an employer's CV, representing what the organization offers to employees in exchange for their skills, effort, and capabilities. 
  • It encompasses compensation, benefits, culture, development opportunities, recognition, social responsibility, purpose, work environment, and flexibility. 
• Ownership of EVP: 
  • HR often manages EVP, but it should involve input and feedback from all employees to be effective. 
• Developing a Bottom-Up EVP: 
  • Understanding the organization's values, strategy, and employees' perceptions. 
  • Gathering feedback through surveys, interviews, and focus groups. 
  • Consider external market perceptions to attract talent aligned with the company's values. 
• Balancing Internal and External Branding: 
  • Ensure alignment between the employer brand and the external brand. 
  • Companies should be authentic in their EVP to avoid disappointment among new hires. 
• EVP and the Influence of Younger Generations: 
  • Gen Z and millennials are driving the shift from a focus solely on salary to a broader set of values, including flexibility and social impact. 
• Benefits of a Strong EVP: 
  • Engages employees and boosts retention and productivity. 
  • Attracts talent that aligns with the company's values and culture. 
• Monitoring and Adapting EVP: 
  • Set metrics at the start to measure success. 
  • Metrics may include staff surveys, recruitment costs, and employee turnover. 
  • Collect annual feedback to keep the EVP relevant. 
• Common Mistakes in EVP Development: 
  • Focusing too much on a single element (e.g., compensation) and neglecting others. 
  • Lack of personalization in the EVP. 
• Emerging Trends in EVP: 
  • Transparency in pay and fairness. 
  • Focus on progression rather than just promotion. 
  • Encouraging employees to expand their skill sets. 
• Impact of a Strong EVP on Toxic Workplace Cultures: 
  • A well-developed EVP can help if it's implemented correctly, but it won't solve deep-seated cultural issues. 
• Examples of Companies with Effective EVP: 
  • Bumble is highlighted for aligning their EVP with their brand positioning. 
• Building an Employer Brand with We Are the Loves: 
  • Discusses a project with Q5, a management consultancy, to develop recruitment marketing materials based on their EVP. 
• Hopeful Trends in EVP: 
  • The trend of focusing on employee development and skills expansion is seen as optimistic and important in the evolving job market. 
• Contacting We Are the Loves: 
  • Visit their website (wearetheloves.co.uk) or find them on LinkedIn. 
• Conclusion: 
  • Toby Brown and Emma Wharton Love conclude the podcast, thanking the listeners and discussing their conversation.