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An employee value proposition, or EVP, refers to certain unique benefits given by an organization to attract and retain employees to work for their organization.
For example, suppose you have to brand your organization in front of new talents to attract them to attend the open job opportunities in your organization. In that case, you have to take care of the existing employees. In short, Employee Value Proposition describes how the existing employees get motivated and happy in their workplace with the benefits they earn.
The employee value proposition system is like a magnet that is used to attract the targeted employees.
Benefits – The benefits that are offered by an organization like time off, holidays, insurance, and retirement benefits are some of the components of EVP.
Career – This explains to the potential candidate the details regarding the ability to grow in their career and the ways to progress in their career. It also includes educating or training the employees in the organization to move forward in their careers.
Compensation – This explains the compensation system provided by an organization, and it includes the appraisal, promotion opportunities, the salary being offered to an employee, and so on.
Work environment – This explains the main role and responsibilities of an employee, the level of freedom they have in their workplace, the understanding and needs of employees, the work-life balance of employees, etc.
Culture – This explains the organization’s policies and goals and the organization’s future plans to the potential employees to describe the different types of people they are going to deal with and to whom they will be reporting.