Crafting an Employee Value Proposition: Your Blueprint for Thriving Teams
Back in 2018, Brink News posted an article about the importance of creating a distinctive employee value proposition (EVP) for your organization. At Compass, we believe this framework is critical to attracting, engaging, and retaining top talent in competitive industries like life sciences where your EVP could be the difference between thriving and struggling to attract talent.
In this article, we’ll explore the different aspects of an EVP and how to design one that works for your business and people.
So, What is It?
Time to dig out your old Psychology 101 textbook from college! You may remember Maslow’s Hierarchy of Needs: a motivational theory that suggests people satisfy their needs following a five-level hierarchy, often depicted as levels within a pyramid ranging from basic needs like food and safety to higher aspirations such as love and belonging. At the top of that pyramid, after all other needs have been met, is self-actualization.
Apply this same concept and pyramid visual to employee motivation and how does the framework change? Brink’s article references a Mercer study where they define three hierarchical levels for employee motivation and engagement:
Contractual: Compensation and benefits
Experiential: Career development and well-being
Emotional: Purpose and shared values
These three levels — when addressed holistically — are what comprise a successful EVP strategy. Similar to Maslow’s hierarchy, you can’t have full engagement (emotional) without addressing the lower levels of the pyramid (contractual, experiential).
Start with the Essentials: Compensation and Benefits
They’re the “contractual” components that signal your organization’s commitment to being competitive in the marketplace. But here’s where we do things differently:
Tailored Compensation Philosophy: We help you define a transparent and equitable approach to salaries, bonuses, and equity—one that fits your industry and company size.
Beyond the Basics: Even small businesses can stand out by offering unique perks, like professional development stipends or wellness allowances, that demonstrate an investment in their people.
Invest in Your Team: Career Development & Well-Being
An EVP isn’t just what you offer; it’s how employees feel when they work with you. This experiential layer focuses on careers and well-being:
Clear Growth Pathways: Employees want to know where they’re headed. By building career ladders and offering mentoring programs, you show that you’re invested in their future.
Holistic Well-Being: Move beyond the “work-life balance” buzzword. Whether it’s flexible work arrangements, access to mental health resources, or community-building activities, prioritize initiatives that address physical, emotional, and financial well-being.
One of our biotech clients reported high turnover rates in a subset of their employee population due to a perceived lack of career development. Compass worked with this client to develop a comprehensive learning and development program, establish employee resource groups (ERGs), and launched the company’s premier mentoring program resulting in a 100% year-over-year increase in retention of that population, and a 90% satisfaction score on their employee engagement survey.
One Team, One Goal: Infuse Your Culture with Purpose
At Compass, we agree with the sentiment that culture isn’t one aspect of the game—it is the game. Purpose is the emotional core of your EVP. Here’s how to make it real for your team:
Link Roles to Impact: Show employees how their work contributes to broader organizational goals, especially in industries like biotech where innovation can directly change lives.
Embrace Social Responsibility: Today’s workforce values companies that give back. Offer opportunities for employees to engage in charitable work or sustainability initiatives, aligning with your company’s values.
Celebrate Successes: Acknowledge milestones, big and small, to foster a shared sense of accomplishment and connection.
One biotech startup we worked with defined connection to their patient populations as a key aspect of their culture. In helping this company build their EVP, we established a patient advocacy function and connected employees to patients and other resources that helped connect their role to the company’s overarching vision.
Best Practices & Pitfalls to Avoid
Personalize the EVP for Your Workforce
One size does not fit all. Thriving organizations understand that employees have diverse needs and motivations. By tapping into workforce analytics and soliciting feedback, you can:
Identify personas within your team—for example, early-career professionals may prioritize career growth, while mid-career employees may focus on stability and work-life integration.
Develop initiatives that resonate with these personas, creating a more tailored and inclusive employee experience.
An EVP is a Living, Breathing Thing
An EVP is only as powerful as its execution. It’s not just about drafting a mission statement; it’s about embedding these principles into daily operations:
Train managers to embody your culture and values in their interactions with employees.
Use storytelling to share real examples of your EVP in action, whether it’s a team success or an individual growth story.
Regularly review and refine your EVP to ensure it evolves with your organization and workforce needs.
Ready to Get Started?
In a world where change is constant, your EVP is your anchor. It’s what attracts top talent, retains your best employees, and ensures your business thrives. At Compass HR Advisors, we specialize in helping small businesses build EVPs that balance practicality with purpose, creating organizations where people love to work.
Ready to craft an EVP that sets your business apart? Book a consultation today, and let’s build a workplace where your team can thrive.