EVP Spotlight: Brand & Purpose

I believe there are 7 components to a well rounded EVP – Brand & Purpose, Culture, Environment, Monetary, Prospects, Relationships and Wellbeing.

This month, I take a deeper dive into one of those categories, exploring how I’ve defined this area, some examples of topics within this category, why they might be important to employees and why they should be important to employers for that reason.

I use these categories in what I call the Cheer! Survey – Championing Happiness, Employee Engagement, and Results at work.

This survey uncovers a company Employee Value Proposition (EVP). This is a positive, non-anonymous approach that helps you understand what’s important to employees, and how well you deliver on what’s important to them as an employer. An EVP can be used to attract and retain employees, improve your reward structure, and ultimately deliver better results.

First up, Brand & Purpose.

My Definition:

Who the company is, why they do what they do, and how employee and employer can be aligned

Example Topics:

Company Vision, Mission, Goals
Social Media Presence
Ethical Company
The CEO
Brand Image
Corporate Social Responsibility
DE&I

Examples of companies that uses Brand & Purpose as part of their EVP:

GOOGLE: I used to work in an agency where I’d ask candidates ‘name 5 dream companies you’d want to work for and why’, and 9/10 would say ‘Google, because they’re an incredible brand’.
DOAC: Recently I spoke to the MD of the Dragon’s Den star Steven Bartlett’s company, who told me some of their vacancies receive over 20,000 applications, typically as people are drawn to a popular CEO and thought leader on Linkedin.
SKIN: The beauty brand focuses on their dedication to body positivity and inclusivity to the consumer, but attract employees who are aligned with the company’s mission.

No discredit to these companies, but in all examples, they will often attract candidates who knew little about the culture, opportunities to progress, or environment, yet are compelled by a strong brand or influential CEO.

Why Do Employees Value Brand & Purpose?

A Sense of Belonging: Employee are drawn to companies with a strong brand as they may have an affinity with that brand, and relate to their values, mission, or even leadership
Sharing Values: For some, working for a company that has values that align with their own may mean they are more engaged and committed to the work they do – a particular draw in the Charity/NFP sector.
Reputation: Often a brand reputation may give an understanding of opportunity to develop professionally, and give comfort that there may be opportunities to grow.

Why should Employers Value Brand & Purpose as part of their EVP?

According to LinkedIn, 75% of job seekers consider an employer’s brand before even applying for a job. They also state that companies see a 50% reduction in cost per hire and can attract 50% more qualified candidates.
69% of job seekers would reject a job offer from a company with a bad reputation, even if they were unemployed! (Glassdoor)
Purpose-Driven companies are more profitable – growing 3 times faster than competitors, and with a higher profitability, according to Deloitte.
And back with Linkedin, companies who have a strong employer brand will experience a 28% lower turnover rate (when comparing those with weaker brands.

In Summary

In a competitive market, I believe that a strong brand & purpose in your EVP is now a necessity – certainly to attract talent, but the overwhelming evidence that you get the best out employees who are aligned with your mission, vision, and values.

As well as become happier, more engaged, and more productive employees, you will attract ambassadors for your brand, further enhancing your retention, building a better culture, and driving long term success.

As the employee, if Brand is important to you, focus on a company that demonstrates Values that are aligned with yours, or a mission that fits your own goals.

If Brand & Purpose isn’t important, then this pillar of EVP is not for you, but there are 6 others that might help you be more fulfilled at work.

So if not – come back next month for my edition on Culture, and see if this may be your area to look at when deciding to stay or move from your current role!

For more information on EVP, or how CHEER can help you implement it in your company, click here

For the most recent Employee Value Proposition newsletter, check out Linkedin