Prof. Lazar Džamić
“EVP” is one of the most misunderstood concepts in modern business. EVP should be the answer to the question “why would anyone like to work here?”. In other words, why would recruitment candidates choose us as an employer. It is much misunderstood as in many employers’ minds this boils down to only one issue: money. This is not the case.
Prof. Mark Mortensen and his collaborators have recently developed a framework that is a much more realistic (and holistic) approach to looking at and constructing a powerful EVP. It is as much about imagination as it is about money – and even more so! It is also a powerful source of great Employer Branding (EB). Prof. Mortensen’s research – and my experience in various organizations, including a senior position as a strategist at Google – points to four key factors of strong EVPs.
1. Material aspects
This is obviously about salary, but not exclusively. It covers other incentives that could be measured in monetary terms: a company car, a loan for a bike, contribution to the annual train ticket, working from home schedule, particular desirable equipment for doing the work (e.g computer or mobile phone), subsidies for the employee’s childcare….
2. Growth & Development
As the name suggests, this is about personal and professional growth, acquiring new skills and making an employee more valuable in the job market – but also within the organisation. It encompasses things such as professional development & training, job rotations or promotion pathways.
3. Connection & Community
This is about being accepted for who we are in the organisation, being part of smaller and bigger organisational groups. The ‘who we are’ part is incredibly important as it may encompass various personal traits, such as introvertedness or being neuro non-typical. Here, the organisation should show how it makes people psychologically safe and comfortable and how it organises and stimulates the sense of connection and community.
4. Meaning & Purpose
Finally, and this is proven to be especially important for new, younger cohorts of employees, how an organisation demonstrates its aspirational reasons for existing; how it connects with the employees’ desire to improve the local or global society. What is the purpose in life it gives to its employees, besides generating profit?
The Mortensen framework is an especially good tool for smaller and medium companies, if they unpack these dimensions creatively and meaningfully, to compete for talent with larger organizations. EVP is NOT just about money.
Prof. Lazar Džamić
Ex-Googler, Professional Journalist, Marketing Consultant and Author, Associate Professor Lazar Džamić shares his wealth of experience and knowledge with MBA students at Business School Lausanne, teaching Digital Marketing & Social Media.
