EVP stands for Employee Value Proposition, which is a term used to describe the unique value that an employer offers to its employees in exchange for their skills, experience, and commitment to the organization. It is a part of employer branding, which is how companies attract and retain the skills and employees they desire. An EVP is a set of associations and offerings provided by an organization in return for the skills, capabilities, and experiences an employee brings to the organization. It is an employee-centered approach that is aligned to existing, integrated workforce planning strategies because it has been informed by existing employees and the external target audience. The benefits of a well-formed EVP include attracting and retaining key talent, helping prioritize talent attraction, engagement, and retention, and saving money on recruitment and retention costs.