Attracting and retaining talent in the workplace has always been a key challenge for organisations however since pandemic and the introduction of hybrid-working it has become even more business critical due to the war on talent.
Implementing a clear and concise Employee Value Proposition (EVP), and aligning with all stakeholders of your organisation ensures you have a better understanding of your employees resulting in improved engagement, performance and ultimately improved staff retention and attraction.
What is an EVP?
Deshpande (2019) defines EVP as the “give and the get” between a company and its workforce, spanning from the business’ mission statement, purpose, and values to its job opportunities, culture, and people.
Simply put, it is how an organisation balances the rewards and benefits that employees receive in return for the performance and productivity at work. It is a definitive, considered statement that should be shared with all relevant stakeholders.
Examples of impactful EVP’s
“From empowering mentorships to customized coaching, PwC provides you with the support you need to help you develop your career. You’ll work with people from diverse backgrounds and industries to solve important problems. Are you ready to grow?” – PwC
“We believe in giving our employees the tools and resources to keep them healthy, wealthy, and wise. Whether it’s a gym subsidy, unlimited snacks, or healthcare benefits, we believe happy employees are successful employees.” – YELP
Why does my company need an EVP?
In today’s competitive employer market, employees are now seeking more than just the bare-minimum or standard rate of employment.
Consider implementing an EVP that addresses a range of employee pain-points, as well as keeping them engaged with the business’ overall goals, such as paid time off for grievances, extended holidays, health insurance, career progression opportunities and a collaborative workplace culture. This is a people-centred approach that shows employees the value in which their skillset brings to the business.
How do you create an EVP?
The most important question to ask when creating your company’s EVP is “what do we currently offer to our employees in exchange for their time and effort?”
By understanding what your employees value and want, you can begin building a foundation for your EVP.
Approach your EVP with an employee engagement strategy in mind. Instead of focusing on the objective of employee happiness, create an EVP that targets engagement and productivity. Ask yourself “What will encourage your employees to improve their performance?”.
What role does communications play in implementing an EVP?
Once agreed, your EVP should be threaded through and inform all your communications content to potential and existing employees, from advertising for graduates to internal employee initiatives.
Through our dedicated strategy service, The Strategy Hub, and our internal communications offering, The Internal Wire, we help companies create and implement their EVPs for successful campaigns that tell compelling stories to their target audiences.