For many years, HR Directors across the pond have been waxing lyrical about the necessity for organisations to create an Employee Value Proposition (EVP). An EVP sets out the rewards, mission and shared vision between the employee and the employer. Designed to represent a deal or ‘trade-off’ between an employee and the organisation they work for, EVP is used to help shape an individual’s total employment experience to help improve employee engagement and performance levels.
A strong Employee Value Proposition is geared towards the individual but in creating it, the EVP actually shapes the organisation’s identity, its core values and set them apart from the competition. In this blog, we take a look at the key benefits organisations can gain from developing and implementing an Employee Value Proposition:
It will make your people better
Not only will an EVP clearly define what it means to work at the company, it will also help you reap significant rewards. Studies have shown that an effective EVP will improve the commitment of new starters by up to 29% and increase the likelihood of employees acting as advocates from an average of 24% to 47%. This in turn means you will see an increase in engagement, loyalty and most importantly – overall productivity.
An EVP helps you re-engage with disenchanted staff
The process of creating an EVP involves surveying and talking to existing employees. This is a very powerful engagement tool in itself and people usually enjoy and appreciate it. In our experience the process can also help to re-build/enhance trust and increase motivation thus improving staff retention.
You will attract the very best talent
A strong EVP doesn’t just mean higher employee engagement for your current staff. It will also dramatically improve how you attract top talent and help clearly shape your recruitment process. By using the EVP ‘deal’ underpinning the whole company culture it will be much easier for the brightest new recruits to identify with you and align their own work values to the company.
You will have a reputation as a great place to work
Organisations with robust EVPs become as well known for the way they treat people and the quality of their staff as they are for their products and services. A great example of this is Apple. Not only is one the most popular consumer brands on the planet, people are queuing up to be a part of the company.
It will shape your whole HR strategy
The process of building your EVP will help you to understand what your HR priorities should be. To create a strong EVP you need to understand what is important to your staff and future employees. Having this insight will mean that you understand what you need to do to attract, engage, retain and develop the people that you want, where improvements need to be made and what will most likely make people leave if they are not addressed.
How do you create an EVP?
There are several ways to understand what represents a positive working experience for your staff. Research is the key word here so the best starting point is to analyse what your staff are saying about working for the organisation. Running a fully bespoke staff survey will get you the information needed to better understand what elements of your EVP will work for your staff. As every individual and every organisation is different, a rigourous test and measure process is essential.
To view one of our sample EVP reports, get in touch on the information below.