Employee Value Proposition. What does it really mean? An EVP is part of the branding that you have as a company, with a focus on how you are represented to employees. The benefits and values offered up by the company are given in return for the skills and experience of employees. It’s important to remember that as a company, you are not just branding yourself for customers and clients, but for employees and prospective employees too.
What’s the big deal?
The staff-employer relationship should be mutually beneficial, but if the scale is tipped too far in one direction, employees may start to look elsewhere. With people no longer sticking with one company for the long run, employee retention is becoming an increasingly elusive ideal. The thing is, if staff are dissatisfied with their job, pay, lack of progression, lacklustre benefits or a toxic company culture, they will more than likely begin a new job hunt.
Building up a loyal and satisfied team will help boost productivity, keep workflow consistent and prevent the need for constantly training new staff. That’s all well and good, but what does this have to do with an EVP? Well, organisations with a strong EVP have a 41% lower employee turnover rate, showing a correlation between companies with highly valued benefits and a thought-out approach to how they are represented to employees. Not only this, but a solid EVP can also aid the process of attracting new hires!
So how do I build up a strong EVP?
If you want your team to have a positive perception of the company and to communicate that positive experience to others, offering up desirable perks is a good way to do this. Feeling like we are receiving recognition for our work, and are rewarded appropriately is not only validating, but can help ease stress outside of work when it comes to benefits like discounts and vouchers, Employee Assistance Programmes, and access to health and wellbeing services. Taking a look at staff rewards and perks that are currently on offer and surveying existing employees on benefits that they would like to see more of is a good way to see where you stand.
Practise what you preach! Company culture is important for EVP, so taking a step back and looking at company values and whether they are reflected as best as they can be is a good place to start. Is your DEI policy being enforced and updated when needed? Is workplace communication a comfortable, constructive and positive experience for everyone? Are there accessible and inclusive socialisation opportunities? Taking a moment to address these questions may unearth a weak spot, so it’s worth taking the time to regularly assess.
People will often move on from a job if they feel that it is static. Career progression is an ambition for many of us, so feeling like there is room to grow will keep people around for the long run. With regular performance reviews, training opportunities and offering up chances for work-related trips and conferences, this will not only give staff a sense of evolving in their job, but also benefits employers with a more experienced and motivated workforce. The feeling of achievement when undergoing learning and development is a type of perk that, while different from financial benefits, is invaluable.
To see how you can build your EVP, book a free demo with a friendly advisor.