In today’s competitive job market, attracting and retaining top talent has become a critical challenge for organizations. To address this challenge, companies need to develop a compelling Employee Value Proposition (EVP) that articulates the unique benefits and experiences they offer to their employees.
EVP is gaining high recognition to engage, attract and retain people in your business whilst lifting the organization’s branding. Alongside an effective people communications structure, it’s going to put your business into Surpetition.
Like USPs (Unique Selling Propositions) your unique EVPs (Employee Value Proposition) and other opportunities and benefits that you offer can separate you and attract the right people to your business.
In this topic, we’ll dive deeper into what an EVP is, why it matters, and how companies can develop and implement an effective EVP to attract, retain, and engage top talent.
What is an EVP (Employee Value Proposition)?
An EVP is a set of tangible and intangible rewards that an organization promises to deliver to its employees in exchange for their time, skills, and expertise. The employee will be trying to identify the experience and benefits of working with your business.
It’s an essential tool for creating a strong employer brand, enhancing employee engagement, and improving overall organizational performance. An effective EVP is tailored to the needs and preferences of the organization’s employees and reflects the organization’s values, culture, and strategic objectives.
The EVP can also show the reason why other employees are aligned and happy to work there and how this attracts new people.
It’s a two-street, both parties offer benefits.
Benefits of Having an EVP:
Imagine a team of people that want to be there, want to help build the business together and are all aligned. Knowing the EVPs helps engage and grow your people and business organically into a culture that attracts others.
An engaged workforce is more likely to produce better outcomes in less time in terms of work efficiency. Research done by Gallup shows that the teams that stay in touch with one another are 21% more productive than those that do not.
Having a strong Employee Value Proposition (EVP) can offer numerous benefits for a business, including:
- Attracting top talent
- Retaining employees
- Better performance
- Higher efficiencies
- Lifting profits & growth
- Enjoyable workplaces
- Enhancing employer brand
- Reduced re-employment costs
- Higher client retention & loyalty
Organizations that effectively deliver on their EVP can decrease annual employee turnover by just under 70% and increase new hire commitment by nearly 30%.
Some EVP Elements Include:
- Company’s Mission, Vision, Values
- Employee Salary
- Career Development & Training. Coaching and learning are essential for most. Promotions and other opportunities are highly important to those looking to future years in your company
- Stability can mean safety in both physical and mental well-being, and predictable and agreed work hours.
- Respect, putting other people first from leaders inspires internal motivation from everyone and are proven to help retain people, McKinsey research shows uninspiring leaders were one of the top reasons for the loss of employees.
- Employee Well-being
- Work-Life Balance is a large subject at the moment – see this report: EY Work Reimagined 2022 Survey (most employees want 80% remote, 2 – 3 days a week)
- Rewards, other areas include paid time off, maternity leave and time out as needed.
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