The Benefits of a Strong Employee Value Proposition (EVP)
Your employee value proposition (EVP) is key to attracting and retaining top talent. You are likely already aware of this, and I hope this article will help you understand the power of investing in a robust EVP.
We have all found ourselves in that place, where we are so busy managing (and hopefully growing) business, that thinking about your EVP may slip down your list of priorities. So, as we are starting to wind down for the weekend and assess our accomplishments for the week, my questions to you are:
When did you last review your EVP
How do you measure your EVP’s effectiveness?
As you may have seen in HR Magazine this week, 95% of talent leaders anticipate significant workplace change within the next 12 months (Randstad RiseSmart). Ensuring you have a strong EVP can ensure that in periods of uncertainty and change, your talent stays and grows with you.
If you link the HR Magazine statistics along with the stats below that were part of a YouGov poll last year, reviewing and enhancing your EVP may be one of the smartest things that you do this year, especially if you have changes on the horizon:
73% of employees affected by change say moderate to high stress accompanied the change.
The biggest reason for resistance to change was lack of trust in leadership.
Change is likely to be 5.8 times more successful if there is a compelling story communicated by leaders.
Your Employee Value Proposition is not as narrow as an employee’s salary, bonus and benefits; it is much wider than this, and it is the other areas that are sometimes missed or forgotten.
My final set of stats for you (courtesy of Michael Page) backs up my points within this article about ensuring your EVP doesn’t just include the basics, and you consider all areas of an employee value proposition. When Michael Page surveyed 5000 candidates, the following factors were considered important when considering their current position:
55% - Having enough free time outside of work to spend with my family.
51% - Stability.
39% - Maintaining a high standard of work.
38% - Increasing my salary every year.
So, my conclusions from what I have been reading and also from what I have observed within some organisations that I have worked with recently, is that your culture, your policies and providing opportunities to grow and be recognised are things that you cannot choose to ignore, a well-rounded EVP will not only set you apart from your competitors but also show your employees how much you value each individual member of the team.
Please give me a call, and I would be happy to help you audit your current EVP and suggest a workable action plan for achieving an outstanding Employee Proposition.
Have a great weekend,
Ang