EMPLOYEE VALUE PROPOSITIONS
[ affectionately known as EVPs ]
An Employee Value Proposition is a fancy term for defining what it is your current and future employees value about your organisation, and then executing a series of internal and external strategies around this defined EVP. The benefits, in a nutshell, are:
Internal
Retain current employees
Increase engagement levels and hence performance
Reduce turnover
Positively influence workplace culture
External
Attract critical talent - the right talent with the right fit
Increase the labour market attractiveness of your organisation, particularly in tight markets
Promote consistency in brand and recruitment communications
Developing an EVP is not only for large organisations, but for smaller ones as well - if business owners do not know what truly motivates an employee and how their organisation is perceived internally & externally, then it is a “best guess” on creating strategies to influence the positive outcomes listed above.
We have been involved in creating EVPs for a world-wide organisation of over 6,000 employees across multiple cultures and countries, as well as creating EVPs for small organisations that needed to attract better talent.
How do you go about creating an EVP?
It is crucial to undertake a confidential, targeted survey with current employees and ex-employees of how they view the organisation to create a data set on which to test against industry benchmarks. Key questions include:
How do employees feel about working for the organisation – before and after joining?
What do employees value in an organisation?
What motivates each employee in their day-to-day work – is it money, career promotion, flexibility or other non-monetary benefits?
Once a data set is created, it should be analysed to create a wider picture of what an EVP may look like for your organisation, benchmarked against other research where possible.
Defining EVP
Rewards * Opportunity * Organisation * Work * People
In defining an EVP, you should ask targeted questions around the topics above to see what motivates people and gauge the true level of influence by the number of people who rank these topics high to low.
What is the end goal?
The end goal is to create an EVP model that is built from survey responses and benchmark data that can be used to:
Create a Recruitment strategy and policy for external recruitment (branding and content)
Check organisational fit of prospective employees
Create a fit-for-purpose Remuneration strategy and policy that suits the EVP – i.e., one size doesn’t fit all. A suite of benefits can be made available so people can “pick & choose” to a certain extent any other benefits outside of base salary and Super, noting that this will mean a stronger correlation to their motivations for working.
Align internal comms to the EVP model
If you are struggling to attract & retain the right people in your organisation, then reach out to us to see how we can help, in a targeted and practical way in creating a tailor-made approach that includes an EVP model for future use.
mel@hrunplugged.com.au or 0424 995 502.