Against the background of a cost-of-living crisis and in an increasingly competitive talent market, many organisations are revisiting their employee value proposition (EVP) as a tool to improve employee wellbeing and experience.
An organisation’s EVP defines the unique set of benefits an employee receives in return for the skills, capabilities and experience they bring to a company. Articulating and communicating your EVP answers many questions an employee or prospective employee might have about why it is good for them:
What is the company’s learning, development and career pathing strategy? Will I be stuck or is there an opportunity for me to grow and develop?
Will I connect with my new co-workers and manager? Is there confidence in the senior management?
Organisation and values:
Is the company socially responsible? Do I connect to the causes the business promotes? Is the work meaningful?
Will the role and position facilitate a work-life balance?
What sort of compensation is on offer? What is the salary, the health and wellbeing benefits package and how much paid time-off is included?
How the EVP affects employee experience
All companies have an EVP visible to employees and prospective candidates, whether through a mission statement, marketing efforts, job adverts, client wins, or products produced. A company’s values and beliefs are communicated in all aspects of how it interacts with the world, community, and industry.
Ensuring that your EVP matches the experience of working for your organisation is crucial to employee wellbeing. A robust EVP will:
1. Attract candidates who are a fit for your organisation
A well-executed EVP gives your organisation a competitive advantage when it comes to attracting talent. By clearly communicating the benefits, opportunities, and culture your company offers, you can attract candidates who understand and appreciate what you bring to the table. When new employees are a good fit for your organisation, they tend to be happier and more committed to staying.
2. Help employees to appreciate the full experience
Besides monetary benefits, aspects such as work-life balance, flexibility, and career growth opportunities are highly valuable but are often not promoted as effectively. Your EVP plays a crucial role in aligning the value of these offerings so that your employees fully understand and appreciate the comprehensive package they receive.
3. Fostering alignment with values and strategy
Clearly defining the behaviours that matter most to your organisation helps employees direct their time and attention toward areas that are highly valued. Your EVP establishes clear expectations for behaviour while supporting your business's strategic objectives, leading to improved organisational performance and increased morale.
4. Motivating employees through reward packages
An effectively articulated EVP demonstrates to your employees how they can progress within the company, encouraging them to seek advancement internally rather than externally. This approach motivates employees and reinforces their sense of value within the organisation.
5. Supporting employee wellbeing
Your EVP plays a critical role in curbing the rise and impact of mental health issues by ensuring that you have the right people in the right roles and that their contributions are appreciated. By recognising their work, your EVP contributes to their sense of self-worth, reducing stress and anxiety.
Optimising your EVP in accordance with these factors can significantly enhance your organisation's appeal to potential candidates while fostering a positive and productive work environment.