Why is EVP important?
The UK economy continues to see low levels of unemployment post-pandemic coupled with high levels of job vacancy. This tightness in a crowded labour market is putting pressure on companies to stand out. In response, many have been fixing their focus increasingly on the unique set of benefits and rewards they can offer their workers, otherwise known as the company’s Employee Value Proposition (EVP).
This increased focus we are seeing on EVP is not only important for attracting top talent, but also for retaining existing employees. High inflation has devalued compensation - typically the cornerstone of most packages – and many firms have struggled to increase pay in line with rising costs, causing workers to consider looking elsewhere. Evidence shows that being creative with your EVP can mitigate against this with other, non-monetary elements of a strong EVP starting to be valued higher. These would include creating a decent work-life balance, offering flexibility in location and hours, carving out career development opportunity and offering a comfortable work environment to complement strong organisational culture and values.
There are many examples of companies whose EVP has become integral to their organisation’s identity. Google’s “three-thirds” of work, love and life encapsulate meaningful work, diverse culture and a package of wellbeing support. Salesforce has also built its EVP around its core organisational values of trust, customer success, innovation and equality.
How do you evaluate EVP?
Align with organisational goals
To ensure an EVP is aligned with your organizational goals, you need to evaluate how well it supports the overall strategic objectives of your organization. Companies should consider factors such as the desired employer brand image, target talent segments, and the organization's mission, vision, and values. By aligning the EVP with these strategic elements, you can create a consistent and authentic employer brand that resonates with employees and external stakeholders.
Understand what your staff want
To evaluate EVP effectively, organizations must understand the needs, preferences and expectations of their employees. This can be achieved through various methods, including focus groups, interviews and feedback sessions. By soliciting input from employees at all levels, organizations can gain valuable insights into what matters most to their workforce and identify areas for improvement in their EVP.
Seek feedback
Employee surveys, assessments and exit interviews are powerful tools for evaluating EVP. These surveys can cover a wide range of topics such as compensation, benefits, career development opportunities, work environment and leadership effectiveness. By analysing survey results, organizations can identify strengths and weaknesses in their EVP and make data-driven decisions to enhance the overall employee experience.
Leverage technology
Advancements in technology have made it easier for organizations to evaluate their EVP. Online platforms and survey tools now enable organizations to collect and analyse employee feedback efficiently. In addition, data analytics and sentiment analysis can provide deeper insight into employee perception and help identify trends and patterns that can inform strategies to enhance an EVP.
How can Innecto help you stand out?
As employee needs and market conditions change, so should your EVP. To genuinely cut through in this crowded market you need to regularly review and update your EVP to ensure it remains relevant and competitive. This may involve revisiting elements of your EVP, gathering feedback from employees and assessing the competitive landscape to ensure the overall package continues to resonate with current and potential employees.
Google and Salesforce have embedded their EVP as part of their identity, linking to the organisational goals and values, and this is a big reason why they are standing out as employers of choice.
At Innecto, we can work with you to help assess your current employee engagement strategy and help you develop a tailored approach to make the greatest impact. Our levels of service can be tailored to your current strategy and challenges, and we work with you to engage staff, elevate your package and build a communications plan to match.
