Employee Value Proposition (EVP) - what does your organisation stand for & why is it unique?
We hosted a webinar on EVP in November. Check out the recording here. Plus if you want some help in getting started with your EVP, you can find our Action Plan Builder at the bottom of this blog.
A strong EVP will help retain top performers and attract the best external talent.
Your organisation is distinctive because of its values, culture, and benefits. Your EVP is what sets you apart from the competition, even if you make the same goods or offer the same services.
Your EVP should have a combination of rewards and benefits that employees are given in return for performing well at work.
A compelling EVP includes:
- Compensation
- Work-life balance
- Stability
- Respect
- Location
Importance of a Great EVP
These initiatives can boost productivity, raise earnings, give workers a better working environment, and lower staff turnover.
By delivering on your EVP you can decrease employee turnover by nearly 70%.
Here are some strong examples of Employee Value Propositions:
1.HubSpot
‘Your best work starts here’, according to HubSpot's EVP. Their benefits page supports that claim. The main goal of HubSpot's EVP is to “help you be the best 'you' that you can be" by striking a balance between work and personal obligations.
It’s open about its priorities and offers a document of more than 100 pages called the "HubSpot Culture Code" that describes in detail how this culture is put into practise.
2.Nike
"Win as a team" is one of Nike's EVP headlines. Nike's culture places a strong emphasis on achieving athletic innovation with a team mindset.
Its "team mindset" is consistent in how it handles benefits and compensation.
3.Gartner
The five pillars of Gartner's EVP are: challenging work; talented people; limitless growth; community impact; and big rewards. The company's EVP encourages employees to "live well - in all parts of your life."
Review your current EVP
Examining what you currently have in place is an excellent way to start when reviewing your EVP. Try to look at some of these things with objectivity and think about how your present or future employees could perceive them:
- Employee engagement, employee voice and culture
- Benefits and package
- Vision, mission, values and goals
- Career development and investment in personal development
- Social media and online presence
You may already be developing an action plan to strengthen your EVP. If you want to dig a little deeper with your evaluation, take into account the following:
1. Using the right tools
Learn what makes working for your company special, and why current employees choose to stay. You can use existing perceptions to improve your EVP once you've identified them.
Conduct an anonymous employee engagement survey to learn what matters to your team, what motivates them, and why they stick with your company. The information you collate should reach all aspects of your organisation.
Consider more factors than just benefits and compensation when conducting this research. Determine the rewards and intangible experiences that employees cherish.
To make sure you're asking your employees the correct questions and gaining a clear picture of how they see your organisation, we use our four engagement pillars:
These pillars are:
At Ten Space, we’ll also help you to use your employee feedback to create social media content, to take your culture online. Book a demo here to begin your path to a maximised EVP.
Our employee feedback surveys frequently address the important topic of recognition, with many employees reporting a mismatch between their expectations and their actual experiences. According to 69% of workers, employees would work harder if their efforts were valued more, and our own research supports this claim.
Recognition, which is free, reflects and reinforces your company culture. It increases engagement and performance while giving your employees a sense of value.
According to "The State of Employee Appreciation," businesses who give individual or team recognition saw a 14% increase in performance.
For 3 key points to getting recognition right in your team, check out our blog.
2. Communicate the message
When you’ve completed your research, collate the data. Your employees' top core values and distinguishing characteristics will be easy for you to identify.
Think of these as the superpowers of your company!
These superpowers will enable us to create a statement that summarises your EVP.
Your writing should be clear and concise. It should be clear what matters most to your staff members, why they stay, and what your company does that is exceptional in your industry.
Find innovative and pertinent ways to explain your EVP to the audience you are attempting to attract after it has been defined.
Here are a few ideas:
- Hiring Channels - Employer websites, advertisements, and the interview process. Prospective employees can assess whether they would be a good fit for your company.
- Branding, PR & Marketing - These strategies will aid in creating a favourable impression of your organisation among the passive labour market.
- Bringing it to life - If you claim to support work-life balance or ongoing development but do not offer training, career advancement, study leave, or flexible working hours, your workplace's reality falls short of your promise.
3. Refining
Measure the effectiveness of your EVP frequently, and keep it evolving to meet the needs of your people and the market now and in the future.
You should:
- Keep an eye on candidate applications and employee retention rates because they can provide excellent cues as to when you should make changes or take action.
- Make sure current employees are consulted at all stages of their employment with you, not only after the first 12 months. Continue to pay attention to them.
- Conduct frequent employee engagement surveys to stay current on what matters to your teams and where you are succeeding and failing.
Every year, review your EVP. If necessary, change your employment proposition to make sure it is relevant and embodied in your employee’s day-to-day experience. When necessary, restructure your EVP to more accurately reflect employee expectations.
Success comes from your team's alignment with the organisation's EVP. A highly engaged team is still only one step away.
EVP Action Plan Builder
As promised we’ve attached our EVP Action Plan Builder which can help you turn your Employee Value Proposition into an attraction & retention tool.
Ten Space can help you to review your EVP. Contact us directly to see how we can help you at enquiries@tenspace.co.uk. For more info on how you can create an incredible workplace, check out our blogs.
