Employee Value Proposition
Table of Contents
1 Introduction
2 What is Employee Value Proposition (EVP)?
3 Examples of EVP
4 What is Employer Value Proposition (Employer brand)?
5 Why is a Strong Employee Value Proposition Important?
6 Things to be Considered when Developing an EVP
7 Avoiding the Common Pitfalls of an EVP
8 Rolling out the Employee Value Proposition
9 Organizations with Great Employee Value Proposition
10 Key Actions to Build a more Human EVP
Bibliography
1. Introduction
Have you heard of Employee Value Proposition? What does it
mean, and why does the organization need to look at it?
Nowadays, Employee Value Proposition has become a buzzword
in the HR world and is very important for the organization.
It cannot be stressed enough, as we go into the “Post
Pandemic Great Resignation or Great Reset”
Figure 1: Employee Value Proposition
2. What is Employee Value Proposition (EVP)?
The balancing of rewarding and benefits provided to
employees by an organization to acknowledge remarkable performance in the
workplace is known as Employee Value Proposition.
The EVP implemented within the organization should include
everything and anything the employer is doing to attract and retain employees
in the organization, which will be largely advantageous to the organization’s
growth and success.
This concept came to existence from an idea from the
marketing sphere termed as Unique Value Proposition; the value the Organization
provides its customers with that gives them an edge over the competition.
3. Examples of EVP
An EVP initiative is a unique value the organization can
provide for the employees. The initiative will also shift the organization’s
focus from compensating to other methods of recognition, such as career
development paths, internal programs for rewards and recognition, and community
initiatives. Following are some examples of things you can look into when
implementing an EVP initiative:
- Swanky Offices.
- Scheme for bike to work.
- Lavish Leave Allowances.
- Work-life Balance Initiatives.
- Strong diversity, equity and inclusive office culture.
- Regular global or cool team-building events.
The organization’s EVP initiative will include all
incentives, perks, benefits and support systems provided by the organization or
promote an attractive workplace in comparison to the competition.
4. What is Employer Value Proposition (Employer
brand)?
The Employer Value Proposition is another phrase for your
Employer Branding. The employer brand is the externally perceived reputation of
the organization, while the EVP is what is offered internally.
The employer branding intangible; it will show potential
candidates would visualize working at your organization based the
organization’s EVP. The EVP is tangible; it will attract candidates and the
best talent and ensure employee retention.
It will ensure that the organization will stand out compared
to the competition and it will promote the idea that the organization cares
about its employees.
5. Why is a Strong Employee Value Proposition
Important?
There are many advantages to having a strong EVP initiative
implemented in the organization, some of them are listed down below:
·
Assists in attracting good talent to the
organization.
·
Improves the reputation of the organization.
·
Reduces the rate of employee turnover.
Figure 2: Reduce Employee Turnover
6. Things to be Considered when Developing an EVP
There are many things to be considered when developing an
EVP initiative for an organization, some of them are listed down below:
- Employee Expectations in terms of Salary.
- Rewards and Recognition.
- Company Culture.
7. Avoiding the Common Pitfalls of an EVP
The following steps can be followed to ensure the
organization can avoid commonly encountered pitfalls when it comes to an EVP:
- Get Feedback from Employees.
- Consolidate and test.
- Validate and iterate.
8. Rolling out the Employee Value Proposition
In order to initiate the organization’s EVP, it must be
defined very well. By doing so it will be easier for the organization to
communicate it to any prospective employee. This makes it easier for the
organization to attract new talent and retain current employees better than
before.
Initiate the EVP by writing it down, even you have already
defined it. Work with the Marketing team and also ensure that it is in line
with organization’s mission and overall branding efforts.
Once the organization has reworked and defined the EVP,
ensure that it is communicated with the entire organization.
It is important to promote that it is an awesome place to
work with current employees as well. The organization must ensure that the EVP
is reviewed on a regular basis.
If there are any initiative that you have identified that
the team is not involved in, remove them. Then, identify what the employees will
prefer more.
Figure 3: Rolling Out EVP
9. Organizations with Great Employee Value
Proposition
The below Organizations are examples of organizations which
are known to be leading the way a great EVP:
- Employment Hero
- LinkedIn.
- Innocent Drinks.
- Canva.
- Made Tech.
10. Key Actions to Build a more Human EVP
Following are some key actions that can be taken to build a
more human EVP:
- Build deep connections with employees.
- Provide radical flexibility for employees.
- Create opportunities for personal growth.
- Ensure holistic mental wellbeing.
- Take actions for a shared purpose.
Figure 4: Deep Connections with Employees
Bibliography
Betterteam, n.d.. What is an Employee Value
Proposition (EVP)?. [Online]
Available at: https://www.betterteam.com/employee-value-proposition
[Accessed 11 April 2023].
Employmenthero,
2023. What is an Employee Value Proposition (EVP) and why should you
care?. [Online]
Available at: https://employmenthero.com/blog/employee-value-proposition-evp/#:~:text=Employee%20Value%20Proposition%20is%20the,the%20success%20of%20a%20business.
[Accessed 9 April 2023].
Gartner,
n.d.. Employee Value Proposition: Create a strong EVP to attract and
retain critical talent. [Online]
Available at: https://www.gartner.com/en/human-resources/insights/employee-engagement-performance/employee-value-proposition
[Accessed 11 April 2023].
Venkataramani,
S., 2021. Make Way for a More Human-Centric Employee Value Proposition. [Online]
Available at: https://www.gartner.com/smarterwithgartner/make-way-for-a-more-human-centric-employee-value-proposition
[Accessed 10 April 2023].
Verlinden,
N., n.d. 11 Company Employee Value Proposition Examples For HR. [Online]
Available at: https://www.aihr.com/blog/employee-value-proposition-examples/
[Accessed 11 April 2023].
WBDynamics,
2020. How to Develop and Leverage your Employee Value Proposition. [Online]
Available at: https://www.wbdynamics.com/develop-employee-value-proposition/
[Accessed 11 April 2023].
Hi your article has covered almost the most valuable points of the topic. EVP is the unique set of benefits that an employee receives in return for what they give to the company as a set of skills, capabilities, and experience they have. So do you have any new suggestions when implementing the new EVP plan?
ReplyDeleteThe employer can look into areas like flexible working hours, team outings, soft skill development, extracurricular activities, mental health benefits, opportunities to learn new areas, etc.
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