An Employee Value Proposition (EVP) is the agreement between the employer outlining the benefits and key features for working in the organisation and the performance and contributions expected of the employee.
An effective EVP enables organisations to stand out from its competitors, attract and retain talent and strengthen employer brand. By integrating an EVP that aligns the employer brand strategy with the internal and external communications plan, companies are fast recognising the cascading effect it can have. From leadership communication to regular training and development; an open culture to attractive benefits; successful EVP’s are fast becoming key fundamentals to a company’s success.
According to Towers Watson’s latest Change and Communication Global ROI Research study:
Organisations who use their employee value proposition most effectively are five times more likely to report highly engaged employees. They are twice as likely to report achieving financial performance significantly above their peers. Organisations recorded higher performance when compared to companies that use their EVP less effectively.
“The employee value proposition is one of the best tools available for companies to engage employees, as well as attract and retain top talent,” says Richard Veal, head of Towers Watson’s Reward, Talent and Communication consulting UK practice. “Unfortunately, to many organisations, the EVP remains a hidden gem that is unshaped, overlooked or not utilised to its fullest extent. Our latest research provides important insights into what makes the best companies – those with highly effective EVPs – different.”
But how can you achieve an effective employee value proposition and what are the key steps to overall success? Here are our 4 steps for creating and implementing a company-changing EVP:
Gather a team which will enrich the EVP process and encapsulate the essence of the company as well as meeting the overall objectives. A cross-functional team which includes marketing, communication, HR, team leaders and line managers can provide a more successful outcome. By collaborating with different departments across a wide age range, this can shape an EVP which is more purpose-driven, achievable and sustainable.
Once you have organised a unified team, ascertain the key objectives of the EVP. Define who you are as a company (vision and ethos), the services you deliver and the staff you employ. Consider what you need to succeed internally and externally and the competitive market you operate in. This will help define your overall employer brand, your brand positioning and what you need to evolve and expand in your industry.
Your employees are your biggest ambassadors. Therefore, it is imperative that you incorporate your EVP into company inductions, reward and recognition schemes, communications and business strategies. This shows your employees that the ethos of the EVP is readily integrated throughout the company and not a pipedream.
Once you have created your EVP use creative channels to communicate it to the people you are trying to attract. Adapt company websites, external advertising and interview processes; this will give prospective talents an opportunity to determine if they would make a good fit for your business. Consistently communicating through branding, PR, social and marketing can help audiences develop a positive perception about the company. As a result it will add value, attract and retain talents and position your company as ‘an employer of choice’.
With an effective EVP you will have candidates fighting to work for you and employees fighting to stay with you!
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At ClearVoice Comms, we are experts in delivering employee engagement and communication strategies that inspire your people and transform your business. We influence change through the power of communication to improve your company’s performance. For more information or help with creating and delivering a strategically focused EVP, call or email us today and let us show you how the power of communication can change your business.