The Crucial Role of Employee Value Propositions
At Panoramic Associates we understand the importance of standing out and making a lasting positive impression. So, we decided to delve a little deeper into the importance of one of the key services we offer our clients: Employee Value Proposition (EVP).
Making a strong first impression is vital in securing top talent within your company. If you are struggling to hire, you may need to consider re-evaluating your EVP.
What is EVP?
EVP is the face the company shows to their employees, it’s what you offer your employees in return for their experience, skills, and dedication. EVP symbolises the internal culture of your organisation. It is not just the salary you have advertised, but what value employees gain from working as a part of your team. Employee Value Proposition is crucial to helping talent shine in the workplace.
How can EVP help my business?
Though EVP will already be in place for your company, it most likely hasn’t been fully explored and utilised to its full potential. When integrated properly, EVP can become a powerhouse tool in driving employee retention rates and decreasing recruitment costs. Furthermore, when investing in our EVP service clients can expect to see enhanced motivation, positivity, and innovation among their team members. Implementing an Employee Value Proposition will most definitely provide your organisation with a competitive edge and a positive employer brand.
How we build a powerhouse EVP for you
Using our experience in attracting top talent to the Public Sector and the Housing Market, we have summarised the main factors behind a strong EVP including its benefits and factors we considered when developing our own.
First, we consulted an excellent article written by Jo Perrotta, Recruitment Marketing Specialist and Managing Director at Marmalade Marketing. In accordance with Perrotta’s article, ‘Why Employee Value Proposition Should Matter to You’, there are five simple steps to create a compelling EVP:
- Identify your current offer
- Characterise your Ideal Employee Profile (IEP)
- Assess current perceptions
- Tailor it to all employees
- Communicate it
These 5 steps allow a more strategic, tactical approach when developing an EVP and will guide you towards creating a well-defined and successful EVP.
EVP is constantly evolving
When the world went remote, it made Panoramic Associates question how we work. Productivity was maintained throughout this period, and it became clear that some traditional working practices were unnecessary and counterproductive.
Since the pandemic, employees have different expectations from their workplace. This means that EVP is a constantly evolving process, a process that you will need to change to suit the organisation, its employees, and the demands for flexibility. Recruitment Marketing directly assists and controls the EVP within a business and is a huge USP when advertised effectively.
Your EVP must focus on the future
A survey study undertaken in 2020 discovered that employees are focused on gaining experience and are more willing to find another job than wait for a promotion. The report also revealed that 61% of employees value flexibility in the workplace, and an additional 76% of employees expect well-being support from their employer.
In this way, it is important to tailor your EVP to focus on the benefits of each role and what it provides in terms of future development. It’s crucial it can be adapted to those in different skill and career brackets, as well as understanding what will be appealing for them at this stage in their career.
Investing in a robust Employee Value Proposition can lead to a more engaged, loyal, and high-performing workforce, contributing significantly to the overall success and sustainability of your business.
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