8 steps for evaluating if your EVP is keeping pace with employee needs
Your employee value proposition (EVP) is a powerful tool to help attract and retain talent while boosting employee engagement.
The world changes, and employees age and advance, making it crucial to ensure you remain aligned with them, evolving alongside their expectations.
Here are 8 steps you can take to evaluate and update your EVP:
1. Understand employee needs
It’s essential to start with what you have in terms of your benefits offering and employee needs. Conduct surveys, focus groups, or one-on-one interviews to understand what your employees value most now and their ambitions.
Don’t forget that your EVP is more than just financial compensation, including learning and development opportunities.
2. Review market trends
Your employees and business are unique, but it’s beneficial to monitor what your competitors offer, industry trends, emerging workplace practices and changes in the job market. Alongside the feedback from your workforce, benchmarking your EVP against those of similar organisations will ensure you remain competitive.
3. Assess business goals
Your employer brand is an essential element of your retention and attraction strategies, and it’s vital that your EVP compliments and expands on it. Align your EVP with your business goals and ensure it reflects your values.
Just as your employees’ needs change, so do your organisation’s. Being mindful of how future changes in company strategy might affect employee expectations is essential.
4. Analyse employee turnover
One functions of your EVP is to retain talent. Employees will come and go, sometimes for reasons beyond your control, but if your employee turnover is high, investigate the cause sooner rather than later. Exit interviews can be useful here.
5. Evaluate salary and benefits
The cost-of-living crisis has stretched salaries further than ever, bringing employee financial wellbeing to the forefront. The need to help employees become financially resilient has never been greater, and this involves a forward-thinking approach.
Regularly review your offering to ensure it’s flexible enough to support through future challenges and includes factors such as healthcare, retirement plans, flexible work arrangements and other benefits important to employees.
6. Break down each element
As well as reviewing the financial element of your EVP, assessing whether you need to make changes to your learning and development strategies, work-life balance and the inclusiveness of your reward and recognition strategy is an essential exercise.
7. Communicate effectively
You could have a desirable EVP, but if you’re not effectively communicating this to your employees, neither you, nor they, will experience the benefits. Ensure you explore the role of technology and your employees’ preferred method of communication.
8. Never stand still
You may reach the point where your EVP ticks all the boxes. Keeping it that way takes continuous review and reflection.
Your EVP is an investment but doesn’t need to cost the earth. Flexible and adaptable employee benefits that cater to employees at various life stages are available and implementation can be cost-effective.
The critical thing to remember throughout is the purpose of your EVP, ensuring it meets the needs of your current workforce and future prospects. Always align your EVP to your values since it will help you attract and retain people who are an excellent cultural fit.
If you’re unsure how your EVP measures up, download Pluxee UK’s new Employee Benefits and Strategy Guide and complete the short questionnaire.
Supplied by REBA Associate Member, Pluxee UK
Pluxee UK, is a leading employee benefits and engagement partner that opens up a world of opportunities to help people enjoy more of what really matters in their lives.
