How to use your EVP to improve your workplace experience
Against the background of a cost-of-living crisis and in an increasingly competitive talent market, many organisations are revisiting their employee value proposition (EVP) as a tool to improve employee wellbeing and experience.
An organisation’s EVP defines the unique set of benefits an employee receives in return for the skills, capabilities and experience they bring to a company.
Articulating and communicating your EVP answers many questions an employee or prospective employee might have about why it is good for them:
Opportunity: What is the company’s learning, development and career pathing strategy? Will I be stuck or is there an opportunity for me to grow and develop?
People: Will I connect with my new co-workers and manager? Is there confidence in the senior management?
Organisation and values: Is the company socially responsible? Do I connect to the causes the business promotes? Is the work meaningful?
Work: Will the role and position facilitate a work-life balance?
Rewards: What sort of compensation is on offer? What is the salary, the health and wellbeing benefits package and how much paid time-off is included?
How the EVP affects employee experience
All companies have an EVP visible to employees and prospective candidates, whether through a mission statement, marketing efforts, job adverts, client wins, or products produced. A company’s values and beliefs are communicated in all aspects of how it interacts with the world, community, and industry.
Ensuring that your EVP matches the experience of working for your organisation is crucial to employee wellbeing. A strong EVP will:
- Attract candidates who are a fit for your organisation. Your EVP can provide an edge when competing for talent, with a well-executed EVP meaning that the candidates you attract understand and value the benefits, opportunities and culture you offer. New employees who fit well will be happier and more committed to staying.
- Help employees to appreciate the full experience. Great work-life balance, flexibility and career progression opportunities are just as valuable as monetary benefits, but often they aren’t promoted in the same way. Your EVP can help to align the value of these offerings so that your employees understand and appreciate the full package.
- Align employees to your values and strategy. Knowing what behaviours matter to your organisation will help employees focus their time and attention on the areas valued most. Your EVP sets clear expectations for people’s behaviours and supports your business’ strategic objectives at the same time, leading to better organisational performance and improved morale.
- Motivate people through reward packages. A clearly articulated EVP should demonstrate to your people how they progress within your business so that they look internally rather than externally for greater reward.
- Support employee wellbeing. Your EVP can help control the increase in, and implications of, mental ill health by ensuring that you have the right people in the right roles and that those people are valued for their work. This contributes to feelings of self-worth and reduces stress and anxiety.
Hear more from this specialist service provider
Meet and talk to them at REBA Wellbeing Congress on 22 June. They're keen to hear about your strategy and can help your focus on embedding employee experience and wellbeing at the heart of reward and benefits decisions.
The role of communication
Importantly, the EVP should reflect the experience of working for an organisation and must match up to the external facing employer brand. For example, if you communicate your values via a job ad, but these values are not backed up in peer reviews or on your website, the inconsistency will damage employee experience.
Like all aspects of communication, the EVP is not a ‘one and done’ project; it’s never finished, and you should continually monitor and update it to ensure that it meets the ever-changing needs of your organisation, your candidates, and your employees.
If you’d like help developing or communicating your EVP, get in touch with Caburn Hope, part of the Buck family, who work with world-leading leaders to enhance employee experience and unlock your workforce’s potential every day.
In partnership with Buck
Buck is a global, integrated HR consulting, benefits administration & technology services provider.