More employers communicating value of EVPs to adapt to employees’ evolving workplace expectations
Aon Employee Benefits will be speaking and exhibiting at the virtual Employee Wellbeing Congress in September. Learn more about the Congress and register to attend.
The EVP refers to the entire employee experience including pay, benefits, culture and career progression. They are a relatively new concept, yet are playing a vital role in shaping benefits strategies.
Over three quarters of employer respondents in the latest Aon UK Benefits & Trends 2020 Survey (77%) say they now communicate EVPs to their workforce, in comparison to 68% in 2019. The number of employers currently offering or ‘working towards’ implementing an EVP remain at similar levels to previous years (76%).
The majority of employers (91%) cited employee engagement as one of their top five most important objectives, followed by retention (71%) and employee choice (62%).
Companies with an EVP in place reported increased levels of employee engagement (77%), retention levels (76%) and recruitment (78%), the survey found.
Responding to the research Jeff Fox, principal of Aon, said EVPs are becoming the new normal with many more employers developing clear branding and messaging around the whole employee experience.
“Employee benefits are just a part of that overall experience, so developing a joined-up approach with values, culture, policies and benefits is vital in creating a successful EVP,” he said.
“This is of critical importance as we witness employees’ expectations of the workplace rapidly evolve, with employers responding accordingly to recruit and retain the best talent.”
Summing up, Fox said: “On the face of it, success rates [of employee benefit strategies] probably boil down to understanding employee needs and effective communications in relevant channels.
“Employers need to ensure they fully understand the diverse needs of employees, educate them and make it as easy as possible for them to access what they need, as and when they need it.”
This article is provided by Aon.
The importance of the Employee Value Proposition in relation to wellbeing will be considered during this years’ virtual Employee Wellbeing Congress. View the full agenda and register here to attend.
