What drives your employees to succeed? Is it just a generous compensation and benefits package, or is it culture? A successful employee value proposition model combines branding with engagement to ensure a sustainable talent attraction and retention strategy. Here are 4-tech-powered EVP ideas that can help you become a talent magnet.
What is Employer Value Proposition?
The creation of value is an intangible but essential proposition for most modern businesses. However, only 2 in 5 employees believe their organization has a compelling employee value proposition, as per GuideSparkOpens a new window ! Defined loosely, Employee Value Proposition (EVP) refers to a combination of benefits and rewards that an organization offers to its employees in return for their work and skills. However, a strong EVP also includes intangible components such as culture, opportunities for personal and professional development, and more. Part branding and part engagement, an effective EVP creates a sense of meaning and belonging for prospective and present employees.
For employers, EVP is critical to ensuring that the right candidates are drawn to their brand, and existing employees remain productive and focused. In fact, 65% of CEOs are concerned about changing workforce dynamics, notes employee engagement solutions provider GuideSpark, and 89% of execs believe an increase in competition for talent is just around the corner. EVPs ensure goal alignment, motivation, and retention management. However, like other engagement initiatives, there is no one/single approach to creating an EVP; it varies from employer to employer, and it’s closely tied to the core values of an organization. Having said that, here are five key factors that can help employers create an effective employee value proposition model.
Self-service L&D and flexible workforce management
Most organizations have several L&D programs and workforce solutions in place, empowering employees to pursue individual growth, gather deeper learnings, and find both reward and recognition for their efforts. Take a leaf from the book of NYC’s largest public union, which recently launched a voluntary â€˜Digital BadgeOpens a new window ‘ program to encourage upskilling among its workers.
Flexible Workforce Management
Flexibility is important for modern businesses today, with employees leveraging collaboration and communication tools to work across locations, time zones, and projects. By embracing the tenets of a flexible work culture, organizations can drive job satisfaction, while delivering on larger business objectives. It’s no surprise that leading organizations, like Sapience, are now turning to work-from-home modulesOpens a new window .
Adoption of communication and engagement software
The axiom here is simple: the higher the frequency of communication, the greater the engagement and employee morale. Today, all companies are looking at platforms and applications that encourage employees to communicate seamlessly and share important updates, shifts, movements, and alerts on a regular basis. Additionally, feedback is consistently garnered and both senior leadership and the on-ground worker can constantly stay in touch.
â€œOne critical area of HR that has been somewhat overlooked is the need for ongoing employee communication. Every major change, strategy, and initiative requires a comprehensive strategy for employee communication and there have been few tools designed for this process,â€ says Opens a new window Josh Bersin, Principal, and Founder, Bersin by Deloitte. â€œTools like GuideSpark have the potential to reach employees on a regular ongoing basis, just as we communicate with customers.â€
Customization of benefits and rewards packages
Did you know that high-performers are 5x more likely Opens a new window to believe they are paid fairly and competitively? Beyond wages, employees require a comprehensive benefits package, from vacations to bonuses, and ESOPs. Most companies deploy new technologies to create an end-to-end benefits program that encourages and acknowledges performance. Look at benefits solution providers like benefitexpress or WageWorks to ensure your employees actually feel like they’re â€˜thriving’ or consider a more millennial-friendly option such as GoPass, one of the few providers offering completely cashless benefits.
Digital programs for cultural orientation
â€œWhether you’re trying to get employees to enroll in a 401(k) plan or complete a performance review, it helps to create awareness and align what you’re doing with their personal need,â€ believes Opens a new window Keith Kitani, CEO at GuideSpark.
Commonly, HR teams have programs in place that reinforce a company’s vision, values, and mission. EVP plans must work in tandem with these ideas, creating robust alignment of â€˜value’, â€˜belief’, and the organizational ecosystem. Consulting major Weber Shandwick has released a special culture-fit advisory division, aligning HR strategy to company culture. For small and medium businesses, the market brings several scalable alternatives like Pompello and CultureIQ, meant to ensure employer-employee cultural synchronicity.
Any EVP initiative needs to be thoughtfully tailored to the companies’ needs. Each of the above strategies must be considered in light of your individual targets and specificities. Deployment of a thoughtful EVP model will increase engagement, drive profitability, and transform your employees into brand ambassadors for your company â€“ which will help you in attracting and retaining the finest talent, and the brightest minds!