The 8 elements of an authentic Employee Value Proposition (EVP)
By Evelyn Jackson (CEO)
An EVP (employee value proposition) is one of the single most important tools that your organisation can have to attract and retain top talent. Here at Corporate Crayon, we know and have seen the positive impact that a well-thought-out approach to developing an EVP can make (check out our blog on ‘how to create an in inspiring Employee Value Proposition’).
While it may seem simple, uncovering an organisation's true EVP takes time, research, and careful consideration. A crucial part of crafting a meaningful EVP is to understand the current employee experience and expectations of talent. As part of our unique approach to defining an EVP that is relevant and authentic, we break it down into eight elements.
These eight elements must be considered from your employees’ perspective to create impact. Their genuine views, needs and even ‘wants’ form an EVP that will showcase your organisation as truly unique and a place that talent wants to join.
The 8 EVP Elements
1. Brand purpose
Your brand purpose is all about ‘why’ you exist as a brand, organisation or company. Do your employees understand and connect with your purpose? If your organisation has a strong vision, organisational purpose and a connected team to bring it to life, it is a heady attraction for talent. Not to mention the fact that when a team is working together to deliver shared goals, this is reflected in organisational performance and profitability.
2. Career development
Career development can be a huge pull for talent. It is equally as important for employee retention and overall satisfaction. According to Forbes, career development can increase retention by 34%. When considering what this looks like for your organisation, consider not only a career progression framework, but how it is communicated, delivered, managed, and celebrated. What development pathways can you provide to attract talent? Are these pathways self-driven or do they require management? How is this managed in a fair and equitable manner?
No business is the same. From our experience working with many different companies and industries, career development is sometimes not a motivating factor for some employees. Therefore, you also need to understand how relevant it is to your current and future talent and, importantly, what may be replacing it.
3. Connection
Human connection in the workplace is essential to create a sense of belonging and inclusivity. What meaningful connections do you have and create within your organisation? Via what channels? Does your organisation create moments where employees and leaders can connect? Is the connection transactional, professional, social, friendly? Is there a genuine sense of belonging and community? All these factors are important to explore and understand when defining the employee experience.
4. Culture
At the heart of the employee experience is the organisational culture and the values that underpin it. It is important to understand how this is experienced day to day, if the values are clear and genuinely lived, and if the culture is authentic and representative of these values. Attracting and retaining the right talent, with aligned values, is also key to creating the culture needed to achieve your organisations ambitions.
5. meaningful work
When your employees show up to work, there has to be something other than remuneration and benefits that drive them. While these are important, having meaning behind work will intrinsically motivate and propel your employees and the organisation forward as a whole. Asking questions whether your employees find meaning in their work and understanding what value system drives them, will give you an insight as to whether or not the workplace is aligned with an individual's strengths, passions and purpose.
6. pay and tangible benefits
Typically, when organisations think of an EVP, they think of pay and tangible benefits. This is also true for everyone – whether you are in an existing role, considering a move or actively searching for your next role.
With increased pressure from of the rising cost of living companies feel the need to offer competitive pay or a competitive benefits package, especially when unable to compete on pay alone. At Corporate Crayon, we always recommend understanding your audience needs first. What do your employees value as compensation for the work they do? If it’s remuneration, do they perceive what they receive as fair, lacking or competitive? If it’s not remuneration alone, what else do they value as a benefit? This can differ greatly based on a number of factors (the individual, tenure at the organisation, role, family structure). It is therefore important to talk to a representative sample of your workforce to understand what package of benefits are going to be most relevant and make the most impact.
7. recognition
Recognition involves the appreciation and positive reinforcement of your work by leaders and peers in an organisation. This can take the form of informal recognition such as a ‘thank you’ or shout-out in a team meeting, or formal recognition such as receiving an award. If your organisation truly recognises work done by individuals and teams in various and effective ways, highlighting it in your EVP is a great way to attract and retain talent who want to feel valued.
8. work environment
Creating a positive work environment (both physical and holistic) that enables employees to not only do their best work but also enjoy their best life will fuel employee engagement and wellbeing. And when you take care of your employees, they are more resilient and productive. As Simon Sinek famously once said, “when people are financially invested, they want a return. When people are emotionally invested, they want to contribute.”
Different people need and seek different work environments. Understanding what individuals need to perform at their best is crucial to delivering a great employee experience (and it’s often not as grand or expensive as what companies think).
Final thoughts
Understanding each of the eight elements from the perspective of your talent is key to creating an employee value proposition that is relevant and authentic to your organisation and people. Even though not every element may be equally relevant to everyone, all should be researched and considered to define your EVP. This will enable you to showcase what is most relevant and unique to your organisation to attract, retain and motivate top talent, not to mention increase your organisation’s performance.
How Corporate Crayon Can Help
To learn more about our approach to developing an EVP, get in touch with our team today.