An organization’s brand is like a coin…it has two sides. One is focused externally on the value created for their customer and the other is focused internally on the value created for their employees – your Employee Value Proposition (EVP). Your EVP articulates the mix of offerings and opportunities an employee will experience throughout the Employee Lifecycle that will differentiate your company from your competitors, in return for what the employee contributes.
Just as we want to create that emotional connection with our customer, we want to create an emotional connection with current and potential employees. That emotional connection helps to determine the amount of commitment and effort your employees will use to will bring your culture, mission and values to life.
Here are some guidelines for creating an effective Employee Value Proposition:
- Align your EVP with the business strategy. A well-designed EVP will help a company attract, retain, motivate and engage their employees to drive business success. In fact, the Towers Watson 2012 – 2013 Global Talent Management and Rewards Study, found that employers with Employee Value Propositions were more than twice as likely to report having higher financial performance.
- Don’t create your EVP in a bubble. Gather information from current employees through engagement surveys or focus groups. Consider best practices from competitors and leaders in your industry.
- Integrate your EVP in all aspects of the Employee Lifecycle: recruitment, training, development and career opportunities, performance, recognition, work-life initiatives, benefits and compensation. Use it as a guide for making decisions on what matters most.
- Communicate your EVP at every opportunity and look for ways to weave it into the fabric of your organization.
- Measure and test for success! Continually engage with your employees to ensure you are delivering on the promise of your EVP.
The need to attract and retain talent will always be critical to an organization’s success. Developing and communicating an aligned Employee Value Proposition is increasingly becoming an important tool and a critical element in defining a great workplace experience and successful business outcomes.