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Why your company needs an EVP, right now.

In 2019 employee retention and talent attraction is more important than ever before. We are in an age of work life balance coupled with our always-on culture of business social media pages, recruitment rankings and of course those apparently entitled millennials. Your company must find a way to stay ahead of the competition… enter EVP. An effective EVP or Employee Value Proposition can help you to attract and retain employees, increase referrals and raise productivity. Clearly communicating and defining how your employees fit in and what sort of meaningful contributions they can make to your company, is key. Potential employees want to know what it’s like to work for you – are you all about ping pong breaks and group hugs? Is teamwork one of your core values? What exactly is your mission and how competitive are your salaries?

According to a recent survey conducted by Deloitte, “84% of people surveyed rated ‘employee experience’ as important, and 28% identified it as one of the three most urgent issues facing their company in 2019”.  Alarmingly only 9% of survey respondents felt that they were ready to address their companies’ EVP challenge.

Creating an EVP for your company is not as daunting as you may think, in fact you probably execute similar tasks when developing and tweaking your ‘customer experience’ or ‘USP’: think of an EVP along the same lines – just replace your ‘customers’ with your ‘employees’. The most effective EVPs follow a framework and begin with a focus on your current employees.  Don’t be too concerned with thoughts of negative feedback – receiving this kind of feedback can actually be quite positive as it will allow you to immediately address any issues and resolve them with a positive outcome before they turn into larger issues.

EVP Development
There are a number of steps to consider as you start your journey to an EVP

1. Objective: Think about exactly why your company needs an EVP? What are you hoping to achieve by having an EVP? Has there been a particular scenario which has escalated the need for an EVP?

2. Research: The research stage is a two part process that will help you understand your company’s offering vs employee expectations. Firstly, what are the conditions and benefits you offer your employees and are they a strength or weakness? Benefits extend beyond just the financial, they also include the type of work being undertaken, the people you work with and the impact the organisation has on the community. The second part of the process revolves solely around your employees. You need to find out how your company is meeting their expectations – what are you doing well? Are there areas that can be improved upon?  What motivates your employees? How do you make them feel? And why are they sticking around? This information can be gathered via focus groups or one-to-one interviews and surveys.  

3. Analyse: So, you should now have documented what you offer and what is valued by your employees. How does your company measure up?  Identifying and understanding gaps, discrepancies and matches is crucial in moving forward. As a part of this stage you should also identify what sort of candidates you want to attract to your company – identify their needs and wants and how your company can meet their expectations.

4. Develop: This stage is where the magic happens – use the insights you’ve gained from the previous stages to drive and plan your EVP.  Determine key words, topics, phrases and associated language to reflect your company, its culture and vision and values. Developing a set of pillars will assist in accountability and the measurement of success.  Don’t forget to consider potential candidates in the development stage – include strategies around targeting and identifying your competitive advantage.

5. Implement: Having an EVP is one thing – implementing it across your company is quite another. You’ll need to help employees to get on board with your new EVP – after all they really are ambassadors for your brand. Your EVP should be present across all parts of your business from candidate selection to exit interviews. Create a buzz and drive excitement by launching your EVP with informal employee events, externally make sure you have consistent messaging reaching potential candidates – your website’s careers page is the best place to start. And when you undertake recruitment, make sure your advertising reflects accurately the work and culture of your company.

6. Review: Reviewing your EVP should take place regularly – assess how things have changed; what you have achieved? What can be improved upon? Has productivity and employee retention improved? What is the quality of recent applicants and is this aligned to your business objectives?

Maintaining your EVP
In addition to traditional HR roles, many companies are now opting to create entire divisions dedicated to ‘people and culture’ and ‘people experience’.  These teams are tasked with making sure your EVP is being implemented, monitored and constantly refined to align with your company and employee landscape.  To allow your employees to take ownership of their EVP you need to take them on the journey. Arm your internal communications team with adequate brand resources so that they can spread the message throughout your company – providing an environment where your employees can embrace and take ownership of your EVP in their everyday communications is where you really strike gold! This way employees are self-authenticating every day and being ambassadors for company culture at the same time, both at work and beyond.

Need some help?
NeonLogic offers a specialist division for EVP development and implementation, we have worked with companies across Australia and New Zealand to deliver effective and successful EVPs.  Our proven methodology ensures we take into account all the internal and external factors that help shape and drive your EVP to facilitate the successful attraction and retention of staff.

Check out what we did for Leidos and AgResearch. Reach out to kick-start your EVP journey with us.

References“From employee experience to human experience: Putting meaning back into work”; 2019 Global Human Capital Trends, Deloitte Insights; Volini, Schwartz, Roy, Hauptmann, Van Durme, Denny, Bersin. April 2019