'The EVP must change from ‘We want to keep you here’ to ‘We want to keep you inspired and supported here'
A successful employee value proposition (EVP) can be a crucial element that helps attract and retain staff. It answers the questions ‘Why do people work here?’ and ‘What’s special about our company?’, according to Alexandra Powell, director of client cultural insights, at Reward Gateway.
For HR leaders, it means looking at their EVP through the lens of the changing needs of their employees and finding ways to support them through initiatives that can help make a meaningful impact on their lives both inside and outside of work.
“HR leaders of the future realise the EVP must change from ‘we want to keep you here’ to ‘we want to keep you inspired and supported here,’” Powell said.
Transforming your EVP
The Reward Gateway report 6 ideas to build a future-proof employee value proposition identifies several ways HR teams can create the perfect EVP:
Review high performers: The first step is to review what incentivises your highest performers and most engaged workers. Ask them what drew them to the company and keeps them working there. You can also send a broader survey or hold a workshop to find more answers to those questions.
The exit interview: Taking 30 minutes to talk to people who are leaving can be ideal to find out reasons they sought out other opportunities. You could ask them what they enjoyed about the EVP and what didn’t quite work for them during their time.
Consider external sources: Looking at employee review sites such as Glassdoor can be one way to find out what employees really think about an organisation. And because the reviews are anonymous, you can find candid details that may not be provided in a survey or exit interview.
The report stressed that HR teams should keep their people at the heart of their evolving EVP.
“In job advertisements, be sure to include your employee values, unique benefits and all the little things that make your organisation a great place to work,” the report said. “Mentioning something like a wellbeing allowance may seem like a detail that doesn’t belong in a job posting for a sales executive, but it’s part of your EVP, and those details could make all the difference when attracting top talent to your organisation.”
Read more tips about transforming your EVP here: 6 ideas to build a future-proof employee value proposition.
