How to evolve and future-proof your EVP
Your first guess might be that the most important thing to a prospective employee is salary.
But the reality is that there are many other pieces that round out a complete Employee Value Proposition, and salary is only one of them.
That’s especially true in today’s ever-changing world, where a tight talent market and tough economic conditions has dramatically shifted the employee-employer relationship.
Put simply, an Employee Value Proposition (EVP) answers the questions: ‘Why do people work here?’ and ‘What’s special about your company?’
An EVP combines every aspect of the employee experience, from salary to the wellbeing allowance offered to the weekly leadership blog.
It’s all the things that make your organisation an attractive place to work.
HR leaders realise the EVP must change from ‘we want to keep you here’ to ‘we want to keep you inspired and supported here.’
While there are countless ways to build your EVP, the organisations that will thrive in the future are paying close attention to core ways to evolve. Here are a few to keep in mind:
The 2024 Employee Value Proposition Definition
|Quantity: Employers who have long lists of perks stand out as competitive, without delivering on impact for employees
|Quality: Employers use reduced budget to focus on meaningful perks that will impact their employees' day-to-day lives, and their families' lives, too
|A top-down strategy: HR 'tells' employees what they receive and when they're allowed to use benefits
|A bottoms-up strategy: Employers give employees the power to choose how and when they engage with benefits
|One-size-fits-all: All employees receive same benefit, regardless of tenure or demographic
|Personalisation is key: Tailoring EVP to suit a multi-demographic and multi-generational workforce for all stages of employee lifecycle
|Rigid salary and workspace requirements: Expected salary requirements and pay rises
|More opportunities to stretch income: Innovate reward and benefit programs to increase take-home pay
|Work vs. personal life separate (competing) entities: Employees locked into 9-5 hours with little flexibility
|Acceptance of hybrid and flexible working: Employees looking for more autonomy over how and when they work
Many of the leading employers are providing benefits that are both unique and surprising, relevant to their organisation and meaningful to the employees they want to attract.
Evolving your EVP to meet workforce needs
Our Australian Talent & Engagement Report reveals that 53% of Aussie workers say that stress from cost of living increases is negatively impacting their work.
A focus on providing employees with practical, financial support is something I’ve seen lately as employers continue to navigate the tough economic market.
Now that you have an idea of what an EVP is, you can start to refine it to make your organisation competitive in the employee marketplace. A couple places to start could be to expand your employee benefits, add meaningful employee perks, reevaluate your company culture and take a hard look at how you reward and recognise great work.
Your EVP is a driving contributor to attracting and retaining an engaged workforce. Essentially, your EVP is the ‘why.’ Why would candidates choose your organisation over others?
What separates the ‘good’ from the ‘great’ EVPs is admitting when things need to change, and being open to the evolution of your EVP. What may have been core to your EVP as a small start-up of 10 before can differ widely as your business scales and grows amidst a constantly changing climate.
Ask yourself, is your EVP fit for purpose? Will it stand up to the test of time? If you’re unsure, it’s time to shake things up to make sure you’re creating the best environment for your people now, and in the future.
Download Your Guide to Designing a Multigenerational EVP now to discover the building blocks of a successful and impactful EVP and how you can attract and engage different generations through a range of high-impact, low-cost benefits and initiatives.