Employee Value Propositions is a hot topic right now. You may not have heard of EVP’s but it’s another way of saying that you should know your worth as an employer and make sure others know it too! We frequently talk to businesses, and they casually mention great benefits they offer that are almost forgotten about because they are the norm in that organisation. That’s if they get mentioned at all.
Understanding and highlighting the benefits that you offer your employees can help attract, engage and retain great staff. It isn’t just the tangible factors such as pay or other financial rewards either. Intangible benefits can help communicate why you are a great place to work. You may be in a really convenient location, have policies that provide for amazing work-life balance or have a collaborative culture with a fantastic team spirit .
Candidates looking at job adverts want to understand the truth about working for you and what you offer. They could be scanning many adverts and pass yours by if they aren’t attracted by your offering. And reminding existing employees of the unique benefits you offer can prevent a situation we often see, where an employer is doing some amazing things but is taken for granted. So how do you know what your unique value is?
What Do Your Employees Think?
Do you know what your existing employees think about working for you? Do they feel proud of your business and motivated to work for you? One-on-one interviews, 360-degree feedback or employee surveys can help understand what is important to your Team, why they stay, and why they might leave. Exit interviews with staff who are leaving can be particularly helpful as they may be more open than an employee who is remaining in a role. Although beware of conducting exit interviews with staff who have been dismissed as that may not provide the most helpful feedback!
Andrew Collett, director of Employee Engagement, Sydney considers an EVP defines the value employees can expect in return for what they contribute. Of course what motivates an employee won’t be the same for everyone. Pay, flexible working, career development, free lunches, social functions all hold different values for different people and at different times of their working life. We covered this in a previous blog. We know that employees increasingly care about the values and impacts of the organisations they work for too. They want to know that the time they devote to their work matters. So if you support community initiatives or are committed to reducing the environmental impact of your business, it’s important to let people know.
Once you understand what you offer as an employer and why people choose to work for your business, you can write up your EVP.
Communicating Your EVP
Now is the time to let people know why they should work (or continue working for you) and what sets you apart from your competition. Make sure your job adverts, recruitment process, your website, Employee Handbook and staff communications all contain the message about your business and what it is like to work for you. (And while we’re mentioning your Handbook, it’s good practice to have policies about the benefits that you choose to provide – get in touch if you need help).
We have seen some organisations put a dollar value onto benefits they offer and communicate this in a letter each year summarising employee pay and benefit. Others have glossy employee brochures or notice boards in break rooms highlighting many of the benefits. However you choose to highlight what makes your business special make sure that you do. Don’t fail to attract a great candidate or lose a valuable employee because they think the grass is greener elsewhere!