Whether your company has a carefully developed employer brand or only a minimal benefits plan and employee incentive program, you have an employee value proposition that affects recruitment and retention. A company’s EVP is what it offers employees in exchange for their skills, experience, and efforts at work, also called the “employment deal”, and it affects the employment relationship as well as employee and company performance. Towers Watson’s 2012 Global Workforce Study shows that employees today are driven by security and the quality of the work experience at their companies. A deliberate EVP that aligns with corporate strategy is a critical competitive edge.
What Does a Solid EVP Accomplish?
Towers Watson’s 2012-2013 Global Talent Management and Rewards Study shows that companies that integrate a reward strategy within a larger employee value proposition framework see better results than those with a stand-alone rewards program such as employee of the month. These companies will enjoy:
- Fewer problems attracting and retaining skilled employees
- Up to five times higher employee engagement
- Increasing improvement in financial performance
An effective EVP combines employee preferences in rewards and recognition and employer business needs. Towers Watson reports that when the pressures on employees to perform better aren’t met with greater rewards, performance and engagement suffer, and that employees are stressed at work. Strong reward programs produce better performance, and customized rewards programs help reduce employee stress.
Deliver What Your Workforce Values
The most meaningful and most effective recognition and rewards, and by extension, EVPs that they are a part of, must be truly relevant to employee groups. Asking employees what recognition and rewards they want the most and make the most difference in their work-life balance is a critical step in developing any program. Remember to keep the value in your employee value propositions by asking and knowing what your employees value and providing it. It won’t improve engagement to give out gift cards when employees work overtime if what they really want is flexibility in their work week when extra effort is required to meet business needs.
Use Your EVP in Recruiting and Employer Branding
If your overall EVP includes flexible work schedules, a focused personal appreciation program, and a concierge service for dry cleaning and grocery delivery, communicate that in recruiting and employer branding communications. The more elements you include in your EVP and the better articulated they are, the more they will influence employees and candidates. Remember that EVPs are ongoing, continuous efforts, not static programs that start and end on a certain date. They are a valuable tool for recruiting in a global talent marketplace that can differentiate you from your competition. Monitor, test, and realign your companies’ EVP to make sure it’s as successful as possible and creating real value for your employees and thus your company.
A well-designed, effective EVP helps employers attract, retain, and engage employees to build their businesses. It helps employees by defining their emotional connection to their employers and work, and motivates higher levels of discretionary effort they are willing to put forth at work.
So what’s your Employee Value Proposition?
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