An Employee Value Proposition (EVP) is in some ways like a psychological contract. It’s the entire employee experience of being at work.Scroll Down
EVP is the way in which an employee experiences everything about what they have going on with their coworkers, team, boss, leader, and their organization.
Those decisions regarding the value proposition are made moment to moment. These moment to moment experiences build over time into this cumulative thing called the Employee Value Proposition. Your EVP is also important for communicating your offer to job seekers, and it’s key to attracting the candidates you need.
The term EVP has been around since the late 1990s. It was featured prominently as a solution to what was then being called the “war for talent.” Now, with a tight labour market in Canada, EVP is gaining traction once again as employers look to become more competitive with their employee base to remain relevant in the marketplace.
There are three non-negotiable components of an employee value proposition:
Another critical component that cannot be lost in the process is understanding that each company has its own unique EVP and defining and executing it clearly helps to attract and retain the right people.
Think of EVP and employee engagement as siblings—two separate but related concepts affecting the employee satisfaction continuum. Employee engagement only applies to the period when a person is an employee. In fact, engagement sometimes gets serious consideration only during the annual employee survey.
Managers who know the survey is coming start paying more attention to their staffs, then wait in fear for the results. Executives’ pay attention to the issues only after the results come in, then go quiet for the rest of the year. Engagement traditionally has given only modest attention to the reputation or “employer brand” of the organization before and after a person joins.
EVP, on the other hand, needs to be present from a candidate’s first interview to their last day on the job—and everything in between.
Generational diversity is a topic that is being referred to more often now than ever. Change of perception with regards to the generation can change our behaviour towards people.
There are many discussions and debates surrounding millennials being lazy, unproductive, and least engaged. However, as per the research by Mark Hirschfeld, Vice President at BI WORLDWIDE, they found out that these assumptions are false. Millennials can be and often are involved. He also shared The New Rules of Engagement and what you can do to make every day count and how you can adopt these methods in your organization to improve EVP.
The statistics from research between the year 2014-2016 show almost similar score of engagement between millennials and non-millennials using the above engagement method.
Millennials are considered to have a need for meaning and purpose in their work more than any generation. However, the research demonstrated that all generations look out for a broader mission in their work which directly impacts their performance and commitment towards work. Organizations need to look at each generation differently and understand their talents and skills which would make a change and have a diversity of thoughts.
BI WORLDWIDE’s research also shows a high correlation between happiness and all the performance variables that organizations need, such as customer focus, retention, innovation, collaboration, and speaking well of the firm. To put it plainly, happiness at work is the ultimate EVP.
Your company’s value proposition is a vital tool for employee engagement, so the messaging should be executed to the fullest and deliver on what is promised. If your leadership takes progressive action with EVPs, then the rest of the organization is likely to notice and become more engaged.
Reach out to us and we’ll help bring your EVP to life.