Discover the formula to an employee value proposition that resonates with talent and retains valued staff
An Employee Value Proposition (EVP) is the framework that determines your employer brand and employee experience. It’s about your organisational values and what you can offer staff in exchange for their skills and commitment to your business. Ultimately, it affects how you attract and recruit talent - and how you retain it.
When defining an EVP, you should consider:
- Compensation and benefits
- Career development opportunities
These pillars should be balanced to create a healthy workplace culture where employees can truly thrive at all stages of their career.
The Benefits of a Strong EVP
A robust and well-rounded EVP enables you to effectively communicate the reasons employees should want to work for you, and the rewards they’ll receive when they do.
When you have a clearly defined EVP in place, your organisation could see a wide range of benefits - including:
- Attracting and retaining high performers who align with your mission, vision and values
- Ensuring you are recruiting talented individuals who see a long future of employment with your organisation, helping to enhance retention rates
- A highly engaged workforce who feel connected to their roles and understand their value within the wider organisation
- Cost savings generated from retained employees, high engagement and job satisfaction
- Business performance and growth
- Transparency and trust between you and your workforce
How to Create an Effective EVP
1. Define Your Goals
From improving workplace culture to attracting hard-to-reach talent, identifying your goals will guide your focus areas, determine how you engage your existing employees, and inform how you monitor success going forward.
2. Work Out Your Current Offering
Whether intentional or not, all organisations will have some sort of EVP in place. You therefore need to understand how your current proposition is perceived so you can make adjustments based on your business goals.
3. Learn What Your Employees Need
Including your employees in the process is the only way to know if your existing employee offering and experience is:
- Meeting their needs
- Competitive enough to attract new talent to your organisation
Speaking directly to applicants, current employees and ex-employees can help you understand how your organisation is perceived.
4. Align Your EVP With Your Company Mission & Values
Successful EVPs are purpose-led and align closely with organisational missions and values – both of which should be weaved throughout your EVP to boost its overall success.
5. Embed the EVP Throughout Your Organisation
Creating an EVP isn’t solely the responsibility of HR. All departments should be involved in and take ownership of the development of an EVP; from c-suite to individual staff members.
How Employee Benefits Can Support Your EVP
As a key pillar of an overall EVP, benefits have a huge impact on the employee experience and can set you apart from the competition.
Your benefits should reflect the organisation’s priorities and values, helping you clearly communicate and demonstrate what you can offer while enhancing your workplace culture.
But benefits can go beyond offering an attractive package for potential employees; they can bridge the gap between solving immediate employee challenges and equipping you with the foundations to build a long term, successful EVP.
Employee Benefits & Wellbeing
Employee benefits can offer comprehensive support for a wide range of practical and emotional challenges, creating a huge impact on your organisation’s EVP.
They can:
- Target areas where employees are struggling
- Give you a strong idea of your people’s needs through data insights
- Help you identify any weak areas in your current support package
Employees will have a range of challenges that are unique to them, their experiences and where they are in their careers. Benefits should take these variances into account and provide value throughout the employee lifecycle.
You should also ensure that the benefits you provide support the four pillars of wellbeing:
Mental – Support that encourages mental resilience while also assisting people when they need it most
Physical – Helping employees maintain a good quality of life without struggling from physical stress
Financial – Helping people make the most of their money, feel secure in their finances and build a good financial future
Community – Encouraging positive relationships with others, both in and out of the workplace
Meet Perkbox Vivup
As a multi-award-winning employee benefits and wellbeing provider, we deliver a comprehensive benefits platform that connects workforces, boosts wellbeing and helps organisations unlock their people’s potential.
Our benefits range from mental health support to helping employees with the cost of living, offering support for all areas of life and career stages, both in and out of the workplace.
We’re trusted by more than 7,500 organisations across the public and private sector, and we provide enhanced benefits and engagement solutions to 4 million employees across the globe.
Next Steps
To learn more about how employee benefits can contribute to creating a competitive EVP that accelerates your growth, book a demo with our friendly team.
Register / Sign in
Employee Support
