EMPLOYEE VALUE PROPOSITION
What is the Employee Value Proposition?
5 pillars of a Employee Value Proposition
1. Compensation
It does not only refer to the salary but the fairness and components thereof.
2. Benefits.
This includes leave and the flexibility of the working hours that employees get. It includes things like employee assistance programmes, disability insurance etc.
3. Career.
Employees and future employees want to know what their possible career progression will be. They want education, training as well as opportunities to rise through the ranks.
4. Development planning.
This is similar to the third point, which speaks to the career progression of an individual. But it also speaks to the kind of leeway they are given to develop in. Questions around whether one will be micromanaged and recognized for achievements in the work environment are key, as are those around work-life balance.
5. Culture
It is one of the most important elements of this new world of work. “Because how do you keep your culture alive when everyone is sitting at home with their computers? It comes down to the relationship an individual has with their leaders and colleagues. It also relies heavily on the extent to which they understand the organizations strategy and objectives.
Figure 2: 5 Pillars of Employee Value Proposition (Talentlyft, 2023)
What does a good EVP look like?
1. It contains elements to appeal to different audiences
A good EVP contains different elements so that it’s able to appeal to employees of different ages, gender, cultures and functions.
Everyone is different, so this means that you want to create a broad offering which can appeal to different people with different needs – but also include main pillar elements which uphold the EVP and have a broad appeal.
2. It’s built around factors that will truly engage, attract and retain
To ensure that an EVP generates maximum results, you need to build it around factors that will genuinely engage, attract and retain the talent you want and that will drive you to success. You should also make sure that your EVP is in line with your company’s overall objectives and goals.
Further importantly is a way that you can make it unique to you. Think about what you can offer that no one else can – as this is what will set you apart.
3. Developed from existing employees
There’s no better way to find out what employees want, than by asking your own employees. The most successful EVPs are built from surveying current workforces to find out what they would like to see offered to them, or what they enjoy and would like to maximise from their current offering.
By building it around your people, you can ensure that your EVP is actually useful and motivating to your workforce and potential future employees who are likely to have similar needs and interests.
WATCH THIS VEDIO
Video 1: Employer Branding & Employer Value Proposition (EVP) (Myth269. 2022)
Conclusion
A lot of leaders believe that the
formula for attracting and keeping talent is simple: Just ask people
what they want and give it to them. The problem is, that approach tends
to address only the material aspects of jobs that are top of employees’
minds at the moment, like pay or flexibility. And those offerings are
easy for rivals to imitate and have the least enduring impact on
retention. Companies instead should focus on what workers need to thrive
over the long term, balancing material offerings with opportunities to
grow, connection and community, and meaning and purpose (Mortensen and Edmondson, 2023).
Good content, very useful post.
ReplyDeleteThank you for your valuable comment
DeleteHi Madhu, Thank you for sharing the blog. all employees may need a value for what they are doing at the work place and they will motivate by them if they get correct value for them.it will mostly depend on their attitudes since some employees are love to get rewards while some of them are love to recognition for what they are doing. Management should identify the factors which make them motivate and to provide good working environment , cultural values for everyone.
ReplyDeleteThank you for your valuable comment
DeleteThis is a good topic, Very interesting to read and usefull. I also wrote a post similer to this post under LABOR RELATIOSHIP of EMPLOYEE PERFORMANCE. Small comment on your refernce. Talentlyft (N.D.) What is Employee Value Proposition (EVP)? [Online] Available from https://www.talentlyft.com/en/resources/what-is-employee-value-proposition-evp [Accessed 30 April 2023]. For this i remember Mr. Shamri was saying to put the date on down the post as copy write year. Pls double check.
ReplyDeleteThank you very much
DeleteWell explained,this is very useful topic,we can learn about 5 pillars of EVP.thanks for sharing Madhu
ReplyDeleteThank you very much
DeleteThis is mandatory topic. Every organisations should follow the same in order to build the trust in employees.
ReplyDeleteThank you very much
DeleteI agree with the statement that an employee value proposition (EVP) is the unique value an employer offers to its employees in return for their skills, experience, and commitment to the company. The EVP includes both tangible and intangible components that are designed to attract, engage, and retain top talent.
ReplyDeleteThank you very much
ReplyDeleteDear Madhu, I appreciate you sharing the blog. All employees could require a value for the work they are doing at the workplace, and if they receive the right value for them, they will be motivated by it.Since some employees prefer receiving prizes while others love receiving praise for their work, it will mostly depend on their attitudes.
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