Why your Employee Value Proposition is so important!
Why your Employee Value Proposition is so important!
“Organizations that effectively deliver on their EVP can decrease annual employee turnover by just under 70% and increase new hire commitment by nearly 30%.” Gartner
Here at SisuPeople. we believe that it’s key to a business’s success to treat people as people. By putting people at the centre of your business and focusing on them receiving a positive experience of working for you, you will reap the benefits in terms of overall performance. In 2018 Gallup found that having a strong EVP meant that Companies see a 10% increase in productivity, 69% reduction in employee turnover, and 30% increase in profitability. That’s why your EVP is so important!
EVP answers the “why” to why people should come and work for your organisation. It tells the story of what people are signing up too. Your EVP is how you attract and retain the right people for the roles. So, if you haven’t refreshed your EVP recently, and you’re experiencing a high number of people leaving with less than a year’s service. Check to see if there’s a disconnect between the EVP that you’re talking about and the lived experience of people in your organisation. Talk to the people working in your organisation, what are they saying about their experience, is it positive?
Your EVP is what makes your organisation unique and there is no one size fits all. Your EVP may change dependant upon job level or role or by function.
Gone are the days when organisations could just focus on pay and benefits. A more holistic approach is required for you to stay one step ahead of your competitors when it comes to attracting and retaining talent.
We recommend focusing on these 5 key areas:
Purpose – People are focusing more on whether their individual values align with the organisations when considering job opportunities. Meaningful work is important, people want to know how they’re contributing to the success of the organisation. They want to know what you’re doing to contribute to the local communities and environment in a positive way.
Opportunities to connect – When you make social connection a priority for people BetterUp found that organisations see higher performance, wellbeing, productivity and retention. With the increase in remote or hybrid working, it is more difficult for people to connect. Connection builds trust, people feel included and feel a sense of belonging. It’s important that you have multiple channels for people to interact socially to encourage conversations, creativity and innovation.
Personal Growth – What are the opportunities for people to grow and learn new skills in their roles. It’s not just about promotional opportunities. Ask people what’s important to them. Some may value having access to an online library where they can access an ebook, others may wish to have the opportunity to complete a qualification or have you considered providing work shadowing opportunities so, that people can experience a day in a different department. Keeping people engaged, interested and motivated with a hunger to learn more about the different aspects of the business.
Wellbeing – People want to feel that their employers genuinely care about them. Work life balance is more of a priority than it has ever been and therefore, flexibility is the new normal and expected from the employer to support people in their day to day lives so, that they’re able to thrive. Consider having wellbeing programmes in place to support the needs of your people.
Culture – Culture is an important part of your EVP and definitely one that you should be shouting about. Culture is about the way gets things done! Culture is the building blocks for how people think, feel and behave.
Being clear about what your EVP is and being able to tell the story authentically to prospective employee’s which is then consistent with their experience when they join is key to positive people experience.
If you’d like to find out more about how we can help you develop your EVP email us at info@sisupeople.com
Rachel's career has been spent in Senior HR roles across a variety of sectors in businesses. An HR Coach / mentor who thrives when partnering with our clients to solve their people problems with a commercial, pragmatic and down to earth approach. Rachel supports her clients as HR coaching/mentoring for ‘people people’, workshops, people strategy and talent planning as well as our high performing culture development work