All companies have an Employee Value Proposition (EVP) even if they are not aware of it. EVP is the agreement between the employer and the employee which outlines the characteristics and methodologies of the role, the rewards and benefits for the employee and contribution from them in return, the give and get if you like.
Formalising and documenting a company’s EVP brings significant and measurable value to an organisation in many ways:
- Talent attraction – it can give you a competitive edge when recruiting top talent
- Talent retention – you know exactly what it is that your employees want and expect and what you will get in return
- Employee engagement - you have to ask employees what they think so they get involved in the process
- Effective rewarding – targeted at what you know your employees value
Putting together an EVP involves the process of evaluating the existing company employee / employer relationship and the values around the culture of the employment relationship.
- What makes the company an attractive (or not) proposition to employees and candidates?
- What is the brand of the company and how is the brand perceived by the staff?
- How does the company differentiate itself to its competitors and how do the staff see the differences?
- What keeps staff working there?
- What are the reasons for staff resigning?
Putting an effective and well documented EVP in place requires engagement across senior management, HR and the workforce. Cadman HR can help structure the processes, manage the research and internal planning, conduct external market research, help implementation of the plan and help measure the ongoing EVP in the organisation.