Do Employee value propositions give effective ROI?
The challenge for employers since the pandemic is that benefits such as flexibility, purpose and sustainability are fast emerging as a “givens” and are not differentiators.
Employer brand propositions are the distillation of the company culture to attract and retain top talent. In its simplest form an EVP is a collection of benefits that colleagues receive in return for the talent, experience and unique skills they bring to an organisation. As well as pay, benefits and career progression – top talent have an expectation that the culture, vision, mission and expectations will be exuded through an active and tangible internal brand strategy.
The challenge for employers since the pandemic is that benefits such as flexibility, purpose and sustainability are fast emerging as a “givens” and are not differentiators. Do they deliver a tangible return on investment?
Well the short answer is yes and here’s why:
- Improve the commitment of new hires by up to 29%
- Decrease annual employee turnover by 69 percent
- Increase the likelihood of employees acting as advocates from an average of 24% to 47%
- Give the company a better understanding of employees
- Improved financial performance and enhanced engagement
- Improved attraction and retention
Our recent work for BPL (a not-for-profit leisure trust) has done just this where we embedded new values, to ensure there was complete alignment inside and out, as well as consistency across the multi-site business and the end-to-end employee journey. We also needed to harness the DNA of the organisation and differentiate them from their competitors.
We created an EVP that was distinctive and unique, creating a single shared identity ‘One BPL’ and articulating what the organisation offers colleagues, the ‘Get’ and what is expected of the employee, the ‘Give’. View the case study here.
There were 4 guiding principles underpinning the approach taken:-
Co-creation – the engagement and input of as many employees as possible, ideally all
Authenticity – integrity throughout and the values are lived both externally and internally, for customers and employees, in everything you do.
Alignment – ensuring that there is alignment with the Vision and through every single touchpoint.
Making it stick – maintaining energy and momentum and ensuring the values are being lived through everything.
Our work with BPL aligns to what Forbes have highlighted as the two core themes for 2023:
Put people first The employee experience is individualised depending on gender and age. What’s compelling for staff in the workforce for one year are different to those for 20 years, so policies must be flexible enough to meet each employee’s unique circumstances. Would your company’s leave policy adequately cater for an employee that needs to take six weeks off for surgery if they have only been with the company a few weeks or months?
The critical the role of people managers In a hybrid work environment, an employee’s connection to their manager may be stronger than their connection to the organization. Continuously train and support management in their ever-changing journey as both an employee and manager. And while employers can create and execute on company strategies to create a fulfilling employee experience, meaningful connections to employees and understanding individual needs are critical in creating a healthier and more profitable organization.
If you want to create an EVP that your people will be proud of that gives you a better understanding of employees, Improved financial performance, enhanced engagement and improved attraction and retention get in touch here.