Article: The core principles of an evolving EVP

Compensation & Benefits

The core principles of an evolving EVP

Creating proposition statement that resonates with the managers, clients, leaders, and external targeted market is critical as it shows that the company promises to keep the EVP alive.
The core principles of an evolving EVP

Employee Value Proposition or EVP is aimed to distinguish an organization and define its essence. An EVP must be factual, and reality based which shows the association and offerings a company provides. Creating proposition statement that resonates with the managers, clients, leaders, and external targeted market is critical as it shows that the company promises to keep the EVP alive.  EVP should keep evolving as employees’ preferences and their career aspirations keep changing with time. While some EVP principles have remained consistent, some have changed over time. 

The core principles of an evolving EVP can be:

Providing Work Flexibility

This pertains to the liberty of flexible working hours and working spaces. The Covid-19 pandemic changed the picture for many employees. Changing workplace models, personal responsibilities and other preferences have created a transition in employee expectations, forcing the employer to offer the freedom of flexible hours or remote working.

Generic approach over traditional feedbacks

It is important to connect with colleagues to know their experiences in the organization. The approach should focus on individual experiences rather than asking for online feedbacks. This practice will keep employees more engaged, letting them know that the organization takes care of their employees and their well-being.

Compensation

Organizations must ensure that they offer timely financial rewards in terms of stocks, bonuses and increments based on the performance of the employees. Financial rewards are a critical motivator and should not be avoided.

Career Development and L&D

Organizations must ensure that they conduct trainings and sponsored events from corporate leaders, leveraging technology to deliver timely trainings. Providing employees with the experience of virtual setups to interact and connect with others while empowering them with technical knowledge can be beneficial. Focus on the coveted projects while conducting trainings.

Branding through right channels

Companies can have great EVP but it is of no use if it does not reach the targeted audience/ prospective talent. Organizations must ensure they introduce their EVP in the induction, display it on every social media platform and keep the focus on internal as well as external parameters. The employees can express what they think of the organization and its goals. EVP is the major reason why candidates choose to join and continue with an organization.

Make employees a part of larger eco-system

When thinking of EVP, the company must ensure that the employees get the support to make their life easier. Personal needs, preferences and requirements shape the employees at work, and it directly impacts the productivity and engagement of the employee, providing necessary flexibility, support and tools ensure that the employees are getting comfort at the workspace. By providing support to the employee, we can offer them an emotional connect and prepare them to take charge. The combination of motivation and responsibilities can be turned into loyalty in a mutually respectful relationship.

In a time where candidates attach value to an organization’s reputation as an employer, both your EVP and employer brand are essential. It can turn your current employees into ambassadors for your employer brand and create great employer branding examples like the ones listed below.

Airbnb unifies its employees behind the mission, “Create a world where anyone can belong anywhere”. This is supported by four core values that determine what it’s like to work at Airbnb, values that champion inclusivity, caring, support, and innovation. Their EVP example ties in with the travel community of guests and hosts that the platform empowers. In addition, Airbnb offers a series of travel-friendly benefits, such as annual travel and experiences credit and paid volunteer time.

Another great example is Nike’s employee value proposition- “Win as a team”. That sentiment streams across the company’s benefits and life at Nike. The culture emphasizes accomplishing innovation in the world of sport with a team approach. It offers benefits and compensation with the same perspective. The company offers perks such as fitness discounts, relocation benefits, competitive pay and retirement plans, and advanced learning opportunities, among other things. 

Every organisation while rethinking about EVP should ensure that they are delivering the values which are helping the employees and nurturing them to be more productive, thus lowering attrition rates. This eventually benefits the organization’s businesses outcomes while delivering a high quality of life to the employees.

But the core question for any organisation is this: How do I create an EX that my employees will love? In today's world, where so much seems out of our control, we need to provide an EX worth talking about.

Explore the answers at People Matters EX India 2022 on 26th April at Ritz-Carlton, Bangalore or your laptop/desktop screens. Click here to know more. 

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Topics: Compensation & Benefits, #GuestArticle, #RedrawingEVP, #EmployeeExperience

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