The benefits of a redesigned employee value proposition (EVP) framework
Published on 03/01/2023 by Andrew Blair
In short, an EVP framework answers why anyone should work for your company. We look at some advantages of a redesigned EVP that can help organisations improve employee engagement and increase employee satisfaction by delivering a human-centric approach.
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Developing an EVP framework is part and parcel of what a company offers and what an employee wants. According to Gartner, a well-developed EVP strategy can decrease annual employee turnover by nearly 70% and increase new hire commitment by almost 30%. HR professionals looking to align and promote their EVP strategy must consider employee needs and expectations and benchmark themselves in the labour market to attract top talent. As such, how are employee needs and expectations evolving, and what does the future of work look like?
Traditionally, an EVP is designed for employees and focuses on delivering features that match their needs. However, the way EVP principles were traditionally constructed crumbled when the world of work saw a significant change in 2020. HR professionals have since overcome market challenges, including redesigning EVP principles. Let's see how your organisation can benefit from a modern, redesigned EVP framework.
What is an EVP?
A set of attributes such as people, work, opportunity and rewards that the labour market and employees perceive as the value they gain through employment in an organisation.
Why should you redesign your EVP framework?
Your EVP is a way of telling your employees or prospective employees why they should work at your company. Therefore, unique features and offerings are the basis for defining your EVP to motivate and influence employees. However, research by Gartner has identified a renewed, human-centric approach to defining your EVP. This approach considers employees as people, not just workers and aligns human values with a work-life balance.
Defining an EVP framework should therefore perceive work as a part of life and not separate from it. As a result, the value of EVP principles comes through feelings, not just features. An EVP aims to answer how best an organisation can accommodate work with an employee's life while making them feel valued, cared for and autonomous by offering human-centred EVP components.
Increase organisational and individual growth
The traditional approach that organisations have for growth and development is to offer their employees opportunities to learn valuable skills for their jobs. This conventional approach provides opportunities for professional growth that makes employees more employable. A redesigned EVP framework allows employees to learn new skills for personal development instead of focusing on professional development. However, organisations may find it challenging to manage organisational development with individual growth as individual growth may be too varied, or employees may feel uncomfortable sharing goals to pursue personal interests.
Organisations can empower their employees to design development that meets their unique needs. Tailored career coaching can help identify personal growth with ensuring organisational growth by assisting employees in exploring internal and external opportunities. Personal growth speaks to employees as human beings and provides them with what it means to be valued in an organisation.
Develop diverse, focused well-being offerings
Well-being is often scripted into three main categories consisting of physical, financial and emotional/mental well-being that organisations offer their employees. This traditional categorisation may need to be diverse to encourage the use of these well-being offerings. Employee needs can change over time and so too does employees’ use of those offerings. Organisations must balance diverse well-being offerings while providing focused support for employee needs.
Organisations can hold employees accountable for their wellness by leveraging personalised well-being improvement plans. This EVP framework redesign can help narrow the well-being offerings best suited for an employee while incentivising employees to use them and help them keep track of their progress in the plan. Delivering holistic well-being is a way of making sure employees feel cared for by an organisation.
Ensure productivity while providing choice
One result of the pandemic has led employees to seek more flexibility in the workplace. Traditionally, flexibility encompasses when and where work gets done. However, a redesigned approach also considers flexibility in who employees work with, what they work on, and how much they work. The aspect of extreme flexibility for organisations may find it challenging to ensure productivity and provide choice. Although flexibility can reduce team collaboration, organisations that give employees flexibility within team-established boundaries can encourage teams to co-create flexibility norms and increase team cohesion.
Organisations should redesign this approach by determining the activities of an employee's role that could be flexible. Therefore, organisations can decide which actions can be completed under flexible working arrangements and delegate that guidance to managers.
Flexibility is an area that employees request more of than what organisations are offering, and redesigning this component will make employees feel more autonomous, which, when managed correctly, can increase productivity.
Tailormade solutions that meet employee values
Employee needs and expectations don’t come with a one size fits all tag. What employees value is often determined by various factors, including culture, caring and financial commitments, and socioeconomic status. Therefore, it is essential to consider the evolving nature of the EVP for any given employee. When it comes to what an attractive EVP looks like, providing a human-centric approach to redesign EVP components can meet employees' needs and expectations with a personalised touch. How would your organisation assess employee needs and expectations?
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