Co-authored by Aishwarya Saraswati on 6 May ’15
War for talent seems to be a buzz word these days. To have a strategic business edge over your competition; your HR team needs to develop the art of attracting, developing and retaining talented people.
But the simplest explanation defines Employee Value Proposition (EVP) as: “The balance of the rewards and benefits that are received by employees in return for their performance at the workplace”.
As an org you make available to your employees a whole lot of components as rewards for the contribution they make to the organization
EVP has multiple facets made up of tangible as well as intangible benefits and rewards. When building up your EVP you need understand
- IDENTITY – how current employees see the organization
- IMAGE – how the external talent marketplace sees the organization as an employer
- BRAND – how the top management sees and wants the development of the organization
Of course there is a gap between the organization’s identity and image. Hence the criticality to have an EVP that will ascertain your talent pool becomes your brand ambassador.
Talent building is very similar in basis to acquiring a client. HR needs to implement the cycle of Attract – Develop – Retain on talent.
Employees develop, deliver, and support the overall end customer experience on an ongoing basis. High-engagement organizations constantly strive towards not only training their employees but also enabling their success.
The EVP drafted by you should adequately answer the most commonly question by any prospective or existing employee – “What’s in it for me?”
Neeyamo has a rich history of working in end-to-end operations of the Human Resource industry, here we have outlined the best practices required for building an effective Employee Value Proposition:
- Using employee survey data to gain insight into how current employees perceive the organization and its culture
- Effectively communicating the Employee Value Proposition to employees
- Aligning the Employee Value Proposition with what the organization stands for in the marketplace
- Delivering on Employee Value Proposition promises
- Differentiating the organization from competitors
- Creating specific objectives for critical skills or positions and aligning the talent management plan and rewards strategy accordingly
- Using business strategy and objectives to inform talent management and rewards programmes
- Using analytics focusing on business performance, workforce analytics, and performance management data to gauge the efficacy of the organization’s compensations and rewards strategy
- Refining the EVP as a continuous process on the basis of regular research and analysis
- Mull over and identify how to bridge the identity and image gap to build a strong brand identity as well
Unlike brand of an organization, the EVP cannot be a one size fits all proposition. As a global organization you should understand the culture of the place and include elements unique to that side of the world, along with your organization’s generic value proposition.
Look forward to part 2 of the need for Employee Value Proposition