Co-authored by Aishwarya Saraswati on 12 May ’15
In the first part of the series we discussed, that the EVP drafted should adequately answer the most common question by any prospective or existing employee – “What’s in it for me?” and also outlined the best practices required for building an effective Employee Value Proposition.
In this part we discuss, the factors that characterize effective employee value proposition and how to measure its impact.
Employee Value Proposition is more than set of reward / value statements. It is about the attractiveness of the employer in terms of pay, benefits, career development, training etc. Then again it is also a statement about what the organization believes in.
A great Employee Value Proposition taps the “essence” of the organization, the invisible infrastructure, things that you cannot provide a manual for, things such as –
Location / condition of office premises – what amenities are provided, is the workplace safe and comforting?
Growth opportunities – does the company offer career growth, learning and development opportunities?
Atmosphere and culture – is it safe, bureaucratic and boring or challenging, collaborative and innovative?
Social events – is this a fun environment where people make friends, collaborate with colleagues and participate?
Flexible hours – is flexible time / telecommuting an option?
Management style – is it democratic, open to innovation and inclusive or didactic, risk averse and controlling?
The attributes mentioned below characterize an effective Employee Value Proposition:
– Attracting the right kind of talent
– Enabling faster cultural integration and achievement of performance standards
– Making a boring set of normal working aspirations into something cool and desirable driven by the organization’s cultural uniqueness
– Wide variety of jobs and challenging work
– Adopting an integrated approach to rewards strategy for realizing better outcomes
– Continuous learning and long term career development
– Leadership growth opportunities
– Active commitment to Corporate Social Responsibility
– Alignment with the organization’s market positioning
Still wondering how to enhance your Employee Value Proposition? It can be easy through regular monitoring and measuring.
How to measure EVP?
– With the help of feedback gathered through questionnaire and interviews.
How to monitor the progress?
– Regular engagement surveys and connects to gauge employee morale, level of engagement and to gather feedback
– Gathering feedback from recently recruited employees and getting to know their experience
– Regular analysis of Key Performance Indicators (pre and post analysis)
– Exit interviews of the staff who leave the organization and the exit feedback analysis
This enables the organization to identify the gap areas between perceived and existing values. It also helps recognize things employees want, but currently is missing as part of the system.
Look forward to the next part of the need for Employee Value Proposition series