Co-authored by Aishwarya Saraswati on 13 May ’15
– How EVP can answer the question by any prospective or existing employee – “What’s in it for me?”
– Also outlined the best practices required for building an effective EVP
– Further we added the factors that characterizes an effective EVP
– And how to measure its impact
Today the discussion talks about, the factors that positively impact employee value proposition
– Competitive Compensation : Competitive remuneration commensurate with the skills, abilities, expertise and market value is a vital component.
– Benefits Plan : Various employee benefits like company provided Insurance cover, Medical care, Paid Time Off, Retirement Fund.
– Employee Engagement : Regular employee engagement initiatives like annual social events, team based sports events, open house interaction forums, remote employees connect and weekly fun activity in which employees can participate actively. Nowadays, organizations also consider Corporate Social Responsibility as an important part of the corporate agenda. This provides employees with a platform to contribute towards social welfare causes.
– Affiliation : A friendly, enjoyable, energizing work environment where everyone feels part of the team, trust and transparency are the elements enjoyed by employees at all levels.
– Career Growth : Training and development programs conducted for new hires, refresher trainings for existing employees, knowledge sharing, experiential learning and providing ample career growth and advancement opportunities to the employees.
– Challenging Work : Providing employees with opportunities to work on challenging assignments goes a long way in honing critical skills employees, increasing job satisfaction and ongoing career and professional development.
– Rewards and Recognition : Recognizing deserving employees for their hard work and awarding outstanding contributions to the organization’s success, facilitates employee motivation, sense of achievement and pride in the output that they produce. Rewards and Recognition activities include Spot Recognition Awards, Kudos Cards; Performance based incentives, Monthly and Annual awards and recognition.
– Market Positioning : One of the major factors that attracts key talent is the organization’s positioning in the market vis-à-vis its competitors and top contenders. High performing organizations with a solid market credentials and track record of innovation tend to attract top talent by positioning themselves effectively against the competition in the race to attract, acquire and retain key talent.
To sum up, adopting a holistic approach to rewards strategy that includes a thoughtful and well-articulated EVP can help realize significantly stronger results. It is a critical element for a successful workplace and career experience.
It can also assist in finding out whether the organizational culture supports its business objectives. Employee Value Proposition is an exploration of tools, processes and technologies that will connect and engage the workforce with the organizational strategy and goals.
It is a known fact now that there is more to employee satisfaction than just remuneration (salary and benefits). An effective Employee Value Proposition extends the organization’s access to the talent marketplace and builds employee retention. Employee Value Proposition has been proven crucial to attracting, hiring and retaining the best talent in the industry. This goes a long way in helping prioritize the HR policies, creates a strong brand in the eyes of people, and also helps in workforce engagement.
Have challenges in articulating an adept EVP programme? Get in touch with our HRO experts and we can assist.