The secret to any successful business is people, as even the best strategies and technologies will fall short without the right team.
Having a strong employee value proposition (EVP) is essential to attracting and retaining the right talent, and creating a thriving workplace where people feel valued and motivated to help drive the business forward.
A robust EVP does more than just address immediate employee needs; it builds a sustainable foundation for long-term business growth. By clearly defining what makes your organisation a great place to work, you align your talent strategy with your broader business objectives, enhancing not only recruitment but also employee engagement and retention.
So, what does a strong EVP look like? How can you create or strengthen your existing EVP, and how can you ensure your business is set up for success?
Striver CEO Alisdair Barr believes it all comes down to understanding and nurturing your most important asset.
Understanding what employees want
The first step in creating a strong EVP is understanding what your current employees value most and aligning those elements with your practice’s culture, goals and strategic objectives.
This alignment ensures your EVP resonates deeply with your team and reflects the practice’s commitment to their growth and satisfaction. It’s about creating a workplace where employees feel valued, connected and motivated to contribute their best.
Barr says that an EVP framework begins with listening to your employees. It could involve conducting surveys, interviews and focus groups to gather feedback on what they appreciate and what could be improved.
“Finding out why people think your business is a compelling place to work is how you get people to stay and to join,” he says.
He continues: “One of the most effective approaches is to directly ask your staff what they value most. By understanding their preferences, you can highlight and emphasise these aspects in your EVP.
“Researching what your competitors are offering can also help you refine and differentiate your own EVP, so you stand out in the marketplace.”
Once you have a clear understanding of your current EVP’s strengths and gaps, you can strategically enhance your offerings to better meet employee needs and aspirations. This ongoing refinement process not only helps in retaining your top talent but also positions your advice practice as a leader in a competitive market.
Building an impactful EVP framework
Once you’ve built these foundations, Barr says, you can put together a framework that addresses the needs and goals you’ve identified.
A good EVP framework includes current compensation, which covers competitive salaries, bonuses and financial incentives. Benefits such as health insurance, retirement plans, paid time off and other perks like wellness programs are also important.
Additionally, a strong EVP addresses the work environment, including the physical workspace, work-life balance and safety measures. Career development opportunities are also vital; these could include training, mentorship and clear paths for advancement.
Finally, recognition practices should involve both formal awards and informal appreciation to acknowledge employee contributions.
Communicating your EVP
A strong EVP is only effective if it’s communicated clearly and consistently. This means integrating the EVP into all aspects of the employee experience, from recruitment and onboarding to daily operations and performance reviews.
Barr often sees businesses that already have decent initiatives and programs in place – but don’t communicate them effectively.
“The interesting thing about the EVP is that you might already have many valuable elements in place,” he says, “but you may not be celebrating, discussing, or recognising them. As a result, employees might take these aspects for granted.”
“For example,” he adds, “only 30% of businesses have salary packaging options, so if your business offers that, you should communicate it clearly.”
Regularly sharing stories of employee success, recognising achievements and providing transparent updates about company goals and changes can help reinforce the EVP.
“Ensure that employee benefits and strategies are communicated clearly and consistently across the organisation,” says Barr. “Actively share and celebrate feedback from staff surveys, discussing it openly to engage employees and involve them in the continuous improvement process.”
Effective communication also involves training managers to embody and advocate for the EVP, ensuring every team member understands and feels connected to your practice’s values and commitments. This ongoing dialogue will help to keep employees engaged and aligned with the company’s mission.
The client impact
A well-crafted EVP doesn’t just benefit employees; it can also positively impact your clients. Happy and engaged employees are more likely to deliver exceptional service and create positive interactions with clients. When employees feel valued and aligned with the advice practice’s mission, their enthusiasm and commitment translate into better client experiences.
“If you identify things you can do on an ongoing basis to make sure that great career development conversations happen, you get really great outcomes not only for your team but also for your clients,” Barr says.
A strong EVP can also enhance your practice’s brand reputation.
Clients are increasingly drawn to businesses that demonstrate a commitment to ethical practices, employee satisfaction and social responsibility, so make sure your EVP is part of your brand narrative on your website, social media, and marketing materials. Use the opportunity to highlight how your company values, culture and employee satisfaction contribute to delivering exceptional products or services.
You should also empower employees to share their positive experiences on social media platforms to authentically communicate your EVP to a wider audience, including clients
If your EVP includes commitments to sustainability, diversity or community engagement, link these to your CSR efforts. Highlight how these commitments benefit both your employees and the broader community, resonating with clients who share these values.
By showcasing your EVP and the positive outcomes it generates, you not only attract top talent but also build stronger relationships with clients, setting your business up for continuous growth and a happy and motivated workforce.
Published 18 days ago
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