benefits, Career development, Define and deliver rewards, employee attraction, employee benefits, employee experience, employee value proposition, engagement, EVP, Fauzia Kerai Khan, motivation, productivity. HR agenda, retention, true value, Understand the employeem, work-life balance, workplace experience
An employee value proposition (EVP) is the unique set of benefits that an employee receives in return for his/her commitment and performance, which go beyond their salary. In essence, EVP is the promise that the company makes to its employees and reflects and reinforces its core values, just as the brand promise signifies what the company delivers to its customers. A strategically developed and communicated EVP contributes significantly to employee attraction, retention, engagement, motivation and productivity. It also helps focus the HR agenda, creates a strong employee brand and can re-engage a disenchanted workforce. Developing an EVP capable of ensuring that employers are motivated, happy and are willing to ‘go the extra mile’ for the company involves three steps. 1. Understand the employee. Organisations need to figure out exactly what their company stands for and why the employees should work there and not somewhere else. To achieve this, they need to understand the perceptions of existing staff and potential employees about their company brand and culture. For example, why are potential employees attracted to the company and why do existing employees think the company is unique? What do they value most about working there? And finally, why do they stay or leave? 2. Define and deliver rewards that have true value. These benefits can range from health and wellness rewards, to retirement savings support and paid time off, as well as perks that enhance an employee’s workplace experience such as flexi hours, day-care facilities and development opportunities. 3. Convey a clear and compelling ‘why-you-should-care’ proposition to the employees. Determine the aspects of the business that employees value the most, such as career development, work-life balance or CSR, and focus on developing them. The EVP should be implemented across the employee experience from the recruitment process, through to on-boarding, career development and even at the exit stage. It should be incorporated in reward and recognition schemes, internal communication, policies and business plans, so that it is reflected in the way the company conducts its daily operations. – Fauzia Kerai Khan The writer is Chief Consultant, i&b Consulting,Training, e-Learning. email@example.com First published in the Careers Section of The DAWN National Weekend Advertiser on April 13, 2014.