The new employee value proposition
Any effective employee value proposition (EVP) should provide a compelling basis for employees to commit to your organization.
And yet, the pandemic has prompted many employees to reassess what is most important to them. What do people truly value: Family and flexibility? Remote working? Collaboration? Career? To work for a company whose vision and purpose they believe in?
This reevaluation has had a dramatic impact. We’ve seen a shift in attitudes as people think about how their lives have changed and what they now want from work. Huge numbers of workers are considering leaving their current organization. However, many join this “great resignation” without a clear plan around what to do next.
A recent webinar—hosted by ICF's Matt Ede, Senior Partner, Strategy and Transformation; Dave Garstang, Senior Manager, Resourcing at Virgin Atlantic; Ella Norden, Head of Employer Brand and Employee Engagement at Legal & General; and Yasin Rofcanin from the University of Bath—explored how a new approach to the EVP can help employees see their future with an organization.
The evolution of the EVP
In simple terms, the EVP expresses the value an employee gains from working for a particular company. It’s what attracts people to a business and then helps retain them. But it is now far more than simply a way to “sell” the organization to current or prospective talent. For many of our clients, defining an effective EVP is at the heart of how they should begin to think afresh about their employee experience.
The EVP now deserves a far bigger, more inclusive, and expansive evaluation. We believe it needs to be part of a broader, collective narrative around who you are as an organization; what matters to you; the difference you can make to customers, colleagues, and the wider world; and how you expect people to contribute to that purpose.
Understanding this shift is crucial, especially in a climate where people are fed up with being “sold a dream” only to be hit with a different reality. Get your EVP wrong and you will attract the wrong people—employees who will feel misled and unhappy if they stay. Your EVP is fundamental to attracting, engaging, and retaining the right people, with the right mindset to help you achieve your ambitions and your purpose as an organization.
Your EVP can no longer simply tell or sell a story. It has to seriously engage people in your journey.
Honesty and transparency are key to a solid EVP
Organizations need to be completely transparent about how they express their EVP. Your EVP—and all of the content and communications around it—needs to provide an honest insight into your organization.
How this is done will vary. For many, it requires deep, systemic change. We’re already seeing how some businesses are reshaping their EVP to appeal to employees who don’t just want to move upwards in the organization. Instead, their new EVP also speaks to those who want to have lateral influence, too, across their peer groups. These are people who want to have an influence on—and who feel an affinity with—their organization’s core purpose.
A key challenge is finding an effective mechanism to hear the true voice of your people. When you do, you understand what they truly value. And from there, you can begin to shape the EVP you need to attract the people who will help you to achieve your organizational purpose.
Watch the full “Future of work: The employee value proposition (EVP)” webinar here.
