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The power of Employee Value Proposition to engage and fulfil your team

The power of Employee Value Proposition to engage and fulfil your team

25 March 2024

Employee Value Proposition. Sometimes the message can be pushed more towards attracting employees to your business, rather than empowering, engaging, and fulfilling your current team.

But before I get into that – let’s strip it right back.

What is Employee Value Proposition (EVP)?

It’s the unique set of benefits that an employee receives in return for the skills, capabilities, and experiences they can bring to the company.

Your EVP is unique to you! So, every business’ will be different. And that’s what makes you stand out!

However, if you are looking at yours from scratch you might want to think about these 5 pillars:

  • A sense of belonging.
  • Total rewards package.
  • Career advancement opportunities.
  • Contribution to the world.
  • Culture.

Of course, these components are the pinnacle of what jobseekers are searching for. We know a strong EVP will attract talented people to your team. But this article is about the impact your EVP can have on your current team. And why this is important…

Satisfaction & belonging

A well-defined EVP offers reachable goals, clear progression, and excitement. All these things will keep your team on track to not only progress themselves but increase the success of your organisation.

According to Penguins Events, engaged employees are 17% more productive. And usually, productivity is followed by success – in any form. Whether that’s a promotion, an incentive, commission, or improving the overall culture within the company. It’s a win-win for everyone.

The real key to this is understanding exactly how your team wants to be rewarded and recognised. This won’t just increase engagement but alongside the validation of doing well, comes the feeling of belonging and that your team genuinely has a purpose to the business doing well.

Organisations that have a strong EVP will reduce staff turnover by 69%, according to LinkedIn.

Recognise, reward, and maintain are the not-so-secret ingredients to satisfying and offering a sense of belonging to your team.

Personalised Employee Experiences

Everyone’s different. Everyone’s needs are different and everyone’s preferences as an employee are different. And that’s not a bad thing. As an employer, you want to empower diversity in every form and that extends to the value you offer your team.

This will look different for every employee. For some, the ability to carry out flexible working may bring them the value they need to be the most productive and achieve the feeling of being valued. For others, it may be monetary incentives offered or even added days of annual leave.

Every business will be different, but it’s worth noting that 85% of businesses report an increase in productivity after implementing flexible work policies, according to Gitnux.

It’s not about pushing hybrid working, but it’s the transparency of your team members being able to request it, if their circumstances change. This is when a team member will really feel valued and in turn will make you a competitive employer in the market.

Communicating EVP effectively

Now, we all know that communication is key. And this goes as far as communicating your EVP to your current team.

To build trust and credibility within your team, transparency is essential. To help align your employees with the core purpose and values of the company, so they understand where the company is heading, and the role they can play in its success.

According to Haillo, 46% of employees state that a lack of transparent communication has driven them to seek a new job.

Don’t let this be anyone in your team!

To round-up, your EVP is arguably one of the most influential impacts on your team. If you are of the mindset that your people are the most important factor in your business, then you need to assess, adapt, and commit your time to the value you offer to your employees.

Need a further conversation around how to improve or even begin to talk to your employees about your EVP? Get in touch, our team is more than happy to help!