Giving CPR to your employee value proposition

Companies often say their people are at the heart of their operations. Yet many of today’s employees may not be as motivated as they could be. Several buzzwords on social media – great resignation, quiet quitting, great rebalancing – suggest that today’s talent market is primarily employee-driven.

The impact has been felt worldwide as companies struggle to deal with critical business challenges like retaining top employees, attracting new talent and engaging current hires in a changing work environment. The risk to your business is high too. Our global research shows that two in three employers are losing business value because their employee experience is not as good as it should be.

Organizations are reassessing and realigning their post-pandemic relationship with employees. And they are improving their employer brands and positioning themselves to achieve maximum business value. WTW’s 2023 Dynamics of Work survey results show many companies are currently redesigning their employee experience to promote the transition to the new work culture. This includes closely examining the engine that drives your employee experience: your EVP.

Does your EVP meet the needs and expectations of your workforce?

An EVP is a clear articulation of the value exchange between a company and its workforce. Every organization needs one. Consider it your North Star – a guidepost of your shared expectations and attributes. Not having one puts you at greater risk as a company.

In its prime, your EVP can be a tremendous force in driving high-performing employee experiences and achieving better people and business outcomes. Unfortunately, organizations often spend considerable effort defining their EVP but little time integrating it within their business. And unless it is fully embedded throughout your employee experience, your EVP quickly starts to atrophy. EVP should not stand for “efforts vanish, poof”.

Your EVP needs to be both well-defined and well-embedded. If your EVP seems to be fading away, it’s not too late to regain its strength and ignite a powerful and compelling experience for your employees. Here are some ways to reactivate your EVP and keep it relevant and impactful amid today’s business challenges.

Shattering common EVP myths

Unfortunately, there are a lot of myths around EVPs. Keep these in mind when refreshing your EVP or developing it for the first time:

Once launched, the EVP lives organically. Not true. The employee experience occurs organically as it is the sum of all the touchpoints and moments that matter between employees and their employers. Your EVP, on the other hand, is done with intent and is actively managed. When you take intentional steps to focus on the employee experience, you achieve better people and business outcomes.

EVP is merely a brand exercise. Actually, your EVP is more than a poster. It is a strategic business tool that, when properly integrated, helps deliver on your objectives and contribute to enhancing the employee experience.

EVP is just another project. In reality, your EVP is not a stand-alone project. It needs to be embedded as part of a broader, interconnected framework that includes your purpose, business strategy, employee life cycle, brand, culture and values – all working in concert.

EVP is easy to understand. If only that were true. Not everyone understands the full scope and potential of your EVP. Help your leaders and people managers understand, believe and align with your EVP so they can authentically speak to it with their teams and potential recruits. The more your leaders are well-versed and drive inspiration through it, the stronger your company will be.

Your EVP survival kit

There are many actions you can take to design and maintain a healthy EVP. They include a proper EVP governance charter and framework with clear goals and accountabilities, a sustainable activation plan, a dedicated listening strategy, a storytelling and content marketing strategy to share the EVP through the eyes and actions of your employees, a quick, EVP health checklist, a periodic dashboard and people report, and much more.

Creating an employee value proposition is not a tick-the-box exercise. When properly nurtured and cared for, your EVP can become a powerful and vibrant tool in getting – and staying – ahead in the race for talent.