Employee Value Proposition (EVP)

Meet the Needs of the Changing Workforce

Because an Employee Value Proposition (EVP) connects an organization and its people, it is vital that it is fit for purpose. An effective EVP can help attract the right candidates on the job market, improve employee engagement and boost employee retention. All of these outcomes help to drive workforce resilience and business performance.

A holistic and sustainable Employee Value Proposition needs to be future ready - to be relevant today and tomorrow; compelling and differentiated - to stand out from the competition; authentic - to provide a consistent employee experience.

What is EVP and the Employee Experience?

An organization’s EVP connects all the different components of the employee experience. From aspects such as the employer brand, company culture and values, through to the total rewards strategy, career and professional development opportunities and wellbeing support to ultimately how you create a sense of belonging.

A strong EVP for today’s working environment typically includes four key components.

• Total rewards, including all the elements of compensation and benefits
• Time off and flexibility in how and where work gets done
• Career progression and a focus on reskilling and upskilling the workforce
• The mission and culture of an organization

Importantly, these components must be connected and reinforced through effective employee communications.

Meeting the Needs of the Changing Workforce

In the past, employers often viewed their EVP as the lowest common denominator across the workforce. They made sure it worked for most employees. But what employees want from their employer is evolving.

There is a growing expectation for more choice in the workplace. This reflects the choice and personalized offerings we all experience in our daily life through the platforms and the digital services we interact with. With the demand for new skills in the labor market too, many businesses in different sectors are competing for the same potential employees. This means businesses need to re examine their EVP.

To begin the process of rethinking your EVP and employee experience, employers need to ask: “What is the one thing we want to be known for as an employer?” An organization cannot be the best in every area and not all employees want the same thing.

Using HR Data to Build a Sustainable EVP

An EVP which is built on the HR data you hold can address the evolving needs and expectations in the workforce. It creates a foundation that allows an organization to differentiate itself from competitors.

With better use of HR data and analytics, organizations can model out which part of their EVP resonates with each type of person in their workforce. Employers should create personas for each demographic. This level of personalization creates the conditions which will transform talent attraction, retention and engagement.

Build the Baseline and Create Data-Led Personas to Test Your EVP

Steps to Build a Data Driven EVP Strategy

To remain competitive, organizations need to ask themselves some key questions as they develop a strategy for personalizing their EVP:

• Is our EVP aligned to our business strategy?
• Does our EVP support our growth ambitions?
• Is our EVP helping us to attract and retain the talent we want?
• What does our HR data tell us about our employees’ needs?
• How can we balance employee expectations and business requirements?
• Do we have a plan to implement a data driven EVP?

How Aon Helps You Personalize Your EVP

Aon partners with clients to help them tailor, validate and, importantly, communicate their EVP to their workforce. The process starts with an audit and assessment of the current EVP. This results in a proposition for a realigned and sustainable EVP. In turn, this concept is tested with employees and the business to make sure it is fit for purpose. Finally, the EVP is brought to life across different communication channels.

Make Better People Decisions

Defining and implementing a compelling and sustainable EVP driven by HR data and with it a personalized employee experience, helps organizations to hire and retain the people they need to meet business goals. Offering each group in your workforce a package which resonates with them can have a positive impact on your workforce resilience and business performance.