Future-focussed Reward: will your EVP save you from extinction?

Here's our tips
Sabre tooth tiger to show extinction for employers without a great EVP

When the explorer Monty Halls talks about employee engagement, he explains how the sabre tooth tiger became extinct. They hunted the same prey as us.  We were better.

We know in business talented people make all the difference.  They innovate and deliver excellence.  In an increasingly employee-centric market.  It’s less about hunting and more about attracting and retaining talent. How do you ensure the people you need for future success are with you?  And it’s your competitors who become extinct.

This is where your Employee Value Proposition (EVP) comes in.

More than ‘total reward’ which focusses on programmes delivered by employers for employees.  EVP is about the whole employee experience.  It’s about great culture, engagement, brand, leadership and values.  And it’s about getting the message out.  

Sound like HR speak?  Maybe, but the concept is simple.  It’s about what it feels like to work for you.  Get this right and your business becomes irresistible to the right people.

Here are some tips we use with clients looking to create future-focussed EVP:

  • Be authentic – know your purpose and ensure that your employee experience, programmes, internal messaging and external brand align with your values. This creates meaning and drives engagement.
  • Learn from marketing – in a way your EVP is about ‘selling’ your employee experience.  Treat it like a new product launch: gain insight into and connect with current and future employees.  Do you really understand what future employees want and value?  Including those who haven’t even applied to you yet?
  • Use Big Data - technology and analytics can deliver intelligent segmentation (e.g. strategically critical roles, performance and engagement) and mass customisation.  
  • Listen – to your best and future employees.  What does working for you mean to them and what do they value?
  • Customise – for years we’ve given employees choice through flexible and voluntary benefits.  But this brings complexity and relies on employees engaging with what’s on offer.  Employees will increasingly expect individual tailored packages that extend beyond pay and benefits to what they do, how they do it and when it’s done.  
  • Be different – we all know Tigger has a ‘bounce’ but what’s unique about you?  It’s good to have competitive reward but it won’t differentiate your offer in the market (here's an earlier article I wrote on this).   Even something as simple as giving birthdays off can make you stand out.  
  • Tell the story – your employees can be your biggest advocates.  Tell stories about real people and their experiences.  Use social media to get your message out. 15% of potential recruits use Glassdoor as part of their job search. What are your employees saying about you?   Does your recruitment site really tell your story?     

Talent are informed consumers and you need them to survive.

Only 60% of companies have an EVP strategy in place (networkworld.com).  Are you one of them?

Want to know more?  Come and hear us present our EVP presentation at EB Live on 22 September

Take a look at our website to find out more about how we work with clients to make reward and performance management more effective within your EVP.    

To be the first to read our blogs; follow our linkedin company page and sign up for our newsletter.

Photo by JD Hancock