When we think about EVP, it is often understood as purely the salary and benefits an organization offers in exchange for an employee’s delivery of skills experience and productivity.
However, with a deeper dive, EVP has many more components to it.
These can be summarized as organizations:
Culture, Work environment, Career opportunities, Benefits, and Compensation.
Simply put – the overall desirability of a firm in many facets. Human beings, regardless of their talent and skill level, are motivated completely differently, and one individual view of desirability is not always compatible with another’s.
Let’s look at each component and what it represents –
Culture -is essentially the integration of many factors – The collective understanding of the company’s goals and vision, the collaboration and team spirit present, the company’s social responsibility, and the level of trust which is present.
Work environment represents factors such as the level of recognition granted to employees, the degree of autonomy which can be achieved, the room for personal achievements and challenges to embrace, and the clarity of one’s role and responsibilities.
Career opportunities speak to the opportunity provided for an employee’s ability and the chance to progress and develop., the stability of the organization, and the training and education offered in the workplace and the corresponding evaluation and feedback provided.
Benefits, however, is as simple as leave entitlements and options, education opportunities, flexibility, family balance and satisfaction with internal systems. Compensation then, denotes raises and promotions, fairness, salary satisfaction and the strength and equity of evaluation systems.
So, are you confident with your company’s EVP? Quite a checklist to review in fact, if you are wanting to ensure your EVP is going to assist you in attracting and retaining the stars you need to make your business hum and grow.