Employee Value Proposition (EVP) is about defining the very essence of your company and is an integral part of any organization.
Simply put – EVP is the overall desirability of a firm in many facets. EVP is essentially the overall experience offered by an employer in exchange for the productivity and performance of an employee.
Below the surface, EVP has many different components to it.
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
This 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
Career opportunities speaks to the opportunity provided for an employee’s ability and chance to progress and develop, the stability of the organization, and the training and education offered in the workplace as well as the corresponding evaluation and feedback provided.
- Benefits and compensation
Benefits is as simple as leave entitlements and options, education opportunities, flexibility, family balance and satisfaction with internal systems. Following on from benefits, compensation denotes raises and promotions, fairness, salary satisfaction and the strength and equity of evaluation systems.
Now that we know exactly what EVP is, we can dive into what it takes to create a strong EVP in your firm. In forming a strong EVP, it’s important to remember that one size does not fit all. In order to cater to the different motivations of your team, it’s imperative that you tailor certain cultural symbols to your employees. Recognition and reward are two of the most vital symbols when it comes to EVP. Ensuring your organization integrates these two cultural components means meeting your employees needs to be known and visible through rewarding and recognizing their value to your organization.
Different individuals are driven by different things. We all have different values, motivations and goals. While some people might be driven by a salary increase, others may need a promotion, or simply just some words of encouragement. As an employer, understanding and customizing your approach to these different motivations can be a defining factor in making your employees feel valued within your organization.
To explain this, HOGAN INVENTORIES ® measures an individual’s motivations and values through ten scales:
- Recognition: A desire to be known and visible
- Power: The desire to succeed and outperform the competition
- Hedonism: The pursuit of fun and excitement
- Altruistic : A desire to help others and better humanity
- Affiliation: Needing and enjoying frequent and varied social contact and interaction
- Tradition: A belief in old fashion values such as family, thrift and hard work
- Security: A need for predictability and structure
- Commerce: An interest in earning money and realizing profits
- Aesthetics: A need for self-expression, and a dedication to quality
- Science: An interest in science, and preferring date based rather than intuitive decisions.
In order to facilitate a positive EVP, learn to understand your employees and what drives them. This in turn will create a constructive culture and success for your company.
Ask and explore – and the evidence will be very easy to find. Implement accordingly, and your team members will be fulfilled and demonstrate increased productivity, exemplifying the power of your EVP.