The success of your talent acquisition and retention strategy relies on the strength of your Employee Value Proposition (EVP). It’s the statement that defines and differentiates you as an employer, and provides candidates as well as employees with a clear vision of what to expect when working in your organisation. A good EVP is in tune with the experience and expectations of your current talent, and tied closely to your business goals and needs while providing a unique and attractive promise to candidates and employees on what you bring to the table as an employer.
Most importantly, your EVP is a two-way street: What values are you exchanging in your relationship with current and future employees? What are you doing for your employees, and what are your employees doing for you in return? How can you create a purposeful life together—both professionally and personally?
At the Radford Annual Talent & Rewards Conference 2017 in Singapore, we analysed the EVP from the perspectives of HR leaders based in Asia—through in an engaging panel discussion that involved HR leaders from eBay, Global Fashion Group, Intel, and SAP. They shared their approach to the EVP in their organisations, as well as these five pillars that make for a strong EVP.
1. Align the EVP with the company brand, product, and target customer segments
When you connect the EVP to the purpose of the company, everyone gets a clear understanding of what you’re really striving for collectively. It’s also important for the tone of the EVP to match the brand voice of the organisation—for example, the EVP of a luxury brand shouldn’t sound overly ‘cheap and cheerful’.
2. Let employees lead the way
More often than not, EVP exercises are led by HR with little or no consultation with the rest of the organisation. However, in order for the EVP to be engaging to employees at all levels, it’s critical to listen and find out what really matters to them. As Mr. Syed Ali Abbas, Global HR Director at Global Fashion Group said, “Let employees lead you to the right EVP, rather than leaving it to an organisational representative to determine what’s good for everyone.”
3. Consider employees’ personal needs
We all spend a lot of our time at work, which is why an employer who can also provide great consideration for the personal aspects of our lives is more likely to retain good talent. Dr. Stepfanie Kee Swee Lin, APAC & Japan Compensation & Benefit Director at Intel Corporation gives the example of how, in Asia, many employees financially support their elderly parents. In many cases, employees leave their elderly parents to go work in another city where there are more job opportunities, and send financial support back home. “We frequently look at benefits that can blend in with our employees’ personal lives. Healthcare programmes that cover elderly parents are valued by employees in Asian countries such as India and Korea, as it lightens the burden of employees when they know that they can afford to provide their parents with good medical care.”
Furthermore, employees who have fewer stresses about life outside of work tend to be more productive at work—so ultimately, your organisation benefits as well.
4. Treat EVP like any other part of the business
Build EVP into all the processes, set a budget, allocate resources, and state clear key performance indicators (KPIs). In implementation, the EVP must deliver a consistent experience for all employees at all levels, including those who move up in your organisation. Having a process that ensures consistency in an employee’s experience of the EVP from pre-hire right through to departure reduces the likelihood of that employee leaving just because he/she feels, at some point of their time in the organisation, that this is not what he/she signed up for.
5. Use reward as a catalyst, but not a motivation
According to Mr. Sajjad Pamar, Director, Regional Reward Partner – APAC at eBay, “Reward plays an important role and can be a catalyst in enhancing your EVP, but that’s not its only role.” Good employees deserve good pay, but more pertinently, all employees deserve the right level of reward and recognition for their efforts. A consistent pay structure across the whole organisation —worldwide, for global enterprises—ensures that employees can easily predict their pay progress and be assured that rewards are always offered based on meritocracy.
Ultimately, Ms. Chetna Singh, Vice President, APJ Total Rewards at SAP Asia Pacific Japan said it best: “The Employee Value Proposition is not a destination. In fact, it’s a moving target and has to be dynamic and relevant at all times.” This means being open to evolution with the times and employee needs in relation to your organisation’s goals, so as to create a strong EVP that can help your organisation attract and retain the best talent—now and in the future.
Start a conversation with us
Radford delivers talent and rewards expertise to technology and life sciences companies. We empower the world's most innovative organisations—at every stage of development—to hire, retain and engage the amazing people they need to create amazing things. Radford is part of the Talent, Rewards & Performance practice at Aon plc (NYSE: AON).
Need help with creating a compelling EVP for your organisation? Get in touch with us.