Getting your Employee Value Proposition right can make a big difference to business performance.
A lot of our conversations with clients at the moment are about ways they can make their business a more attractive place for employees. We are seeing more and more first hand examples of how putting employee wellbeing at the heart of the business is having a tangible and measurable impact on the bottom line, via improved retention, performance and innovation.
So seeing a recent research study by Gartner was music to our ears. Their findings very much validate what we are seeing in the companies we work with. Organisations which work to reinvent or redevelop their EVP (Employee Value Proposition) to better reflect the needs and motivations of today’s workforce, see a significant ROI or dividend from this in improved performance metrics for the business.
You can read about Gartner’s project here.
What the research illustrates
Their research into a cohort of 5000 employees globally shows how evolving the Employee Value Proposition around 5 key areas leads to a 15% increase in Employee satisfaction, 28% increase in Net Promoter Scores and a 9% increase in Employee Loyalty, amongst a wider range of performance improvements. (This ability to audit the business and be able to link employee wellbeing metrics to wider business objectives is vital for any organisation).
5 Key Areas for Employee Value Proposition development
The 5 key areas to develop in the EVP are:
Deeper Connections — Strengthening family and community connections as well as work relationships
Radical flexibility — Giving employees autonomy over all aspects of work not just when and where they work
Personal growth — Supporting growth as individuals as well as professionals.
Holistic well-being — Encouraging and rewarding use and engagement with wellbeing support
Shared purpose — Championing action by the organisation on societal and cultural issues
This aligns with our own beliefs that any wellbeing strategy should be at the heart of organisational culture and embrace a wide range of areas impacting on Mental Fitness.
We’d add one more critical criteria though:
Personalisation — Ensuring that any strategy is both shaped by individuals and can be tailored to suit them rather than a ‘one size fits all’ approach will strengthen the reinvented EVP still further.
Need some help strengthening your organisation’s Employee Value Proposition?
For more insight and inspiration on developing a strategy for your business, check out our “Does your organisation have a wellbeing strategy” post.
Get in touch with us today to see how we can help you reshape your EVP to better reflect the needs of employees in today’s workplace.
