The Ever-Evolving EVP Acronym
Five Fast Tips To Keep Things Moving in the Right Direction
Just over a decade ago, companies weren’t even talking about an employee value proposition (EVP acronym). Today, however, is a different story. The acronym is a hot buzzword at businesses around the world because the workforce and competitive environment has shifted drastically. A company’s value proposition for its employees is now more important than ever though it is not something that should be etched in stone as some experts suggest transitioning to a more fluid approach. One that can change depending on employee feedback and business alignment. As a manufacturer, you should already be going beyond the basics of sharing salary and competitive benefits to better defining your culture, career opportunities and actual day-to-day work experience.
The truth though is that what companies want to deliver is not always exactly what they do deliver and that can lead to a number of issues related to employee dissatisfaction, turnover and hiring and retention. According to a study profiled in Harvard Business Review by global agency Weber Shandwick, just under 20 percent of employees surveyed felt strongly that the work experience their employer was promoting actually matched reality. Perhaps this is proof as to why almost 30 percent of new hires leave on their own within the first six months of starting a new job. The EVP is a crucial marketing tool but can’t be smoke and mirrors. It needs to be ‘what you see is what you get’ and the culture must reflect what the employee experience truly looks and feels like.
It means answering the question, “What do we really have to offer?” according to advice in Human Resource Executive. Because if you don’t answer this question regularly to see if it aligns, you will end up with an EVP whether you intended to have one or not – employees will ultimately define it by how you treat them and what it’s like to work there.
If you aren’t sure what your EVP should be or how to stand out in this hyper-competitive job market, here are five tips that may help:
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