How Can Employee Value Preposition (EVP) Keep Employees Satisfied?
EVP is the balance struck between rewards and benefits employees are given in return for their skillsets, capabilities and experience they provide to the company. Organisations usually develop an EVP to provide a means of employer branding and managing the experience employees have, which can help draw external talent to the company.
EVP should be employee-centric, focusing on integrating existing workforce planning strategies based on the feedback and requests of past and present employees. This helps to ensure that the benefits given are benefits that the employees want, reassuring employees that their employers are open to feedback and care about them as well.
An EVP must be different, standing out from that of other companies, which will enable the company to stand out from its competition, lest it becomes a mere formality with little relevance to talent retention.
Although it may be felt that the financial compensation for workers is more than suitable to ensure the retention and attraction of talent, this is not entirely true. The financial compensation for the time and effort of workers is important, but it does not contribute to a good working environment, which is the more important in ensuring employee satisfaction and peak employee performance.
Since talent attraction has become more difficult than ever, consistent and efficient communication of EVP is an essential aspect of retaining talent in a company. EVP needs to be more than just a static, unchanging set of benefits and should instead be a dynamic plan that changes with the needs and wants of the employees, rather than a formality from employers.
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