How To Measure Employee Value Proposition | How is EVP success measured?
How To Measure Employee Value Proposition | How is EVP success measured? Measuring the effectiveness of an employer value proposition (EVP) is just as important as implementing one to begin with. Employee Value Proposition is the balance of rewards and benefits that a company can offer its employees in return for their amazing performance within the workplace.
For example, healthcare organizations can measure their efforts is by tracking organic site traffic from diverse partnerships. These numbers will reveal what aspects of their brand they should double down on and which to ultimately do away with.
What makes a good employee value proposition?
A strong EVP stands out from your competitors and is relevant to your employees’ wants and needs. It should represent your company’s values and make your employees feel proud, motivated and encouraged to do their best work each day.
Key Elements Commonly Included In Compelling EVPs
- Additional monetary and non-monetary perks and incentives like gym memberships, free coffee and snacks, flexible work hours, work from home opportunities or team-building workshops.
- Statements about company culture, goals and values like communication, collaboration and positive relationships between team members and supervisors.
- A positive work environment that provides autonomy, recognition and a good work/life balance.
- Financial rewards like salary, stock options and bonuses.
- Employment benefits like paid time off, health insurance, retirement funds, parental leave or company-sponsored holidays.
- Career development opportunities like leadership training, technical training, mentorship programs, promotions, travel opportunities, tuition reimbursement or paid educational courses.
What is Employee Value Proposition (EVP)?
An Employee Value Proposition is the promise you make as an employer to your employees in return for their commitment. This promise entails the sum of all the benefits and rewards employees receive from the organization they work for.
A good employee value proposition, or EVP, helps an organisation draw the attention of top talent. It is a clear and consistent message about the experience of working at your organisation and highlights the unique experience you offer that attracts, engages and retains top talent.
How do you evaluate the effectiveness of your Employee Value Proposition EVP?
A few key performance indicators (KPIs) you can use to measure the effectiveness of your EVP include: employee satisfaction rate, traffic to your company career page, time to hire, applicant-to-interview ratios, cost-per-hire, turnover rate and online company ratings and reviews.
How Do You Measure the Success of Your EVP
Measuring success of Employee Value Proposition are best revealed by asking yourself a series of questions such as:
1. Is your company’s “productivity profit” improving?
A value proposition’s success is not determined solely by whether employees are benefiting from their experience with the company. Shareholders also need to see their interests supported and protected by the nature of the value offer being made. The best way of determining this is to measure the amount of business value being created through the productivity and performance of your employees.
2. Do you have a winning culture?
Cultures can become magnets for high-performing talent. They can also have the opposite effect. Winning cultures are those that perpetuate success to the point it becomes self-sustaining. There is a growth mindset that permeates the organization and employees are viewed and treated as growth partners in the business. Individuals adopt a stewardship approach to their roles and there is accountability for results. That accountability is reflected in the way people are paid
3. Is your employer “brand” rated highly?
In the online age in which we live, every employer must be concerned with its brand. Here, I don’t mean brand in the sense of how your products are perceived by customers in the marketplace. I’m talking about your reputation as an employer. Ultimately, you don’t get to decide what your brand is. It is determined by others and is represented by the collective impression employees, potential employees and the public at large have of your company. It’s what they say to others about your business if they work for you or what they perceive the employee experience to be at your company if they don’t.
4. Are you able to compete for top talent?
One the primary purposes of your employee value proposition is to help you attract and retain the people you want as growth partners in your company. So, a very simple measure of whether yours is successful is how often you are hitting your recruiting and retention targets. Are your pay offers being accepted? Are you able to communicate a future to the people you are trying to attract that is compelling enough to make them want to be a part of it?
What are the 5 Key elements of an Employee Value Proposition?
A strong Employee Value Proposition consists of various elements such as:
1. Stability
Stability as in career stability, opportunities for your employees to further their career, develop themselves and employee training.
2. Compensation
This element, also referred to as compensation and benefits, includes your employees’ satisfaction with their salary, but also additional rewards such as bonuses and aspects such as your evaluation system.
3. Location
This component is about much more than the simple location of your office. You could think of it as location in the broadest sense of the word: a positive work environment, a certain level of autonomy, work-life balance, etc.
4. Respect
Respect is about positive relationships, support, and team spirit, among other things. More than just respect, it’s about your company culture, what are your organization’s core values and beliefs.
5. Work-life balance
This is about benefits. Think about everything from paid time off and holidays to flextime options and retirement plans. When it comes to the kind of benefits employees value most, flexible hours, the opportunity to work from home, vacation time and paid parental leave all rank highly.
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