Measuring and continually improving your EVP
After creating a winning EVP, it's crucial to measure its impact and refine your EVP strategy continuously. But how do you get started?
18th Apr 2024
Attracting and retaining top talent plays a big part in a company's success. One of the ways to achieve this is by having a well-crafted Employee Value Proposition (EVP) that outlines the unique benefits and values your company offers its employees. But developing a strong EVP is only the first step. To make sure that it's effective, it's important to measure and refine your EVP strategy continually.
Measuring your EVP allows you to gauge how well your company is delivering on its promises and makes way for identifying areas for improvement. It provides insights into employee perceptions, engagement levels, and the overall impact of your EVP on recruitment, retention, and performance. By collecting data and feedback, you can make data-driven decisions and refine your EVP strategy to better meet the needs and expectations of your employees.
Continually improving your EVP takes a proactive approach to ensure it remains relevant. As job market trends shift, employee preferences undoubtedly change, new challenges emerge, and your EVP needs to adapt to reflect this. Regularly evaluating and enhancing your EVP, means you can stay ahead of the curve and remain competitive to attract, retain and engage top talent.
4 ways a strong EVP can impact your business
In today's competitive job market, candidates have more options than ever before, and they are looking for more than just a paycheck. So developing and maintaining a strong EVP is crucial for any company that wants to attract and retain top talent.Attracting and retaining top talent
Communicating the unique benefits, values, and culture you offer employees can help you stand out from the crowd, increasing your chances of attracting and retaining the right people for your company, who will contribute to improving your bottom line. It's important to remember that retention is equally as important as finding the right people.Engaging employees
A well-developed EVP can create a sense of pride, purpose, and belonging among employees. When employees feel that their work is meaningful, they are more likely to be engaged and productive and are much more likely to stay with a company long-term.Improving business performance
Developing a strong EVP can not only help to attract and retain top talent but it can also enhance your company's brand and overall reputation. If you’re a great place to work, word gets around. Customers are more likely to do business with companies they perceive as treating their employees well, leading to increased customer loyalty and revenue. So you can create a positive brand image that extends beyond your employees.Minimising recruitment costs
When employees are happier and engaged, they are more likely to stay with the company long-term. By developing and maintaining a strong EVP and focusing on retention, you can create a work environment that fosters loyalty and commitment among your employees, leading to reduced costs around hiring, training and onboarding.The key benefits of measuring your EVP
Measuring the effectiveness of your EVP is important for long-term success. Without a detailed plan and regular monitoring, you risk losing valuable talent. When you measure your EVP you gain strategic control over its impact.Data-driven improvements
Measuring your EVP allows you to assess its effectiveness at attracting and retaining talent. Collecting and analysing data and key metrics such as employee satisfaction, turnover rates, cost per hire, and employee referrals can help you identify areas of improvement. Measurement, and crucially - knowing what to measure, helps you to make data-driven decisions that strengthen your EVP over time.Identify growth opportunities
Measuring your EVP can help you identify areas where you may not be meeting employees' needs and expectations. For example, employee feedback might show that your benefits or compensation package is not as competitive as other companies within your industry or that employees are disengaged. By identifying this, you can make strategic changes to improve your EVP and gain a competitive advantage.Enhanced employee satisfaction and retention rates
A strong EVP that is monitored, refined and measured over time can lead to improved employee satisfaction and retention rates. When employees feel that their needs and expectations are being met, they are more likely to be productive, engaged and motivated, decreasing the likelihood of employees being on the lookout for alternative job opportunities. This can result in lower employee turnover and reduced recruitment, training, and onboarding costs.How to measure the impact of your EVP?
To measure the impact of your EVP you need to have a framework in place so you can properly assess the different areas of your proposition. Your EVP has 7 core pillars, all of which play a key part in helping you attract and retain top talent.
The 7 core pillars are :
- Working environment
- Benefits
- Compensation
- Reward and recognition
- Culture
- Vision/ mission
- Professional development
To measure the impact of your EVP pillars you need to continuously be asking for feedback from your employees and leadership teams. You could do this by :
- Feedback sessions: Host regular sessions with key stakeholders and team leads to discuss the core pillars and assess how they are perceived throughout the company.
- Pulse surveys & feedback: Conduct surveys at specific times throughout the year to gather feedback on all the pillars. This helps to understand employee sentiment towards the pillars and identify areas that may require more attention.
- Create a feedback channel: Create a dedicated space on your Teams or Slack channels where employees can share their thoughts and feedback. This provides everyone with the opportunity to contribute in a timely manner, allowing for real-time feedback on areas for improvement.
As well as this you also want to be using data led insights to monitor the ROI of your EVP when it comes to recruitment costs and retention rates. You can read more on that here.
How do you build an EVP framework?
Before you start sharing and measuring the impact of your EVP you need to have a framework in place . This will help you create a more focussed strategy when it comes to your EVP and progress in the areas you need to.
In our new EVP masterclass Flexa CEO and Co-Founder Molly Johnson-Jones will be taking you through the 7 core pillars of a strong EVP, how to find out which ones to lean on (and which to avoid!), and how to use your current working environment to attract top talent, build brand awareness, reduce recruitment costs, improve diversity, and increase the internal awareness of your EVP.
Whether you're looking to start building a powerful EVP from scratch, refresh your existing EVP, supercharge your EVP efforts with exclusive data and insights, or activate your EVP to achieve enviable ROI, this workshop is for you!
We will cover :
- How to build out your EVP pillars
- Creating your EVP framework
- Asking for feedback
- How to create EVP collateral
- How to share your EVP