In the new world of work, organizations have had to rethink every aspect of business, from operations to benefits to recruiting to technology. As the business universe recenters around people rather than bottom lines and business objectives, the concept of employee value proposition (EVP) has also shifted to go beyond what’s traditionally considered “benefits” like medical and dental coverage.
Even benefits like gym memberships and summer hours are no longer enough for the modern employee who is wrestling personal, economic, medical, social, and professional challenges all simultaneously. The traditional nine-to-five workday construct has collapsed, and though challenges in all areas of life have always existed, recruiting and retention in today’s market requires organizations to acknowledge the boundaries no longer hold up.
Rethink What You Know About EVP
Companies can transform their thinking around EVP by better understanding what employees need and want, in work and their lives during and surrounding work. From benefits to skills and development to values and vision, “The goal of an EVP is to make employees excited and proud to work for your company, and is an excellent way to build your employer brand.”
Like any healthy relationship, an EVP sets clear expectations for both the employer and employee. And whether you have something labeled as such on your website or not, be aware that an EVP for your company exists – you just may not be in control of it. “The dirty secret about Employee Value Propositions is that, whether or not your organization has created one, it has one. Everything you say and do to recruit or retain talent reflects on your organization and serves as a de facto EVP.”
Taking a posture of curiosity to find out more about what your employees need (and want) to be able to feel and do their best is critical to make progress in areas that impact EVP. And keeping an eye out for contributors other than pay and benefits will be key: “while material offerings are the easiest levers to pull (you can decide to give a bonus tomorrow) and are immediately appreciated, they’re easy for competitors to imitate, and their impact on employee retention is the least enduring.”
Remember Employees Are More Than Workers
During the past few years, where health and safety became more urgent priorities, companies were faced with just how integrated the personal and professional worlds were. As Deloitte puts it, “Work and life, health, safety, and well-being became inseparable. Recognizing the inextricable link among our well-being, our work, and our lives has led more organizations to think deeply about ways they can design well-being into work itself so that both workers and the organization can thrive moving forward.”
As such, your investment in your employees as people, not just as workers, should be evident in your EVP. Gartner calls this reinvented EVP “the human deal” and lays out an action plan for employers to accomplish this:
- Deeper connections: Make employees feel understood by helping them be themselves and maintain their coworkers, family and community.
- Radical flexibility: Make employees feel autonomous by giving them flexibility over where, when, how much, how and with whom they work.
- Personal growth: Make employees feel valued by providing them with personal growth opportunities.
- Holistic well-being: Make employees feel cared for by providing them with a complete set of well-being offerings and ensuring that they use them.
- Shared purpose: Make employees feel invested in the organization by taking actions on societal and cultural issues.
By shifting their approaches to all aspects of the business, putting employees at the center, companies see reduced turnover by 69%, increased new hire commitment by nearly 30%, and decreased cost per hire by 43%. And the impact of more engaged employees who are able to show up to work feeling their best and most valued shows up on other business outcomes as well. Companies with strong EVPs see a 25% increase in employee productivity, and those that invest in their EVPs see a 34% improvement.
Create a Plan to Bring Your EVP to Life
Creating a people-centric workplace that attracts and retains employees can seem abstract and vague, but breaking down this perspective into key areas helps to make it more actionable in the short and long term.
On a day-to-day level, leadership and managers can take intentional steps to break down boundaries between personal and work life to foster deeper connections by initiating regular connection points that go beyond projects. At HNM Systems, we start with scheduled daily huddles, weekly 1:1’s and monthly virtual lunches.
“We have open discussions about our lives and what we are experiencing and are there for each other. We give constructive feedback, provide and suggest learning opportunities catered to each person’s skill sets and encourage everyone to ask a lot of questions. We center everything we do around our 5 core values and stay true to them,” says Emily Murphy, Vice President of Operations.
We take this approach to better understand our customers and their needs as well. In addition to new quarterly Lunch and Learns where we invite team members to learn more about our customers and their industries from subject matter experts, team members will share back “A Day in the Life.” These glimpses into various roles and environments give us a clearer picture of our customers’ routines, priorities, and critical needs.
We expand our impact even more by collaborating with our customers by acting as coaches and staffing partners to help them develop inclusive staffing and development plans as well as teaching and training their teams.
Here’s to 2023 and Beyond
At HNM, we keep a perspective that each placement is more than an assignment and each customer is more than a contract. Even more, each employee is far more than a worker. We put people first. We care about who they are and what their career aspirations are. And because we take the time and put in the effort to get to know our customers, we can ensure we’re finding the best fit candidates for each project and vice versa.
A people-centered approach and an EVP that sees employees and humans shows your employees what you value and how much you value them. And a company built for and by its people will be sure to deliver for its customers, taking your business far in 2023 and beyond.