Let’s face it, budgets in 2024 are not where you’d want them to be, but that’s not a reason to neglect your EVP, especially if big changes are taking place in your organisation.
Employee Value Propositions can seem like this monster project that takes years to build, so the idea of making changes feels daunting.
But if you shift the lens and think of EVP as a sort of flywheel where you can zoom in and change different elements, things become more agile.
Since money is cut, think, “Where do I need to over index?” and “Where can I have the maximum impact?”
For example, where is the problem?
- Is it with personas?
- Is it with educating hiring managers?
- Is it that you’re not emphasising an element of the EVP which is now incredibly important? (the way flexible working became important a few years ago.)
Whatever the issue, careful evaluation will bring it to light. Identify which element is not working and fix it.
Find the Issue With Your EVP
Talk to people. Maybe you have candidates who have made it all the way through your process only to reject your offer. That feedback is gold dust. It’s one of your talent personas telling you what’s not good enough with your offering or, crucially, what area your competition is outdoing you in.
We had a client who wanted an EVP refresh because their competitor had pulled the rug on them, out-promising them in every area. They either needed to move into a fresh space or offer even more than their competitor to avoid being constantly outbid.
Talk to hiring managers, too. Make sure they understand the terminology. If they don’t, how can they communicate your proposition effectively to talent?
While EVP can feel quite granular, it’s crucial you also remember the wider trends in society that may influence talent’s needs.
Know When Your EVP Needs a Refresh
When it comes to anticipating whether your brands need an EVP refresh, there are two main areas to assess:
1. Return
How well is your current EVP performing. Measure this by awareness, consideration, acquisition, engagement and retention.
2. Resilience
How strong is your EVP’s ability to thrive in its competitive environment. This is shaped not only by competitors but also by trends in technology and society.
Plus, if your organisation is going through any of these changes, it’s likely your EVP will be out of date soon.
1. Large Structural change
2. Changes in leadership
3. Shifts in talent base
4. Return on investment decline
5. Shift in brand promise or reputation
6. Change in strategic direction
7. Competitive advantage decline
8. Drop in employee engagement levels/ increase in attrition
9. Dramatic change in policies or ways of working
10. PESTEL effects
To sum up, refreshing your EVP doesn't have to be expensive or daunting, and it's never something you should ignore altogether.
With a strategic assessment and singling out the area where you can make the most impact, you can update your proposition so that it's working at its best, attracting and retaining your unfair share of talent.
Want to learn more? Watch our free webinar, "Breathe Life into Your EVP in a Year Where Budgets may be Flat".
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