Businesses with long-term employee value proposition (EVP) plans have better employee engagement, staff recruitment and retention, a study has found.
EVP is a set of associations provided by an organisation in exchange for the skills and experiences brought to by the employee.
The EVP should make clear the unique policies that demonstrate the organisation’s commitment to certain targets, e.g. employee growth.
A world-wide survey found organisations that use EVP effectively are five times more likely to report high employee engagement.
But only 43% of organisations have a long-term plan in place to support EVP deployment.
Richard Veal, head of Towers Watson’s reward, talent and communication consulting practice said: “The employee value proposition is one of the best tools available for companies to engage employees, as well as attract and retain top talent.”
Towers Watson, who conducted the survey, said employers looking to improve EVP effectiveness should develop an implementation road map; involve senior leaders early in EVP development; train, reward and hold managers accountable; and measure the effectiveness of EVP on different employee groups.