The Essentials of Employee Value Propositions
Written by Allan Steinmetz , CEO at Inward Strategic Consulting
Two weeks ago I attended the Advanced Learning Institute’s (ALI’s) Employee Engagement and Internal Brand Activation conference in Chicago. I was asked by ALI to lead a step-by-step employee engagement workshop on the first day which was well attended. As a speaker, I was also invited to stay for the second and third day and listen some outstanding speakers from TD Bank, Scripps Networks Interactive, Mondelez International and VW of America. The content in the conversations at this year’s conference was really outstanding. Kudos to the presenters and the organizers.
There was one presentation in particular from TD Bank’s Employee Value Proposition Lead, Fathima Jaffer, which was especially interesting. The presentation covered the importance of a company’s Employee Value Proposition and the impact it has on recruitment, retention, and advocacy.
Her research-supported presentation suggested that Employee Value Proposition and a company’s reputation is rising in influence for attracting, retaining and engaging employee populations, while also contributing to greater productivity and return on investment. Specifically she cited these three pieces of data:
- 2.5x – Organizations with a well articulated EVP are 2.5x more likely to report financial performance above that of their peers (Towers Watson, 2013)
- 84% – 84% would consider leaving their jobs for role with an organization with an excellent reputation (Glassdoor, 2015)
- 28% – A strong employer brand can achieve 28% lower turnover rate (LinkedIn Report 2012)
Generally speaking, corporations basically understand the tenants of work for pay. But during this presentation, Fathima pointed out that the factors that influence work have changed over the years. Today, work means hours/flexibility, efforts/ideas, performance, mobility, degree of supervision, innovation leadership, tolerance and investment. Pay, on the other hand, provides security, safety/care, training/development, recognition, workplace/equipment, promotion/growth, responsibilities, status/respect, control/influence and lastly, benefits and pension.
It’s time to focus on establishing and maintaining a strong employee brand value proposition. In fact, this has been a significant part of our work over the last three years. To have a strong employee value proposition you need the following:
- Clearly articulate your culture and provide a narrative
- Provide access to leadership information and tools
- Instill new behaviors that take trust, accountability, empathy and values
- Examine the physical (physical and emotionally) workplace
- Establish a customer/employee purpose that encompasses brand values, individual contributions, and company reputation
If you would like to explore this topic further please let us know and I’d be happy to share our thoughts and insights. Inward Strategic Consulting
If you weren’t able to join us in Chicago, be sure to take a look at the October Strategic Internal Branding conference line-up
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