Once you take away the bells and whistles, the one thing standing in your organisation’s way of effective employee engagement, talent attraction and retention and even financial performance is a long-term plan for its employee value proposition (EVP).
A new report by Towers Watson found less than half of 207 companies across North America, Europe and Asia have a long-term plan on how to maximise their EVP.
Kathryn Yates, global leader of communication and change management consulting at Towers Watson, said an EVP is one of the “best tools available for companies to engage employees, as well as attract and retain top talent”.
“Unfortunately, to many organisations, the EVP remains a hidden gem that is unshaped, overlooked or not utilised to its fullest extent,” she said.
Towers Watson found companies which have been able to leverage and maximise their EVPs have a few things in common. For starters, nearly half (49%) of companies with effective EVPs have combined extrinsic factors such as pay, bonuses and benefits with intrinsic factors including work environment and teamwork. This is double the number of companies with ineffective EVPs (24%).
Those with effective EVPs had a differentiating factor to their propositions, 59% had aligned their EVP to the business strategy, and 44% remained focused on making sure the EVPs resonated with the needs of staff.
Source: Towers Watson