Employment6 Feb 2023
Employee Value Proposition Audit
Your Employer Value Proposition (EVP) is an essential business tool. It highlights the unique and attractive qualities of your workplace, setting it apart from your competition. It serves to answer the question: "What makes your organisation the ideal choice for employment?"
To create a strong and successful EVP, you must start by understanding what your employees value the most AND how that compares to competitors. Only once you have this information, can you create an EVP that will help you attract and retain the best employees or top talent to your company.
What is an Employee Value Proposition Audit?
An EVP audit identifies the gap between the current and future EVP the company wants to create. It helps companies identify any shortcomings in the current EVP perceived by candidates and employees. This is done through collecting employee feedback via interviews or conducting focus groups with employees. The data collected is then analysed to identify areas where the company's EVP needs improvement.
An EVP audit is essential for understanding how candidates and employees perceive your company. An EVP audit aims to validate findings on employee perceptions, such as “Why do employees like working here? What motivates employees?” and “What improvements would they like to see?” An EVP audit also strives to understand what potential new hires might look for in a company.
Conducting an employee value proposition audit is a critical step for businesses to gain an understanding of the perception of their brand amongst their employees. This information is necessary to devise an employee value proposition that will help make the organisation more appealing by addressing misconceptions, distinguishing from competitors, aligning with future talent needs and supporting business goals.
Process of EVP Audit
To develop a strong, believable and authentic EVP, you must first comprehend what thoughts and opinions your current employees have about your organisation's work environment and experience.
This should be a team effort where business leaders and your employees are allowed to provide input. The stress test involves questioning your employees about what they would say concerning your organisation.
Evaluating the efficiency of your Employee Value Proposition can be conducted by examining existing data within the organisation. This information can furnish an existing perception of the EVP and any alterations that may have transpired over time. Additionally, this data can help you understand what changes will help to improve the EVP moving forward.
The process involves the following elements:
1) Analysing existing internal data regarding employees, for example, their engagement or retention.
2) Conduct interviews, focus groups and surveys with employees at all levels and across all parts of your business to understand their experience.
3) Research the market. Look at what competitors are saying about their employment experience. Also what candidates or newest employees perceptions were before and after joining the company.
4) Analysing/evaluating all the above data to define the gaps between perception and real experience and identify the ideal positioning of your EVP
By conducting an EVP audit, businesses can clearly understand how to move forward to retain current employees and attract new ones.
Like to know more? Please click here for more information on conducting an EVP Audit or book an online consultation with one of our EVP specialists.