Renovating Your Employer Value Proposition

The remarkably fast-emerging concept of creating an “Employer Value Proposition”, or “EVP" in mid 2024, morphed within months, into the "Employee Value Proposition" also termed "EVP".

Many of the components of an engaging EVP are not new and have been one of the suggested strategies of human resources professionals for years, but it would appear that the time has come for them to be reconsidered.  In a beneficial way, the Great Resignation of 2021 had been an overdue spark of reality for many organizations whose employees have been silently muttering about their jobs under their breath daily while buying lottery tickets every week…

We’ve learned that various age demographics have different tolerances for their compensation needs, commuter time, growth/promotion potential, work environs and leadership competency.  And we’ve learned that each of those demographics

deals with those tolerances in a different way, except for one way… urgency.  There is now a consistent urgency across all demographics to address shrinking tolerance.

If the pandemic highlighted anything, it was importance of the quality of one’s life and the value of one’s time on the planet.  Whereas ‘work’ used to define who we were and what our success was measured against, employees at all levels have now developed a different perspective of their identity and success.  And work is only a segment of these.  As we’ve said, these aren’t the same people coming back to the office.

The concept of an EVP is to recognize these demographics, tolerances, and perspectives.  It is a concept whereby employees can see flexibility in their workplace, roles, and even compensation packages that are designed for an employee’s individual needs, while also having confidence and consistency in leadership, performance standards, processes, policies, and more.

Key to reviewing or renovating your Employer Value Proposition today, is to consider the various materials and supplies needed for construction.  And perhaps more key than just these components, is in the creative way they are viewed, created, and delivered.

Somewhat akin to that of a “win back” strategy that is typically employed with customers that companies may have lost or at risk of losing, renovating a company’s Employer Value Proposition is not only a “win back” strategy for their workforce, but also a recognition of how the workplace has changed.  Companies, more than ever, are now competing for good people.

It’s not just about reasonable pay and benefits any longer, it’s how creatively these things are delivered.  For example, some companies are restructuring their compensation packages to provide flexibility for those with differing demographic needs.  GenZ’s might be more focused on pay versus health benefits and Boomers might be more focused on benefits versus pay, so why not shift their compensation dollars accordingly?

Much more focus, however, is now being placed on Company Culture, and, specifically, Leadership Quality.  As we referenced in our ‘pizza analogy’ last month, while employees like flexibility in their work, workplace, and new challenges, their tolerance levels are more affected by the quality and consistency of the leadership they are getting today.

Both external research as well as our own surveys done here at Cambiara Group that the previously-tolerated, miserable, incompetent manager who chooses to ignore the pulse and needs of their workplace is no longer tolerated.  And a corporate culture that continues to sustain (and sometimes reward) that kind of leadership is often surprised when good people leave.

Further to this need for ‘flexible consistency’ for employees is in the way standards and policies are administered.  Employees count on leadership to develop standards and policies in a reasonable way that allows them the defined flexibility

they need to fulfill their obligations.  But a leadership that doesn’t apply these defined things consistently, including implementing repercussions when they are not, is another poison to leadership quality, and ultimately to company culture.

For those organizations now realizing and even feeling that shift in employee tolerances and needs and are looking to do some renovations of their own EVP’s, we suggest beginning with a powerful exercise.  As most value propositions are often conveyed best with a tagline or slogan, we ask what your current tagline would be….  and then, what it should be.

For example, Apple uses “Think Differently”, Lexus uses “The Relentless Pursuit of Perfection,” and Exit Realty uses “A Smart Move”.   These taglines are not only inspiring for customers but for their employees as well.

 So, what could your tagline be at your company, for attracting and retaining terrific employees?  Make it resonate.  And then let the renovations begin.

Cambiara Group. – October 2024