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Employee Value Proposition

In: Business and Management

Submitted By basset1009
Words 528
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Explain the Employee Value Proposition, the components and its relevance to developing Competitive Pay Programs. Employee Value Proposition (EVP) is a term used to denote the balance of the rewards and benefits that are received by employee in return for their performance at the workplace.An EVP describes the mix of characteristics, benefits and ways of working in an organization. It is the deal struck between an organization and employee in return for their contribution and performance this “deal” characteristics an employer and differentiates it from its competition Why is an EVP impotant? An effective EVP can bring an organization significant benefits. According to the Corporate Leadership Council’s research a well thought through and executed EVP can :
- Improve the commitment of new hires by up to 29%
- Reduce new hire compensation premiums by up to 50%
- Increase the likelihood of employees acting as advocates from an average of 24% to 47%
In addition an effective EVP allows organizations to source more deeply within the labor market, increasing its access to passive candidates. This is important for organizations who want to secure the best talent in an increasingly difficult talent market.
What EVP revevance to developing Competitive Pay Programs
Helps you to attract and retain talent A clear and differentiated EVP ensures that you attract and retain people that you would inevitably lose to other organizations with more attractive EVPs.
Helps you to appeal to different markets and tough to hire talent groups For organizations operating in a number of countries the EVP will need to move beyond a one size fits all. A good EVP contains elements that appeal to different groups of employees from different cultures,age,groups and functions.
Helps you to re-engage a disenchanted workforce The process of creating an EVP involves surveying…...

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