How the Best Businesses are Managing their Workforce Costs
During economic uncertainty, the difference between businesses that thrive and those that simply survive often comes down to how strategically they manage workforce costs.
Having a well-defined purpose statement and values is essential to the success of any business. But to attract and retain the right talent who can deliver to your customer’s expectations, you need an effective EVP (Employee Value Proposition).
Your EVP should support your company’s vision and business strategy and be a clear representation of what your company stands for and what you offer to your employees. It doesn’t have to be a complex document, but it should be meaningful to your employees. Investing in your EVP can help you create a strong company culture and brand that sets you apart in today’s competitive market.
So, if you want to stay ahead of the game and attract the top talent in your industry, it’s time to prioritise your EVP.
#1 What is an EVP?
An EVP is more than just a concept; it’s a commitment employers make to their people. It’s about what you can expect from any organisation and what the organisation expects from you. It’s not just about money; it’s about the entire package.
We encourage companies to explore the 5 key areas that make up our EVP framework:
Work Happiness – What do you do for people to feel happy and fulfilled in their work? How do you ensure people are doing meaningful work in a healthy environment?
Career Growth – What do you offer for people to feel like they have the opportunity for career advancement growth, or they may love where they are right now and want to know that that is ok?
Remuneration – This is the baseline detail. How do you compensate your team for their work? Are salaries in line with the market and the role? Is there anything besides the base salary/contracted hours regarding monetary and material options?
Benefits – We believe in tailoring benefits to your team’s needs. What other benefits do employees get in addition to your compensation? You can quantify and customise what is unique/special to your organisation. Is it a 4-day week? A day off on your birthday? Extra parental leave or additional annual leave after a certain period of time?
Culture – This is the living and breathing ways of “what is it like to work here?”. How are people recognised? How are they supported? What is the working environment like? What do we stand for? What are our values?
Your EVP answers the question “why should I work here?”. You should use your EVP in your job adverts, social company profiles, and internal communications—everything you do concerning embedding your HR strategy in your business should have your EVP interwoven throughout. When done well, it becomes your employee experience blueprint and should be what your team is talking about at a social event.
#2 How does an EVP support my client’s value proposition?
You are in business to provide a product or a service to a particular type of ideal client/customer.
Your business success is defined by how well you align what your clients expect of your brand and how well your team can support that.
Whether your client value proposition and your EVP are currently in sync or not, there is always room for improvement. If your clients’ feedback aligns with the experience you want them to have, you’re on the right track.
Your company purpose, values, and client value proposition are the perfect pillars for building your EVP.
#3 Why you should care?
Do you need help attracting the suitable candidates? Are you finding it challenging to retain your best performers? Are you confident that you will be able to attract, retain, and motivate the people you need to help deliver on your purpose and your business strategy?
Transparency is key when it comes to understanding what you’re investing in, whether it’s a lounge, a car, or your employees. Potential employees are no different. They want to know ‘what it’s like to work in your company’ beyond pay. So, why not be transparent and tell them?.
Want some support to pull the gold out of your current processes and your current team and help tighten the way you attract and retain your people, craft your company values, or polish your purpose statement? Talk to our team today at 1300 406 005 or email us at info@performhr.com.au.
“An EVP is more than just a concept; it's a commitment employers make to their people. It's about what you can expect from any organisation and what the organisation expects from you. It's not just about money; it's about the entire package.”
