How your Employee Value Proposition (EVP) can optimise your employee benefits strategy

Your EVP is the front door of your business. Why would people look at it? What are the benefits and rewards your business offers to its people? It is now more about the total package, not just salary and benefits - your employees and those you are trying to attact are looking for far more from their employer.

Looking down the other end of the telescope

A business’ Employee Value Proposition (EVP) is defined simply as the value that a business provides its employees, which includes elements such as pay, benefits, perks, and career development¹. It is essentially about looking down the other end of the telescope, and instead of focussing on what people can offer your business, it is thinking about why they would want to work for you in the first place.

Your EVP helps to demonstrate why a position in your business is better when compared to similar positions with other companies; benefits like a competitive salary and a good pension are now rarely unique enough to earn people’s commitment and loyalty long-term. Ironically, candidates may have to communicate something very similar to an EVP when applying for jobs; many applicants will have degrees, relevant qualifications, and experience, but what can they bring to you, an employer, that means you should hire them over the competition? This is how you should be thinking as a business.

How a strong EVP can support your employee benefits strategy

While it may not seem like it, your EVP forms are a very important building block of your whole employee benefits strategy. It is an umbrella that does not just cover physical benefits, but also the intangible benefits - your business’ values, identity, mission, and culture - that can encourage talent to buy into your business and are much harder for your competitors to copy.

When people are invested in the direction and purpose of a business, and see their own values and attitudes reflected in the work environment, that is what makes it harder for them to find more suitable employment alternatives. Therefore, an effective EVP should shout about these elements of your business just as heavily as it does the actual employee benefits that it offers its people.

The importance of authenticity

Organisational authenticity is a phrase linked to many of the ideas in this article. It’s about ‘sticking to your guns’ and committing to an EVP that not only offers people physical benefits, but ‘invisible’ incentives that make the thought of working for your business more attractive.

An authentic EVP should work alongside your employee benefits offerings to look after your people’s core needs:

Physical

• Flexible working that accommodates for stress, burnout, and tiredness

Mental

• A culture that allows people to bring their true, best selves to work
• Caring for and investing in the development of your people, both inside and outside the office

Emotional

• Strong, clear values and morals that align with those of the talent you’re looking for.
• A clear vision and purpose that people can see themselves proudly contributing to
• Courage of your convictions – going above and beyond to do what your business feels is right

Social

• Open communication and approachability across everyone in the business
• Hiring people to help create a team that works well together to action your strategy effectively and consistently.

Financial

• Advice to support people in managing their personal wealth (retirement, financial and mortgage advice)
• Flexible working to reduce the commuting costs of your people.

By basing your employee benefits strategy on just following what the rest of the market is doing, you may be weakening your business’ authenticity and sense of purpose, which 70% of the modern workforce values in an employer².

Making your strategy count, first time round

While you can manage and oversee these strategies yourself, having a business partner like Johnson Fleming by your side can help alleviate stress and make the process more seamless from start to finish. We’ll work with you, ensuring all the elements of your benefits strategy work in harmony together, linking the wider elements, such as ESG, DEI&B, CSR, and your EVP. Our consultants provide an end-to-end service, from crafting and evolving your strategy, to using our risk management, brokerage skills and provider relationships to find the best solutions for your needs. Wherever your business is on its journey, we will be there to support you when you need it.