New Year, New EVP: Why It’s Time to Refresh Your Employee Value Proposition

And we’re back! January —the month when gym memberships surge, diets are resolutely (if temporarily) adopted, and employees, buoyed by the "new year, new me" mantra, clandestinely update their CVs. It's the annual exodus of talent, as predictable as the Boxing Day sales, leaving employers to wonder: "Was it something we said? Or didn't say?"

Enter the Employee Value Proposition (EVP), the corporate equivalent of a dating profile. If yours still boasts about "competitive salaries" and "dynamic work environments," it's time for a makeover. After all, nothing says "we're stuck in 2010" like touting free coffee as a perk.

In today's job market, an industry-leading EVP is as essential as Wi-Fi at a tech conference. It's not just about attracting fresh talent; it's about convincing your current employees that the grass isn't greener elsewhere. Spoiler: if your EVP is outdated, it probably is.

Consider this: recent research indicates that 27% of UK workers plan to change jobs within the next six months, up from 24% the previous year. Additionally, in the six months leading up to January 2024, 19% of employees had already switched jobs, compared to 12% in January 2021. The national average annual turnover rate in the UK stands at approximately 16%.

So, how does one craft an EVP that doesn't induce eye-rolls? Start by acknowledging that employees are humans, not cogs in a productivity machine. Radical, I know. They seek purpose, growth, and—dare I say it—work-life balance. Offering flexible schedules, opportunities for advancement, and a commitment to social responsibility might just make your EVP less yawn-inducing.

But beware the pitfalls of corporate buzzwords. Describing your culture as "innovative" and "fast-paced" is as enlightening as saying water is wet. Instead, provide concrete examples: Do you offer sabbaticals? Support volunteer work? Have a pet-friendly office? Details matter.

Remember, an EVP isn't a static declaration etched into the company handbook; it's a living, breathing promise that should evolve with the times. Regular audits are essential. If your EVP hasn't changed since Boris was PM, it's overdue for a refresh.

As employees embark on their January job safari, ensure your EVP is the enticing oasis they seek, not a mirage of empty promises. After all, in the battle for talent, those with the most compelling propositions win. And if all else fails, consider adding a puppy room. Who could possibly resist that?

At Personal Group, we specialise in providing employee benefits to organisations over 500 employees. To find out what Hapi could do for you, please contact us here and one of our friendly experts will be in touch. 

Source: https://www.thetimes.com/business-money/companies/article/want-to-keep-staff-on-side-its-not-rocket-science-zvtgnf0hx

https://hrreview.co.uk/hr-news/recruitment/quarter-of-uk-workforce-set-to-change-jobs-in-next-six-months/375774 

https://philipchantry.actioncoach.co.uk/2024/08/14/what-is-a-good-staff-turnover-rate/