Employee value proposition (EVP): Resource round-up

^{"The Engagement Bridge" by Reward Gateway}

We round up XpertHR's resources that can help employers create a winning employee value proposition.

An employee value proposition is the unique set of benefits and rewards that an organisation offers to its employees in exchange for their contribution at work. It encompasses a broad range of elements including pay and benefits, career development opportunities, work-life balance initiatives, company culture, recognition programmes, and other perks or incentives.

A strong EVP is crucial for attracting top talent to an organisation and can help an organisation stand out against its competitors. An effective EVP plays an equally vital role in retaining, engaging and motivating existing employees, which in turn can drive higher productivity and profit, and lower turnover and absence.

An EVP should align with an organisation's core values and mission, and reflect what makes it unique and attractive as an employer. This means that as an organisation evolves over time, its EVP will need to be adapted to ensure it remains relevant and competitive in attracting and retaining talent.

Formulating a strategy

• How to develop a reward strategy
  A reward strategy describes how an organisation will use reward policies, practices and processes to support the delivery of its business strategy. Within it, every reward issue or initiative should be viewed through the prism of how it helps the evolving business.
• How to communicate with employees on pay and benefits
  To support an organisation's efforts to engage employees, not only does the reward offering have to be attractive to existing and potential employees, but it also has to be clear, understandable, distinctive and accessible. This is where communication can help.
• How to introduce and manage a flexible benefits scheme
  Flexible benefits can be a powerful way of increasing employees' perceived value of the benefit package, and increasing their engagement.
• XpertHR Benefits and allowances survey 2023: Strategy and delivery
  In our survey, many organisations reported being in the process of reviewing their packages in order to provide greater support to employees.
• Webinar: Giving your reward strategy a starring role to drive your employee value proposition
  In this Cendex webinar, Debra Corey discusses "The Engagement Bridge^TM" and asks which elements are in a supporting or starring role in your organisation's EVP.

Total rewards

• How to follow a total reward approach
  Total reward extends the definition of the rewards of employment beyond remuneration or compensation and benefits alone, into a more all-encompassing expression of the factors that, in combination, cause employees to join, remain and deliver high performance in any given organisational setting.
• How to put together a total reward statement
  Total reward statements are not new, but they have started gaining traction in recent years as organisations try to find ways to communicate their employee value proposition.

Culture

• Building a culture of recognition
• Developing employee performance (5): Purpose, psychological safety and belonging
• Managing retention (3): Employee development
• Flexible working (1): What strategy employers can adopt
• Improving the employee experience (2): Factors contributing to a positive employee experience

Employee wellbeing

• Developing and implementing a wellbeing programme
• Supporting employee mental health
• How to introduce and manage mental health first-aid provision in the workplace
• Developing an employee health benefits package
• Strengthening the financial wellbeing of your workforce