Your EVP is your ‘Employee Value Proposition’, which evaluates the growth you are experiencing with your firm, the level of opportunities available, salary and benefits coverage, etc.
If you feel that you are expanding your knowledge in your current role, and/or have suffered any form of monetary cutbacks, your particular EVP is intelligibly about to fall into the lower range.
I know how disconcerting it can feel to be in an atmosphere where change is constant in terms of employee turnover, layoffs, benefits and pension cuts, and observing high-level professionals departing the firm. This scenario definitely does not speak to a satisfactory ‘comfort’ level of assurance for the remaining staff.
With the downturn, of course, salaries are negatively affected, which also suggests that employees feel that firms do not really have their best interest at heart, and they have become ‘devalued’.
If the firm’ overall performance is not publicly announced, it is certainly easy enough to capture the financial picture through numerous websites, news articles, etc.
It is wise for firms to discuss any financial concerns they may be experiencing to their staff openly and honestly. In this way, employees will appreciate the disclosure, and benefit from having a far better understanding of what is actually transpiring, as well as the reasoning behind the decisions taking effect. This will also aid in giving your talent the perception that they do indeed matter to your business, and their anticipated suggestions and involvement are appreciated.
It is my belief that a large number of gainfully employed people will invest their time and energy in job search activities prior to our turn around, due to the reasons previously mentioned. Those employees that are not as confident as they would like to be in their skills, or experience anxiety at the thought of conducting a job search, will, of course, stay in place until the end, whether it is emotionally healthy or financially viable for them to do so. This lose-lose scenario holds no benefit for the employees or the employer.
Discontent employees are not ‘engaged’ as fully as they might be if they felt acknowledged and secure in their roles, as well as the potential growth opportunities inside their company. This being the case, the company loses out, as they are not receiving 100% in job performance and, as an end result, find themselves with a pool of unmotivated talent.
According to a study by the Corporate Leadership Council (‘CLC’), companies need to improve their employment value proposition (‘EVP’). In a survey of about 58,000 employees, it was found that salary, work environment, and the rebuilding of social and working relationships within the company would improve the relationship.
This survey also indicated that approximately 42% of employees do not feel that their firm’ look out for their best interests. The CLC suggests providing employees with opportunities to define their roles, and enable self-directed development.
The CLC suggests that these moves will help to avoid a potential impactful turnover problem and improve workforce performance. Companies that take on these approaches, and have a successful, productive rollout, will be among the industry leaders coming out of any downturn.
For further information on the Corporate Leadership Council, please visit: http://www.cebglobal.com/human-resources/clc-human-resources/index.html