EVP: What are its benefits?

Tuesday, June 14, 2022

     Attracting and retaining talented worker has become a priority activity for every HR department. For this, it is key to build an attractive employee value proposition, where benefits play a much more central role than it seems.

     Increasingly, workers have a greater influence on recruitment processes. Choosing well where to work has become an obsession for many workers who now, thanks to digitization, have immediate access to information on any company that offers a job.

EVP: What are its benefits?
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     The result of this is the increase in resignations due to factors external to salary. And it is that today's talented worker intends to make a career where he is offered the best global proposal, that is, in that company that provides him with something more than mere salary. In this way, well-being, the relationship with superiors or conciliation are values ​​that have taken on greater weight when choosing a job.

     So much so that in the US, 27% of employees left their jobs voluntarily in 2018. This is a value that has grown by 88% since 2010. These data invite reflection, even more so if we have kept in mind that the two main reasons behind these resignations were the few prospects for professional development (22% of the cases) and poor work-life balance (12%).

     So, we can say that the current worker takes salary at least as much into account as those 'extra' benefits that he directly or indirectly receives when working in an organization. Consequently, Human Resources has been working for years with the aim of promoting job offers.

What is the Employee Value Proposition?

     The Employee Value Proposition or EVP is the set of assets and incentives that a company is willing to offer both its current staff and potential candidates in exchange for their skills and services.

     In other words, we are talking about a strategy focused on everything that the company offers as a value proposition in exchange for attracting and retaining talent. The EVP is, in essence, all those attractive details and values ​​for the employee that differentiate your organization from the competition.

     From HR, employer value proposition is usually understood as a reward system, which can be both tangible and intangible:
  • Tangible Rewards: Intangible Rewards:
  • Monthly salary. Good working environment.
  • Holidays. Corporate culture (Company values)
  • Labor flexibility. Opportunities for promotion and professional growth.
  • Training and qualification.
  • Employee benefits.

How do they bring benefits to EVP?

     As we can see, employee benefits such as restaurant cards, nursery checks or health insurance occupy a fundamental place in the Employee Value Proposition. It is one of the tangible rewards next to the salary, but, unlike this, it is not a reward present in all organizations.

     That company that offers benefits undoubtedly has a lot to gain when it comes to presenting an attractive value proposition for the employee. And it is that the benefits are an incentive that has not yet been extended to most companies, much less to SMEs.

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