Although the number of employers who have or are working towards an employee value proposition (EVP) has remained steady over the past year, there has been a notable increase in the proportion that now communicate it to staff, research by Aon reveals.
Aon’s UK Benefits & Trends 2020 Survey shows that of the employers that have an EVP, 77% explain it to employees, an increase of 9% from last year.
There has also been a rise in companies that say their EVP has a positive impact on employee engagement (up from 65% to 77%), retention (up from 63% to 76%) and recruitment (up from 70% to 78%).
Jeff Fox, principal at Aon, said the concept of an EVP is becoming the new normal and many more employers are developing clear branding and messaging around the whole employee experience.
“Employee benefits are just a part of that overall experience so developing a joined-up approach with values, culture, policies and benefits is vital in creating a successful EVP,” he explained.
Fox added that people are becoming more aware and selective about the type of organisation they want to work for, especially in a near full-employment economy.
“Within a few generations, the workplace has moved from a ‘job for life’ to ‘fulfil my needs and make my life easier’ which impacts employer actions, not least helping employees to feel present, focused and productive,” he added. “The benefits package, wider EVP and supporting communications ultimately need to be focused on that objective.”
In terms of their benefits strategies, 91% of employers had employee engagement as one of their top five most important objectives. This was followed by retention (71%) and employee choice (62%).
However, just 6% of employers said they are very successful in meeting benefits strategy objectives, although 58% feel they are somewhat successful.
Fox suggested success rates boil down to understanding employee needs and effective communications through relevant channels.