The EVP is not a classic TLA (three letter acronym). It’s not quite as dramatic as the EMP (The Matrix 2001 – our only defence against the squiddies), not as everyday as TBC or LOL and not as vital as SOS.
So what is an EVP?
An EVP is an Employee Value Proposition. Back in the 80’s and 90’s a classic EVP was very focussed on salary (and possibly package). Rewards tended to have a clear monetary value (car allowance, healthcare, a year’s membership of the Jelly of the month club ….). As we motored through the noughties we, in our organisations, became aware of the need to offer more imaginative and holistic EVPs*. So a contemporary EVP has become an ecosystem of opportunity, recognition, associations and values that can give your organisation a strong employee brand.
*Note great EVP’s have always been evident in some organisations. Some of the best EVPs come from an intrinsic desire to do the best by people rather than the need to create a great proposition.
An EVP illustration from our own Rokker Network is shown below:
Who is an EVP for?
Every organisation has an EVP. It may not have been thought about , defined or written down, but it exists. At its simplest level an EVP is the offerings provided by an organisation in return for the time, skills, capabilities and experience that an individual employee brings to that organisation. The EVP is often thrown into the HR bucket, but the EVP should really be the concern of any organisational or people leader.
… and just remember you can devise the most complex and well defined rewards and benefits structure on the planet, but a great place to work (a great EVP) will more likely be about engaging and purposeful work, inspirational colleagues and respectful and caring leaders …
For more information contact our Head of People Practice Jim Marshall at firstname.lastname@example.org.
Up next: THRIVE and EVPs – why are they important now?