Employee Value Proposition - The Ultimate Hack to Boost Retention & Engagement

Welcome to another edition of the New Bridge. Here, I will break down the future of work topics that matter, open your mind to use cases, and keep you ahead of the curve.

My #1 goal is to be helpful, so please send me an email if you have any questions or feedback.

In today’s edition:

• The power of a strong Employee Value Proposition (EVP)

• Advice Versus Feedback

• Top ten L&D programs in 2023

🎨 This Week’s Spotlight: Brandon Yoshizawa

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Let’s dive in.

EMPLOYEE VALUE PROPOSITION

An Employee Value Proposition (EVP) is part of an employer’s branding strategy that provides unique value to employees in return for their skills, experience, and commitment to an organization. It's what makes a company an attractive place to work going beyond just pay and perks to include culture, growth opportunities, work-life balance, and overall work experience. A strong EVP draws, keeps, and engages top talent, setting a company apart and uniting its values with those of its employees. Crafting a compelling EVP is vital for a strong employer brand and attracting like-minded individuals.

Essential Components of an Employee Value Proposition:

1. Compensation and Benefits: Fair and competitive pay, along with a comprehensive benefits package, is the foundation of any EVP. This includes base pay, healthcare, retirement plans, bonuses, and other financial incentives

2. Career Development and Growth Opportunities: Employees are attracted to organizations that invest in their professional development. An EVP should highlight opportunities for skill enhancement, training, career progression, promotions (when suitable), and mentorship programs

3. Work-Life Balance: Recognizing the importance of work-life balance is a key component of an EVP. Flexible work arrangements, remote work options, and initiatives promoting mental and physical well-being can greatly enhance the overall package

4. Company Culture: An EVP should convey the company's culture and values, showcasing a supportive, inclusive, and diverse workplace where employees feel a sense of belonging. It should also reflect the organization's commitment to sustainability and social responsibility

5. Recognition and Rewards: Acknowledgment for a job well done is a motivating factor. This includes not only monetary rewards but also non-financial recognition such as public praise, awards, and career milestones

6. Leadership and Management Style: A strong EVP should address the leadership style within the organization. Employees want to work under supportive and effective leadership, so highlighting leadership development and inclusive management practices can be a compelling aspect

7. Mission and Purpose: Many employees seek meaning and purpose in their work. A well-articulated EVP should align the company's mission with the personal values and aspirations of its employees

8. Work Environment: This includes a harassment free workplace, adequate office spaces, ergonomic tools, and up-to-date technologies conducive to productivity and creativity ensuring employees can perform at their best

9. Community and Social Responsibility: An EVP that highlights the company's involvement in the community and commitment to social responsibility can resonate with employees who want to make a positive impact beyond their daily tasks

10. Employee Input and Involvement: An effective EVP should also demonstrate that the organization values employee input and engagement. It should show that employees have a voice in shaping the company's future

Interesting fact about promotions: You may lose newly promoted employees. According to research conducted by ADP, 29% of employees quit within a month of their first promotion. Wait, What? Why? Aren’t we supposed to promote within to strengthen our EVP? The simple answer is: It depends!

👉 Some employees are not interested in being promoted, yet organizations make assumptions and promote them anyway. This is where managers miss an engagement and development opportunity. Get to know your employees and understand what they want!

👉 A portion of employees who are thrown into leadership positions don’t get enough support and are not set up for success

👉 Promotions are more visible than ever with job updates on platforms like LinkedIn. This leads recruiters to reach out and pursue these employees

Remember, a compelling EVP is not static; it should evolve with changing workforce demographics, market conditions, and organizational needs. Regularly solicit employee input to refine and strengthen your EVP, making it a true reflection of your organization's identity and an irresistible magnet for top talent.

ADVICE VERSUS FEEDBACK

You have no idea how you are performing at work, and your manager hasn’t conducted a performance review in a while. What to do? Ask for advice instead of feedback.

Research shows that in multiple experiments, advice outperforms feedback. When asked for feedback, people offered general praise, but advice prompted critical, actionable suggestions – 34% more areas of improvement and 56% more ways to improve.

In one experiment, job application letters were evaluated. Feedback provided unhelpful comments, while advice brought specific, valuable insights. In another study, employees described a colleague's performance; feedback again lacked depth compared to advice.

Why is advice superior? Feedback is tied to evaluation, while advice focuses on future actions. It's about potential, not past mistakes 💡.

There’s no “one size fits all”, but you might want to try this approach to see if it works for you.

Word of caution: If you fail to heed your manager’s advice, they may switch gears to an assertive mode and your plans to have a productive discussion may get derailed. The key is to be open-minded.

LUNCH & LEARN - TOP TEN L&D PROGRAM IN 2023

LinkedIn’s 2023 Workplace Learning report is out! It identifies the following top ten L&D areas of focus to get your workforce ahead of the curve:

1. Mentorship

2. DE&I

3. Large scale upskilling & reskilling

4. Employee well-being

5. Large scale career development programs

6. Leading through change

7. Digital fluency transformation

8. Compliance

9. Hybrid or flexible work

10. Internal mobility program

Consider these focus areas to ensure your organization’s success and strengthen your EVP 🚀.

🎨 SPOTLIGHT OF THE WEEK:

My passion for art offers moments of serenity and reflection in the fast-paced world of HR. The fusion of these seemingly contrasting interests has propelled me to explore innovative ways to integrate both spaces. By combining my enthusiasm for digital art with my expertise in HR, I aim to foster creativity, diversity, and inclusion, leveraging blockchain technology’s potential and enhancing workplace culture and engagement.

In each edition of this newsletter, I shine a spotlight on a talented digital artist who's pushing the boundaries of creativity. Stay tuned for our featured weekly artist, where we'll explore their work, inspiration, and dedication to their craft.

🎨 This Week’s Spotlight: Brandon Yoshizawa

Brandon Yoshizawa is a landscape photographer based in Los Angeles, CA. His passion for photography sparked his interest in showing off all the local Southern California beauty around him, spanning from the city to the ocean to the mountains. Brandon’s vision and style captures a scene in the best light and angle possible in order to show the true beauty of any given location - evoking a sense of energy and splendor. Oftentimes, Brandon will revisit the same location to capture that one truly unique moment. Brandon’s work has been recognized and published worldwide, ranging from written articles, image licensing, magazine publications, and competition-winning images.

Here are three of Brandon’s recent works:

Ascension (2023): As the sun broke free from the clouds, it radiated warm light onto the low fog hovering over Yosemite Valley like golden waves. El Capitan emerged from behind its veil, and Bridalveil Fall dumped a heavy pour into the mist. Evergreen treetops poked out through the fog as they ebbed and flowed in a hypnotic trance. A moment of peaceful serenity humbled by the beauty of Mother Nature

Alpine Rise (2023): Pristine conditions with a Los Angeles winter storm blessed Mt. Badly with a fresh coat of snow that cleared out just in time for the December Cold Moon to rise. As the moon peaked over the San Gabriel Mountains, the setting sun from behind blasted the peak with warm, brilliant light. A perfect display of city and nature in perfect harmony

Cosmic Energy (2023): Standing out amongst the massive alien landscape admiring the brilliant Milky Way above brought a spiritual connection with the Cosmos. The Trona tufa spires that towered over seemed insignificant in comparison to the galaxy shining overhead

IN CASE YOU MISSED IT

• New return to work trend: Coffee badging 

• Layoffs across industries continue 

• Rising number of workers admit ‘FOBO’ due to AI

• The Bank of Canada on interest rates: Be prepared for surprises

That’s all!

We’ll see you again next week. Email me if you think about any relevant topics you would like me to cover. Thoughts, feedback, and questions are welcome and appreciated.

You can read past The New Bridge newsletters on this site 🚀.

Cheers,

The New Bridge