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Surviving economic turmoil: How a strong EVP can your business/organization weather the storm.
- Apr 13, 2023
- 2 min read
The ongoing economic uncertainty is leaving employees feeling anxious, burned-out, demoralized, and disengaged. Disengaged employees are bad for businesses, small or large. Disengagement defined as lack of motivation, commitment, and/or enthusiasm towards work decreases productivity, increases absenteeism, creates or fosters a negative workplace culture, decreases customer satisfaction and increases turnover.
To combat disenchanted employees and a negative workplace culture that can hurt bottom and top line, a strong EVP (Employee Value Proposition) is necessary. A strong EVP can bolster employee engagement, and increase cost savings at a time when inflation is rampant and robust cost-cutting measures are essential for a company's survival and growth.
Here are some steps that you can take to assess your company's EVP and its impact on business performance:
Assess your current EVP to ensure it is aligned with your company's vision, mission and culture. If your company espouses service excellence, innovation, respect for others and diversity - are your employees' daily behaviors, interactions, and actions consistent with those values? Are employees rewarded or penalized for taking calculated risks to innovate new processes and products?
Conduct employee surveys. When was the last time you took a survey of your employees' sentiments of the workplace and feedback about working at the company? Or if you had a survey completed in the last 6 to 10 months, what did the data reveal, what actions were taken, and how have those actions improved the workplace? Asking employees for feedback is important but taking action to respond to the feedback is even more important. Monitoring progress made to address the feedback is essential to improving employees' engagement.
Other actions that would yield results are conducting benchmarking to understand how your company EVP compares to those of other companies in your or comparable industries. This can help you identify and improve areas where you could be falling behind. Using data gathered from employee surveys and other sources such as the benchmarking analysis and integrating them into management and operational decision-making processes are among the better practices that would result in greater impact on employee engagement.
For a free consultation on how to improve business results using EVP at your company, contact us today at info@areteadvisorsltd.com
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