Global professional services firm, Aon has produced research which shows that although the number of employers who have, or are working towards, an Employee Value Proposition remain similar (76 per cent), there has been a significant increase in the number that now communicate it to staff. The findings are among Aon’s UK Benefits & Trends 2020 Survey which has found that of the employers that have an employee value proposition (EVP), 77 per cent now explain it to employees, an increase of nine per cent from last year.
Alongside this, the report also shows an increase in companies that say their EVP has a positive impact on employee engagement (up from 65 per cent to 77 per cent), retention (up from 63 per cent to 76 per cent) and recruitment (up from 70 per cent to 78 per cent).
“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’,” said Jeff Fox, principal at Aon. “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.
“This is of critical importance as we witness employees’ expectations of the workplace changing rapidly, with employers responding accordingly to recruit and retain the best talent,” he added. “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. The benefits package, wider EVP and supporting communications ultimately need to be focused on that objective.”
It’s a topic especially important for employers to consider at this time of year as, according to Glassdoor research, January is a peak time for job seeking in the UK, with 17 per cent more job applications than at other times in the year. This is so even though employers are slower to promote their openings, with eight per cent fewer job openings posted than in typical months.
In terms of their benefits strategies, 91 per cent of employers had employee engagement as one of their top five most important objectives. This was followed by retention (71 per cent) and employee choice (62 per cent). However, just 6 per cent of employers say that they are very successful in meeting benefits strategy objectives, although 58 per cent feel they are somewhat successful.
Jeff Fox summarised: “On the face of it, success rates probably boil down to understanding employee needs and effective communications through relevant channels. Employers need to ensure they fully understand the diverse needs of employees, in order to educate them and make it as easy as possible for them to access what they need – as and when they need it.”
More info on Aon’s Benefits & Trends 2020 Survey.