How to measure EVP success
By Isabelle Frischknecht (Consultant) and Evelyn Jackson (CEO)
Understanding the effectiveness of your Employee Value Proposition (EVP) is essential for optimising your employer brand and fostering a thriving workplace culture. By implementing various measurement tools and feedback mechanisms, you can gain valuable insights into the effectiveness and impact of your EVP initiatives and, importantly, adjust your programs where needed.
Here are our top 5 key measurements of success:
1) Employee TestimonialS
Gathering and analysing testimonials from employees offers authentic insights into how your EVP resonates on an individual level. These testimonials provide tangible examples of how EVP initiatives translate into real-world experiences for your workforce.
2) Managerial or Leadership Insights/Feedback
Leadership perspectives are invaluable for assessing the EVP's alignment with business objectives and leadership expectations. Feedback from managers can illuminate strengths and areas for improvement within your EVP, helping to refine and optimise its impact.
3) CULTURAL ALIGNMENT
Conducting surveys and focus groups to gauge employee sentiments about organisational values and their alignment with the EVP can provide valuable insights into cultural alignment. Understanding how well your EVP supports and reflects your organisational culture is essential for maintaining authenticity and resonance.
4) Recruitment and Service Metrics
Quantitative metrics such as time to hire, quality of hire, and applicant volume offer tangible evidence of your EVP's effectiveness in attracting top talent. By tracking changes in recruitment metrics before and after EVP initiatives, you can measure the tangible impact of your employer brand on prospective employees. Similarly, reviewing tenure and reasons for leaving enables you to get rich data to complement your quantitative metrics.
5) Employee Engagement Surveys
Analysing data from employee engagement surveys can provide valuable insights into the overall satisfaction and engagement levels of your workforce. And, importantly, focussing on the 8 EVP elements to ascertain tweaks that may need to be made. By tracking changes in engagement metrics over time, you can assess the impact of your EVP on employee engagement and retention.
Measuring the success of your EVP is an ongoing process that requires a multifaceted approach. Not only should you consider people metrics as outlined above, but it is crucial to overlay those metrics with your business strategy.
The critical ingredient in an EVP’s success is executive leadership and board support ensuring it is adopted and delivers an employee experience to match.
Keeping track with an EVP Dashboard
Implementing a measurement dashboard tailored to your organisation’s unique EVP metrics can significantly enhance your ability to track progress and make data-driven decisions. Best practices for using a measurement dashboard to track EVP metrics include customising the dashboard to reflect organisational needs and incorporating comprehensive, real-time data. Ensure the interface is user-friendly and regularly reviewed, focusing on actionable insights. It’s recommended to engage stakeholders in the design and review process, use clear visual representations, and maintain robust data security. Treat the dashboard as a dynamic tool, and improve it continuously based on feedback and evolving needs.
As part of an EVP project or as a standalone request, Corporate Crayon creates tailored measurement dashboards for your EVP to help you monitor and refine it for success.
How Corporate Crayon Can Help
Here at Corporate Crayon, we help organisations develop, communicate, implement and measure their EVPs. With industry-wide knowledge and a flexible approach, we can support you at any stage of your journey.
To find out more about our EVP solutions, get in touch with us today.