For many organisations, their EVPs & Employer Brands are associated with recruitment and resourcing. But during these uncertain economic times, we think the role of the EVP becomes much more important.  

Whilst there are indications of green shoots, employees are feeling the pinch as the gap between outgoings and income decreases. Meanwhile, employers are tasked with finding new ways (beyond remuneration) to support and retain their workforces while maintaining productivity and morale. A powerful, often overlooked, tool that can help is your Employer Value Proposition (EVP).

How does your EVP relate to the cost-of-living crisis?

According to the CIPD, the proportion of employees who report that money worries have affected their ability to do their job has increased from 28% to 33%. Communicating your EVP more effectively reminds and reassures your people how supported and valued they are during challenging times.

Openly discussing the impact of the cost-of-living crisis, and how you plan to address these challenges in a transparent way fosters trust and reassures your people that their concerns are being heard and addressed.

So, what can you do?

  • Share clear reward communications: according to the HR Director 1 in 4 employees are not making the most of their workplace benefits. Furthermore, they highlight a gap between awareness of workplace benefits and uptake. Discounts with retailers, cinemas, gyms and holiday providers all add up – remind your employees of the workplace benefits available, the difference they can make and how to access them.
  • Review your flexible benefits packages: offer customisable benefits packages that cater to individual employee needs, such as flexible working hours, remote work options, or financial wellness/ education programs aimed at managing expenses effectively.
  • Promote internal mobility: invest in employee development programs and training initiatives that equip employees with the skills needed to navigate economic uncertainty and position themselves for future success.
  • Appreciate your people: recognise employees for their hard work and contributions, whether through monetary rewards, public acknowledgment, or opportunities for career advancement. Feeling valued, included and appreciated can significantly impact employee morale and engagement, even in the face of financial pressures. And it can help to reiterate what good behaviours look like for other employees too.
  • Emphasise work-life balance: promote a healthy work-life balance by encouraging employees to prioritise self-care and wellbeing. This may involve implementing policies that discourage overwork and burnout, such flexible working options or mandatory holidays.

In essence, any employer proposition serves as a compass guiding organisations through turbulent economic waters. By prioritising employee wellbeing and engagement, employers can weather the storm of the cost-of-living crisis while simultaneously fostering a positive workplace culture and creating a groundswell of employer loyalty. In doing so, they not only mitigate the immediate impact of economic challenges but also lay the foundation for long-term success.

How can we help?

BrandPointZero helps organisations attract and retain great people, by being the creative communications force behind engaging, inclusive and sustainable employer brands. If you’d like to know more about how we can help your organisation make the most of your EVP, or even better look to create or refresh it, then we’d love to chat.