How a strong EVP boosts business health
Chapter 2
The health of every organisation is dependent on the health of its people, and by extension - the health of its talent pipeline. The most resilient organisations prioritise 3 things:
Resilient organisations prioritise employee health
Providing feedback and having discussions with employees about wellbeing, not just performance.
Looking at workforce health as an investment, not an added cost.
Hosting initiatives that are proactive and not just reactive.
Auditing their culture
Prevention and training
Reframing health benefits
2,000 recruiting professionals took the same survey question already answered by candidates and guessed the candidates' top priorities. Here’s what they said:
Flexible Working Arrangements
Employee Happiness
In 2024, it’s key for organisations to focus on…
Building a Culture of Care
Engaged employees are 59% less likely to seek out a new job in the next 12 months.
When employees feel engaged and supported, they are more likely to stay committed and perform at their best while promoting a positive work environment.
Communicate clear values emphasising care and empathy.
Hold everyone accountable for fostering a caring culture.
Align behaviours with organisational goals.
Improving Employee Experience
The UK's workforce is ranked as one of the least engaged in the world, with 90% of UK employees feeling disengaged from their employers.
Prioritising employee experience is essential for boosting productivity, engagement and retention to drive organisational success.
Designing Health & Wellbeing Benefits
42% of millennials said their job creates a huge amount of stress, and 36% feel their job has a significantly negative impact on their health.
1 in 3 employees view health insurance as the
#1 employee benefit.
30% of candidates would choose health and wellbeing benefits over higher pay.
Access to comprehensive benefits shows employees they are valued, leading to higher job satisfaction and lower attrition rates.
What are the top five factors in attracting the right talent according to HR leaders?
A strong EVP is no longer a nice to have–it’s a must-have.
Chapter 1
Organisations in the UK with a strong EVP are:
(Source: Gartner)
“For an organisation to create a great EVP, it’s about ‘living it’ every single day. This must be modelled top-down and across the whole organisation, and can’t be done by HR alone. That said, HR has a very important role to play. If leadership, management and employees are going to move in the same direction from a company culture perspective, somebody has to conduct the orchestra.”
Lizzie Henson - Founder & Owner of HR Ninjas
4x more likely
to have employees with strong levels of engagement
Nearly 30%
in new-hire commitment
2x more likely
to have high-performing employees
The British Chambers of Commerce (BCC) quarterly recruitment insights show that 76% of businesses are currently facing hiring difficulties, and 93% of employers report employees’ expectations have changed post-pandemic.
The promise of flexibility and market salaries are no longer just a perk for talent today, it's now an expectation. Organisations that wish to remain competitive must align their EVP with modern workforce expectations to fill roles and retain employees in 2024.
Data shows that the baseline expectations of candidates and employees have shifted.
What is a strong EVP?
Intro
An Employee Value Proposition (EVP) is what your organisation offers in terms of benefits and opportunities to attract and retain top talent. The stronger your EVP, the stronger the incentive for top candidates to join your team.
“The Employee Value Proposition attempts to look at the reasons why (or why not) an employee chooses to work for a company more holistically. This includes tangibles such as pay, benefits and leave allowances, but should also include things that are more difficult to measure but equally (if not more) important. Things like brand, fairness, working practices, culture, community, values and purpose. Companies with a great value proposition always meet the minimum requirement on those tangibles, but they typically go above and beyond on the intangibles, and as a result, create productive, loyal workforces and differentiate themselves from their competitors.”
Lizzie Henson - Founder & Owner of HR Ninjas
Talent Tactics:
The Guide to Secure the Right Talent in 2024
A non-negotiable for your EVP in 2024: healthcare
Chapter 3
80% of chronic disease is attributed to people’s lifestyles, and there’s no doubt that there’s a massive correlation between improved health and improved performance in the workplace. Which is why there is shared value economics in employers investing in preventative health measures.
And while 6 in 10 people express anxiety about their physical health, only 1 in 10 people report making any lifestyle changes in the last 3 months to take preventative measures.
(Source: YouGov x YuLife)
With NHS wait times skyrocketing, and some 7.4 million people in England waiting for medical procedures, the weight on the healthcare system is far too high. Individual organisations need to step in and take larger strides towards investing in their people’s health.
59%
of people believe the standard of healthcare in the UK has worsened over the past 12 months.
Among them, 60% of people say that the primary reason why they don’t have private health insurance is that they cannot afford it. This is why providing business health insurance is important for companies who wish to strengthen their EVP in 2024.
This is more of a priority for older age groups: 1 in 3 of 65+ employees, 1 in 4 of 50-65 year-olds, 1 in 10 of 18-24 year-olds rank health insurance as one of the most important benefits an employer can provide.
Here are the top 10 biggest health worries:
“These statistics clearly show that there is work to be done to support a healthier population. We know that we are seeing the long-term impact of the pandemic on our health and wellbeing, and our focus is now on finding innovative solutions to address these issues. We want to encourage employers and employees to take action and support people to stay well for longer.”
Dr Robin Clark - Medical Director for Bupa Global & UK
59%
of people also think employers have a responsibility to support their employees in looking after their physical health.
74%
of people think that employers have a responsibility to support their employees in looking after their mental health.
If you want to find out more about YuLife's Group Health Insurance Offering (provided by Bupa), click here.
(Source: Gartner)
Chapter 4
Revamping your EVP in 6 steps
The best way to boost employee productivity and attract the best talent is to create a solid EVP. Especially as the conversation and commitment is shifting from satisfying the employer to satisfying the employee.
Katie Howarth, Head of People at YuLife uses these 6 steps to get started:
Assess
We understand if our EVP is working or not by evaluating the quality of applicants and the percentage of employee attrition. Luckily, our attrition rate is low, but that doesn't give us much insight into where we could do better. So what we do to keep improving is being aware of new trends, listening to our people data, speaking openly with our people and keeping an eye on our competitors.
Identify
Scope out your EVP based on your mission, values, work environment, culture, development opportunities, and how fulfilled your employees are by their work. Our mission at YuLife is to inspire people to live their best lives - and so we've chosen benefits that focus on overall wellbeing to align with that.
Gather feedback from employees (past or present) and understand how they view the organisation. Use surveys, one-to-ones, focus groups, exit interviews, and rejected candidates to gather this data. Ask them what attracted them to the company, things they would improve and what categories around EVPs they didn’t feel were adequate.
Survey
Collate the data and analyse the findings to discover what stands out about your organisation and offering. Think about how to convey this across job postings for your ideal employee.
Evaluate
Compare
Draft an EVP using your personalised data, and compare your approach to other competitors and industry benchmarks to find gaps and opportunities. Also share it with professionals outside your organisation to gain diverse perspectives.
Communicate
The most important part of an EVP is making sure your prospective talent knows about it. I cannot overstate the importance of a comprehensive communications plan to promote your revamped EVP for both potential candidates and existing employees to re-engage them at work. Ensure there’s high visibility across online platforms with adequate signposting and regular reminders on internal channels.
"We constantly ask our employees for feedback, whether that is our engagement survey, exit questionnaires, one-to-ones, etc. We also break down our data - whether that be the wellbeing data from our HR dashboard (on the YuLife app) or our eNPS survey - on at least a quarterly basis and build areas for improvement into our People Team Roadmap."
Katie Howarth - Head of People at YuLife
(Source: YouGov stats)
Supercharge your EVP with YuLife
Chapter 5
Attracting and retaining talent remains one of the biggest challenges for businesses in 2024. With benefits being at the top of the list for candidates searching for their next jobs, YuLife can help you get the competitive advantage your workplace needs.
As the #1-rated employee benefits app in the UK on Trustpilot, YuLife not only gives your employees best-in-class insurance cover — from income protection to our top-notch health insurance with Bupa — but your team also gets access to our gamified wellbeing app that inspires healthy living and provides a leading EAP programme.
Attracting talent and engaging employees has never been easier. To reach out to the YuLife support team to learn more Click here to reach our support team and learn more.
In 2023, YuLife users reached:
6,312
average daily steps
16.4 min
average daily meditation minutes
“Prioritising the wellbeing and protection needs of employees isn't merely a gesture – it's a strategic investment with profound implications. Our research underscores that fostering a culture of employee wellness not only attracts top talent but also extends far-reaching benefits encompassing productivity, morale, and organisational success. Understanding the pivotal role of employee wellbeing in talent acquisition is key to shaping a workplace environment where individuals thrive and businesses flourish.”
Sammy Rubin - Co-founder and CEO of YuLife
(Source: Forrester Total Economic Impact of YuLife, 2022)
YuLife has helped businesses achieve:
29%
increase in employee satisfaction
5%
reduction in employee turnover
12%
reduction in sickness absence rates
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,100 adults. Fieldwork was undertaken between 28th - 29th February 2024. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
About HR Ninjas
This ebook was done in partnership with HR Ninjas. HR Ninjas is the UK’s biggest and busiest online community for HR professionals. With over 32.000 members they provide a friendly and safe space for the HR to ask questions, support each other, advertise jobs and share knowledge.