A large number of UK businesses are failing to take advantage of their employee value propositions (EVP), according to a new study.
Professional services firm Towers Watson has revealed its findings of research focussing on the deal that traditionally defines an employers expectations for its workers and what staff are provided with in return.
The study found that opportunities for better employee engagement, financial performance and retaining or attracting the best talent are all being “missed out” by companies who neglect their EVP.
Over 200 firms from Europe, the US and Asia took part in the research, helping analysts gain an insight into their HR practices.
Of the businesses surveyed, less than half of them actually had a long-term plan for utilising the deal, which experts said was ultimately to their own detriment.
Towers Watson’s Richard Veal said: “Low EVP effectiveness companies discuss the deal in terms of the programmes they provide and how valuable they are, but the best companies go much further.
“They discuss how they meet their employees’ expectations and, in return, what behaviours they expect employees to exhibit to help them succeed,” he added.
Business have since been advised on a number of factors they need to focus on in order to achieve success.
For example, around half of companies with an effective EVP have combined incentives like pay benefits and bonuses with a balanced approach to work environment and teamwork. The most successful firms also utilise the deal to appeal to bringing in new talent, ensuring that what they have to offer employees in exchange for meeting their expectations helps to make them stand out from the crowd.
According to Towers Watson’s report, adopting this approach when it comes to motivating staff can really help them reap the benefits when it comes to encouraging staff to go the extra mile.