Introduction
Everyone wishes to work with employees who are dedicated and talented. Apart from salary and benefits, employee value proposition helps in retaining your top performers and attracting the capable lot, seeking better opportunities.
Employees are selective these days since they seek jobs that allow them to flourish. To attract these discerning employees, companies require powerful EVPs. These are monetary and non-monetary benefits organizations provide to their employees, in exchange for their skills and experience.
What makes an employee value proposition?
Your organization’s EVP is defined by assessing its core strengths, which makes the organization an amazing place to work. While creating it, here are the 5 essential thing to remember:
Financial Rewards: This component refers to an employee’s expectations from salary & benefits. Moreover, it covers salary, bonuses and other stock options. From the face of it, financial rewards are the core motivator for an employee but it’s just a piece of a puzzle.
Employment Benefits: These are additional benefits associated with the job. These include health insurance, retirement benefits, paid leaves and company-sponsored holidays, to name a few things. As employers, you can get creative with showing the benefits, depending on the size and industry.
Career Development: Employees want to be a part of a workplace that offers full potential for their development. It includes technical training, leadership training, opportunity to work in specific countries or cities or work on coveted projects.
Work Environment: It includes components that make up for a positive working experience. This includes flexible work hours, work-life balance, workspace design and employee well-being. Creating a positive environment increases meaningful work among employees.
Company Culture: A great company culture involves trust and collaboration, positive relationships between team members and hierarchies, team communication and aligning employees with company goals.
5 Tips to build a strong Employee Value Proposition
An Employer Branding Company can help you in standing out as an employer brand. Here are 5 ways that will help you in the process of building the employer brand and drafting your EVPs.
Understand existing perceptions: Building a strong proposition does not only come from the business leaders but from the team members who are living those values throughout the day. To develop a strong EVP, you must understand the perceptions of your current staff.
Questions like what values do the employees like, why do existing companies think their company is unique & their reasons to stay or leave an organization. Employee surveys, entry & exit interviews, along with feedback is the best way to collect information from former employees and applicants.
Determine Your Key Selling Points: Establish a cross-functional team that can study the values and how these might fit into the potential employee’s values. Building an employer brand will give a clearer picture of the business and its values. While drafting propositions, these questions should be asked:
-Does it align with your strategic objectives?
-Does it differentiate your company?
-Is it a realistic image of what it is like to work in your company?
-Does it appeal to larger groups?
Following this, you should test your EVPs among your employees and a sample of external candidates to see if your proposition is conveyed in the right manner.
Identify Key Drivers of Engagement & Retention: Here, you need to identify what are the key points that drive engagement & retention amongst current employees. You can use correlation or multivariate analyses to identify components that matter: What is the single-most need that employees have in relation to your organization?
Additionally, you can delve deep and identify markers used in other countries. Also, the fact that certain EVPs are harder to achieve than others. For instance, pay & benefits are easier to achieve than brand building.
Develop Preliminary EVPs: Based on the previous analyses, you need to formulate preliminary EVPs. Keep in mind that they should be broad enough to attract all sections of workers. E.g For a recent graduate, the focus is on career growth/a fun working environment, whereas the focus for an older professional would be on job security and work-life balance.
Once you determine what you wish to offer to various employee groups, with statements they can easily relate to.
Communicate the Message: Once your EVPs are defined, then you can choose creative ways to communicate with people. Various methods people use include the interview process and advertising so that the prospective talent can decide whether your company is a great place to work. Consistent marketing & PR will help a passive labor market to have a positive perception of your workplace.
Conclusion
Employee Value Proposition forms an essential part of the employer branding process. As per the definition, EVPs are mostly non-monetary benefits that make sure that the employee’s knowledge and experience are used effectively.
However, developing these propositions is a systematic process that involves identifying what the company has to offer. Plus the goals of their current and aspiring employees, followed by consistently communicating those values. An Employer Branding Company can definitely help in formulating and defining the ways of communicating their propositions.
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