How to improve your employee value proposition?

The power dynamic has decisively swung in favor of job searchers as the battle for talent intensifies and candidate shortages worsen. Their expectations have never been higher because they may now pick and choose between potential employers. You must pay close attention to how you create and present your company’s employee value proposition if you want excellent people to apply for positions in your organization (EVP).

An employee value proposition is a set of incentives and perks that employers offer to workers in exchange for their good work. According to Gartner’s research, most people consider remuneration, work-life balance, stability, location, and respect to be key components of an attractive EVP. In essence, an employee value proposition should offer incentives that not only recognize effort but also foster a welcoming, inclusive workplace for everyone.

Even though an EVP contributes to employer branding, these are two different assets. An EVP is internally-focused; it is a commitment a business makes to its staff, outlining what you will provide in exchange for their commitment and skill. Your value proposition to prospective recruits is known as your employee brand.

These two resources ought to line up. Make sure that the commitments you make in your workplace branding are reflected in your EVP. If you don’t, your brand reputation will suffer and you risk losing consumers, recruits, and staff.

Why should you be concerned about your EVP? Well, the job market is now fiercer than ever. People are fundamentally re-evaluating every element of their lives in the post-pandemic world, including their careers, and have pressed “reset” on many levels.

In terms of expectations of potential employees, individuals who choose to return to or remain in the employment market today have raised the bar. Businesses that develop a great employer brand and triumph in the race for top talent will be those who effectively and consistently express their compelling and authentic employee value proposition.

Candidates are lured to companies with a strong employee value proposition during their job hunt. This implies that dealing with recruiting and headhunting agencies will need less time and money from your HR personnel.

Advertisements for jobs, commissions for agencies, and brand marketing expenses may add up quickly. Happy workers also contribute to decreased levels of employee turnover, which reduces the frequency with which openings must be filled. The investments you’ve made in an employee’s training and development (both time and money) are likewise lost every time you lose that individual.

When you have finally found the ideal applicant to fill that crucial position, you need to work hard to keep them on board. People have a variety of employment options, so if they feel you’re not providing them with the experience, opportunities, and support they need, they can change their minds and look elsewhere. As a result, improving your onboarding procedure need to be a key component of your employee value proposition. As we’ll see in the next point, skilled and productive employees are costly to lose as well as difficult to replace.

Decide what your business offers to attract and keep talented employees as a starting point. To find out what drives existing employees, what keeps them motivated, and why they stay with your organization, do anonymous surveys, focus groups, or one-on-one interviews. Learn what they believe makes working at your organization unique and why they continue to work there. You can also ask candidates during job interviews why they decided to apply for a position with your business. Exit interviews can help you understand why employees leave a company and what you could have done to keep them.

To learn what intangible experiences and rewards your employees value, look beyond the salary and financial benefits you offer. This might include flexible work schedules, clear promotion processes, mentorship programs to help people progress their careers, and much more.

Make a list of the most distinctive qualities that your employees value after acquiring the appropriate data. Describe the aspects of working for you that your best employees value the most. The message should be succinct, direct, and emphasize the reasons why employees stay with your business as well as its distinctive perks.

It must be accurate, supported by facts, and comprise more than a few brief descriptive passages. It must reflect the totality of your employment history with your employer. Instead of attracting people who are captivated to the message but not by the reality, you want to make sure that you bring in people who will thrive in your workplace’s everyday experience. To accomplish this, test your EVP with your best employees to ensure that it accurately captures the experience of working for your organization.

Once you got that, try these out to boost up your EVP. Offering and/or paying for employees to attend seminars and classes will not only provide them new skills to execute their jobs more effectively, but it will also produce better employees who can contribute and advance within your company. Supporting their ambition and desire are excellent methods to foster the kind of employee loyalty that every company strives to foster.

People are more likely to take action when you publicly thank them for the excellent work they have done by publishing it on a public news feed or bulletin board and offering some sort of incentive, which might be anything from a reserved parking place to a few points on a recognition platform. These are all excellent options for inspiring individuals and range in price from being free to possibly costing you $10 for the recognition.

Taking the employee aside for lunch as a thank you for a job well done is a great way to both motivate them to continually go above and beyond and will also give you the opportunity to ask questions of your employees to discover how they think the company could be improved. This is in addition to publicly recognizing effort digitally or on bulletin boards. Additionally, it will enable you to develop a closer personal relationship with your staff.

A handwritten note from someone in upper management or a leadership position is another tangible reward that they will associate with the workplace and increase loyalty, in addition to identifying the employees who perform excellent work around the workplace, taking them aside, and thanking them personally with a handshake.

Companies are always evolving, therefore you might need to review your EVP as your employees leave the company or move on to their next opportunity. Make sure your company’s mission and goals are in line with your employee value proposition and that it still accurately reflects the realities of your workforce on a regular basis.

In order to keep improving your EVP, incorporate a feedback loop into your employee assessment. Onboarding questionnaires, exit interviews, and performance reviews are all excellent ways to gauge expectations and modify your perks as necessary. Your EVP should be updated when circumstances change.

Check out my related post: Do you practice empathy in leadership?


Interesting reads:

https://resources.symphonytalent.com/blog/what-is-your-employee-value-proposition

https://www.workforcehub.com/blog/recruiters-have-you-created-an-employment-value-proposition/

https://www.workplace.com/blog/employee-value-proposition

https://www.mercer.us/our-thinking/career/preparing-for-the-future-of-work-evaluating-the-effectiveness-your-employee-value-proposition.html

https://www.applauz.me/resources/5-ways-to-improve-your-companys-employee-value-proposition

https://www.payactiv.com/blog/employee-value-proposition/

https://www.talentintelligence.com/10-inexpensive-ways-to-improve-your-employee-value-proposition/

https://vervoe.com/employee-value-proposition/

https://www.vultus.com/how-to-improve-your-employee-value-proposition-evp-to-attract-candidates/

https://www.sqlview.com.sg/document-management-system-singapore/hr-document-management-system/how-to-enhance-your-employee-value-proposition-evp/

https://vervoe.com/create-employee-value-proposition/

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