5 Best Practices for Building an Employee Value Proposition
Employees are the cornerstone of any successful organization. Businesses are constantly looking to fill positions with top talent in order to improve the products and services they provide. However, in a competitive job market, businesses must up their game to avoid losing top talent to the competition.
What is an employee value proposition?
An Employee Value Proposition (EVP) takes a look at your company from the perspective of potential and former employees. It includes everything your business is doing to attract and retain its employees. This includes pay & benefits to retention incentives and company perks. While engagement initiatives are hinged primarily on current employees, these surveys do not capture the perceptions of people your company has lost or wishes to hire. Your company’s employee value proposition should paint a clear picture of why an employee would choose to work for your business over seeking employment elsewhere. Having an effective EVP is the key to attracting employees whose values are closely aligned with your business.
Start With a Clearly Defined Vision
The first step towards creating an effective EVP is to define your company’s vision. An organizational vision is a driving force behind interactions between management, staff, and customers. In order to be effective, the statement should clearly and concisely communicate the goals of your company.
Build a Strong Workplace Culture
Your workplace culture should reflect the values of your business and its employees. When writing your EVP, be sure to illustrate what a day in the office looks like. This might include things like frequently used office technologies, social gatherings, volunteer opportunities or even dress code policies. Anything your organization does to create a positive workplace culture should be included in the EVP. Be sure to reserve a section where you can provide insight into how employees are managed and the ideas that make up your company.
Explain Your Compensation Package
Compensation includes much more than just salary. Things like monetary bonuses and development opportunities are also part of this package. If your organization offers a compensation plan that is unique, it should be included in your EVP. Start by taking an inventory of the many ways that each position is compensated. This may include travel opportunities, incentives, recognition programs, health benefits or even unlimited vacation. Once you have identified what makes your company’s compensation plan unique, try to incorporate it into your EVP.
Outline Benefits that Make Your Organization Unique
The next step is to sit down and figure out what makes your unique. If you are a seasoned employee, the perks of working for the company may seem ordinary to you. For someone looking in from the outside, those same perks may be things that other companies are not offering. Things like enterprise mobility and the ability to work remotely have become highly sought after in recent years. Scheduling flexibilities like telework or flexible business hours can be huge selling points for prospective employees. Other benefits might include an on-site gym membership, a transit subsidy or even social programs. These benefits should be clearly outlined in your EVP.
Highlight your Learning & Development Program
The ideal employee will constantly seek to improve their knowledge and skills. This is why your EVP should showcase the ways that your organization allows employees to continue advancing their skill set. Although learning and development programs may not be the first thing you think of when you consider the perks of a job, they should never be overlooked. Things like certification opportunities, one-on-one meetings, coaching capabilities and succession planning are all important points that should be addressed in your EVP. Things like formal training, badging and other development opportunities should also be included if available. Your EVP should demonstrate to prospective employees the breadth of your learning and development program. It should include examples of past and present employees that have used these tools to advance their careers.
The Time is Now
If your organization is ready to attract and retain the top talent in the industry, creating an effective employee value proposition is a great first step. When done correctly, your company’s EVP will help prospective employees see exactly why they want to join and remain with your company. Once your EVP has been developed, you can begin your search for employees whose values and goals align with your business.
At the core of many successful businesses is a well-developed employee value proposition plan. For prospective hires, this plan can paint a picture of what it is like to work for your company. This article will help you learn how an effective EVP can help your organization attract and retain your industry’s top talent.
Your employee value proposition will give prospective employees insight into the way your company operates. This includes organizational goals, the workplace culture, the compensation package, various benefits and the learning and development program. Together, these 5 components can help your business attract, recruit and retain the brightest minds in the industry.
Source: Advance Systems: advancesystemsinc.com