How To Build A Great Employee Value Proposition
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Employee Value Proposition or EVP refers to the set of non-monetary and monetary benefits offered by an organization to its employees. Employee recognition survey questions involve the capabilities, experience, contributions, and skills of the employees. Nowadays, there has been a shift in the definition of Employee Value Proposition.
Nowadays, employee value proposition meaning consists of an ecosystem of values, recognition, and support that an employer will provide to an employer for achieving the highest potential in the workplace. Employee Value Proposition must not go two ways. Rather, they need to be employer offerings that boost the engagement of employees and bring out the best in them. It also enables the employer to create a strong brand.
What Are The Benefits Of The Employee Value Proposition?
An employee value proposition needs to be unique for an organization. This improves the retention and acquisition of talent while giving the employer an edge over their competitors. It also helps in the management of talent even when you want to have passive candidates.
1. Attracts top talent
Recruitment marketing has changed itself over the years. Employees are always discerning the employee value proposition model in their job search.
Employee Value Proposition can serve in the form of virtual recognition ideas for remote employees. They need higher payment, greater flexibility, as well as work-life balance. This will allow HR professionals to attract and recruit top talent.
2. Retains top talent
If you want to retain top talent, then you need to learn employee engagement best practices. Employee value proposition benefits can achieve that. When you lose productive and talented people, it becomes expensive and time-consuming for your company.
3. Optimizes the expenses of recruiting
Employee value proposition best practices can optimize the expense of recruiting. This means that you will be able to acquire more talent if your employee value proposition is attractive. As a result, your HR team will have to spend much less on employee brand marketing, job advertisements, and recruiting agencies.
Hence, the employee value proposition will save your training and recruitment costs. This will contribute to retaining a sizeable amount that helps to train and educate fresh candidates.
4. Financial rewards
The employee value proposition has a direct impact on the performance management definition of the employees. This is because it addresses the expectations of the employees by giving them financial rewards. These include stock options, bonuses, and salaries.
5. Career development
Employees always try to see the growth potential of a job. This contributes to the development of their career as well as improves the position of the organization. The employee value proposition here includes the following:
Career guidance and mentoring
Working on specific projects
Sponsored courses such as MBA or certification for project management
Work in other countries or cities
Steps To Build Employee Value Proposition
If you want premium quality business performance by retaining and attracting the right people in case you need success in the future of your company, you can craft an employee value proposition as its foundation. Here are the steps to build employee value proposition.
Step 1: Assess what you can offer
The development of your Employee Value Proposition must begin with what your company represents and what your company does not. This will also enable you to determine your current Employee Value Proposition objectively by talking with your employees. Knowing this will help you attract remote work talents.
Step 2: Interview your past and existing employees
Interviewing your past employees will allow you to understand what things your company can work on to improve your Employee Value Proposition. For current employees, the employer can ask the following questions.
1. What makes you work here?
2. What engages and motivates you at work?
3. What improvements do you want to see at work?
4. What developments do you want to see in this company?
Step 3: Defining the key components of Employee Value Proposition
You can define the key components of your company’s Employee Value Proposition by learning the following things from your employees.
1. What salary range and employment benefits will attract your target candidates?
2. What kind of growth opportunities will the target candidate be looking for?
3. What type of work culture will the target candidates look for?
4. What can be an ideal work environment for future employees?
Your Employee Value Proposition must differ in your Employee Purchase Program. This means that you will need two kinds of Employee Value Propositions.
Employee Value Proposition for the recent graduates to fill a position at an entry-level. This EVP must highlight opportunities in career growth, perks for employees, good work environment.
For the existing employees, the Employee Value Proposition must focus on work-life balance, child care support, and career stability.
Step 4: Promoting EVP through the right channels
After you have made your Employee Value Proposition, you need to spread the word through external as well as internal channels. You can also promote your EVP through internal communication, town halls, email, newsletter, and company blogs.
Step 5: Writing your employee value proposition
Once you know what to write in your Employee Value Proposition, make it inspirational, unique, and clear. This will retain and attract top employees. You have to further ensure the fact that your EVP aligns with your company and employee expectations.
The employee value proposition will address all your employee’s monetary as well as non-monetary needs. This can have a lot of benefits for the future of your company. For instance, with your employee value proposition, you can attract top talent, retain employees, help in the development of employees, and in the recruitment of employees.
Not only will this be beneficial for your employees but also for your company. With the improved performance of your employees, you will be able to fight against your competitors. As a result, it will enhance the company’s brand.
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