As the workforce demographics shift, so do job seekers' requirements, wants, and expectations. A strong employee value proposition, or EVP, can help a company attract top personnel. It sends a clear and consistent message about the experience of working at your company, emphasizing the unique experience you provide that attracts, engages, and keeps top people.
EVP highlights the competitive advantages of a job inside your firm that distinguishes it from other roles and similar responsibilities offered by competitors. Communicates the 'value' and perks that a firm delivers to its employees in exchange for their time and performance at work. This can increase employee engagement and a branding and recruitment activity to attract new talent. An excellent employee value proposition will be connected with the organization's mission and strategy, fostering value-aligned behavior and performance.
Most EVPs should cover the following five crucial points:
1. Material Benefits
Wages, bonuses, commissions, perks, work gear, travels, and any other concrete rewards that a person can expect from completing a job should all be considered. Savvy applicants consider the full compensation package rather than simply the money amount. How does the bottom line look? Paid time off, paid medical, and even minor allowances like toll tags all contribute to the overall worth of the remuneration package and should not be disregarded.
2. The Chance
This section of the EVP highlights the necessity for candidates to understand where this role can lead them in their careers. Job candidates are increasingly seeking for their next job while starting their current one. Job searchers can visualize their career path at many stages at a time by clearly identifying where each position stands within your corporate structure and where you expect this position to progress within your firm. This is a great value-add that new employees appreciate.
3. The Corporation
Creating an EVP entails creating an entire employment brand. People want to work for organizations that they can be proud of. What distinguishes your company from others in your industry? G.E. recently built a whole advertising campaign centered on demonstrating that working for them was truly interesting, that they were cutting edge, and that they were more than just a "your grandfather's hammer" type of company. In your recruiting approach, highlight your company's accomplishments, history, and future ambitions to attract potential recruits.
4. The People
"Who will I be working with?" is a common question among candidates, and the answer must be included in your EVP. In our company, we offer a vital job that is ideal for introverts. It takes eight hours of intense listening and is mostly done alone in an office at our headquarters. We recruit the correct people for the job by emphasizing that part of the work - literally, our ad says that this role is "ideal for introverts." People care about their workplace, and the human dynamic should not be disregarded; rather, it should be emphasized.
5. The Actual Work
If you accurately articulate the keys to success in the role at hand, the possible new employee will be able to see themselves in it. The greater the level of detail and content, the better. You want to emphasize what a good day looks like for every role, from ditch digger to futures trader. Determine what a good day at work entails and express it as part of your employment value proposition. As the job seeker imagines themselves in the role, they will quickly realize how well the job fits them, and you should see an influx of better-prepared candidates.
EVP is an important part of any staff attraction and retention strategy. Employees who are aligned with the values and purpose of their organization are more likely to stay. Employee work satisfaction rises and turnover falls when values are shared. Constantly assess the EVP's progress, for example, by tracking applicant applications and employee retention rates. Conduct employee surveys to learn what matters to your employees. When necessary, reshape the EVP to authentically correspond with employee expectations.
Source: Forbes