Employees nowadays have several options to select a job of their choice. The biggest challenge companies face is attracting potential candidates and retaining present employees, and for this, they need to have a robust employee value proposition (EVP).
Now, what does this EVP mean?
It means perks and benefits an organization offers its employees according to the skills, experience, and value they add to its growth. These can be both monetary and non-monetary.
EVP is not a give-and-take methodology. Instead, it is a bouquet of offerings for employees by the employers to extract the best from their employees.
Creating an EVP is different for each organization. Now, go through five tips to create a compelling employee value proposition.
#1: Analyze your Current Offerings
You must first analyze what your company is all about. Prepare an objective checklist consisting of various EVP components and study how you deal with each element. You must also include the opinions of your current employees to check what areas need improvement.
Must have EVP components offered by your company in the checklist:
- Financial rewards, like bonuses, salary, etc.
- Benefits, like paid leaves, health insurance, retirement benefits, etc.
- Conducting training sessions and sponsored courses
- Allowing cross-domain work culture
- Creating a positive work atmosphere by organizing virtual team building activities
- Effectively aligning team members with your company’s goal
#2: Take Opinion of your Past and Current Employees
Conduct employee surveys to analyze what you have done and what you could have done to retain the past employees. It will help you to keep current and attract prospective employees as well.
#3: Evaluate your Research
Now is the time to analyze the data gathered by researching the previous steps. You can divide your EVP into different levels, such as entry-level, mid-level, and professional-level employees. Create an easily understandable professional statement once you get a clear picture of what you can and will offer. It is a new and robust EVP.
#4: Writing your new EVP
It is the most crucial step to help you stand apart from other recruiters and establish a strong employer brand. Clear, concise, and inspiring EVP statement is your ultimate way to attract new candidates and retain existing talent. Also, your EVP must be in sync with your company goals and employee expectations.
#5: Creating a Promotional Strategy for your EVP
You will not benefit unless everyone knows about your EVP. You cannot sit back and relax after uploading it on your company website. To make everyone aware of it, you need to promote it.
- Internally through your blog, newsletters, and emails
- Externally through social media platforms, like Facebook, LinkedIn, referral programs, job listings, and creating promotional videos
So now you must have understood the importance of EVP and how to create it. With time expectations also change, making it necessary to keep it fresh to retain top-notch talent and attract new talent.
So, it is recommended to keep reviewing it to stay ahead of the competition and offer the best value to your employees.