The big resignation and higher candidate expectations have made it harder to hire talent and maintain retention. Whether it’s a manufacturing or social media company, everyone struggles to learn new hiring strategies. Employers need to provide potential workers with great benefits so that they are motivated to go through the hiring process and eventually stay with the company for the long term.
Employee Value Propositions (EVPs) reduce spending on training materials and talent acquisition. It can also improve the quality of life and long-term retention of employees. There are many ways for companies to create desirable employee value propositions and present them to potential employees.
What is an employee value proposition?
Employee value propositions are comprehensive methods that contain what an employer does to attract and retain employees. Some companies may see this as mere benefits, but that’s not all. Work-life balance being the highest priority for job prospects, the benefits go beyond traditional offerings. Classic perks are part of what attracts employees to working for organizations, including but not limited to:
- Health and dental care
- Retirement savings and matching
- Leave benefits, such as disability and parental benefits
- Career development, such as seminars and tuition assistance
- Flexible working hours, such as remote days or flexible hours
- Financial benefits, like investment options
Tangible benefits like these aren’t all that make EVPs successful. Although it seems that creating EVPs costs companies money unnecessarily, it is also about indirect benefits such as inculcating strong company values and situations to develop camaraderie among employees . Providing valuable benefits to employees will also save a company money in the long run because more workers could stay and work harder.
Employers can see the benefits accrue even though there is an upfront investment for some of these assets. For example, organizations that effectively deliver their EVP can reduce annual employee turnover. just under 70% and increase new hire engagement by nearly 30%, according to recent data.
What should I include in the EVPs?
Standard benefits attract motivated candidates and are excellent starting points for an EVP foundation. Before affirming and refining an EVP, it is essential to ask yourself if the values of the company are well defined. Company culture creates organization, profit and morale in any successful business. It also creates a vision of what the ideal employee looks like in the workforce, further guiding what the EVP should be targeting.
Companies must instill authentic values and goals to create happy, motivated employees. It gives them a sense of purpose while feeling appreciated and comfortable while being challenged. In a 2018 report, 15% of people turned down a job offer due to a poor company culture and 32% were willing to take a 10% pay cut to work in a more passionate place. Every year it becomes more important for candidates.
There are more imaginative and clever ways to stand out from the myriad job postings on websites outside of the standard benefits postings:
- Awards and Recognition: It may sound like superlatives like “Most Improved” to give one-time bonuses for completing strenuous projects. Merit increases are also a sustainable option for motivating employees to improve professionally.
- Office supplies and improved equipment: Time to walk around the office to see how old the printer is. What about everyone’s computer screens? Would there be more work if the staff made improvements in the quality of life at home like diffusers, timers and desk plants?
- Benefits for the family: Company picnics are a classic, but offices that are child- and pet-friendly where possible and providing families with gift cards for free dinners help staff understand that work is no fun. don’t usurp family time.
- Advantages: Local gym memberships and restaurant discounts are simple for hard-working staff, as most local establishments are happy to increase local clientele.
There are unlimited creative examples. The pizza chain &pizza has a unique policy they call No Ceiling. This is about changing the perspective of food industry jobs as careers, not just jobs, telling everyone there is no limit to their ascent. Unlimited growth opportunities are at hand if they choose to pursue them.
How can I make my EVPs more efficient?
This shift doesn’t happen overnight, so it’s essential to be patient as the business mindset shifts to a growth mindset. A growth mindset can also bolster any initiative to deliver great EVPs.
Once values are the foundation of a business, research can begin on the current perception of existing EVPs. Now is the time to look internally. The first and most obvious way to get answers is to ask current employees. EVPs give employees reasons to apply and stay and asking permanent workers will provide useful information if the proposal contains enough value.
The following are examples of questions to ask the personnel who will provide the data needed for further development of the EVP:
- What sets this company apart from its competitors or others you have applied to?
- What value do you find working for this company? More or less than previous jobs?
- Are there any opportunities you would like to see offered to staff?
- Do you feel satisfied with the quality of benefits and recognition you are giving?
Then it’s time to look out and see how the world perceives a company’s offerings. Social media and job evaluation sites are great resources to collect this data. Be prepared to change EVPs over time, as this process requires incredible attention.
As these changes begin to be implemented, let current employees know – it’s not practical to wait until all new ideas are solidified and push them all at once. Employees are 23% more likely to stay employed whether they believe that management communicates effectively.
This motivates employees to be productive and engaged, which reduces the likelihood of voluntary resignation or interviews while employed by a company. Providing excellent EVPs gradually keeps employees enthusiastic as they see management continually caring about improving the work environment.
Eventually it will all become part of the brand, but it’s never a finished project. Improving and delivering excellent EVPs to employees is an ongoing task that adapts and evolves over time.
Deliver value to employees
The endless value that EVPs bring to employers and not just employees is non-negotiable to a company’s success. This can create happier employees and generate profits because a company intentionally chooses an extraordinary culture. Many efforts make successful value propositions for employees, but their value will be seen in the performance and smiles of the workforce.