02 Aug 2021
As you create and run a business, your relationship with employees significantly determines the company's success. Remember that employees are the direct link between your business and the clients.
When they're happy, motivated, and delivering great work, your business succeeds. It all starts with employing the correct type of employees suited for your office operations. Factors to consider are:
When dealing with employees, creating an excellent employer value proposition indicates that you put them at the center of your business operations. You easily attract new hires, and employee retention will be high.
To create an excellent EVP for your company, here are a few suggestions that would make hiring processes more productive. But first, understand what EVP is.
An employer value proposition (EVP) is a company's promise to job candidates and employees. It showcases the benefits of working for the company compared to its competitors. EVP is a critical part of employer branding, mainly when advertising open positions on job boards or career sites. Your EVP should clearly define what your company will do to help candidates and existing employees advance their careers.
EVP is something that your potential and current employees can quantify. It will not only improve your employer brand but create a strong foundation for your human resources department. This element is critical in attracting great talent and retaining them. It establishes the foundation of your company's culture. Keep in mind that it is a promise, so consistently deliver beyond expectations.
A few simple concepts can help you build a strong employee value proposition that will attract and retain top talent. Whether you're trying to recruit the best people in the labor market or keep employees for long, following these principles will help:
When you anticipate the different needs of your employees and job candidates, you can offer better benefits. Think about all work-related issues that may arise, such as health care, training programs, flexible work schedules, and digital needs.
It's essential to create an environment where people feel appreciated and challenged at the same time. You need to look at the details that make a difference in an employee's life. When your company's EVP anticipates current employees' needs, you'll stand out and be more attractive than your competitors.
Most companies have similar benefits such as health insurance, cell phones, and PTOs. Put more effort into creating packages that differentiate your company, although it may require a bit of effort. Going the extra mile to make your working environment more attractive to employees makes your talent acquisition campaign less challenging.
Candidates should be able to find out about career opportunities in your company effortlessly. It will help if you provide enough information on your website and make it more accessible. Let your employees know about other benefits they can access, such as 401k plans, training programs, seminars, product discounts, and other attractive benefits. Try to make it easy for them to get the information they need.
Employees will want to know how their performance will affect their compensation, insurance, and career path. Adding a list of benefits is essential, but you need to explain them.
Let employees know what they should expect by clearly defining the conditions for each benefit mentioned. This way, you'll build trust and improve the employee experience.
Consistency builds trust, which in turn leads to higher retention rates and lower turnover costs for your company. Your employees will look forward to working with you every day if they know that their benefits would not change frequently. Create a robust employee engagement and offer competitive growth opportunities.
Consistency within the organization should be a part of your company's values and culture. It translates to higher job satisfaction and a positive work environment.
Don't try to offer too many things or too much detail in one place as it may overwhelm the candidates or confuse them. Remember, your primary aim is to attract talent. Be straightforward without overwhelming them with information. Use simple words that clearly define the benefits, link further details, and allow online applications.
It's essential to keep your employer's value proposition updated to ensure it is relevant at all times.
Having an EVP is not only about attracting the best talent but also helps with employee retention. If you can provide a unique and valuable employer value proposition, your employees will stay longer and work harder for you. It establishes trust. All your employees will know that they're working for a company that cares about them. Benefits include:
Employees will feel valued in your organization, and job satisfaction will be high. If they're happy at work, it will be easier for you to retain them. You'll have higher employee retention rates with a great EVP which means more costs savings for you.
Turnover costs for some companies can be pretty high. Employee turnover occurs when they feel their needs are not met, or the company doesn't align with their values. If you have a great EVP, this will happen less frequently as your employees will feel appreciated, valued and know they're treated fairly.
Strong EVPs quicken the recruitment process. You spend less and keep costs down. You'll also avoid losing great employees to your competitors. Your employees will not feel like their career is stagnating or not getting competitive benefits for themselves or their families.
A strong EVP helps with your reputation in the market. Your company will be known for being employee-centric, and this improves the chances of future hires. Additionally, a good reputation leads to faster business growth.
What Are the Key Components of an Employer Value Proposition?
Critical components of an employer value proposition vary from company to company, but in general, an EVP includes the following:
Begin with a brief description of your company and what it does. It is essential to show potential candidates that you're a serious employer and genuinely value them if they choose to work for you. It also gives them valuable insights into your company.
Make it clear, simple, and direct so that candidates can read and understand it in one or two sittings. Don't use complicated words unless necessary. Let them know about the organization's inception date, background information, what led to its creation, and mission. Try to make it captivating.
Your company culture is essential as this is what will make people love working for you. List all the work environment benefits and perks that make you unique in the industry. Make sure your candidates know about them. When detailing the company culture, explain any cultural challenges or opportunities and how you dealt with them.
Use graphics to make your culture come alive. If you have photos, include them in the EVP so that candidates can see what employees are doing for fun at work. Teamwork is an integral part of any company's culture. Make sure to express it in your EVP.
Many people in the job market are more interested in recruiters who offer a clearly defined work-life balance. Candidates should know how your company makes sure they're well taken care of at work and beyond. For some employees, work-life balance is about time off from their jobs to do other vital things like spending quality time with family or friends.
If you have photos of your employees at work and play, include them in the EVP. It shows that everyone's an equal part of the company. Don't forget to show how much fun people have on their own or with colleagues enjoying each other's company away from the office.
Employee development is a critical component of any culture. Your EVP should explain how your company helps its employees grow and develop their careers to feel fulfilled in their professional goals.
Explain what career opportunities are available for them if they continue working for the company. Explain what kind of training programs you offer and how you help them get the skills they need to grow.
Include photos of employees on company outings, during training sessions, and attending to teamwork. It will show that your employees are well taken care of, and the leaders take their people very seriously.
It's essential to illustrate the employee experience in detail. It includes what candidates can expect when they start working for you and your expectations as the employer. Include any special perks such as free meals, health insurance, shuttles to work from a nearby train station or parking lot at no cost. You can also include statements from successful employees.
It is critical to measure the success of your Employer Value Proposition (EVP). It ensures that potential candidates and employees know everything that concerns your operations. Survey your current employees to get feedback. Assure employees of fair treatment without prejudice when they express their satisfaction and challenges with the current EVP. Are you attaining your recruitment and retention targets? To measure the success, check the following
If the company has a reasonable retention rate, employees are likely satisfied and happy working for you. Last year how many new hires converted to full-time? If many new hires converted to full-time, it means that your EVP is giving the right impression as your employer brand matures.
The engagement rate is an indicator of whether employees are satisfied with their overall experience at your company. It will help determine whether or not you need to make any improvements to your EVP strategy.
If the employee referral rate is high, it means that current employees are referring friends, family, and even strangers to work at your organization. It is the ultimate indication of a strong employer brand that helps attract and retain top talent. The higher the employee referral rate, the more your EVP is working as planned.
When it comes to first impressions, you need to hire candidates that share similar traits as your current employees and have the same core values. One way of doing this is by asking questions that help you see if they are a good fit in terms of culture, skills/competencies, and work style. Also, check their social media profiles and ensure that their online persona reflects the person they are in real life.
To build a great Employer Value Proposition (EVP), here are some steps that you can follow:
Determine who your potential candidates are and how to reach them. You need to do this by identifying the skillset of the people who will make great employees and the kind of individuals to hire for a given position.
Be clear on what a potential candidate would get out of working for your company. In other words, how can you persuade them to work for your organization? List out different factors contributing to the EVP, such as its reputation, location, and perks.
Do you offer more training opportunities compared to other companies in your industry? Can they expect a lot of career development on the job? Is it easier for them to move up the ladder compared to other companies? List out any unique strengths that make your company stand out from competitors.
How are you distinct from everyone else who offers the same or similar products and services? What are your unique selling points (USPs) to attract top talent?
The employer brand is the most crucial element in your company's recruiting and succession management strategies. However, it will only be effective if repositioned to address new realities. Be sure that your EVP matches your employer brand.
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