An employee value proposition (EVP) is the unique set of benefits employees receive in return for the skills, capabilities and experiences they bring to an organization. While an EVP includes common factors such as compensation, benefits and career opportunities, it also expands to all the value an employee can receive in exchange for their work.
A strong EVP gives employees a powerful reason to work for the organization. It can contribute to a solid and positive employer brand, prioritize organization goals, reengage the workforce and reduce hiring costs. Most importantly, an EVP contributes to attracting and retaining top talent. In fact, according to an Indeed survey, 21% of job seekers decided to accept the offer for their current job because their interests and values were reflected in the company’s mission. So, not only should a suitable EVP address the wants and needs of employees, but it should also align with the company’s values.
An EVP is discovered by, developed with and tested on existing employees. It should be unique, relevant and compelling in order to be the magnet that attracts and retains job candidates. This article outlines the elements of an EVP, explains how to build an effective one and discusses employer considerations for such propositions.
A desirable EVP is relevant to employees’ wants and needs; it should stand out from competitors’ offerings. Here are some components that can fit into an employee’s overall EVP:
Employers can and should personalize their EVPs to reflect their company’s values. For example, an organization’s EVP could be career development-focused by offering a leadership training, promotions, career-centered workshops and travel opportunities. Another example is providing the best benefits in the industry. Although EVPs are not one-size-fits-all, certain aspects must be factored in to make them as appealing to as many candidates and employees as possible.
Therefore, the process of building an organization’s EVP should take the following tips into account:
An EVP is more extensive than a paycheck. So, when building an EVP, there are also considerations for employers to keep in mind pertaining to job growth, work environment and more. The following key elements help create a compelling EVP:
Building an EVP that fits the needs of employees is crucial for employee attraction and retention. Whether an organization is ready to start building an EVP or it’s time to reevaluate a current EVP, be sure it’s based on the current workplace values and employee needs and desires. For additional resources on building an EVP, reach out to SimcoHR today.
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