In the modern workplace, employee engagement is becoming increasingly significant.
Taking a people-experience focused approach is vitally important and developing a strong employee value proposition (EVP) is central to that goal.
In this competitive talent market, organisations need to effectively engage their employees to retain top talent.
Employee value proposition is important because it outlines the culture, experience, benefits, and values that an organisation provides to its employees enabling them to perform in their roles and realise their goals.
Here’s seven simple steps you can take to help develop a unique and compelling employee value proposition; one that will keep your organisation competitive and attractive in the hiring market, while maintaining a happy, engaged workforce.
1. Define what your employee value proposition is:
The CIPD defines employee value proposition as “what an organisation stands for, requires and offers, an employee”.
It is important to distinguish between an employee value proposition and employer brand. An employee value proposition is a unique sum of everything employees experience at work, while employer brand helps organisations differentiate what they offer externally and to recruit, retain and engage the talent they need to succeed. The EVP should be a core part of an employer brand strategy.
EVP is the articulation of your employer brand, explaining to someone why they should work for, or stay at, your company.
A compelling employee value proposition can hold far more value for employees than just a salary and it can demonstrate a company’s dedication to its workforce and providing a good working environment.
To create a captivating employee value proposition, businesses need to state who they are, what they offer and what their employees’ values are.
If an EVP is authentic and encompassing, and a true reflection of reality, companies will benefit from a positive workforce culture where employees enjoy what they do, are proud of their place of work, and will go the extra mile when necessary.
2. Research what makes a good employee value proposition
The importance of a compelling employee value proposition in today’s workplace can’t be underestimated. Defining, offering, and upgrading this proposition is vital to any organisation which wants to attract the best people and keep the talented people they already have.
There are many employee value proposition examples out there already which can help you to shape your own – whether that be by looking at what your rivals are doing or at how large-scale, successful organisations have approached the subject.
Take the employee value proposition example set by companies such as Strava and Google. Google has always been big on brand with its ‘Don’t be evil’ motto part of its corporate code of conduct, while Strava keeps employees as energised as the runners, cyclists, walkers, and gym buffs who love their product by supplying a fully stocked kitchen offering healthy snacks and meals.
While this research is vitally important, avoid the temptation of a cookie-cutter approach. What works for one company, won’t necessarily work for another.
Rather than manufacturing your employee value proposition based on what you think it should be or what has been successful elsewhere, it is vital to ensure it reflects the realities of your organisation and is able to stand out in a crowded market.
3. Be honest and unique
A good employee value proposition is not solely determined by location, the hours people work or even salary. It is too simple to turn to salary as either a solution, or the cause of issues. Instead, companies should look to re-evaluate their employee value proposition and define it by engaging with existing employees.
Propositions need to be unique, true, and compelling.
To create a strong employee value proposition, companies should ensure they are seen in the right places, have the right content and are willing to learn and adapt. An organisation’s employee value proposition helps to form its brand or reputation, shapes how happy its workforce is and presents its face to the world.
4. Can you improve your existing employee value proposition?
Looking at what your company currently offers can highlight what needs to be improved. To create an employee value proposition that resonates, make sure to analyse your company’s financial rewards, benefits, opportunities for growth and culture.
The salary people receive remains central to their choice of employer. Looking at the external market to inform your decision-making, while being transparent internally, will make sure everyone in your organisation feels they are being appropriately rewarded.
On top of this, employment benefits are central to an inspiring employee value proposition. From healthcare to flexible working, paid time off for birthdays or life insurance, there are a host of potential rewards you could offer and shout about – especially those that are unique in your sector. Benefits that tie in with the values and culture of your organisation will likely have a greater impact on strengthening your EVP.
Successful employee value propositions will also consider employee opportunities for growth. Enabling a sense of achievement and creating an environment where people feel they have a stable future are vital.
Every step of the employee value proposition process should be shaped by your teams – if they buy into what your organisation represents, they are more likely to work hard to make it a success.
5. Shout about your employee value proposition
When writing your employee value proposition, it must be based on what you can realistically offer new employees and those who already work for you.
Once you have defined the benefits, training, career opportunities and salaries which will attract and retain top talent, you need to let everyone know about it – internally and externally.
Your employees are your best advocates, so they need to be aware of your employee value proposition. Internal communications and intranet posts can help you do this, while it is also vital to ensure the message you are delivering internally matches what you are telling the outside world.
Successes and good examples of your employee value proposition in action should then be shared externally via social media and company website.
Your compelling EVP should also become a strong candidate attraction tool, featuring on recruitment material and in job adverts.
6. Manage and monitor to maintain a compelling employee value proposition
A compelling employee value proposition is never complete. It is important to keep updating what you offer – conducting surveys and tracking changes in perception will allow you to do this.
On top of this, having conversations with employees will help you ensure your EVP stays up to date. Your employee value proposition needs to be based on what you can offer potential employees, and those already working for you which is like to change with the times.
It is worth monitoring social media engagement levels, the number of applicants you get for job opportunities and the time it takes to fill positions. All these metrics can help you gauge the success of your employee value proposition and analyse where it might need to be tweaked.
7. Don’t underestimate the importance of a good EVP
Shaping your employee value proposition is hugely important to attract the top talent and keep the brilliant people you already have.
This is not something you can cut corners on or pay lip service to. Your organisation must live and breathe your EVP so it has to be genuine and honest.
Creating a compelling employee value proposition should not consist of a series of buzzwords, it needs to be formed from the beating heart of the organisation and demonstrate what it is really like to be part of your working environment.
Download our EVP template to help you create your own compelling employee value proposition for your business or get in touch with one of our experts.