Learning new strategies to stand out among your competitors is key to attracting and retaining top-tier employees. A great start is to have a strong EVP (Employee Value Proposition) that offers employees unique benefits and rewards for their valued work. This will set your company apart to not only ensure you are able to retain your current employees, but also to attract new talent. This article will give you a better understanding of EVP and best practices to improve it!
Understanding Your EVP
It’s easy to think that extra PTO and a remote work day is all that makes up a solid EVP, but that isn’t the case. An EVP is a unique set of benefits your employees receive in return for the skills, capabilities, and experience they provide to your company. It’s important to remember that employees offer their talents and efforts while employers provide value through means such as compensation, work-life balance, career development and opportunities, and a positive company culture.
The Pillars of a strong EVP:
- Compensation: Competitive salaries, bonuses, and other financial incentives
- Benefits: Health insurance, retirement plans, PTO, etc
- Career Development: Opportunities for growth, learning, and advancement
- Work Environment: The physical and psychological aspects of the workplace, including company culture, work-life balance, and remote work options
- Company Reputation: The organization’s standing in the industry and its social responsibility initiatives
- Recognition and Rewards: Motivate and celebrate employee contributions
Boosting Your EVP
- Look At What You Currently Offer, and Ask For Input
The first step should be to take inventory of what you are currently offering your employees and what is seen as valuable. There should be traditional benefits including compensation and rewards that fit into your brand’s culture. You can then send out surveys or questionnaires asking your current employees what they would like to see become a part of these packages. The most successful companies include their employees in decisions like these because they are the ones who are most affected. While compensation and benefits are a big part of what keeps employees engaged and retained- you might be surprised at what your employees might prefer to be a part of the EVP. When you collect the data from these surveys, you are able to see the change in preferences when it comes to these benefits; for example flexible work has become a top priority for younger employees while in years past that wasn’t an issue.
- Enhance What You Currently Offer
While monetary incentives aren’t everything, they are undeniably important. Take a look at your packages, and see how they compare to the industry and location averages. Beyond that, look into your other benefits such as PTO and flexible work options. Offering one or two flexible work days could make a big difference in your employees lives and could entice new employees to join your team. Wellness programs and learning opportunities are also a huge benefit to employees that will keep them engaged and excited about their job.
- Use an Employee Recognition Program
Having a program that your employees can go to that shows them what benefits they have and what rewards they can earn is a great way to continuously boost engagement and morale. Being able to show potential employees your recognition program is a great way to give them a glimpse of what it will be like to work with your organization. A solid EVP goes hand in hand with an employee recognition program as they both promote growth and engagement along with providing benefits and rewards.
- Communicate Your EVP
An EVP is only as strong as your employees knowledge and awareness of it. Use internal communication channels and quarterly roundups to remind your employees of the benefits your company offers and encourage them to use them to their advantage. It’s also crucial to make these known to potential employees so be sure they are on the job posting, career site, and in recruitment material. You should be proud to offer these benefits to your employees so make sure they are visible for them to see and encouraged to use them.
- Keep It Up To Date
It’s important to regularly update your EVP to ensure that what you are offering to your employees and potential hires is up to date and of value to them. Sending out EVP related surveys during the hiring and leaving process is a great way to hear honest feedback; alongside the answers from current employees. Recruitment and retention metrics such as employee engagement and turnover data can also indicate how well the EVP fits with employee needs and expectations.
A strong EVP is crucial to attracting and retaining your best employees and potential candidates. Boosting your EVP is a process that requires commitment and adaptability but with these strategies you will be able to see the pay off through improved engagement and retention. If your company puts in the work to offer the best to their teams, then the employees are more motivated to provide their best work. Ensure your company stands out, and the best place to start is with your EVP.
