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A strong employee value proposition can do many things for your business: attract high-potential employees, help retain high-performing team members, set you apart from your competition, and much more.
How can an employee value proposition do so much? In this article, we’ll discuss the elements of an effective employee value proposition and give you tips for creating the best one for your business.
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An employee value proposition (or EVP for short) is a set of benefits that a business offers to its employees as compensation for their skills, experience, and expertise.
While an effective EVP does include the regular wages your business pays its employees, that’s not the end of the discussion. A strong employee value proposition goes above and beyond the hourly or salary pay your team receives to include every aspect of the employee experience.
No two businesses will have the exact same employee value proposition — each will include something slightly different. And, while there are many benefits you can include, below are some of the more common elements.
Career development is a foundational element of every good employee value proposition and can include activities such as:
With clear career development pathways, employees get the training and enrichment they need and employers get a more-engaged, better-trained workforce. That’s a win-win for everyone involved.
Employee benefits include extras such as:
These are just a few examples of the benefits that your business may choose to offer. All — or even just one — make an excellent addition to your EVP.
Be sure to highlight the benefits you offer so that both new and long-time employees see how your business is different from the rest.
Fringe benefits are perks that a business provides for its employees in addition to pay and regular benefits.
Fringe benefits can run the gamut from workplace extras — like an on-site game room or an inclement weather policy — to wellness benefits, relocation assistance, and even profit-sharing opportunities (e.g., stock options).
Other fringe benefits include:
The list goes on and on. You can even create your own fringe benefits to suit the way your business operates and what it can afford to offer. Just be sure to feature these extras in your EVP.
Work environment is an essential part of a strong employee value proposition because it’s the framework for your team’s day-to-day activities.
In many ways, a happy and healthy work environment is more important than any benefits you can offer because it has a direct effect on how your employees feel while they’re doing their job.
Calling attention to your positive work environment adds a new dimension to your EVP that other businesses may overlook.
Company culture is the common behavior within a business and the way that behavior affects both employees and customers. It’s the atmosphere and dynamic that employees experience with their coworkers, supervisors, and managers.
This atmosphere and dynamic — coupled with work environment — matters because it’s the “everyday life” of your team and your business as a whole.
Your business may offer the highest pay in the industry and a long list of benefits, but, if the standards of your company culture are low, your employee value proposition will suffer. And if it doesn’t improve, it could lead to a higher employee turnover rate.
One of the best ways to create a compelling employee value proposition — or revise an existing EVP for the better — is to start by assessing existing perceptions.
Ask questions like:
When you understand how potential employees and existing staff view your business, you can take steps to change those perceptions to better reflect the reality within your company.
As you assess the existing perceptions of your business, take the time to sit down with your existing employees to find out what they value most about working for your company.
Then, include these points in your EVP to create a clear sense of what your business stands for and how it might match up with a potential employee’s values.
Another key aspect to include in your employee value proposition are the qualities of your ideal employee. Meet with your company’s leadership to build a candidate persona that you can then use to describe what you’re looking for in a new hire.
Include traits, skills, and characteristics like:
Once you know what your ideal employee looks like, you can customize your EVP to attract the right candidates and nurture those traits in your existing team members.
After you’ve defined your employee value proposition, find ways to communicate it to the people you want to attract to your business.
Think of this as advertising — which, in a way, it is — and come up with creative ways to spread the EVP far and wide.
As an added benefit, getting your EVP out as much as possible will help those not actively looking for a job (the passive labor market) form a positive view of your business that can pay off down the road.
Your employee value proposition isn’t set in stone. It’s a living document that will change over time.
Review your EVP periodically (e.g., every 12 months) to make sure that everything still aligns with your organizational strategy and that it’s still attracting the right employees to your business.
Don’t be afraid to tweak your proposition to make it better.
A big part of an effective employee value proposition is how you manage your team.
Are your work environment and company culture conducive to good work, or do they distract from the task at hand? Are communication channels open and used to improve the way your team works?
All of these issues — and many more — have a significant impact on your team management process and your employee value proposition.
For more free resources to help you manage your business better, organize and schedule your team, and track and calculate labor costs, visit GetSling.com today.
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