What is the initial aspect that works as contributory factor for creating an image in anyone’s brain about a particular brand which further is combination of various factors. Employee Value Propositions (EVP) is an integration of ideas or set of values that a company works by and follows rigorously. EVP is established by the employer to differentiate its work culture, values and use it as a magnet for attracting new hires. In addition to attracting candidates, EVP can help to engage and retain employees.
EVP is the total value which an employer offers in exchange of the total efforts of an employee. It is not only limited to compensations and benefits but it could encompass a blend of tangible as well as intangible rewards that fulfils an individual’s goals. Many experts have highlighted why it is critical for organizations to build unique brands that help prospective employees associate with certain values. According to Small Business Association, recruitment has completely evolved from being a company-driven process to candidate-driven process. This research has established that these days talent picks you not the other way around.
What is the Importance of EVP
It is a known and proven fact now that there is more to employee satisfaction than just remuneration (salary and benefits). EVP has been proven vital to attracting, hiring and retaining the best talent in the industry. In light of this, there is good reason to believe that EVP helps in prioritizing the HR policies, creating a strong brand in the eyes of people, and revitalizing workforce engagement. Defining EVP correctly benefits employer branding and recruitment marketing strategies and enhances the talent acquisition for a company.
How to Create a Compelling Employee Value Proposition?
A great EVP should give a rough idea about the unique employee policies, rewards and benefits, programs that prove an organization’s commitment to people and management development. It should answer the common question prospective employee have, “Why should I work for this organization?” EVP has to be communicated thoroughly in all hiring efforts of a company’s talent acquisition programme. It may and should be reflected on the company’s website, job advertisements, social portals and letters extending employment opportunities.
Major Elements of Employee Value Proposition
In addition to a handsome pay check and benefits, EVP consist of some vital elements which makes it a comprehensive process consisting of
- Compensation plans: This pertains to salary, rewards and bonuses consisting of monetary nature with the combination of fairness and timeliness. The employee should feel satisfied with whole evaluation and compensation system.
- Benefits: The combination of all quantitative advantages over compensation like pension, vacations, insurance and health benefits are considered as benefits that one provides to its employee.
- Career: This component emphasizes on the individual’s growth prospective in the company either through trainings, education, professional consultations, evaluation and feedbacks.
- Work environment: Work culture, flexibility, work life balance, team spirit and social responsibility.
EVP is a vital component of any company’s brand which can make or break your talent acquisition strategy. How has your EVP enabled you to hire talent in your organization? Comment below and visit our blog for more insights on how you can build an effective EVP.
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