‘Attracting the Best Talent with your Employee Value Proposition’ was originally published in the Marlborough Chamber of Commerce Voice Magazine – Issue 04.
In the ‘war on talent’ facing employers today, developing an all-encompassing Employee Value Proposition (EVP) is more important now than ever before – to attract the best talent and engage and retain the employees you’ve already hired.
But what does a successful EVP look like and why is it important?
Your EVP is unique to your business. It should reflect your company culture and align with your overall business strategy. It’s what distinguishes you from your competition and what attracts people to want to come and work for you and not “them down the road.”
Gone are the days when an attractive job offer comprised a salary, annual bonus, paid parental leave, flexible working options and support to complete further study. These revolutionary ‘perks’ of days gone by are just the norm today and in some cases, minimum standards employers must provide to their employees.
The demographic shift in the global workforce is presenting unique and complex challenges to employers as the potential for four generations working side by side is becoming more prevalent. With this, employers need an EVP that appeals to this diversity and the multigenerational demands it brings to the table.
What are the key elements to a successful employee value proposition?
Research is vast in this area – there isn’t a ‘one stop package’ sitting on a shelf all ready for purchase. However, what the research and evidence tells us is that having a combination of factors is important.
Pay and benefits are the first things candidates look at when applying for a job.
As the cost of living rises and wages struggle to keep up, employees are feeling it, and disposable income is fast becoming a thing of the past.
To address these very realistic concerns, some companies are introducing benefit programmes. For example, discounts in grocery stores and stores that supply clothing, electronics and household items resulting in employees stretching their disposable income and relieving pressure on every day costs of living.
Introducing a programme that rewards employees for hard work and commitment through vouchers and tickets to sports events, cinemas and other entertainment occasions such as concerts has become very appealing and is easy and simple to implement with today’s online reach.
EVP isn’t just about reward and benefits.
Employees more than ever want to ‘feel and see’ that what they do in their day-to-day job contributes to the overall success of the company and has ‘meaningful’ benefits to society and the environment.
Equal pay and job opportunities, flexible working arrangements, having a ‘voice’ and access to management to share ideas, visible internal career progression, learning and development opportunities and the latest technology are all elements to consider when defining your companies EVP.
Developing your EVP doesn’t need to be an onerous, expensive or exhausting process. however in this highly competitive talent market, it’s what will differentiate you from your competitors.
A simple place to start?
Ask yourself and your employees, “Why should I work for this company and not somewhere else? What’s in it for me?”
Consider all elements including compensation, benefits, career, work environment and culture. Consider the diversity of your workforce. Listen to their ideas and understand what they want and see as valuable.
To discuss how we can help you create a successful EVP for your business, contact one of our HR Partners.