Part One of this two-part series outlined what employee value proposition (EVP) is and why it’s important. Building on from that, this blog will outline elements for consideration in EVP design and how to develop your own.
Elements for consideration in EVP design
Creating an EVP that resonates with employees takes time and consideration. An EVP should take into account a range of benefits that extend far beyond what an employee can expect to receive in financial terms. Tangible benefits will always be a component of EVP. However, in today’s society the employee experience you are able to offer is just as important. Some key elements to consider when developing an EVP include:
- Company culture: Think about what values and beliefs your company holds and how that’s demonstrated through current processes, systems, and employee behaviour. Is there a unique culture that sets you apart from your competitors? What do you stand for?
- Benefits and compensation: What benefits, perks, and compensation packages are offered to employees? Things to consider may be paid leave allowances, health insurance, retirement plans, parental leave options, employee gym memberships, free coffee, meals, snacks etc. What do you offer in benefits alongside annual salary?
- Growth and development: What opportunities are there for career and personal growth within the company? What training, tuition reimbursement and promotional openings do you offer?
- Work environment: What is the overall work environment like? Is there a sense of work-life balance? Do you have remote working options or offer flexible work hours?
Creating your employee value proposition
Eager to boost your reputation as an employer? You’re in the right place. Below are a few tips to assist you in creating an effective EVP which’ll help you achieve that.
Step One: Collect employee feedback
Your people should be the heart of your EVP strategy. Collecting information from current employees about what you’re doing well and what you can do better will guide your EVP development. It might be helpful to share regular surveys or conduct focus groups and interviews to find out what your employees are looking for in their employment experience. This feedback will guide your EVP design and approach. Holding exit interviews is another insightful way to identify why employees have decided to leave and if there is anything you could’ve done to convince them to stay.
It’s important to ask a lot of questions and listen to your employees’ responses. Some examples of questions to ask to gain the information you need are below:
- What attracted prospective employees to your company?
- What do current employees think is unique about your company?
- What do current employees value most about working at your company?
- How is your company better than others to work for?
- What benefits do employees currently appreciate?
- What additional benefits would employees appreciate?
- What internal processes or systems could be adjusted to improve the employee experience?
- Why do employees stay?
- Why do employees leave?
Step Two: Identify selling points
Once you’ve collected information and feedback from employees, you’ll need to analyse it and identify what your key selling points are. Look at the themes that emerge from the information. What comes up repeatedly as reasons your company is appealing? What is unique about your company? Why do people choose to work for you over other companies? From here, you’ll identify your selling points and points of differentiation which you can use to convince employees to both join and remain at your company.
You’ll also see where opportunities for improvement may be. You’ll get an understanding of what your employees deem meaningful or not and from there you’re able to readjust your benefits and rewards to reflect that.
Step Three: Build your EVP
Create a statement that embodies the company, culture, and values and ensure there’s alignment between these aspects and your selling points. Make sure the statement is personal and reflective of your organisation. While it might be tempting to get carried away, don’t make promises you can’t keep as this will do more harm than good. Ensure your proposition is reflective and sustainable.
Step Four: Promote your EVP
After finalising your EVP, and you’re confident in what you are offering will entice, attract and retain top talent, the next step is to promote it extensively to make sure that everyone knows what they will be missing by not working at your company.
Promote your EVP by advertising it across all your hiring platforms, including your company website, job boards, and career pages. You can also seek the assistance of recruitment agencies to boost the visibility of your EVP. Additionally, leverage your social media presence to spread the word about your attractive employee offerings. Encourage your employees to share your job postings on their own social media profiles to help enhance your reputation as an attractive employer. The more people become aware of what your business has to offer, the better your chances of attracting and retaining top talent.
Step Five: Develop credibility
Finally, remaining consistent and reliable with your EVP is just as crucial as having one in the first place. It’s imperative you remain credible in all aspects of your EVP offering. Don’t promise what you can’t deliver and ensure to be transparent with your employees should you need to amend your initial proposal.
By Ellie Sloan