What makes your organization unique to prospective employees?
What would compel them to accept your job offer over that of a competitor?
Is it the connection they felt to your mission? Vision? Core Values?
Is it the way you recognize and reward employees and provide opportunities for them to grow and progress in their careers?
Today’s job seekers are looking for more than a competitive salary when job hunting. Sure the compensation and benefits package are important considerations, but prospective job candidates want to hear about an organization’s culture, values, mission and vision when they are considering potential employment.
Does your organization look like a place you’d like to work?
Do you have an Employer Brand? Do you have an EVP? Communicating the value of your organization and what you have to offer is referred to as an Employee Value Proposition (EVP). An EVP defines how a company is perceived by its employees. It embodies the company’s values and ideals and is a fundamental step in defining an employer brand strategy. An effective EVP describes the main reasons that make employees proud and motivated to work for an organization.
An EVP can be thought of as the value employees gain from working at your organization. For current employees, the EVP details the reasons they stay committed. Prospective employees use the EVP to answer questions like:
- “Why should I work for you rather than them?”
- “What contributions beyond salary are you offering to make my life complete and fulfilling?”
- “Why should I perform my best work for you every day?”
Elements of a Strong Employee Value Proposition (EVP)
Compensation is essential, but the best talent doesn’t always gravitate toward the highest salaries. Sometimes talent needs more than a paycheck to engage. Statistics from employees surveyed by LinkedIn confirm this:
- 44% said they are at their current job because of the opportunities for career advancement;
- another 44% said it was because the work was challenging
Your EVP must be a balance between tangible (compensation, benefits) and intangible (company culture, meaningful projects, value alignment) and reward.
Five elements of a strong EVP
- career advancement
- challenge and self-improvement
- training and on-the-job learning
- evaluations and feedback
- company culture
- relationships and camaraderie
- reputation of senior leadership
- quality of management and coworkers
- trust and collaboration
- team-building activities
- company reputation
- quality of product/service
- company mission/vision/values
- social responsibility
- challenging/fulfilling tasks and responsibilities
- work-life balance
- innovation and intellectual stimulation
- impact the role plays in fulfilling the company vision
- salary and bonuses
- health and retirement benefits
- holidays and vacation time
- paid leave
- tuition benefits
- gym memberships
- timeliness and fairness of compensation
Great talent always has choices. An effective EVP creates a connection with employees and potential employees, helping you to attract, hire and retain the best talent. Share your values and vision…be an employer of choice.
HR Solutions from #teamkoppinger