Employer Value Proposition is that the value proposition which will make employment seeker apply to a corporation and keep an existing employee working there. The Employer Value Proposition of a corporation must be designed to suit the industry, align with the company branding and appeal to the sort of individuals the organization wants to draw in and retain.
No marketing efforts can succeed without a worth proposition. An Employer Value Proposition tells people why a corporation is an employer of choice. An EVP must be an employee-centered strategy that’s kept alive and up so far through ongoing interaction with employees and external marketing research.
Your EVP can’t achieve success if you don’t know what appeals to and is needed by potential and existing employees.
An Employer Value Proposition is often viewed from two perspectives:
- From a corporation perspective, it’s an employer value proposition that draws and retains talent.
- From an employee and job seeker’s perspective, it’s an employee value proposition that creates people who want to figure for a corporation and most significantly stay working there.
Every business features a value proposition that they provide to customers, candidates, and employees whether or not they have consciously defined a technique or not. Without an outlined customer value proposition or an employee value proposition model, business is perhaps not going too well.
The value a business offers customers, candidates, and employees aren’t only about their products and services or the compensation they provide to their staff. Companies must provide an excellent customer experience, excellent employee experience, and an excellent candidate experience. EVP in business encompasses everything from an organization’s culture, mission, and values to service, rewards, and therefore the sort of people that work there.
Five Questions You Must Know the Answer to
- Why would someone want to work for you?
- What is your brand personality?
- How do your current employees and candidates perceive your employer brand?
- What percentage of your employees would recommend your company as a great place to work? What is the promise you are offering to employees?
- How equipped are you to deliver the brand experience? (Employer Brand International research found only 46 percent have!)
How To Design An EVP?
No two EVP’s, whether an employer value proposition or an employee value proposition, is often equivalent. To be effective, an EVP must be an honest reflection of the candidate and employee experience that the applicant will get if they apply, and are hired by your company. There’s no value in creating a misunderstanding because people will quickly see through it and words will start to circulate on social media and review sites like Glassdoor. Employer brand damage is often tough to rectify.
There are, however, seven key factors that structure the pillars of each EVP. These are:
Compensation
Compensation covers salary and the other cash components that are offered to employees. Compensation of the employees must be competitive as per market standard, performance reviews must be fair, and compensation structures must be flexible. Commission and bonus structures must be explained in written and verbally in clear and uniform language across departments. The expected production, sales, or overall performance targets must be communicated in clear language in writing and honored without question if an employee meets their given objectives. Employee recognition plays an important role in employee engagement and ultimately employee retention.
The common norm of annual salary reviews and supported performance appraisals also doesn’t cut the standard anymore. Line managers and HR must conduct regular ongoing evaluations. Employees who continually go the additional mile or who have furthered their skills and qualifications must be recognized, and their salaries adjusted accordingly.
Benefits
What one person considers as a valuable benefit might and will differ from each and every person and employers must consider that. Allow your employees to choose what is valuable to them by giving flexible benefit options. Benefits include medical, personal, and retirement insurance, paternity and maternity leaves, flexible working hours, paid days off, sponsored subscriptions, and education opportunities. Benefits must be open for discussion, and new benefit options must be communicated to all or any employees.
Rewards
Rewards are breakaway compensation and benefits therein they acknowledge employees’ deeds and activities that benefit the corporate or their colleagues. An employee referral program is a superb example. Rewards are often in cash, vouchers, holiday accommodation, and also paid days off. various things appeal to different people. Another common norm in the market now is rewarding the employees amid public recognition within the corporate and their peers and even in industry publications.
Culture
For any organization to have a well-rounded, healthy, and productive bunch of rockstar employees they should hire a superb cultural fit. We don’t all have equivalent morals, ideals, and concepts of what’s right and wrong. Attracting candidates that align with your organization’s culture is important. People that clash with, or hold vastly different opinions to management and their colleagues will either become disruptive, or they’ll leave. Culture also defines solidarity and trust within a corporation.
Career progression
Career progression is vital for many people. Benefits like work training and development, guidance, study sponsorship, mentorship, and defined succession planning are often a deal maker.
Work environment
A safe and healthy work environment is important for many people. Employees want to understand that they’re recognized, heard, have clearly defined roles, and are appreciated. many of us want autonomy, the chance to be innovative, and an opportunity to form a meaningful contribution.
Digitization is important to possess a meaningful EVP
With numerous aspects involved in designing and implementing a meaningful and competitive EVP, it’s not something that will be assigned to line managers or a junior in HR. An EVP is an ongoing exercise in marketing that has got to be shared across a corporation and closely monitored and evaluated by the HR department and internal recruiters. An applicant tracking system that integrates together with your HR systems is important to attach all stakeholders.
Using metrics and analytics is significant for any EVP to successfully reach the proper target market and attract and retain the simplest talent. Analyzing data allows you to predict future trends in order that you’ll adapt and optimize your EVP to stay your employer brand one step ahead within the war for talent.