Employee Value Proposition (EVP) is a term used to describe the unique characteristics, benefits and rewards an employer offers. It answers a candidate’s question as to why they should join your company over that of your competitions. It's why employees are proud of and motivated to work for your company.
A strong Employee Value Proposition enables a company to stand out as unique and compelling, while at the same time ensuring that the ‘reality’ reflects the ‘promise’. Therefore, attracting excellent external talent and helps a company to engage and retain its top performers.
The Employee Value Proposition needs to be communicated effectively in your all recruitment efforts. Ensure you are detailing the proposition on the company’s website, in job advertisements and correspondence to candidates.
Elements of an Employee Value Proposition include:
1. Tangible Reward
Tangible rewards include wages, commissions and bonuses, company cars and mobile phones, all of which make up a good Employee Value Proposition. While some employees see significant tangible rewards as the most or at least one of the most critical factors, others are happy to take lower financial rewards if other benefits are available.
2. Development Opportunities
While some employees may come to work each day and work hard, they have no desire to progress in their career. Whereas, other employees do want to advance and an opportunity to do so must be visible. Candidates need to see the possible career growth opportunities in the company and existing employees need to be experiencing it. The company structure should clearly define each position, and every employee should be considered as part of the company’s succession planning, demonstrating a clear employee development path.
3. Company Culture
An excellent company culture is essential to most employees. Even in a highly pressurised role, employees should not be made to feel stressed and anxious. There should be a culture of support where employees are encouraged to be open about their mistakes and know they will get the necessary support to reduce the risks of it happening again. Employees should not feel scared to admit mistakes due to a fear of disciplinary action.
With stress-related conditions on the increase, the employment opportunity needs to provide a work-life balance. Companies should educate employees on work-related stress and mental health issues. Furthermore, company policies should encourage a healthy work-life balance, including taking regular breaks, utilising their full holiday entitlement and working smart as opposed to hard.
5. Compensation and Benefits
In addition to tangible rewards, strong Employee Value Propositions include other benefits such as life assurance policies, flexible working and medical insurance. Other benefits may consist of working with a manager who recognises and appreciates their hard work or working for a company with a strong reputation in their industry.
If you would like to discuss how Delphinium can help you to improve your Employee Value Proposition, contact us to arrange your free no obligation consultation.
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