How to strengthen your Employee Value Proposition (EVP)?
An Employee Value Proposition is a kind of strength that adds value to the company. Each employee comes with a unique package of talent and in return, they get rewards and benefits from their workplace. An employee value proposition can be defined as a set of monetary and non-monetary benefits given to the employees by the company, as in form of labor pay return. They bring their talent, skill, capabilities, and experience with them which helps and benefits the organization to grow and reach its milestones.
Whereas in a hyper-competition market, it is necessary to build a strong employee value proposition. Building your EVP strong will optimize your cost through function-specific and a wide range of programs with quick backup plans. Because in competitive business every business faces its uncertain phases of hike, growth, and downturn as well. To effectively overcome these phases without compromising business values, your business needs a strong employee value proposition with smart HR.
According to the latest business management across the globe, one of the greatest challenges faced by businesses is how to attract and retain people. There is intense competition for talent and to stand out from the crowd, an organization needs a strong ‘Employer Brand’. With a strong employer brand, an organization gets the ability to attract talented and well-experienced people who are ready to serve their ability for growing that organization to the next level.
On the creative side, to strengthen employee value proposition an organization must know how to sell the experience but not only the brain. EVP must be inspirational but not only aspirational for the employees as it speaks about the company. To avoid employee retention and for strengthening your EVP talk to currently working employees and ask them- would you like to recommend a friend to work here? And if yes ask for 3reasons but, remember to sound curious and show deep interest in hearing these people because this what exactly employers branding is all about. You have to listen to things very carefully with all your brain & wholeheartedly for long until you get goosebumps and you're left with an ‘Aww wow’ feeling. It's all about understanding things to the core and connect.
It may sound critical to you but building a talent acquisition strategy is also important for strengthening your EVP. Talent acquisition is not just about identifying, acquiring, assessing, and hiring as per the need of the organization. Because you need the best but not only good, so you need to strategic your process of hiring as per talent availability. Likewise, the high number of simple hiring, difficult mass hiring process, then be choosy and selective while specialist hiring. This will completely front game your EVP to the next level.
Highlight all your benefits and organization culture but only realistic features. Talk about the empowerment your organization provides and what value it's going to add. As well as what level of exposure the employee is going to get from your organization, just try to impact the employer's psychology. This is a magnificent way of explaining and leveling up your EVP. Therefore, boosted EVP can smartly be used to retain top performers as well as attract & win top talent when hiring.
The Employee Value Proposition (EVP) of any company is the concrete element of an employer brand. It is beneficial for the company at all stages of maturity.
5 key categories of the employee value proposition (EVP):
In business marketing, the company needs to convey its point to the desired target. So it's really important to ensure that message is targeted and differentiated from the rest of the crowd. And this can only be accomplished by analyzing the competition in the industry and being different with a strong employee value proposition. Below, in a nutshell, let's check out some basic steps to strengthen your employee value proposition.
Basic steps to strengthen your EVP:
- Strong & impactful communication strategies play an important role for employees to better understand the pay philosophy, work environment, and needs of the company. But remember not to apply the ‘one size fits all’ method.
- Engaging company employees accordingly to create an authentic EVP, balances the targeted work with talent branding, and employee's experiences helps in its mission accomplishment.
- By taking an agile approach to add rewards, it will create a quick relevant EVP approach to the company. Do not try to add all your aspects of EVP at once.
- Shape your workforce by advancing your recruiting process, allow experiencing holders, and go for talent acquisitions in freshers this will add value to your organization.
- Enhance the employee experience by expanding the view of rewards to strengthen your EVP. Add unique purpose to create an emotional connection and ethical values.
- Experiment with good value-adding ideas which differentiate your work environment from others by taking care of the career graph and well-being of the employee.
- Engage with your diverse workforce by targeting sustainable growth. This will ensure that your contractual elements are competitive while expanding the definition of rewards with strengthening your employee value proposition.
Being more competitive with the companies, the employee base is needed to remain relevant in the market. Somehow you will need to dig deeper to strengthen your EVP and standout in the competitive world of business.
Benefits of having strengthened EVP:
- Having a well-designed Employee Value Proposition can help in the talent acquisition process and reduce hiring costs as well as increase new talent retention of the company.
- Further, it decreases the annual employee turnover. EVP also accomplishes better employee outcomes, including higher exertion and intention to stay and perform better.
- Having strengthened EVP gives satisfaction whether it is a customer, client, consumer, or employee. And will save you from employee retention.
- Improves commitments to the other brands and increases your brand value in the market. Thus, this is interlinked to higher revenues, profit margins, and returns on investments.