Employee Value Proposition is the unique set of returns and benefits that employees receive in return for their contributions to the company. These rewards can be monetary or non-monetary. All of these rewards are given so that the employees can reach their highest potential and become their best selves.
Maintaining a quality EVP is very important due to the reasons listed below:
Your EVP should be the answer to the question -- ‘Why should a talented candidate choose you instead of all the other options he/she has?’.
Let us see the 3 steps you can follow so that your EVP answers that question.
1. Assess your current EVP: Your EVP should contain the five key components. Examine our current EVP and conclude to what extent you provide all the factors of a good EVP. Be objective and analyze whether it is good enough to retain the top performers and bring in more of them.
2. Interview your existing employees: Use employee surveys to receive feedback from your present and past employees. You can ask questions like: Why do you think the company is unique? Why do you stay? Why did you leave? What motivates you to work here? What improvements can be made to improve the work environment? And so on. This will help you get a better picture of your EVP.
3. Define the key components of your EVP : Now, you need to make suitable changes in your EVP. Ask yourself questions like - “What combination of employment benefits attracts my targeted candidates? What salary range is the most suitable for the talent group I want to attract? What changes can be done to the company culture to attract and retain the top talent? What makes my company unique? Why should the best people work for me?” And other questions on similar lines.
After following these three steps, draft a new EVP. Once you have developed a high-value EVP, you need to communicate it clearly to your targeted candidates through all your hiring channels. This will ensure constant employer branding and a positive image of the company even in the eyes of the passive talent.
Practicing the components of your new EVP in the day-to-day activities of your company to better your rates of attracting and retaining the best talent will drastically improve.