Employee value propositions showcase what an employer can offer job seekers to entice them to join a company. Currently, this could be one of the most important factors, within your control, as to why you might be missing out on some top talent wanting to join your company!
An EVP, doesn’t only have to be about benefits and rewards. It could include development pathways, recognition programs and community initiatives.
✔️ Swanky offices? Bike to work scheme? Generous leave allowances? This is part of your EVP.
✔️ Proud of the flexible work-life balance in your team? That’s also part of your EVP.
✔️ Have a national gathering or extra snazzy team-building events on the regular? Yes, that’s your EVP too.
Your employee value proposition covers all of the incentives, perks, benefits and support systems that as an employer you put in place or facilitate. They should make working for your company attractive, especially in relation to your competitors.
What to consider when developing an Employee Value Proposition (EVP)
To start, ask current employees why they think working at your company is so great. This could be via anonymous employee surveys to gain feedback as you may already be doing something which employee’s love.
Below are key areas to consider when coming up with your company’s EVP:
- Compensation – Not only do employee’s care about their starting salary, but what is in place to implement pay rises, promotions, fairness. Is there a regular evaluation system?
- Benefits – Such as: Time off, generous leave policies, insurance, retirement, education, flexibility, family
- Career – Ability to progress and develop, stability, training and education
- Work environment – Recognition, autonomy, personal achievements, work-life balance, understanding of one’s role and responsibilities
- Culture – Understanding the company’s goals and plans, colleagues, leaders and managers, support, collaboration and team spirit, social responsibility and trust.
DON’T start selling an experience that isn’t accurate or aligned with reality. If you promise ‘career progression’, please have the steps in place to action that - Regular check-ins or appraisals, clear career pathways, training or education to upskill etc.
Why is an EVP important?
An EVP should help to entice and attract candidates but not only that, help to keep your employees within your organisation and not looking elsewhere. It improves company reputation, reduces employee turnover and creates a positive work culture.
Some companies who do it well:
LinkedIn - Employees get a “paid shutdown” at the end of the year, in which the company closes for a week to celebrate.
BNZ – The bank offers paid volunteer days, staff banking rates, free life insurance and ‘lifestyle leave’.
DOC – Department of Conservation – Employee assistance program, reduced medical insurance, eye cae, staff discounts and gives back to society
And finally….
Your EVP is a promise to your employees and one that, if you keep it, will boost people’s engagement and their trust in you as an employer. Living up to your EVP can even turn your current employees into the best possible ambassadors for your Brand. All the more reason to carefully think about your Why before you start communicating about the What and the How!