Do you really know what prospective candidates are looking for in benefits, offerings, and values? Are you in tune with what your current staff desires? These questions can be answered simply by looking at your employer value proposition, sometimes referred to as an employee value proposition (EVP).
If you answered “Yes!” to those questions, then great! Creating a positive, solid foundation for current employees and new hires is key to attracting and retaining employees. If you happen to answer “No” to those questions, then it may be time to take a look back at your employee value proposition. You might think your employer value proposition is strong, but might not be standing up as well as it could against the competition. Consider these ways to strengthen your employer value proposition.
“Companies that implement a strong EVP are 2x as likely to outperform the competition.”
What is an Employer Value Proposition?
Your employer value proposition is a combination of company values, employee benefits, and other factors used to promote your organization to potential employees. It is an integral part of your employer branding since it sets you apart from your competition and helps you attract high-quality talent.
An organization’s value proposition should demonstrate its commitment to their employees ongoing growth and development as well as employee recognition. Additionally, it offers integral reasons why individuals choose to be committed your company.
The Importance of a Strong Employer Value Proposition
A strong employer value proposition is especially important when it comes to attracting and retaining employees. This proposition includes all company benefits, perks, and values, setting expectations for both parties; the candidate and the employer. This is where employer branding continues to aid in recruitment, as it is a main deciding factor in a candidate’s choice to accept an offer. Organizations with a strong employer brand often hit the nail on the head with their EVP by having strong, core values to share, and stellar benefits and perks to offer. With those two strategies set in place, your EVP should write itself.
With that, employers should constantly be focused on strengthening their employee value proposition. Why? Not only does it attract new talent, it also retains current staff. Companies that implement a strong employee value proposition are twice as likely to outperform the competition financially and five times more likely to have employees that are highly engaged in the office. These days, employee engagement is a critical part of a company’s success, meaning that your EVP should be too.
How to Strengthen Your Employer Value Proposition
Given the importance of employee engagement, strengthening your EVP should be one of your first priorities. One easy way to do this is by investigating what your employees actually think of your EVP. A great way to discover this is through company data. Three easy methods will lead you to the data you need. These include:
- Exit surveys: Every time an employee leaves the company, exit interviews should be conducted to determine what they thought of the company, what they believed could be improved, and opinions on factors such as compensation, rewards and benefits. While this commentary might not be hard data, it is easy for an employer to look through and define trends, both positive and negative. Always ask employees to provide examples. If they are leaving for a company that you compete with, find out what was so attractive about that company. Zoning in on these qualities can help you acquire them yourself.
- Retention metrics: Retention metrics are another great set of hard data. These metrics can tell you exactly how many existing employees stayed each year, and how many new employees joined over time. Hopefully, your retention has stayed relatively the same and your new employee acquisition has increased. However, if you notice high turnover rates and a low acquisition rate, this is a clear indicator your EVP isn’t where it should be. Creating a strong EVP is an essential component of all employee retention programs.
- Interviews with focus groups: It always is great to pull opinions from people who currently work at your company. Exit interviews sometimes could include disgruntled, aggravated commentary, which might be hard to relate to your current employees. By conducting a focus group or giving an employee feedback survey, you can get an inside look at what your current employees really think of their workplace and environment. How do they feel about salary? Do they think there should be more PTO days each month? What would attract more candidates to the company? Ask questions like these to get a good read on your company’s success.
Properly Communicate Your Employer Value Proposition
Once you’ve created a solid EVP, it is time to share it with your employees. Let them know about any changes you have made to the company, from raising the average salary to adding new benefits to the list. This communication should not strictly be internal. You should also ask satisfied, successful employees at the company to market your great EVP on social media. Employees are a large part of your brand, so the more you utilize them, the better.
Having an employer value proposition is one thing, but creating a strong EVP that attracts candidates is another. Communicating with current and former employees about their experiences will assist you in improving your company’s brand and providing your employees with a happy and rewarding workplace.
Developing an effective EVP and perfecting your employer branding takes time. If you need to staff a position or complete a project quickly, contact Profiles and see how our experienced recruiters can find candidates that fit in with your needs and values.