A Guide: How To Develop An Employee Value Proposition

Businesses and companies no longer get full power in the recruitment of top talents. Instead, employees today have vast options and are highly selective while choosing their jobs. 

So, what can you and your company do to attain and retain those top talents? 

Well, that's where an Employee Value Proposition comes in the power play. Offering EVP to your existing employees and talented contenders can make a huge difference. 

But, do you know what an EVP is? Or, how to develop an employee value proposition?

Don't worry! As the best HR services in Bangalore, we will help you decode all the metrics of the Employee Value Proposition (EVP) in this blog.

What Does A Great Employee Value Proposition Mean? 

An effective EVP is a combination of values, recognition, monetary and non-monetary benefits, and support that an organization or an employer gives to their employees. 

In short, it is a set of techniques that recruiters use to establish a strong employer brand externally as well as internally. It not only helps a company focus on its core values but also creates employee engagement. 

Thus, if you know, how to develop an employee value proposition, then, you can create an environment where your employees feel satisfied, supported, and focused on their work. 

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What Is The Importance Of Creating A Great Employee Value Proposition?

If your company or you have the question, why should talented employees want to work in your company?

Then, a strong EVP is the best answer to that. A strong employee value proposition can give your company an edge-cutting advantage over your competitors. 

• EVP helps attract top talents from the vast labor market.
• It helps in retaining talented candidates with rewards, recognition, work-life balance, monetary benefits, and career development. 
• EVP helps in optimizing company recruiting expenses, by attracting deserving candidates. This allows the HRs to spend less time searching for the right candidates. 
• It builds a positive company culture, where everyone thrives together for success. 
• It enhances employee experience and reduces annual turnover rates. 

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How To Develop An Employee Value Proposition For A Strong Brand Image?

1. Conduct Research And Analysis

If you are confused about how to develop an employee value proposition that is strong enough to build your organizational reputation. Then, as the first stage, you must focus on researching what your current employees would want from your company. Or, how can you increase employee retention and attract talented employees.

For this, you can take the help of your HR department and create surveys for small focus groups to take their suggestions and interests into consideration. This can help you to develop EVPs that are practical for your company. 

2. Evaluate Your Current Offerings

Once, you have researched about your employee's wants and expectations from your company. You should not focus on creating clearer goals for your company's brand image. 

Thus, make a checklist of all the important points in your EVP listing. Like, what your company currently offers and what it is not. Try to be specific about the objectives to your employees and take suggestions from them about how to meet the goals. 

3. Create And Understand Your Target Audience

Do you feel that your current EVP resonates with a group of people, but doesn't define the other audience? 

Well, this can be because different employees and candidates perceive a company and its culture differently. That is why, you must make an EVP that targets and defines a demographic that you want to build. 

Hence, let your EVP focus on specific skill sets, entry-level candidates, or experienced employees to get better results. 

4. Identify Key Benefits For Your Employees

Identify and set objectives about the unique benefits that attract the best employees. Your great EVP must include the rewards and benefits that your organization can offer that align with your target audience.

5. Set Interviews For Your Current And Former Employees

Developing a great internal EVP should clearly focus on what your company can provide and what it cannot do for the employees. There is no use in keeping and attracting talents based on false promises. This otherwise, will make your company's reputation tarnished. 

Your interview should highlight areas like -

• What do you like about this company?
• What motivates you to continue working here?
• What positive changes would you like in this company?
• What makes a great company culture?
• What support do you want from the company for your professional development?

Thus, use this set of interviews to create a compelling employee value proposition to attract and retain top talents.

6. Craft A Compelling EVP Message

Once, you have identified the areas of the employee experience you can deliver. It is time for you to create a unique, strong, and inspiring employee value proposition message. 

Therefore, write a strong employee value proposition statement that adds a unique value to your employees and company's expectations. 

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7. Communicate And Promote Your EVP Through Various Channels

Now that you have a strong EVP statement with employee perks to draw potential employees. You need to communicate and promote it internally and externally. Otherwise, the whole point of developing an effective EVP would be pointless. 

Employers who effectively deliver on their EVP through the right mediums always win. 

8. Review And Evaluate The EVP Result 

Evaluate your EVP from time to time and make necessary adjustments if needed. Like implementing useful metrics such as employee satisfaction interviews, successful recruitments, and employee turnover rates to understand the effectiveness of your drafted EVP.

Conclusion

In the rapid race to attract new talents, knowing how to develop an employee value proposition will make you the winner among your competitors. 

So, be the organization that realizes what employees look for in a company and boosts employee engagement to stay ahead in the dynamic business realm.