The Importance of having an Employee Value Proposition to Attract Top Talent
A good Employee Value Proposition, or EVP, is important as it helps your business draw the attention of top-tier talent that are looking for a new role. What an EVP does is outline a clear and concise picture about what their experience working at your business will be. More and more job seekers are looking for a company that matches their own values and that feel will really have their best interest in mind as an employee. Employee Value Proposition is the balance of rewards and benefits that a company can offer its employees in return for their performance within the workplace.
Four Pillars of an Effective EVP
1. Compensation: A competitive salary and employee bonus can enhance the perceived value of the employment relationship. An outline of how the structures of pay and bonuses work on a yearly basis gives a potential employee a clear picture on how they can expect to be compensated throughout the year. In addition, if there is a commission involved, it is important that percentages and payment dates are clear to the candidate so they can fully understand the compensation package.
2. Benefits: In today’s world, benefits are not just about healthcare or insurance. These days benefits include work from home options, sick days, personal days and vacation time. Candidates are looking for a place that will offer adequate health compensation as well as the flexibility to work remotely when needed.
3. Career: Showing a potential employee how you will support their career trajectory is also an important point of the EVP. Does your company offer any additional training or courses to help them build on their skills? What are the ways that your business can help support their career goals to flourish within the company? Painting a clear picture on how an employee has the chance to grow within the business shows potential employees as it shows that they will have career longevity in this role. It is also very attractive to job seekers to know their employer is invested in their future.
4. Culture: What are you corporations’ values and mission toward their employees? Culture within in the workplace is becoming extremely important these days. Candidates are seeking a corporate space that is inclusive, flexible and supportive of all their employees. Outlining this is a great way to show that your organization is good fit for them in this respect. Providing examples of team building, corporate retreats, and workplace events shows that your business values their employees and provides them with time to relax with colleagues.
When you are in the market for hiring, it is beneficial to outline your EVP in your job posting so that potential candidates can have a better understanding of the type of company you are. When you have entered the interview stage of hiring, you can expand on the EVP and outline specific examples of what the employee can expect in relation to the four pillars. This will help to give them a clear understanding of the role and the company, and help them to decide if your EVP aligns with their personal beliefs. An EVP is a key tool to helping you find the right fit for your business when it comes to hiring.
If you are looking to grow your business and are in need of new hires, do not hesitate to reach out to the team at Permasearch today!
