Employee value proposition
One of the most cost effective strategies nowadays is employee centered approach.
Employee value proposition is part of employer branding in which companies establish and communicate within the organization its values and corporate culture and focus on more than one pillar aside from remuneration.
Is a set of associations and offerings provided by an organization in return for their skills, capabilities and experiences an employee brings to the organization in order to accomplish the objectives and goals of every department within the organization.
In order to build an effective EVP or Employee value proposition needs to be unique, relevant and compelling to keep employees engaged and increase engagement and retention in order to attract top talent and retain top performers, some of the best practices keep next topics in mind.
You need to provide a competitive salary in order to initially attract top performers, salary is the compensation they receive in order to perform specific task with their skills, you need to survey
Raises and promotions
A good strategy to follow is implement bonuses, raises and promotions in order to stimulate performance with clear objectives in mind your departments feel compelled to hit milestones that ultimately will become in results, clear results that move the needle within the organization to achieve a greater goal
It is very important to start thinking in a SMART way to set objectives, SMART is a framework that stands for
Simple.- Objectives need to be simple to visualize and very clear to implement, establish weekly objectives that move toward a monthly and quarterly result, compound results will bring a better result as time goes by.
M.-Measurable, anything that can be measured can be improved, measure performance week after week and follow up in comparison , metrics can establish Key performance indicators that can ultimately move the needle in order to build a better picture.
A.- Achievable if you set goals that your team can hit, you will have a motivated team that can consecutively achieve in order to progress.
R.-Realistic every goal needs to be deconstructed in realistic terms, if you set unrealistic goals the only outcome for your team will be frustration, make and divide goals in realistic deliverables that can bring progression. Progress over perfection.
T.-Time bound every goal need to be attached to a timeline and a specific date of deliver in order to pursue greater results every effort need to be tied to a specific timeline and deadline
Fairness and equality
DEI stands for diversity equality and inclusion nowadays is pretty important to be diverse and tolerant at the workplace, make sure inclusion is a must topic in your company in order to promote diversity.
A clear system of evaluation is a fair system that allows everyone to receive feedback from top managers. Every collaborator needs to be in touch with their teammates and managers to keep communication open in order to adjust and re-calibrate targets.
Paid time off is one of the most common benefits for top performers, providing time off can be a huge asset in order to not burn out, as a benefit this is one of the most appreciated assets and benefits a company can bring to the table.
Everyone needs time with their families, it is a good practice for any company to provide days off when holidays come across, bring quality time with their significant other and top performers will be grateful your company takes care of those details.
Medical insurance, dental insurance are well known benefits companies use to bring wellness to their collaborators. In 2022 wellness programs such as meditation also come to mind, implementing a more holistic approach to wellbeing in order to retain your team.
It is very important also as a company invest in skilling and re-skilling your team in order to acquire all the skills they need in order to perform, invest in your team and you will see greater results.
In a digital world, companies remote and remote first are now symbols of asynchronous collaboration, your team can be across many time zones and be as effective as if they were at the same office. Nowadays flexibility is a perk that is very much appreciated by collaborators in 2022.
Ability and chances of progress ,career development
Everyone needs to be accountable for their own projects, and everyone likes to have the possibility of advancement and progression in their careers. Equal opportunities to climb in the corporate ladder is one of the most appreciated details a company can bring to collaborators, inviting them to apply and get a better job position.
Mid term or long term anyone likes to feel secure and stable, that kind of security can bring the best of the efforts of your team mates, make sure they feel secure and stable.
Feel praise by their peers and managers is one of the most important feelings of recognition, been part of a project you feel proud of it is very fulfilling personally and professionally.
Being empowered and feeling the need to make decisions by themselves can be a great opportunity to bring accountability to your team.
Work life balance
These is very important to keep in mind, collaborators appreciate being part of a company with the proper spaces to have a work life balance in all aspects, being respected in their individuality and having space for wellness is another great appreciation that keeps collaborators engaged and happy at their job position.
Confronting daily challenge and problem solving keep collaborators involved and engage in a greater mission, keep track of their performance and bring new challenge everyday.
Organizations bring to life culture and sense of belonging, culture is feel part of something bigger, a vision and a mission, contribute to that mission with the best of your effort and resources can be making a difference.
When done properly building a strong Employee value proposition will attract and retain top talent that reduces cost per hire and make your hiring process more efficient.
Frequently asked questions
Q: What is an Employee Value Proposition (EVP)?
A: An EVP is a set of offerings and benefits that an employer provides to its employees in exchange for their skills, time, and effort. It includes everything from compensation and benefits to opportunities for professional development, work culture, and other intangible factors.
Q: Why is an EVP important?
A: An EVP helps employers attract, retain, and engage top talent by offering a compelling value proposition that aligns with their employees’ needs, values, and aspirations. It also helps to differentiate the company from its competitors and build a strong employer brand.
Q: What are the components of an EVP?
A: An EVP typically includes the following components:
- Compensation and benefits: Salary, bonuses, health insurance, retirement plans, etc.
- Career development: Training, mentoring, coaching, career paths, etc.
- Work environment: Company culture, work-life balance, flexibility, inclusivity, etc.
- Company mission and values: Purpose, social impact, ethics, etc.
Q: How can I create an EVP for my organization?
A: To create an EVP, you need to conduct research to understand your employees’ needs, motivations, and aspirations. You can use surveys, focus groups, interviews, and other methods to gather data. Based on this data, you can develop an EVP that aligns with your employees’ values and aspirations and differentiates your company from competitors. It’s important to communicate your EVP to employees, potential candidates, and other stakeholders to build awareness and credibility.
Q: How can I measure the effectiveness of my EVP?
A: You can measure the effectiveness of your EVP by tracking key metrics such as employee engagement, retention, recruitment, and performance. You can also conduct surveys and focus groups to gather feedback from employees and candidates on their perceptions of your EVP. Based on this feedback, you can make adjustments and improvements to your EVP to ensure that it remains relevant and compelling.
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Through performing proper due diligence. All new hires should undergo a background check prior to any official hiring in order to protect the company from harm. Emptor can provide companies with fast and reliable background checks so that you can rest assured that you are hiring the correct people for open positions.
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