Given the competitiveness of the job market, employers are increasingly positioning themselves to attract and retain people with the right skill sets. To this end, they’re working tirelessly on a perfect employee value proposition (EVP). An EVP is a mixture of tangible and intangible benefits designed to make an employee feel valued.
An EVP is very similar to a business branding concept where the goal is to show and attract the very best in the job market. Here are five of the best components of an attractive employee value proposition.
To have an outstanding EVP, an organization has to have competitive financial rewards for its employees. Here, an organization works on the financial expectations of the employee by providing competitive salaries, bonuses, and company stocks. The employee should feel comfortable with the company’s offering and its evaluation system.
Financial benefits can sometimes not be the driving force for everyone as younger people may value faster development than the older generation. Great financial benefits improve employee morale and productivity, and employees will be less likely to search for other job opportunities.
2. Job Security
Many job seekers are risk-averse and therefore pay more attention to more secure and stable jobs. There’s also the crowd that prefers to have riskier but higher-paying jobs. However, job security has to be a part of considering EVP. With stable jobs, employees experience less stress than those uncertain about the extension of their contracts.
Job security also improves an employee’s level of productivity and efficiency while reducing employee turnover. Employees will want to work for a longer-term, increasing their chances of attaining their career goals. An EVP with job security also improves an organization’s brand and reputation.
3. Potential for Career Growth
An employee’s career growth is very important when designing a good EVP. Surprisingly, some employees want to see their roles change even if the employer doesn’t match that with higher salaries. Career growth makes people feel accomplished, boosting their self-esteem and productivity levels.
Other employees go for lower-paying jobs if the opportunity allows them to work in better designations or at a broader scale. It can be tough for employees to see their friends, relatives, or peers climb up the corporate ladder while remaining stuck in one position. Therefore, a good EVP showing potential for career growth is very important if your organization wants the right candidates.
4. Job Satisfaction
When employees have a high level of job satisfaction, the organization experiences increased productivity, less job stress, and lower employee turnover. To improve job satisfaction, organizations must have systematic management and great leadership. Communication is key for organizations which is why they must consider using UCAAS.
Among the UCAAS benefits include having IP telephony, messaging, video conferencing, and collaboration tools. The service is cloud-based, meaning the employees can communicate from anywhere as long as one has an internet connection. Effective communication also increases job satisfaction in employees and improves productivity.
5. Work Environment & Corporate Culture
Employees value having a good working environment and earning good financial rewards. No one wants to work in a toxic environment, leading to burnout and other health issues. The company policy on EVP has to be employee-focused to encourage more productivity and loyalty among employees.
Corporate culture also plays a role in retaining skilled employees as not everyone can work in an environment that doesn’t fit with their morals. Even with great fringe benefits and a nice salary package, a bad corporate culture will result in malpractices and degradation of the environment.
Behavior, beliefs as well as employee-management relationships are some of the aspects that corporate culture must include. Therefore, corporate culture and work environment must be included in an employee value proposition. A good work environment and corporate culture improve collaboration between employees, promote a growth mindset, and raise employee morale.
Make Them Feel Wanted
Your employee value proposition must be geared toward making employees desire to work for you to attract the best talent. Providing competitive salaries without job security might not work for the best of your organization.
Establishing great communication channels between management and employees and collaborative tools is a great step towards better organizational productivity. A satisfied employee is more loyal, which certainly lowers employee turnover.