Are you losing some of your best talents to your competitors and you cannot understand why?
Why would they leave when you are paying them so well?
The answer might not be on the salary you pay; it is in the Employee Value Proposition.
Employee Value Proposition (EVP) is composed of three facets:
- Job Enrichment: This refers to the factors that increase the employees’ job satisfaction. It includes the compensation and other additional benefits.
- Organizational/Company Culture: This refers to the leadership structure and the resources within the company. The organizational resources should be such that they allow the employees to have a flexible work-life balance.
- Interpersonal Relations: refers to how the communication structures are in the company.
So, how do you craft an EVP that will help you retain your employees and also attract the best talent in your industry?
Step 1: Understand the status quo.
You cannot craft an EVP without having an understanding of the prevailing status quo.
- What has made your longest serving employees stick with you?
- What do your employees love most about the working culture of your company?
- What do the employees wish could be improved?
- What is the feedback from the employees leaving your company?
With this data, you can understand what some of the areas you should improve to increase the EVP are.
Step 2: Craft the Unique Selling Point
In this step use the data gathered from step one to discuss with the key stakeholders. Bring the HR, Marketing, and management bodies together to address the unique selling point of the company. The discussion should help to straighten the issues brought out in the onboarding and exit surveys carried out to find out how the company can position its culture and policies to retain talent and attract new talent.
Step 3: Develop the EVP
Use all the data and the information gathered so far to develop a compelling USP. Some of the areas that should be included are:
- Work-life balance
- Health benefits
- Career progression
- Rewards, recognition procedures and other benefits
- Leadership structures for a clear career progression path
- Work Environment amongst others
Also, come up with opportunities to empower the employees with training. You can organize training to help them improve their interpersonal relationships or improve how they handle their finances which is typically a large stress in more people’s lives. Sites like https://crediful.com/ are an excellent resource for employees to rely on.
Step 4: Communicating the EVP
To attract new talent the potential targets should be aware of your remarkable EVP. Your best brand advocates are your employees; therefore, the first step is to make them aware of the changes. Next, communicate the EVP through your advertisement channels. Social media is effective in expressing how well you take care of your employees.
In the words of Stephen Covey, the Author of-7 Habits of Highly Effective People, “Always treat your employees how you would want them to treat your customers.” With an effective EVP, you will be able to have employee loyalty, and they will be your brand ambassadors. With employee commitment and advocacy, it will be much easier to have customer loyalty too.
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