Employees today are looking for more than just the compensation package while choosing their employers. Right from the workplace culture to the offered employee benefits and perks, every bit and piece of the entire package is scrutinized before accepting a job offer. In short, they look at the Employee Value Proposition offered by the employer.
Employers who ignore proposing the best value of their business are at the risk of losing out on recruiting skilled workers and retain loyal employees. This not only increases employee turnover rates and absenteeism but also reduces employee productivity and profitability.
What Is Employee Value Proposition?
A couple of years ago, most people felt accomplished when they found a job and stuck to it loyally through the years. However, employees today, especially the Millennials and Gen Z generations, have a different take on the employee value proposition (EVP) and are not ready to work in companies with poor workplace culture. To ensure retaining talented young workers, employers must assess the EVP of their company, including the employee benefits and perks.
Simply put, Employee Value Proposition (EVP) is what the employers are offering to attract, hire, and retain talented workers. EVP includes everything that is offered to the employees as a part of their package – right from the compensation, benefits services, and workplace culture. It is what gives the organization a competitive edge over the contenders in the market.
Why EVP Is Important For Workplace Wellness?
Regardless of whether employers are putting in specific efforts or if they are going just with the flow, every business has its unique employee value proposition. Employers need to assess the existing EVP and make any desired suitable changes to it to gain significant advantages like –
- Word Of Mouth Marketing – When the employees speak highly of their company, there is no better way to advocate the brand.
- Low Turnover Rates – Happy and satisfied employees are more likely to stick around loyally to the company for a long time.
- Hiring Talented Workers – Young and talented employees are usually attracted to good EVP, boosting the chances of hiring them.
- Better Competitive Edge – Compared to employers who ignore EVP, the ones who offer it have an advantageous edge over the competitors.
Having a strong EVP can inevitably influence and enhance employee engagement, retention, workplace wellness, and organizational productivity. Studies report that companies with an appealing EVP have 70% lower employee turnover rates and a 30% rise in recruiting better experienced and qualified candidates.
How To Enhance Business EVP?
Irrespective of whether a business has an EVP that is already structured, or if it just starting to create one, improving or drafting an EVP starts by assessing the current status of the business, and look for aspects that can be improved. Once the loopholes or areas that can be improved are identified, the prospects of drafting actionable plans to improve the business EVP are higher.
Conduct Employee Pulse Surveys
Conducting employee pulse surveys are known to boost employee engagement and workplace wellness. Likewise, to create a successful EVP, seeking employee feedback through pulse surveys can help in understanding employee needs, making it easy to focus on the right actionable goals. Unlike assuming the benefits and services which the employees might need and providing something which they might not help them is only going to have the employers miss out on opportunities to establish a proper EVP. On the other hand, it is easier to conduct surveys to uncover the concerns that employees are facing and work on improving them.
Encourage Growth and Development
Most employees are so caught up with their everyday routine tasks that they do not find time to brush up on their new skills and are dormant with their careers. Although they might want to learn new skills that help them grow personally and at work, they either don’t know where to start, do not have access to the right resources, do not find the time, or lack the motivation. This lack of skills development and growth in the workplace can make many employees leave their jobs to find a better organization that promotes the holistic wellbeing of their employees. So, the company EVP must focus on plans that focus on employee growth and development, along with acknowledging their efforts and rewarding them suitably for their accomplishments.
Offer Rewards And Incentives
Offering rewards and incentives are great employee engagement strategies, and also add to the value of the business. Making additional rewards and incentives a part of employee benefits plans, for achieving milestones in the corporate wellness programs, or for making small successes at work, will encourage employees to do better. Such appreciation builds a more cohesive relationship between the employees and employers, improves employee’s trust in their company policies, establishes pro-employee branding, and becomes a good reason to attract new employees and retain old ones. So, employers must plan a suitable Total Rewards strategy that will boost engagement and EVP of the business.
Upgrade The Workplace Amenities
Workplace wellness is created by 2 factors – workplace culture and office environment. While it could be difficult to assess the culture all by itself, it can be improved by bringing a few changes to the working ambiance. Employers can change the look and feel of the workspace, add some bright wall art, let the natural sunlight and air sway in, offer free healthy snacks or meals, support flexible working hours, allow coffee or lunch-break walks, and more, to improve workplace culture and environment. Most employees are accustomed to using tech-based products and services. So, employers can provide workplace wellness apps, tech-based communication tools, digital health solutions, and likewise.
In short, EVP or Employee Value Proposition must include most factors that can boost the chances of hiring and retaining loyal and skilled employees. Improving what the company offers its employees can reflect in better employee productivity, engagement, and business growth.