What differentials does your company offer to its employees? Nowadays, salary is just one of many factors for which professionals choose to join a company, and that is where the term Employee Value Proposition (EVP) comes into play.
According to data from Great Place to Work (GPTW), development opportunities and scholarships are among the main deciding factors for a professional when choosing a company.
With the growth in the use of mobile devices to access the internet, the dispute for new talents has become much more challenging, since candidates no longer need to visit an employment agency and can search for opportunities directly through social media.
Companies have also noticed this shift, which is why it is increasingly common for the roles of candidate and recruiter to invert, with the company reaching out to offer open opportunities.
To stay ahead, it is fundamental for a company to have a clear value purpose and know how to defend its brand. Read on to learn more!
What is Employee Value Proposition?
The term Employee Value Proposition (EVP) can be translated as the employee value proposition. It consists of a set of offers and benefits defined by the company to stand out in the market and retain top talent.
This value proposition needs to be structured in a way that works in alignment with employer branding and brand reinforcement strategies.
Establishing an employee value proposition not only contributes to retaining top talent but also helps in reducing turnover, promotes more engaged teams, and strengthens brand equity.
According to GPTW, growth opportunity comes first when talking about the reasons why an employee stays with a company. 46% of respondents defined this as the main factor, followed by quality of life (22%), values alignment (14%), and remuneration and benefits (14%).
What are the factors of Employee Value Proposition?
To create an EVP, it is necessary to establish criteria that add value for employees, such as benefits and internal development policies. Check out the fundamental factors to understand and structure before creating a value proposition:
1. Compensation
This factor includes salaries and bonuses. To stay competitive, a constant analysis of wage floors and market rates is required.
Furthermore, offering bonuses for meeting goals is a great opportunity to encourage team spirit and boost productivity.
2. Benefits
Here you can list the benefits offered by the company, such as time off, health insurance, schedule flexibility, educational programs, meal vouchers, etc.
3. Career
The career factor encompasses growth opportunities within the company. The habit of spending one’s entire life working in the same company and position is fading away.
Instead, today’s employees aspire to grow professionally and take on new challenges, and when the company fails to provide this, they end up moving on to new opportunities.
Therefore, it is fundamental to give employees room to progress, as well as to project stability and provide constructive feedback that enables professionals to recognize their soft and hard skills.
4. Work Environment
In this factor, it is necessary to reflect on the company environment. Does it encourage well-being and interaction among teams? Does it offer opportunities for people to interact and build team spirit?
To improve the work environment, it is necessary to offer autonomy and recognize employees’ work. Additionally, making each person’s role clear to avoid centralizing activities in a single individual is crucial.
This way, professionals will work with more engagement and satisfaction.
5. Culture
In this factor, the company must establish its organizational culture and objectives. Thus, it will quickly know what actions to take in certain situations and what its values, mission, and vision are.
A business structure needs the support of managers and leaders who work together, promoting support for employees and encouraging team spirit.
How to create the Employee Value Proposition?
With the 5 EVP factors well established, it is time to develop the employee value proposition. To proceed, understand what differentials your company possesses to capture the attention of prospective employees.
You can ask questions such as:
- What keeps current employees engaged with the company?
- What are people saying about the company?
- What does the company expect from professionals?
- Who are my ideal candidates?
However, it is not possible to answer these questions without data, so use strategies such as interviews and satisfaction surveys with current and former employees.
Another way to gain these insights is by conducting exit interviews with those leaving the company. And of course, whenever possible, it is important to understand the perspective of talents who declined an offer from your company.
Monitoring comments and reviews on social media is also fundamental in this context, as you need to know what people are saying about the company. Once you have a good amount of feedback, you can structure your EVP.
Definition of communication channels
With all the answers in hand, it is time to think about how you will promote talent retention actions. You need to clearly communicate what the company has to offer, and technology is a great ally in this.
Using Corporate TV is an easy and dynamic way to establish communication with your employees and even candidates. You can place it in the reception area, where professionals wait for their interviews, to broadcast internal actions, employee testimonials, and company benefits.
This way, you already inspire the prospective employee with the desire to be part of the company. To learn more about our Corporate TV solution, Mobuss TV, request a free demonstration with our experts.
*Signed by: Aloisio Arbegaus, Director of Mobuss TV.
