Rethinking Your Employee Value Proposition
Engaged employees are productive employees. Employees who feel looked after, supported, and competitively compensated for their skills and effort are more likely to stay and grow with your company. The whole package of benefits and opportunities you exchange for an employee's labor is called an "Employee Value Proposition" (EVP). Here's what to know about it - and how you can leverage it into more consistent results and a more manageable company.
EVP is the Whole Package
The traditional way of thinking about EVP is in terms of material factors - compensation and associated benefits such as work schedules, subsidies, and workplace set-up. After all, those are top of mind during the hiring process and reviews. But while those factors are a vital part of an EVP, they're easy for competitors to replicate and use as a means to lure top talent away.
You can avoid falling into the trap of this kind of transactional EVP by considering material offerings in combination with three other crucial elements. They are:
Growth prospects. Motivated workers are always striving for personal betterment. Consider how your organization can help them develop their skills and experience and hone their expertise. Rethink your org chart so that employees have room to continuously move up the career ladder within your company - rather than hitting the ceiling.
A culture of community. No one flies entirely solo. Employees want to feel part of something and that they're valued, seen, and appreciated within that context. Focus on fostering belonging, inclusivity, expression, mutual accountability, and strong team relationships.
Shared meaning. When an employee feels that their own values and beliefs align with their company's, they're more motivated to do their best - and stick around. If you can align your organizational "why" with your team members, you'll have something your competitors won't.
Putting EVP into Action
Putting these key EVP factors into action requires your organization to work collaboratively and holistically. Too often, some factors are owned by HR, while others are owned by management or even marketing. Break down those silos by bringing together each department as well as giving employees ownership over their own EVP prospects - a vital aspect is given the seismic shifts in the business world over the past few years.
Some ways to do this include:
Walking all four corners. Regularly check in with employees to discuss their job satisfaction, their needs, and their goals. Invite feedback regarding your EVP offer to ensure that it feels balanced, timely, and relevant.
Creating opportunities for ownership. Employees can help co-create their own working environments by negotiating things like perks and schedules, outlining their dream job trajectory, and helping to shape the direction of the company culture.
Providing opportunities for connection. Remote and hybrid working environments have created new-found challenges when it comes to collaboration and connection. Focus on opportunities to bring team members together - especially if they don't usually work together - and make a point to share successes and highlight wins.
Rethink your EVP with CEO Tools
If you're ready to attract and retain top talent with a powerful EVP, the CEO Tools Learning Modules are just wanted you need. Designed to be completed in short sessions suited to any schedule, and featuring proven, actionable tools you can take into your organization, they'll help you build the motivated, loyal team required to design a successful, autonomous company. Get started now - and get results fast.