A strong workforce and successful business requires the hiring and subsequent development of top talent at a company. Human resources professionals can use the concept of employee value proposition to enhance recruiting, retention and career development practices.
What is employee value proposition?
Employee value proposition describes the relationship between a business and its workers. Edelman, a public relations firm, stated that EVP defines how an organization would like to be seen by prospective and current employees. It also stated what the business expects the employee to contribute in terms of time and talent should be matched with perks from the company in return. EVP supports an employer brand and can even enhance public opinion of what it's like to work at a particular location.
Southerly noted a strong EVP clearly expresses the often intangible benefits of working for a company, such as culture.
Why should HR invest in developing EVP?
There is a difference between an applicant searching for any company and an applicant searching for the companies they most want to work for. Top talent isn't going to settle for a business that looks like every other corporation in its industry. Companies need to stand out and define the perks they provide to employees to gain the best people.
It should be noted that a 2014 LinkedIn study discussed by Southerly found businesses with more defined and well-known employer brands garnered roughly 50 percent more appealing and qualified applicants than those without employer branding materials. Plus, 56 percent of professionals involved in the study claimed reputation was the top factor they considered when debating on where to work next. Once hired, those workers who were regularly engaged were 480 percent more devoted to their business's success.
In addition, conducting research on EVP gives HR incredible insight into the world of their employees and ways in which the employee-employer relationship can improve over time. It increases transparency throughout an office, which leads to more loyalty and engagement.
How to build EVP
First and foremost, businesses need to accumulate and analyze data to know what their current EVP is and where they want it to go. It's necessary to look at recruiting, onboarding and departure metrics to gain a good feel as to why workers leave, who is being hired, who has been a loyal member of the company for years and what these factors all have in common. Edelman noted that despite the power of numbers and figures, often the best course of action is to inquire for direct feedback from employees.
It's not a bad idea to administer a survey, asking employees to identify their favorite things about working at a business and what they hope to see change in the future. Comparing these insights with what the company believes to be its reputation throughout the industry and the nation or world is important. A business's brand identity must align well with what employees really get when they walk in the front door on their first day.
Examining employee feedback and critiques requires insight and collaboration from key company stakeholders, according to Brand Learning. HR professionals should work with upper management to both understand the current EVP and devise methods of strengthening it to build a stronger talent pool.
Remember, EVP and a strong strategy for developing it has less to do with marketing a business and everything to do with conveying the values, culture and experience an organization offers.
A good employee benefits program is one of many tools HR professionals can use to better manage prospective employees and new hires. It can also help HR departments re-energize current employees and implement additional career development programs base on responses.