In the post-pandemic era, returning to and maintaining full staffing levels can be tough. It’s a job hunter’s market, and many people are searching for greener pastures. While you can’t entirely prevent turnover, you can dramatically reduce it with an attractive employee value proposition. One of the top staffing agencies in Texas shares tips for building an attractive EVP. Here is what you need to know.

What is an Employee Value Proposition (EVP)?

An employee value proposition, or EVP, can be loosely defined as a set of values you offer your employees. A strong EVP can actually become the core component of your employer branding, distilling your overall company strengths and benefits to your employees into a clear message. It answers the question, “Why should top talent choose to work for this organization?”

Why Do You Need an Employee Value Proposition?

An employee value proposition is important for many reasons. It serves as the essence of your company from a worker’s perspective, and it explains simply yet authentically what to expect from day to day life within your organization. In today’s tight labor market, the EVP also serves three very important roles. A good employee value proposition will help your business:

Boost Retention

In some ways, employee retention is even more difficult than attracting potential candidates in the modern era. The Great Resignation, which began in 2021, is showing no signs of abating. Workers know that there are a lot of openings, and they are willing to quit their current job and find something more aligned with their needs and values.

An employee value proposition puts everyone on the same page. It forms part of the “psychological contract” between a company and its workers, creating transparency that lets people know what to expect. As long as you stick to your EVP, you will attract workers who are better aligned with your company’s core values. Employee retention will also improve, as those who are in alignment with the company also tend to be more loyal and excited about helping the organization grow.

Differentiate Yourself from Competitors

Many employers have not yet discovered the power of an employee value proposition. And each company’s EVP will be somewhat different from the next, even within the same industry. Your EVP explains what makes the employee experience at your company unique, helping you stand out from the crowd.

Cut Employee Turnover Costs

It costs a lot to replace an employee. In fact, Gallup estimates that employee turnover costs United States companies a collective trillion dollars per year, while replacing an individual employee could cost up to double the position’s salary! By increasing employee retention, a strong employee value proposition could dramatically reduce your organization’s costs.

What are the Components of an EVP?

Now you know why you need an EVP. But how do you go about creating one? Every employee value proposition has five basic components. Develop each section according to your unique company strengths and values.

Rewards and Employment Benefits

Rewards are tangible things that employees can expect in exchange for their work. Compensation, or salary, is an important element. But it isn’t the only thing employees are looking for.

Rewards also include benefits, from health insurance to flexible work schedules to paid time off. To take your benefits package to the next level, consider offering a customizable menu of options from which to choose. For example, a single person might select pet insurance, while someone with a family might prefer a childcare subsidy.

Finally, don’t forget to offer bonuses. These could be cash rewards for meeting certain goals, gift cards for being an exemplary team player, or pretty much anything you could imagine. The point is to reward employees for going above and beyond their basic job duties.

Career Opportunities

Gone are the days when people entered a company right after finishing school and climbed the ladder step by step before retiring from the same organization. Today’s workers are looking for unique opportunities that meet their individual career goals and desires. Career counseling, mentorships, job shadowing, upskilling, and educational benefits are just a few ways to provide opportunities for your employees.

Work Environment

This is a broad category that includes everything from office design to remote work opportunities to work-life balance. Think through the psychology of your workspace. Is it a bustling building filled with closely spaced work stations? Is it an open and flexible space that lends itself equally well to large meetings and after-hours dance parties? Do many people work from home, and do you have the technology needed to help them achieve success? Is the space safe, clean, and free from hazards?

Do employees leave work behind at the end of the day? Are they encouraged to take regular vacations? Are there plans in place for coverage so that workers don’t have to get involved during their time off?

People – Company Culture

This component broadly covers your entire company culture. Is there a strong team spirit? Do management and front-line workers trust each other? Are transparency and honesty core company values? Do you prioritize collaboration and communication? Is the workforce diverse and inclusive? Are there opportunities to socialize? Are bullying and harassment dealt with quickly and decisively?

Organization

This covers everything from the specific products or services you offer to your commitment to social responsibility. Think about your mission and vision statements, and how you can translate them into the employee experience. Putting everyone on the same page in regards to exactly what the company does and where it is going is a vital step toward building a strong and positive team.

5 Steps to Build an EVP that Attracts Talent

Now that you know what an EVP should include, how can you create one that attracts and retains the talent that you want? Simply follow this five-step process.

#1 Define Your EVP

This starts with an honest assessment of your target ideal employee. Thinking about your company as it actually exists, who is the right fit? There are four core components to consider:

• Demographics: What is the average age of your current team members? What’s the gender ratio? What sort of background do they have?
• Qualifications: Is your team mostly college-educated? How many years of experience does the average worker have? Are there specific skills that most employees possess?
• Goals and interests: Do your existing team members have common interests or hobbies? What do their career paths look like? Do they share any professional goals?
• Channels: Where do your team members spend their time? Are they active on specific social media channels? Do they attend certain industry or networking events?

You don’t need to limit your search to people who exactly match your current team members. But if your workforce is wildly imbalanced, try to hire several people to balance diversity rather than one token representative of any category.

#2 Gather Employee Feeback (Current/Previous)

Feedback can be hard to hear, but it’s the only way to develop a full assessment of your work culture. Send out a survey to your existing employees as well as some of your previous team members. Ask them to describe what they like and don’t like about working for your company. Also ask questions about each of the five components of an employee value proposition, such as how they view their benefits package and whether they feel there are opportunities to reach their goals.

#3 Highlight Competitive Advantage

With all this information in hand, you are ready to distill your employee experience into a series of talking points. Identify the one thing that most sets you apart from your competitors. Then make a list of what you most want to highlight in each section of the EVP.

#4 Write and Analyze your Compelling EVP

Based on your talking points, write a rough draft of your employee value proposition. Then pass it around to key stakeholders for their analysis and opinions. This group should include everyone from C-suite level executives to front line workers in different departments. You’ll need a variety of feedback to ensure that you are hitting all key points, that the written statement is clear and succinct, and that what you have written resonates with those who actually live the employee experience every day.

#5 Promote the EVP Across Appropriate Channels

When your employee value proposition is complete, you will need to widely promote it. Build a story that expresses the EVP not only in words, but also in visuals. Develop different formats, from infographics to video clips, that explain your EVP in different ways. Then promote the narrative across multiple channels.

For example, you might present your full written employee value proposition on the Careers section of your website. On social media, you might offer a Day in the Life video with a link to the webpage that contains the full EVP. All of your job postings should mention highlights from your EVP with a link to learn more. Remember, the goal is to make your EVP the core component of your employer branding. Promoting it far and wide will help to drive the narrative you are seeking.

Partner with Staffing Texas to Attract Talent

Want some help from the top recruiters in Texas with attracting the talent you need? Staffing Texas is recognized as a leading administrative, manufacturing, and skilled trades staffing agency in Texas. Our professional recruiters in Conroe and Bryan will help you leverage your EVP and bring in top talent. Request an employee or contact Staffing Texas today to learn more!