When it comes to talent attraction and retention, having an employee value proposition (EVP) should be at the top of your priority list. A well-thought-out EVP will reap the rewards and see happy, content employees actively improving the business, encouraging others to join the business, and naturally matching the brand’s values and ethos. An EVP should also be a core component of your recruitment strategy, helping to beat the competition and actively attract new recruits. If you’re struggling to know what an EVP contains, then see below to find out the five core areas every EVP should be including:
We work to pay our bills and live the way we want to, therefore salary and additional financial benefits such as overtime pay or annual bonuses are naturally going to be the first benefits employees research. Other examples of financial benefits could include; more than the 3% statutory pension contribution, private medical insurance, a monthly phone payment, fuel allowance, discounts towards energy bills, or even restaurant/retail vouchers. Many employees will often look out for your maternity or paternity pay as well, with anything over statutory pay going to automatically be a tick in the right direction for employees who have or are looking to start families of their own. If you go down this route, remember to ensure you are being inclusive of all families by offering additional options such as adoption benefits.
There are a host of employment benefits that you can be offering your employees that aren’t strictly financial. Since the pandemic, many companies have made the decision to allow employees to work hybrid ( a mixture of home and office) or to work fully flexibly. As a recruitment company, we are now seeing that companies who aren’t offering this perk are losing out on talent as people want the option to mix up their work location and have proven that they are still successful at what they do regardless of where they work. The UK is also trialling 4-day work weeks, and so we imagine this soon will also become another employment benefit candidates will be actively seeking when looking to make their next career move. Other employment benefits range from increasing holiday allowance to working half days to having your birthday off. There’s loads of scope to get creative with employment benefits. If you are unsure, start with the people in your team already and find out what it is they actually would like the company to offer (the answers probably won’t be as outrageous as you think).
- Career Development
From the first interview, candidates should be made aware of the steps they could take to progress their careers. Clear goals or promotional targets should be laid out in the EVP, creating an equal and inclusive outline for everyone to be able to follow should they wish to. The majority of new candidates want to know that their role isn’t stagnant and that they can both earn and learn in their new role. Alongside clear promotion routes, training and further education should also be listed as a perk. Whether this is financial compensation for employees to study a related subject at University or College alongside their work or if it is internal training sessions that happen regularly, employees want the opportunity to expand their potential.
- Work Environment
We’re already mentioned that companies that aren’t offering flexible working environments suffer in regards to finding candidates. Since everyone demonstrated worldwide during a pandemic, that it was possible to work from home or in the office or during an air BnB vacation, flexible or hybrid working has become one of the biggest perks a company can offer. For many employees, hybrid working is also about trust and this is where the work environment perk matters. This benefit is about allowing people to be able to balance their home and work life. Benefits include mental health support such as free counselling sessions, wellbeing incentives, being able to take time out to support family and or perhaps being paired up with a mentor or work buddy that will help develop their career.
- Company Culture
Culture can feel like a bit of a buzzword that companies fill with empty promises. However, a great company culture is a benefit that should be properly marketed to both current and incoming employees. A great culture celebrates employees’ individuality whilst bringing everyone together. Just to confirm, letting people clock-off early for a pub team meeting isn’t company culture. Instead, make sure the employee who is suddenly having child care problems feels supported or not berating someone who came in a bit late unexpectedly, or celebrating an individual work win or perhaps life wins are all examples of building a company culture that will see people want to be part of the team. For an EVP, a great way to demonstrate your culture is through the tone in which you discuss your benefits and through the use of quotes or blog posts by current employees about their roles. We’re not saying get rid of the early trips to the pub, but remember not everyone likes a drink and your team are more than what type of pint they drink.
If you’d like help or have queries about your company’s EVP, our recruitment specialists are on hand to help. Take a look at our team page for their contact details or alternatively send an email to email@example.com. Lastly, before you go, take a look at our latest property roles here.