Building a Strong Employee Value Proposition to Find Top Talent
Securing top talent isn’t entirely about what a professional can do for your company. Instead, you also have to factor in what your company can do for them, cultivating a strong employee value proposition that can serve as a differentiator.
If you are wondering why your employee value proposition matters and how powerful an exceptional one can be, here’s what you need to know.
Why Your Employee Value Proposition Matters
Discerning, in-demand candidates don’t have to relegate themselves to the first opportunity that comes available. They have choices.
Overall, 75 percent of candidates research a company’s reputation before applying. As a result, you need to strategically show why you’re their best bet as an employer.
Additionally, companies with an enticing employer brand – including a well-developed employee value proposition – have more recruitment success. Generally, they see 50 percent more qualified candidates, as well as higher up to 200 percent faster than competitors with weaker employer brands.
Finally, a strong employee value proposition boosts both engagement and retention. You’ll end up with a loyal, capable workforce filled with happy professionals. Not only does this bolster morale and productivity, but it can increase profitability too.
Ultimately, your employee value proposition is a powerful tool. When leveraged properly, it enhances your employer brand, making it easier to attract high-quality talent quickly, keep them engaged, and ensure they remain on board long-term.
How to Build a Strong Employee Value Proposition
Building a compelling employee value proposition may seem challenging, particularly since it requires a bit of a divided focus. Not only do you need to locate candidates that meet your needs, but you need to address their needs as well.
However, by using the right approach, you can craft an employee value proposition designed to attract top talent and position your company as an employer of choice. If you aren’t sure where to begin, here are some tips for building a winning employee value proposition.
While the adage claims that money isn’t everything, it’s essential to realize that it’s always part of the employment equation. If your total compensation package doesn’t measure up to your competitors, your employee value proposition is immediately at a disadvantage.
Spend time research salary schedules for positions you need to fill as a starting point. Once you gather that information, make sure you don’t just adjust the compensation offered to incoming hires but also bring your existing staff up to the proper standard.
Then, continue reviewing salaries throughout the organization. If a job category is below the norm for the work involved, your industry, and the area, make adjustments to bring everyone in line.
Support Career Advancement
Some companies shy away from professional development pathways that boost employees’ skill sets purely out of fear. They worry that once a worker is more capable, they’ll seek out opportunities elsewhere.
While that concern can have some merit, it’s important to realize that failing to support career growth and advancement leads to that outcome. Employees have little choice but to look outside of the company for chances to move forward, causing turnover to rise, particularly among top performers.
Ideally, you want to create programs that support professional development and have pathways for internal advancement. That way, your best and brightest have access to healthy challenges and can boost their skills. With the right approach, you showcase the benefits of exceeding expectations and longevity, crafting a strong employee value proposition for remaining on board.
Connect All Work to the Broader Mission
Most professionals look for meaning and purpose in their daily tasks. While some roles clearly align with a company’s broader mission, others are a bit ambiguous in that regard. The issue is, when there is a disconnect, it can make a position’s duties feel undervalued or inconsequential and that isn’t ideal for attracting top talent.
Preferably, companies should help candidates and employees see how a positions’ responsibilities further critical parts of the company’s mission. By creating a connection, it can make even the most menial tasks feel meaningful. In the end, that boosts job satisfaction and morale, both of which enhance your employee value proposition.
Embrace Recognition and Feedback
Acknowledging the efforts of your staff is crucial for developing a compelling employee value proposition. Professionals want to know that what they are contributing is appreciated. If management doesn’t express their gratitude, morale declines, and the company’s employer brand is harmed.
Recognition shouldn’t occur only during annual reviews. Instead, it needs to become integral to the company’s culture. That way, the efforts of employees are actively and specifically acknowledged, letting everyone know that they are seen and valued.
Ultimately, a strong employee value proposition is an incredibly powerful tool, both for recruitment and retention of top talent. If you’d like to learn more about how you can position your company as an employer of choice, contact On Cue Hire today.