Employee value proposition means creating a balance of rewards and recognition in return to an employees performance at workplace.
An employee value proposition represents the values, culture and practical benefits offered by an employer in exchange for the performance and productivity of an employee. The employee value proposition needs to be communicated in all hiring efforts of the organization. Offering an attractive employee value proposition and creating an environment where productive individuals and teams can be appropriately recognized for achieving results aligned with your business strategy will ensure an engaged committed team.
That is, what an employee would experience and gain from working at one organization compared with another. Finding a unique value proposition usually involves a new way of segmenting the market. To stay competitive, leading employers are getting real about what it takes to attract and retain top talent beyond pay and benefits. It is what the organization gives the employee in exchange for their performance and productivity.
In more simplistic terms, it is what tools, processes and people strategies you are implementing to support your workforce. It is a people centered approach that is directed to existing employees and integrated manpower planning strategies because it comes from existing employees themselves. When organizational values are coupled with customer and employee value propositions, employees are empowered with tools to create a culture that best matches their own needs in the workplace.
A value proposition defines the reason why a customer would buy your product or services in exchange for some cost or sacrifice. Gather the strengths and weaknesses based on the competitor analysis your team has done. Structuring of employee benefits is very important from the perspective of talent recruitment retention, as well as from a cost perspective.
Developing and strengthening your employee value proposition is a worthwhile undertaking. An employee value proposition may also suggest why a talented employee would be reluctant to join or stay with an organization. Key to success is to create a customer value proposition that is clearly understood by all employees who are empowered through knowledge, skills, and the requisite authority and accountability to deliver.
Employee wellbeing deals with how an employee feels whereas employee engagement is about how employees feel about their role, their work and value within their company. However, the concept of an employee value proposition might just save engagement. An employee value proposition is the reason why people choose to invest in working for one organization over another, and so to be successful it has to distinctly reflect the purpose, priorities and opportunities held by the organization.
Developing an employee value proposition that attracts and retains top talent is often an enlightening process. Consider instituting an employee net promoter score, which yields one number on the value of the employee experience that can be regularly measured and tracked. A value proposition is important due to the message being delivered throughout your website. The notion is that potential employees place a certain value on working for your firm.
Want to check how your Employee Value Proposition Processes are performing? You don’t know what you don’t know. Find out with our Employee Value Proposition Self Assessment Toolkit: