Whether you have defined it or not - your company has an Employee Value Proposition (EVP).
In brief, an EVP is the combination of all the elements your employees' value about their working experience. It's your promise to your employees for what they can expect to gain from your company and company culture.
It's also a powerful tool to help you attract and retain top talent.
Australia is in a candidate-short market. You are no longer just competing against other businesses for talent - job seekers now have the power to choose where they want to work.
High salaries aren't the only factor that candidates are considering when comparing job opportunities. They also want to enjoy their role and the company that they work for, which is why your EVP is crucial to ensuring your business' success.
This is particularly true for Millennials and Genz candidates, who will take up more than 75% of the Australian workforce by 2025, according to the Australian Bureau of Statistics.
Your EVP can be broken down into five core elements:
- Work — The degree of which your employee's tasks and responsibilities are challenging, engaging and working toward their personal career aspirations.
- Benefits — Apart from salary, benefits include the additional support and motivation your company offers employees. This could be an extra annual leave day on their work anniversary, flexibility, bonuses, training and professional development, to name a few.
- Environment — Ping pong tables, office dogs, bean bag chairs — Anything that makes your office more enjoyable, modern and sociable.
- People — How your team interacts and succeeds together is often your company's best selling point.
- Opportunities — This includes opportunities for professional and personal development, career advancement and networking.