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The job market has become increasingly competitive in recent years. So, while companies in the past have focused on outbidding competitors through attractive salaries, this isn’t a sustainable long-term strategy. That’s where employee value propositions (EVPs) can swoop in as a secret weapon in attracting and retaining quality hires.
Gartner outlined 9 Future of Work trends for 2024, with shifting employee value propositions as a critical area. The report forecasts talent demands, including the normalization of four-day workweeks and the rise of climate change protection policies.
We visit the top five EVP areas to enhance your JDs and share how they can boost your enterprise’s quality of hires.
What Are EVPs (Employee Value Propositions)?
Employee value propositions refer to unique employee offerings in exchange for hiring someone for their skills and contributions. So, these go beyond salary and bonuses, which could comprise network connections with a specific community and career development opportunities. Employee preferences could also differ based on gender, generation, job level, and caregiving status.
EVP trends also constantly shift with workforce demands. Factors that influence these changes include economic events, lifestyle, and industry expectations. Also, it is strategic for your company to keep up with the latest EVP trends to shape impactful JDs that engage candidates. So, positioning strong employee value propositions on your careers page could enhance recruitment results.
According to the latest organizational surveys, there are currently 5 key categorizations of the best employee value propositions job seekers value:
EVP #1 – Pay
Pay remains a cornerstone of talent acquisition throughout shifting employee expectations. Therefore, while salary isn’t the primary draw for the modern workforce, it still shapes a role’s appeal.
A Washington Post x Ipsos poll involving 1,148 workers aged 18-64 revealed that 45% of employees prioritized salary and wages as the most significant job factor. It is also crucial to note that pay strategies have become increasingly challenging with remote and hybrid positions, labor market shortages, and skill gaps.
In addition, HR teams may need to rethink wages based on the changes in overhead fees (e.g., fewer days at the office, which reduces rental). So, HR could make strategic tweaks in response to offer the most competitive pay in the industry. A Gartner survey stresses the importance of flexible pay policies catered to potential hires and current employees.
An informed pay EVP should include the following considerations to determine the most attractive remuneration:
- Monitoring market data insights according to industry. Staying updated with the latest competitor practices is essential to determine an attractive but practical pay structure.
- Working around talent budget constraints by prioritizing resource location in critical areas of recruitment and retention. So, these may include scalable and automated talent acquisition solutions that optimize budgets while recruitment teams stay competitive.
- Going beyond the basic salary ranges required by pay transparency state laws, your hiring team should assess and vary compensation structures in response to employee needs.
- Refining compensation strategies with external specialists offering exclusive expertise and access to data on industry trends and employee standards.
A quality JD could present an attractive payment structure by referencing performance-based incentives, transparent payment policies, and also regular payment reviews and adjustments. Therefore, HR and hiring leaders should receive the specialized training needed to navigate the sensitive subject of pay disclosure and promote fair and consistent compensation structures based on merit.
Enforcing pay transparency policies is a significant first step in closing the gender payment gap. Statistics show that women, on average, earn 81% of what men earn as a median salary. So, transparency policies drive greater organizational equity, improve job performance, and retain employees.
EVP #2 – Benefits
Employee benefits could make or break a team member’s motivation and commitment to your company. Benefits are the indirect compensations that should enhance your pay structure. So, traditionally, employee benefits often include vacation/parental leaves, college tuition reimbursements, retirement plans, and standard health insurance.
However, recent global trends, such as rising global warming pressures, may require hiring managers and company decision-makers to revise their list of benefits for the best response. Climate change protection tops these recent shifts in employee benefits practices.
According to a Gartner survey involving 300 enterprises, 37% of employees reported severe impacts of environmental or climate-related risks on staff displacement and productivity. Your hiring managers could promote trust in future employees by including the following climate change protection benefits in the JD:
- Offering employees paid time offs (PTOs) for displacement and disruptions experienced during a disaster.
- Providing critical supplies to affected employees during a disaster, including subsidies for relocation and temporary housing.
- Making mental health support highly accessible for employees. These could include employee assistance programs and sponsored mindfulness, wellness, and therapy app subscriptions.
Keeping your JD concise and engaging by emphasizing these situational employee benefits is critical for attracting job seekers. Your hiring team could summarize climate change protection benefits in a single and punchy statement, such as “Our company offers disaster relief protection for employees.”
EVP #3 – Career
Career advancement is integral in securing dedicated talent and promoting employee engagement. So, your JD should promote a positive culture where employees can learn, upskill, and develop their professional abilities. Since the pandemic, skills-building at scale has become a prominent aspect of talent management and remains highly transformative as an EVP.
A conducive work environment should also offer accessible DEIB support, where hires from diverse backgrounds can access constant support and valuable resources for performing their best work. Your JD can highlight career progression by listing the following:
- Mentorship opportunities that offer meaningful career advancement. These partnerships equip hires with the confidence and knowledge to navigate real-world problems in their roles.
- A defined career progression pathway or framework. Transparent promotion breakdowns give potential employees a clear idea of what to expect with their time in the company, improving engagement by appealing to individual ambitions.
- Other career growth opportunities include foreign deployments, invitations to exclusive industry events, and sponsored industry and academic training.
EVP #4 – Financial Health
As alluded to earlier, more than salary is needed to secure top talent in the modern workforce. Job seekers are looking for career placements that support optimal financial health. So, your hiring team can meet these employee demands by listing a total rewards package or strategy in your JD. The employee value propositions can help alleviate a hire’s financial challenges.
These packages include mental health support, such as company-sponsored counseling sessions and career training that drive economic mobility. Economic mobility refers to a hire’s ability to improve their income and financial status during the time invested in a company.
A comprehensive employee package enables hires to weather challenging economic scenarios with their income. Enterprises that consider the complete picture of an employee’s financial health could be a differentiator in competitive job searches.
You could position financial health packages as strong employee value propositions in your JD by:
- Presenting potential candidates with a learning-oriented, skills-first culture focused on career development opportunities. These present a work environment where diverse individuals can freely learn and express themselves. As such, team members can improve their career prospects and advance toward higher compensation.
- Offering earned wage access (EWA), an emerging EVP favored by the modern workforce. EWA gives employees the flexibility of on-demand withdrawal for earned wages before their payday. Prudent use of EWA empowers hires to avoid income bottlenecks by settling urgent bills.
EVP #5 – Job Security
Various factors influence an individual’s job security, with stress ranking high on the list of causes. When left unchecked, workplace stress could directly increase the risks of burnout and turnover. Gallup’s State of The Global Workforce Report reveals that 52% of the American and Canadian workforce experienced elevated stress the previous day.
These workforce trends could lead to more disengaged employees questioning their loyalty and commitment to a company. Candidates particularly prize jobs that offer stability and security during economic downturns that lead to concerns of career volatility.
So, your hiring team can promote job security in a role by addressing the following points:
- Work-life balance—In one industry poll, 81% of 3,500 employees prioritized the importance of flexible work arrangements. Your team could offer team members flexi-hours, remote work days, and other versatile tools to manage their roles. Employee surveys serve as reliable sources of feedback in establishing an empathetic workplace for optimal work-life standards.
- An eye on employee development – Companies that openly promote employee development showcase a commitment to hiring employees for the long term. A JD emphasizing employee development presents a conducive culture that values individual employee contributions. Doing so sets the tone for a motivated workforce and reinforces job security.
- Organizational stability—It is important to inform candidates of your enterprise’s reliability and consistency as an industry leader. A stable organization offers prospective employees greater trust and confidence in retaining their jobs during the most chaotic market conditions. Your hiring team can showcase organizational stability in JDs by specifying the years of operation and notable achievements of industry excellence.
Other Employee Value Propositions Considerations
Aside from incorporating the five compelling EVP factors in your JD, your hiring team should also consider addressing the following points:
- The role of technology—The rapid rise and implementation of emerging technologies like generative AI have become increasingly undeniable enterprise fixtures. Presenting opportunities for training and professional exposure in these areas could help you leave a winning impression on the modern job seeker.
- DEIB-focused missions—DEIB has become vital in shaping an organization’s commitment to corporate social responsibility. Your JD should promote an inclusive company culture where team members of all backgrounds can benefit from equal access to the resources and support needed to thrive in their careers.
- Focus group insights – Recruiting focus groups provide valuable input, enabling your company to align hiring goals with specific employee needs, such as those from underrepresented communities. Segmentation into various groups based on geography, gender, and cultural representation provides rich qualitative data on employee experiences and expectations.
- A strong sense of purpose and core values—A growing number of employees seek deep meaning and personal fulfillment in their careers by contributing to a greater cause. These talent trends challenge the traditional concept of merely earning a paycheck in a job. Gartner identified the Human Deal Framework, which outlines holistic well-being, workplace autonomy, and community connections as integral considerations.
How to Create Your Employee Value Propositions
Creating strong employee value propositions (EVP) is essential to attract and retain talented people. Follow these steps to develop a compelling employee value proposition that reflects your company values and offers tangible benefits.
Understand Your Company’s Mission and Values
Start by examining your company’s mission and core values. So, what makes your organization a great place to work? Identify the unique benefits and positive aspects of your workplace culture that make it stand out.
Gather Input from Current Employees
Talk to your current employees to get their perspectives. Conduct surveys, focus groups, or exit interviews to understand what they value most about their employee experience. This feedback will help you create an effective EVP that resonates with both new hires and existing staff.
Highlight Tangible Benefits
Your employee value propositions should clearly outline the tangible benefits your company offers. This includes health benefits, stock options, parental leave, and base salary. So, don’t forget to mention any unique perks like remote work options, hybrid work, or a strong emphasis on personal growth.
Emphasize Career Opportunities
Showcase the career opportunities available within your company. Highlight clear career paths, opportunities for advancement, and the support you provide for personal and professional development. This can also make a direct impact on attracting ambitious new employees.
Foster a Positive Work Environment
Another way is to describe how your company promotes a positive and inclusive work environment. Mention your commitment to a healthy work-life balance, employee resource groups, and a strong team spirit. Therefore, a positive work environment is a key component of a great employee value proposition.
Use Clear and Consistent Messaging
Your company’s EVP should be communicated clearly and consistently across all platforms. So, use your career page, social media, and other communication channels to share your employer value proposition. Consistent messaging helps build strong employer branding.
How to Promote Your Employee Value Proposition
Once you have created a strong employee value proposition, it’s important to promote it effectively to attract the right talent.
Integrate into Your Hiring Process
Incorporate your company’s employee value proposition into every stage of the hiring process. Make sure it’s highlighted in job descriptions, during interviews, and in follow-up communications with candidates. This shows new hires your commitment to providing a great employee experience from the start.
Leverage Social Media
Social media is a powerful tool for promoting your company’s EVP. So, share posts about your company’s culture, employee success stories, and the unique benefits you offer. This not only attracts new employees but also turns your current staff into brand ambassadors.
Showcase Best Employee Value Proposition Examples
Highlight examples of your best employee value proposition in action. Share stories of employees who have benefited from career opportunities, flexible work options, or unique perks. Also, real-life examples make your EVP more relatable and attractive to potential hires.
Engage Your Current Employees
Encourage your current employees to share their positive experiences. Employee testimonials can be a compelling way to promote your EVP. so, this reinforces your workplace culture and the sense of community within your organization.
Monitor and Adapt
Regularly review and adapt your EVP based on feedback and changing trends. Monitor metrics like annual employee turnover and new hire commitment to see how your EVP is performing. Be willing to make changes to ensure it remains relevant and effective.
Promoting a good employee value proposition requires ongoing effort, but the positive impact on attracting and retaining great people makes it well worth it. With a solid EVP, your company can become a great place to work for talented individuals seeking career growth and a supportive work environment.
Incorporating Optimized Employee Value Propositions with Technology
An effective job posting involves multiple sections. It is understandable for HR teams and hiring managers to omit critical points (e.g., effective EVPs), especially when simultaneously handling a large volume of postings.
Human error could result in oversights or inefficiencies in the job title, JD, and the content body. In some cases, inherent biases may turn away perfect fits for a job vacancy.
McKinsey reported that 87% of companies have already experienced a skills gap. These numbers could rise due to a slow global economic recovery and a tight job market. Now could be the critical juncture for rethinking the hiring and recruitment approach.
Now more than ever, enterprises may need to make their employee value propositions shine like any other aspect of the job listing. Hiring managers and recruiters can promote the best places to work through enhanced listings with focused EVPs.
Ongig’s Text Analyzer Solution
Using Ongig’s Text Analyzer platform can help you create compelling employee value propositions. Our job posting solution offers access to industry-approved JD templates. These check against every key section of your job listing, appealing to the best hires according to their career expectations.
By doing so, your recruiters can increase job application rates while keeping the JD library consistent and compliant with the latest hiring requirements (e.g., DEIB regulations). As such, your HR team can consistently scale recruitment by populating every JD field with a unique set of benefits while keeping content unbiased and appealing.
Enhanced and algorithm-driven JD creation enables your hiring team to incorporate the latest EVPs. These inclusive JDs expand your enterprise’s candidate pool during talent acquisition, resolving industry skill gaps and boosting retention.
Why I Wrote This?
Ongig’s advanced Text Analyzer platform empowers your hiring managers with AI precision in identifying and replacing biased and boring JD content. Text Analyzer also provides systematically organized JD templates to scale your recruitment through automation. The platform helps attract the best talent to job postings by accounting for every section of your JD based on revitalized EVPs. Request a demo, today!
Shout-outs:
- Top trends affecting workplace in 2024 and beyond – IW Inspiring Workplaces
- By Jordan Turner, Gartner – 9 Future of Work Trends for 2024
- Gartner – Climate Change is Redefining Employee Benefits, By Emily Rose McRae
- By Indeed Editorial Team, Indeed – What Are Employee Benefits and 18 Types of Employee Benefits
- By Madeline Miles, BetterUp – Understanding pay transparency and its importance
- Compt – How to Create a Winning Compensation Strategy for 2024
- By Elaine S. Povich, Stateline – Pay Transparency Laws Raise Women’s Salaries (And Slightly Lower Men’s)
- By Jessica Leyshon, Sage – 12 ways to support a better work-life balance for your employees
- By Elizabeth Walker, People Keep – Pros and cons of earned wage access (EWA)
- What is Economic Mobility? – The Bell Policy Center
- By Ben Wiggert, Gallup – 6 Workplace Trends Leaders Should Watch in 2024
- Partners – Keep Calm and Carry On: Organizational Stability in an Uncertain World
- Mercer – Your employee value proposition (EVP) needs to evolve with a changing world
- By Jordan Turner, Gartner – Employees Seek Personal Value and Purpose at Work. Be Prepared to Deliver.
- McKinsey & Company – Building workforce skills at scale to thrive during—and after—the COVID-19
- Focus Insites – Mastering Recruiting Focus Groups
- By Shaun Aguilera, Great Place to Work – Are Employee Surveys Effective? Unlock the Power of Feedback for a Thriving Workplace
- Mondo – The Most Effective Competitive Pay Strategies for 2024
