To sign up for our daily email newsletter, CLICK HERE
Posting unflattering job advertisements is easy. You look for reliable recruitment platforms, enumerate your requirements, and then list the salary range with some cliché benefits that are always present in every company’s offer.
You’ve waited a week or two, yet no one is interested in your ads. Few job seekers have tried applying, but their credentials don’t match what you need for the position. The tasks are piling up, and you have yet to find someone to fill the vacancy. Frustrating, isn’t it?
If the waiting game troubles you, review your job ads again and ask: Is the offer enough to attract top talent? What sets this offer apart from the competition?
Reflect carefully and answer the questions as if you’re a job seeker. Start worrying if you can’t see any special perks other than the typical attendance bonus and leave benefits — because you might need to catch up with your competitors to stay relevant. And yes, it’s about time to sit down with your HR team and put some effort into revising your company’s Employee Value Proposition (EVP).
What exactly is an Employee Value Proposition?
Simply put, EVP refers to the unique benefits you provide to your employees in exchange for their skills. There needs to be an emphasis on the word “unique” because EVP means more than just the regular paycheck. It is your company’s competitive edge, so it has to be something rarely offered (or not at all) by the competition.
Dov Breuer, COO of Fixlers, noted that “an EVP can be in the form of financial rewards, special PTOs, and training opportunities that promote career growth. It can also include healthy workplace culture, travel incentives, and any other perks that bring excitement and satisfaction to your employees.”
Why is EVP important to your business?
Compelling EVPs make an excellent employer brand and ultimately entice top talent. On the other hand, plain and boring EVPs only appeal to less qualified people who may not be a good fit for your company.
Milo Cruz, CMO at Freelance Writing Jobs, believes that an EVP can directly impact a company’s workforce quality. “You must take into consideration the effort exerted by job seekers to get to where they are. They have invested time and money to be the best in their craft, and your company has to match that with generous benefits and rewards. Otherwise, you can’t expect them to join your workforce, which leaves you with no choice but to hire underperformers.”
Three unique EVP examples to stay competitive:
- Flexible Work Hours and Work Spaces
Since the onset of the pandemic, flexible work hours and work-from-home setups have been part of many companies’ strategies to attract talent. People have become so accustomed to working remotely that it no longer excites them to return to the actual office setting despite lifting most of the COVID-19 restrictions.
Based on FlexJobs’ Career Pulse Survey in July and August 2022, a whopping 97% of employees prefer a working setup that is at least partly remote. 65% of respondents want to work remotely full-time, while 32% find the hybrid workplace model enticing. This survey shows that offering remote work arrangements is vital to luring top talent and retaining current employees.
Preston Powell, CEO of Webserv, can testify to the accuracy of the survey. “As a business that operates remotely, we have successfully retained our employees and made a few exceptional additions to our team. This is possible because we offer them more flexible work hours. We also allow them to work at home as long as they can meet the required productivity level.”
Meanwhile, Peter Hoopis, Owner & CEO of Peter Hoopis, has added an extra twist to their EVP by providing a budget for employees to personalize their workstations at home. “We came up with this unique idea because we know employees perform at the optimum level in a customized space where they are most comfortable.”
2. Floating Holidays and Flex Leaves
Offering floating holidays empowers employees to take extra paid days off without charging it against their typical leave credits. These also allow a particular employee group to enjoy additional rest days to celebrate specific events related to their religion or cultural upbringing.
“Offering floating holidays is an excellent way to show employees your drive to foster diversity, equity, and inclusion in your organization. It lets them appreciate your workplace culture and be more interested in being part of your company, ” said Fred Kuffer, Director of Insurance at BrokerLink.
Flex leaves, on the other hand, work similarly to floating holidays. The only difference is that flex leaves can be used for any reason an employee sees fit. Also, flex leaves can only be applied after exhausting the typical vacation and sick leaves. It’s like extra days of paid time off in case you run out of regular leave credits, and you want to extend your vacation or are still sick.
“Through flex leaves, you are telling job seekers how you will trust them with their time once they work in your company,” Kuffer noted.
3. Personal Development Stipends
Gone are the days when mental health issues were considered taboo in the workplace. As years progress, mental health awareness has become a priority in many employee-centric businesses. Providing additional stipends proves that your company is willing to step up your game by taking good care of your employees’ overall well-being.
Ruth Novales, Marketing Director at Fortis Medical Billing Professionals, stresses the importance of giving additional allowance to the progress of every employee. “Not everyone can afford to engage in recreational activities that promote personal growth and mental soundness. That’s why it’s always a huge relief if you give employees a budget specific for things like attending a psychotherapy session or signing up for a gym membership.”
Personal development stipends are often put together with professional development stipends. One of them can already make your EVP attractive, but offering both is an even better move for your company.
If you wish to market your brand to high-calibre candidates, then you need to establish an employer brand that goes above and beyond. By now, you should already know that coming up with an attractive EVP is the sure-fire solution to ultimately overcoming the challenges brought about by the tight labor market.