"Similar to how a corporate brand works (which offers a value proposition to customers, defining products or services in the marketplace), an employer brand includes the market's perception of your company as an employer. It describes your promise (or employee value proposition - EVP) to employees in exchange for their experience, talents, contacts, or skills," defines Sarah A. Lybrand.
What is an Employee Value Proposition (EVP)?
According to Indeed, "many job seekers search for companies that share similar values. Seeing an employee value proposition that aligns with an employee's goals and passions may convince them to choose your company over another. In fact, 21% of job seekers decided to accept the offer for their current job because their interests and values were reflected in the company's mission."
How Can you Build your Employee Value Proposition or Employer Brand?
"Defining your employer brand and unique EVP requires a thorough assessment of the core strengths of your organization and identifying the different elements that come together to make your organization a destination workplace," according to Christy Peters. These are the 5 core strengths she suggested:
1. Financial Rewards
Consider how you compensate and reward your employees financially. Not just salary but in terms of bonuses, stock options, potential for overtime, etc.
2. Employment Benefits
These are the tangible and value-add benefits that make up an employment package. A benefits package always works best when it's customized to the industry, an organization, and its employees.
3. Career Development
In order to attract the right talent for your organization, you need to communicate the growth potential of their role and for them as individuals. Some ways to do this include: technical training, sponsored courses or professional qualifications, and promotion opportunities.
4. Work Environment
This component of EVP is associated with factors that constitute a positive working environment, like flexible working hours, work-life balance, well-being programmes, etc. An engaging, exciting, and motivating work environment adds to a positive work experience.
5. Company Culture
Your company culture is the broad articulation of the shared values, goals, attitudes, and practices that characterize the organization. It's how people feel about the work they do, the values they believe in, where they see the company going and what they're doing to help get it there.
Which is the most critical factor when building your employer brand in your opinion? Tell us in the comments section below.
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