Compensation is the largest single line item when it comes to total rewards and a key component of the employee value proposition, while specific compensation plan designs will vary according to company and industry, and can be based on culture, management style and overall objectives, the basic objective should remain the same increased retention of valuable employees, better engagement and higher productivity for the organization, uniquely, one of the keys to employee retention is to come up with an appropriate employee value proposition for the type of person you wish to retain.
Good employee engagement strategy can help you improve your overall employer brand, and getting employees to review your organization can do wonders for employee morale and loyalty, 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, hence, when you commit to working toward employee happiness, the attitude of your employees follow suit and you stand to gain all that comes along with a happier workforce.
At a time when employee loyalty is at a low, organizations need to focus on raising employee satisfaction in order to retain top talent, forward-thinking employers know that the right retention strategy is essential to attract and retain talented staff at all levels, additionally, by understanding your employees – their various influencing factors, their preferences and passions – and adopting a strategy of consultative and discursive management, you will gain the respect of your employees, start developing a more creative and dynamic team environment and improve your staff retention .
Employee value proposition means creating a balance of rewards and recognition in return to an employees performance at workplace, there are several things you can do right now to start developing a cracking employer brand that helps your employee retention efforts, similarly, thus, a superior employee value proposition is increasingly the key to ensuring you attract, keep and engage the talent you need to drive your organization sustainable growth.
Company branding and engagement are connected, so writing an employee value proposition (which basically says who you are and why people should work for you) is an important step towards engaging your workforce, the thinking is that employees who feel valued will provide excellent products and service, which will result in the achievement of organizational goals. In addition to this, engagement, retention, and employee productivity are complex and multi-faceted problems.
Many business leaders struggle with creating an engaging work environment and motivating employees, create a concise, easy-to-follow employee value proposition, and customer value proposition, that are aligned with and fulfill your purpose. As a rule, how to improve retention by matching the expectations and promises set at the recruitment stage with the actual employee value proposition.
An employee value proposition is nothing and the sum total of the offerings your organization offers to its prospective and current employees so as to elicit best efforts, voluntary turnover is costly yet many organizations fail to analyze, prioritize and revolutionize employee retention strategy, usually, you can also use a value proposition canvas to help you map out the essential elements of your value proposition.
Your employee value proposition will give prospective employees insight into the way your organization operates, successful onboarding positions you as an employer that delivers on the promises made in your employee value proposition. Also, valuable employees will value your organization, and work hard to find new, efficient ways to do things.
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: