What Are Examples of Benefits and Rewards Part of the Employee Value Proposition?
The employee value proposition varies depending on the organization. There are 5 main categories of benefits.
- Financial benefits: salary, bonuses, stock options, etc.
- Employment benefits: health insurance, retirement benefits, paid leaves, gym membership, additional holidays, summer work hours, etc.
- Career development: specialized training, scholarships, mentoring, promotions, opportunities to work abroad, etc.
- Work environment: work-life balance, flexible work hours, workspace design, recognition, etc.
- Company culture: employer branding, values, mission, alignment with goals, etc.
Why Is the Employee Value Proposition Important?
The employee value proposition (EVP) of a company plays an important role in attracting and retaining top talent. Specifically, the EVP contributes to the desire of an employee to work for a given company over another.
How to Create an Employee Value Proposition?
The steps to create an employee value proposition typically include:
- Assessing the current offer of the company;
- Interviewing existing and past employees to understand what motivates them;
- Defining the key components of the EVP (financial benefits, employment benefits, career development, etc.) that make the organization unique;
- Writing the employee value proposition in an official capacity;
- Presenting and promoting the EVP.
