Employee Value Proposition - Meaning and its Importance
Imagine a situation where you have to sell jobs for your organization to individuals who have many lucrative job options in hand, what would you sell the job for or would you actually be able to attract the right talent towards a certain job! Every organization wants the best talent onboard, but how many of them actually succeed in the same? The question stares most of the organizations on their face today!
Businesses can no more afford to think only of existence, they need excellence for survival. When we look at what makes organizations great, is it the fixed assets, the plant and machinery, the technology? No, while all of these are important and contribute in their own way to an organizations success, there is more to it that makes great organizations great, it is the people!
The biggest Challenges and EVP
Attracting, hiring and retaining people are the biggest challenges for the talent management of the day. For this to happen it is equally important to develop value propositions for jobs to attract talent sufficiently. Employee value proposition means creating a balance of rewards and recognition in return to an employees performance at workplace. It is a people centered approach that is directed to existing employees and integrated manpower planning strategies because it comes from existing employees themselves. It must be original, unique, compelling and strategically directed to a talent pool.
The biggest challenge to talent management is ensuring a supply of talent sufficient to match the estimated demand, especially when the demand is very hard to predict and when the supply of talent is not constant. Remember - the talent management of 1970s that failed severely because of the demand supply match. In such a scenario it is the best to build an employer brand of the organization which can be achieved by developing an employee value proposition. The latter is also referred to as employer brand proposition.
Why Employee Value Proposition
Many workers including Tandehill (2006) have recommended organizations to build unique brands of themselves in the eyes of its prospective employees. This essentially means developing a statement of why the total work experience at their organization is superior to that at other organizations. The value proposition should outline the unique employee policies, programs, rewards and benefits programs that prove an organizations commitment to people and management development. In nutshell it should define an employees why should I join this organization?
The employee value proposition needs to be communicated in all hiring efforts of the organization. It may be reflected on the companys website, job advertisements and letters extending employment opportunities.
Importance of EVP
Benefits of EVP - It is a known fact now that there is more to employee satisfaction than just remuneration (salary and benefits). Employee value proposition has been proven crucial to attracting, hiring and retaining the best talent in the industry. This goes a long way in helping prioritize the HR policies, creates a strong brand in the eyes of people, and helps in workforce engagement.
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- Talent Management - Introduction
- Benefits of Talent Management
- Talent Management - Financial Benefits
- Talent Management Principles
- Talent Management Process
- Talent Management Consulting
- Talent Management - Challenges
- Current Trends in Talent Management
- Talent Management Myths
- Talent Management System
- Talent Management Strategy
- People Problem in Talent Management
- Talent Management as a Profession
- Employee Value Proposition
- Application of Talent Management
- Recruitment and Retention
- ROI for Talent Management
- Talent Management for New Generation
- War for Talent in Global Economy
- Talent Marketplace
- Talent Management & Poaching Talent
- Succession Planning
- Achieving Competitive Advantage
- Performance & Talent Management
- The War for Talent and Its Implications
- Talent Acquisition and Management
- Nurturing, Enabling, and Empowering Talent at the Workplace