How to Build a Winning Employee Value Proposition
Singapore is currently experiencing a heated talent market. According to JobStreet’s What Jobseekers Wish Employers Knew: Unlocking the Future of Recruitment report, 74 per cent of Singaporeans are “approached with job offers multiple times a year.” When the talent competition is this fierce, a strong employee value proposition can help you attract talent and retain your current employees.
What Is an Employee Value Proposition?
An employee value proposition (EVP) explains why candidates should choose to work at your company instead of your competitors. An EVP comprises financial compensation, benefits, development opportunities, core values, and other elements that make your organisation attractive as an employer.
It’s comparable to a unique selling proposition (USP). Marketers highlight a product’s USP to convince customers to choose theirs over their competitors. In the same way, creating a compelling EVP can help you attract the talent you need and win the loyalty of your employees.
For instance, if your organisation is known for its extended paternity leave and childcare benefits, you’re likely to attract employees with families. You’re also retaining more of your current employees who have children and appreciate these benefits.
Employee Value Proposition Examples
“As a charitable and social foundation, PAP Community Foundation (PCF) strives to nurture a multi-racial, fair, just and inclusive society by providing educational, welfare and community services.
At PCF, our people-first culture has bagged us the award of 2021 Best Workplace to work by Great Place to Work® in Asia.
You will enjoy abundant opportunities for intellectual, personal and professional growth; no matter what you do, we are a fantastic place to be.
PCF is offering a limited-time joining bonus and referral incentives.
Begin your journey with us.”
This EVP emphasizes PAP Community Foundation’s commitment to diversity and inclusivity, opportunities for development, and financial incentives. It also highlights its “people-first” culture and employment awards received.
“Working at the LEGO Group is more than just fun: it’s exciting, inspiring, and filled with creativity. It’ll spark your imagination every day and might just inspire you to explore career directions you’d never considered before.”
Lego’s EVP makes it clear that they’re looking for creative individuals who want to have fun, and it highlights career opportunities as well. The rest of their career page emphasises how much they value and encourage employees to play and highlights their family-friendly culture.
“A rewarding career is more than just dollars and cents – it is also about growing your capabilities and the ability to create impact. We want our 26,000 employees to Live fulfilled at DBS – to Be the Best, Be the Change and Be the Difference.”
This EVP emphasizes that DBS values its employees’ professional development and personal fulfilment. Their statement goes on to highlight the organisation’s inclusive and innovative culture and holistic benefits, along with the company values and goal to become “the Best Bank in the World.”
How to Improve Employee Value Proposition
Assess what your company currently offers. According to Harvard Business Review, an EVP is composed of four factors:
1. Material Offerings This is the compensation and benefits your organisation currently offers, plus the physical environment, equipment provided, and any additional perks. For instance, Jobstreet’s Future of Recruitment report shows that 19% of Singaporeans consider work-life balance as a deal-breaker. If your company offers flexible arrangements and more paid leaves than others, then include this in your EVP.
2. Opportunities to develop and grow This includes training and mentorship programs, opportunities for promotion, and career paths. Investing in upskilling shows employees that you value their professional growth. Plus, employees are more likely to stay at a company where they can see a clear career path.
3. Connection and community It deals with the social aspect of work – the relationships employees form with their colleagues and supervisors and their sense of belonging within the organisation. Singaporean employees find this necessary. According to the Future of Recruitment report, 14 per cent of Singaporean respondents consider their relationship with their superior as a top deal-breaker when accepting a job.
4. Meaning and purpose This factor refers to the company culture, mission, and vision – and how that matches your employees’ values. The Harvard Business Review explains that this “align[s] with employees’ desire to improve local and global society. They’re the answer to the core question of why employees do the work they do.”
Evaluate what your company offers in terms of these four factors. For instance, look at your current compensation and benefits packages and see how they stack up against your competitors using the JobStreet Salary report. Note the career development opportunities, company culture, physical working environment, and other unique characteristics of your organisation that make it an attractive place to work.
For example, Channel News Asia notes that while the Ministry of Manpower has extended government-paid paternity leave to four weeks, some multinational companies offer 4 months of paternity leave—the same length as government-mandated maternity leave. While this may not be a deal-breaker, it is certainly a big plus that would attract working mums and couples planning to start a family.
Find out what your employees think. Gather insights by conducting regular employee satisfaction and engagement surveys, along with exit interviews. Needless to say, these surveys should be anonymous so that employees feel safe to give honest, constructive feedback without fear of repercussions. Likewise, exit surveys can shed light on employee pain points and what your company can improve on to retain workers.
Online company reviews are another helpful resource. After all, current and former employees are more likely to give their unfiltered opinions on these platforms. You can check reviews of your organisation on your JobStreet company profile.
Craft your EVP. Draft your EVP using the insights you gained in the previous steps. Your EVP should be targeted toward the type of employee you want to attract. For instance, JobStreet’s Future of Recruitment report shows that highly experienced workers list financial compensation, work-life balance, and their relationship with their superior as their top 3 deal-breakers. If you aim to attract and retain highly experienced workers, you could emphasise how your organisation addresses these needs.
At the same time, your EVP should highlight your strengths as an employer. If you belong to a multinational company, you will likely have superior capabilities to provide higher financial compensation and benefits. Leverage the unique perks that your company offers. For instance, on top of the usual medical coverage, Google lists a “second medical opinion for you and your loved ones” along with “onsite wellness centres” on its benefits page.
If you belong to a small-medium enterprise, you can highlight your organisational culture, values, and opportunities for training and career development. After all, EVPs don’t need to revolve around perks.
TAFEP suggests creating customised career paths, mentorship programmes, and training programmes for your employees. According to Jobstreet’s 2022-2023 Outlook: Hiring, Compensation & Benefits report, 49% of employers offer training or self-learning programmes, while 12% plan to offer them this year.
As you develop your EVP, make sure it’s authentic. Just as customers dislike false advertising, employees are unlikely to stay at a company that paints an inaccurate image of its culture. Once you’re done creating your EVP, workshop it with a group of employees to guarantee it captures why people would want to work for you.
Communicate your EVP internally and externally.
Your employees are the best ambassadors for your company—what they say about your organisation carries weight since they’ve experienced working for you firsthand. Make sure your employees are familiar with your EVP, so they can easily spread the word about job openings. Include your EVP in onboarding collaterals, such as the employee handbook, and announce the EVP via a town hall or internal newsletters.
Broadcast your EVP externally via multiple channels: your company website’s Careers page, social media channels, job listings, and JobStreet company profile. Employee testimonials are another powerful way to communicate your EVP. There are also employer awards that you can apply for, such as the SkillsFuture Employer Awards and the Great Place to Work awards. These accolades can give credibility to your EVP.
Evaluate the results. Once you’ve communicated your EVP, measure its effectiveness through metrics such as time to hire, number of applications from passive candidates, employee retention rates, etc. At the same time, evaluate your EVP from time to time to ensure that it still addresses employees’ needs.
When you create a compelling EVP and deliver on what it promises, you can win the loyalty of your employees and attract the talent you need. And in a competitive job market, your EVP can be the deciding factor that makes a candidate choose your company over a competitor.
Now that you know how to create a great employee value proposition, learn more about Singapore’s job market by downloading the Future of Recruitment report. Then download the JobStreet App on Google Play or App Store and check out our hiring insights.