The elements of a good employee value proposition
The compensation component covers the financial rewards your employee will receive for their services. You can ask yourself questions such as these:
- Does the salary you offer compete with industry standards?
- Do you have a clearly defined appraisal system?
- Are KPIs and promotions transparent across the organization?
- Do you have measures in place to ensure timeliness and fairness?
Taking the time to have an upfront conversation about such things with your employees can steer clear of any confusion and give them the confidence to choose you.
Perks and benefits
Alongside the compensation, companies provide employees with other benefits such as time off, maternity leave, insurance, food coupons, transportation facilities and so on. Some of these are offered by default based on local governmental guidelines. There is however an array of other benefits from which organizations can put together an attractive, statement-making benefits package for their employees - Childcare, mental health programs or support, fitness facilities, retirement plans, etc.
Clear career path
Beyond financial rewards and thoughtful benefits, employees want to see a future at your company - a career path - they want to know if you have a growth plan for them. Employees experience an atmosphere for growth or development through leadership programs, company sponsored certifications, planned mentorship programs, opportunities for promotions, opportunities to work on projects they like or projects that challenge and enhance their skills and expertise, etc.
People spend up to 8+ hours with colleagues for approximately 5 days a week. Their work environment hence weighs into their life.
- Are your working hours flexible and considerate?
- Are your employees able to have a work-life balance?
- Do you have technology in place to help them bring their best to work?
- What does your workspace look like?
Your people should love to come to work - and to do that, they should enjoy who they work with, what they do and where they work at. That’s why it’s highly important to build a positive work environment which quietly becomes a part of their everyday life.
Your workplace culture is the shared beliefs that manifests in everyday work, relationships and achievements of employees in an organization. It’s the responsibility of the leadership to define this, when they don’t, a culture forms on it’s own which may not be healthy to the organization's success or growth. You can start of with the following questions,
- Do your performance indicators measure the practice of culture?
- In what ways do you reinforce the desired values of culture?
- Do you recognize and reward culture champions?