The highly competitive job market in 2018 has led to more than 3 million Americans quitting their job every month. In addition to salary increases or trendy perks and benefits, consider creating an employment value proposition for your business to help retain employees.
What Is an Employment Value Proposition?
An employment value proposition refers to intangible benefits and experiences that each worker gains from the skills they offer. The experiences employees gain at your company form a foundation for moving forward with their careers. For example, a member of your sales team blossoms by tapping into their strengths as a key negotiator, and that leads to a management position later in life. Ideally, that management position is with your firm, which is where your office culture comes into play when looking to retain employees.
Start by Analyzing Your Office Culture
Better employee engagement is the key to better retention, and your office culture should reflect that. Perks and better wages are a good start, but your employment value proposition should convey that workers have a place to grow and flourish within your organization. Evaluate your employee experience at your company and see what you can improve. Look at the technological tools your workers have at their disposal, training and development opportunities, the overall work environment, how leadership responds to team members, and your business operations.
Then, recruit employees that fit into your office culture. When you hire the right people, you can give them the autonomy they need to get their jobs done. Autonomy means you trust your workers, and they, in turn, improve your company's brand by going above and beyond their daily duties, giving you relevant feedback about their positions and espousing the core values of your business model. These aspects all fit into your employment value proposition.
Provide Clear Paths for Promotions
Employees stay engaged with their jobs when they know there are paths to promotions. Provide development opportunities, leadership positions and increases in salary when workers meet certain goals and the opportunity for advancement arises. Offer ways for employees to make lateral moves in your firm if you see that their strengths lie in other departments or areas. Having a bit of flexibility once you onboard employees helps them to see what possible futures they have at your office, and that makes workers happier knowing that they get rewarded for hard work.
Why Should You Have Better Employee Engagement?
Better employee engagement leads to higher retention rates. A study from Gallup determined that engaged employees are 59 percent less likely to look for other employment within the first 12 months of being hired. That saves you money in terms of human resources, and it lets you have time to train a valuable member of your team. Engage with your team by providing regular, consistent feedback and by knowing when to supervise them versus letting employees do their own thing.
An employment value proposition lets your workers know they are valued and trusted to run your business. Trusting your employees, in turn, helps build a cohesive team that elevates your core values and business model. How do you show your employees that you care about them?
Photo courtesy of Alice Heiman at Flickr.com