There’s a hot new term in HR that employers are focusing on to hep give them an edge over competitors in the hiring war. In commercial real estate, hiring and retaining superstar talent can be essential to long-term success. So, it makes sense that businesses in this field are asking about how to improve their employment value proposition to attract better candidates.
Just What Is an Employee Value Proposition?
This term is relatively new, but the concept is as old as time. So, just what is an EVP or Employment Value Proposition, and what does this mean exactly? In short, this term envelops the sum total of the value your organization can provide to potential employees. From the salary to the benefits to the workplace culture and employee development opportunities, your company benefits your employees. In exchange, they provide you with their skills, knowledge, and time.
But why should they?
What sets your company apart from all the other organizations in the commercial real estate space? That’s where your EVP comes in. It’s essentially your brand, but measured in the value you provide employees in exchange for the value they provide to the company.
How to Craft an EVP
It’s not as simple as setting a high salary and calling it quits. The fact is, CRE compensation is still on the rise. So, if that’s your only focus, you could be burning through a lot of capital to keep up. There are several key components that make up a vibrant employment value proposition, including:
These form the core of your employer brand and represent a promise to your workforce. To attract high-value candidates to fill your openings, it’s essential to craft an attractive EVP. Here’s how to go about it:
- First, identify what sets your company apart. What are your unique selling points? Why would a potential employee want to work for you over another group?
- Second, brainstorm to get a grasp on employee needs. What do employees want from a job in your field? How can your company empower people to meet these aspirations?
- Next, incorporate your company’s mission and goals. Your employment value proposition should be closely aligned with your values and culture to show potential hires with similar values the benefit of plugging in there.
- Then, review for integrity and authenticity. Is your company’s work schedule flexible? If not, don’t say it is.
- Next, be tangible where possible. Put your value in their hands. Have you included everything that is relevant to their desired value, like PTO, learning opportunities, bonus structures, etc.?
- Lastly, it’s important that your business communication effectively showcases your employment value proposition. Is it relatable? Is it compelling? Bring it to life with testimonials and specific examples.
Review for Success
Now that you have your EVP established and crafted, what next? Well, an employment value proposition isn’t a static thing. It needs to be reviewed and updated often for ongoing hiring success. Measure results and get feedback. This enables you to rethink your EVP and adjust for changing times and needs.
As you follow these actionable steps, you may find your proposition focuses too much on collective benefits and not enough on individual value. Or you may find too much emphasis on material value instead of the non-tangible benefits. Keep adjusting.
This continual cycle of reviewing and improving can help you craft an attractive employment value proposition that gives you a competitive edge for many years.