How would you rank your current employee value proposition (EVP)?

Or — more importantly, perhaps — how do your EVPs look when ranked against your competitors?

You need a strong employee value proposition to entice rockstar candidates, snag their attention, and interest them in your organization. 

We’ve got everything you need to know about unique benefits here, providing essential tips and ideas to help revamp your EVPs. Whether you’re looking to attract diverse candidates or are just conducting a total benefits overhaul, there’s something here for everyone.  

The Value of Strong EVPs

An effective EVP is critical. 

It’s one of the main ways for employers to demonstrate how much they value their employees’ contributions. It can also act as a powerful incentive to attract the attention of top-talent individuals in a highly competitive labor market.

Many businesses fail to consider the financial benefit of having a strong EVP. It drives up retention rates, alleviating the financial burden of annual employee turnover. In fact, studies show that effective EVPs can decrease annual turnover by 69%. 

Beyond employee retention, great EVPs also:

• Improve employee engagement
• Boost morale
• Position the company as a desirable place to work
  
  

The benefits of revamping your company’s EVPs and making them more attractive far outweigh the costs.

EVPs can go beyond employee perks and offerings and consider aspects of the company’s mission. For example, organizations committed to affecting positive change in society will likely attract potential new hires who share that value. Many people derive a sense of purpose from working for an organization that’s committed to helping make the world a better place.

Keep Reading: How a Better Onboarding Process Improves Retention

How to Improve Your EVPs to Attract (and Retain) Diverse Candidates

The best employee value propositions go beyond providing the bare minimum of healthcare packages and 401k retirement plans. They offer those things and more.

Compelling EVPs provide solutions that help employees in their day-to-day lives. They include key aspects such as:

• Work-life balance initiatives
• Parental leave
• Caregiver support
• Career development opportunities
• Inclusive DEI-type initiatives
  
  

The value propositions that actually provide value take factor in the needs of a wide range of people. It considers the requirements of those with and without families and with a wide array of lifestyles and priorities.

The EVPs you choose can be the make-it-or-break-it decision factors that candidates use to determine whether or not to accept a position at your organization.

When looking to fix your employee value proposition to better attract a diverse range of highly skilled candidates, the best place to start is to assess where you are currently. Then, you can use that as a benchmark to help inform where you’d like to be.

Think about your current employees as well as the ones you’re hoping to attract. What meaningful and relevant perks and resources can you include in your EVP?

Let’s look at this in a little more detail.

Examine Your Current Employee Offerings

Once the list of all the EVPs you currently offer is complete, it can be helpful to look at it a little closer and ask:

•  How well does it represent and address company culture and core values?
• How well does it relate to things employees care about? How well does it address things such as general well-being, employee development, career growth, work-life balance, etc.?
• Does the current company EVP package offer something for all team members, or does it only address the needs of one type of person?
• If your current offerings only fit the needs of a particular demographic, are there equivalent EVPs for people in different situations?
  
  

You may find it helpful to think about the type of person who benefits from what you currently offer. If it seems pretty one-dimensional, i.e., what you offer only appears to address the needs of a particular demographic, it’s crucial to find ways to elevate employee benefits and make them more inclusive.

Discover: How to Improve Your Technical Assessment Tests to Find More Qualified Candidates

Adopt Employee Value Propositions That Appeal to Everyone 

Having a diverse workforce means each employee has unique needs, and the best EVPs take this into account. What you offer your employees should include something for everyone.

Here are some employee value proposition examples, broken down into categories:

Family Healthcare Plans and Flexible Family Planning

Having good, affordable health insurance and dental plans for all family members is important. The more attractive the healthcare plan options are, the better.

When it comes to other family-related situations, such as paid parental leave, it’s typical for one parent to get three times more leave than the other. Consider offering everyone the same amount of parental leave, regardless of gender.

You can also look into covering other family planning benefits, such as:

• Fertility treatments
• Surrogacy
• Adoption-related costs
  
  

These can really be an asset, as they make family planning accessible to everyone.

Flexible Work Arrangements

Many job seekers today are looking for remote work opportunities, hybrid work options, and flexible schedules.

Allowing employees to work remotely opens the door to more candidate options, as geographic location is no longer a significant barrier.

Giving employees the freedom to work from home and have some flexibility in their schedules lets parents participate more in their kids’ lives. They can amend their work schedule so it better aligns with that of their kids—an incredible incentive for those raising a family.

There are countless situations and scenarios where people benefit from working remotely. Plus, the employer benefits, too, by trimming office rental costs and other ancillary office-related spending. 

If you’re clear about the expectations, allowing employees to work remotely can open the door to many talented individuals interested in working for your organization.

Professional Development Opportunities

People in all stages of their professional careers are inspired to explore different career paths and growth opportunities.

Therefore, including EVPs that capitalize on professional development incentives can really whet the appetites of potential candidates who are looking for something new.

Feeling stagnant and stuck in your career can be demoralizing, and anything you can do to keep work fresh and exciting will pay dividends by motivating and engaging employees.

Career development support can be additional offerings, such as:

• Paid attendance to industry-related conferences and networking events
• Mentorship programs
• Career mapping and growth opportunities and incentives
• Educational stipends
  
  

Most people don’t react or perform well when they’re bored; employees want to be stimulated.

An environment with career development opportunities and personal growth incentives provides much-needed motivation and attracts candidates striving to excel.

Well-Being Initiatives and Incentives

A company culture that addresses the employee experience holistically understands and advocates for a healthy work-life balance. 

The EVPs in this category are meant to address employee needs beyond the work environment so that staff are more effective when they show up for work. 

Here are a few ideas to position your employer brand as one that supports employee well-being by offering EVPs that alleviate stress and allow your team to take care of themselves: 

• Offer free gym memberships—or a fully-equipped onsite gym
• Offer free daycare for young children
• Provide free access to wellness apps
• Include robust mental health plan coverage
• Allow employees to take paid mental health days
• Offer unlimited vacation
• Provide free monthly workshops on various activities and topics to help spark creativity and refresh the mind
• Offer discounted meal-delivery services
• Embrace the benefits of mindfulness and movement, and make space for both
  
  

Prioritize employee health and position it as a fundamental company value. Discourage overworking and other common practices that typically lead to burnout.

Potential employees who’ve become disenfranchised by the grind will likely see your offerings and incentives as a breath of fresh air.

Financial Incentives

Many people have insufficient retirement savings and lack the financial wherewithal to make well-informed decisions for their future.

Offering robust retirement options and access to a financial planner is an incredible incentive, something that could make the choice to work for your organization a no-brainer.

Here are some financial incentives that can really add the value to your EVP:

• Offer company stock options
• Provide a 401k with a generous company match (4% to 6% is the current average)
• Provide access to life insurance 
• Offer access to a financial planner
• Have short-term savings assistance and incentives
  
  

Financial illiteracy and insecurity are something many Americans struggle with.

Providing the resources and incentives for employees to empower themselves financially — both through education on the topic and wealth-building resources — can alleviate a tremendous amount of stress. A current Gallup study shows that 56% of Americans’ primary worries and concerns relate to financial hardship.  

Anything you can add to your EVPs to help address this will likely be well-received.

Transparent and Unbiased Practices 

Finally, there are a couple more incredibly important factors to consider that are colossal in creating the best work environment for employees.

Nobody wants to work somewhere where nepotism and favoritism rule and determine who gets promoted. Thus, having fully transparent practices —  in pay, in what’s needed to be considered for a promotion, etc. — is paramount.

All of this information should be written down and easily accessible to employees upon request.

Another way to showcase your commitment to your employees through fairness and equity is to provide annual or semi-annual DEI training for everyone. If your company doesn’t have a DEI branch, be sure that DEI initiatives and best practices are included in your standard operating procedures.

Get Feedback From Employees

One of the best ways to ensure that your EVPs are right on target is to conduct focus groups with your current employees, or send out surveys.

Ask for feedback on:

• Which EVPs they find attractive and why
• Which ones they don’t really see the value in
• What — if anything — they’d like to have included in the package
  
  

Use other metrics to determine this information as well. Feedback gathered from exit interviews can be pretty telling and can help inform what’s missing from your EVPs.

Your employees are the backbone of the organization; taking the time to make sure that everyone feels heard is another factor that makes your company an enviable place to work.

Demonstrate Your Commitment

We all know the saying, “actions speak louder than words,” and revving up your EVPs is the best way to demonstrate your commitment to employees. 

It’s important to not forget that EVPs can also be part of company culture; many people base decisions on where to work on company values that align with their personal values, such as a commitment to have a positive impact on social and ecological matters.

One way to demonstrate your business’s commitment to its values is to form partnerships and alliances with other organizations you believe in.

For example, companies who understand the powerful relationship between diverse teams and its positive effect on innovation and success may want to partner with someone who promotes diverse candidates, like Obsidi®.

An alliance with Obsidi® shows a commitment to diversity. Businesses who partner with us get access to some incredible benefits: Obsidi® partners get to showcase their organization in front of our members (over 90,000+ diverse professionals in tech). 

Any job openings they post are seen by all our highly qualified candidates, and companies who work with us join the ranks of some of the biggest names in tech who’ve formed an alliance with our organization.