This week, what you can do to retain your existing talent and to attract new talent into your business. This week I want to talk to you about the importance of having a solid Employee Value Proposition.
Now, your employee value proposition is a similar concept to that of a Customer Value Proposition. In other words, your customers don’t just choose you because of the price. Well, I hope they don’t. They should choose you because its price and service and quality, in other words, a package of value that they are happy to engage with you on.
What your employee value proposition is, is a similar thing so it’s not just about the salary that you are paying. It’s about all of the other things that come as part of the overall package. Last week I was talking to a client who was telling me about one of their key team members who had been headhunted by their competitors.
The competitor offered this particular person loads more money but the person decided that they were happy to stay where they are. Why? Because this person felt that they had a better value proposition staying at this particular business than moving elsewhere.
Overall, the package of value wasn’t sufficient. So think about your business. Think about your employee value proposition. What you want is to think about what else can you offer the people in your company. What else can you offer candidates to make sure that they feel like your vacancies are the best deal in town?
What can you do around perks and benefits around brightness of future and showing people clear development paths and progression opportunities.
What are you doing to help people understand how much training they can get in their particular roles? All of these things are some of the components that form your employee value proposition. You need to make sure that you spend time with your key people in developing something that is solid get it written down share it amongst your existing team members and make sure that you use your employee value proposition in all of your recruitment.
So, the big question for you is why should they choose you?
See you next time on Mind Your Own Business
If you’re looking for more small business tips, then we’d like to see you every week on “Mind Your Own Business,”
Marco Soares is an award-winning business coach in Sussex and is available if you’d like help implementing these tactics.
