Successful business owners know the value of each person on their team and realize that people are the most precious assets, so they continuously invest in value packages. This is a simple yet effective way to attract new talents and keep the excellent staff in your company.
But, how is the value pack even formed, and is there anything you can do to satisfy all the team members?
Yes! Keep on reading for all the tips and tricks that will help you retain the working force and grow your business in the future.
What is Employee Value Proposition (EVP)?
The employee value proposition is a complete set of offers and benefits you as a business owner have to offer to new employees.
Considering how challenging it’s becoming to attract and keep talents in the company, you have to be genuine and offer unique opportunities that will draw in the candidates. The EVP is much more than a competitive salary and can include compensation, stability, location, respect, work-life balance, incentives, etc.
With the right employee value proposition, you can reduce staff turnover, provide a fantastic experience for your working force and build a strong team. On the other hand, a valued employee is motivated to work more and thus help your business thrive.
Elements of Employee Value Proposition
In today’s industry and working environment, people look for much more than a paycheck. This is why every successful business invests in the staff and provides them with valuable compensation, benefits, and growth opportunities.
This way, you will gain more top talents when you need new employees and retain the existing amazing people you already hired.
Here are the main elements of EVP:
Compensation
- Salary
- Raises
- Promotions
- Fairness and on-time payments
- Good evaluation system
Benefits
- Holidays
- Time off work
- Insurance
- Retirement
- Flexibility
- Family time
Career
- Opportunities for development
- Stability
- Training
- Feedback
Work Environment
- Autonomy
- Recognition
- Work-life balance
- Responsibilities
Culture
- Support
- Teamwork
- Trust
- Leadership
How to Put Together a Great Employee Welcome Package?
Hiring new people is always exciting and nerve-wracking for everyone, so it’s essential to give the new staff members a great welcome package and everything they need to get started. Depending on the type of business and the role the employee is taking on, this package can look different, but it’s always with the same idea of creating a great onboarding experience.
So, if you want your new employee to feel welcomed and productive as soon as possible, a few things can help this process. There are some ready-made packets on the market you can use, or you can create a unique plan with your team to welcome new members.
New Hire Welcome Packet Ideas
Here are a couple of ideas for what you can put in the welcome package:
- A welcome note
- Notebook and pens
- Compensation and benefits information
- T-shirt
- Water Bottle
- Stickers
- Headphones
The packages are completely customizable and should be adjusted to the company and the position the employee will fill. It’s an opportunity to create team spirit from day one and ensure every individual in the company feels unique and valued.
While the welcoming package might look like an investment initially, it’s a smart way to show your staff that they can count on you. In addition, studies show that employees are more likely to stay even if they are offered a better salary, so you will lose fewer people if you show your appreciation.
Continue the Growth With Team Building
If you want your team to be even stronger while developing healthy competition and teamwork, you should consider team-building opportunities. This is one of the best and most fun ways to make the employees collaborate, form tight bonds, and transfer the experience to the working environment.
The team-building activities will encourage your employees to think outside the box, work on problem-solving skills and improve leadership.
