When you go beyond employment and a salary; what else makes working for your business special? Its perks, benefits and programs. It’s business values, vibe and structure.

These are all the things that make up a company’s employee value proposition (EVP), one of the most useful recruitment tools used by HR professionals.

What is in this guide to building an employee value proposition (EVP)?

In this guide, we’re going back to basics on how to establish a great EVP to retain your staff and recruit great new talent. It covers:

• The core elements of an EVP
• How to get started with an EVP
• Employee EVP survey template
• Leadership EVP workshop template
• How to show off your EVP
• A sneak peek of Employment Hero’s EVP

Disclaimer: While due care has been taken in preparing the document, no responsibility is accepted by the author for the accuracy or suitability of the information contained. All liability is expressly disclaimed for any loss or damage which may arise from any person relying on, using or acting on any information contained therein.

How does an EVP reduce annual employee turnover?

Between the ongoing disruptions of the pandemic and the rise of the Great Resignation, one thing is becoming increasingly clear; both talent acquisition and retaining existing employees are going to be an extremely tough task in 2022. If you thought you’d seen a lot of employee movement in 2021, we’re sorry to tell you that this trend is far from over. According to our Employee Movement and Retention Report, 48% of Australian employees are planning on seeking a new role as we enter 2022. Yep, you read that correctly. Australian workplaces could lose nearly half of their teams next year. Whether you’re looking to decrease annual employee turnover or improve new hire commitment, a strong employee value proposition is an absolute must. If you’re thinking about refreshing your employer brand, now is the time to act.

How can Employment Hero strengthen your employee value proposition?

We understand that making employee experience great is a key part of being an employer or HR manager. When we decided to build a platform to make employment better and more valuable for everyone; we knew that employee benefits and rewards had to be a key consideration. Employment Hero can give your EVP the boost it needs as we head into the new year, integrated with the time-saving and admin-reducing features of our cloud-based hr and payroll software. So, let us give you a little tour of the EH benefits that can strengthen you can use to craft a unique employee value proposition and. build an irresistable company culture.

1. Reward and Recognition Tools

Employment Hero has a suite of reward and recognition tools to make sure that every single person on your team feels appreciated. 

ShoutOuts Feed. Company-visible expressions of recognition make it easier for employees to communicate with one another, breaking the ice that can sometimes build up between teams that don’t often collaborate with one another.

Using the company feed on the Employment Hero app, shoutouts can be submitted on either mobile or desktop, making it super easy for employees to recognise each other. This is a highly-visible show of thanks, making sure that no great work or special day goes unnoticed. 

HeroDollars are the on-platform currency that employers can use to offer financial compensation to their staff for exceptional work. This can be aligned with superb performance and have a value of $10 each time they are awarded.

Small tokens of thanks can keep current employees feeling encouraged and motivated. HeroDollars also go further on the platform, as your team can redeem financial rewards at a discounted price on our Discounts marketplace.

2. Benefits

Complement employee compensation packages with free access to Employment Hero’s perks and benefits, powered by the aggregate buying power of over 200,000 users. 

Discounts is Employment Hero’s on-platform marketplace which is home to thousands of services and household items. Powered by the aggregate buying power of over 200,000 users, your team can access reduced prices on health insurance, tax and accounting services, UberEats vouchers, household goods, tech, gym memberships and movie tickets. Users can shop from the Discounts portal using HeroDollars or their own money. They can also use our Instapay service

Instapay is a service run by Employment Hero that allows employees to access a portion of their earned wages in real-time without having to wait for the next pay run. It’s the perfect service to reduce financial stresses, and can help your team manage unexpected one-off expenses, with no need for payday loans.

Instapay comes without any additional payday headaches for employers. To allow organisations and employees to use this feature, Employment Hero has set up a pool of funds, allowing an employee to receive payment when they request an InstaPay withdrawal.

When a payroll admin conducts a pay run, Employment Hero inserts a payroll deduction into the pay run for each employee that made an InstaPay request. 

 We also have helpful health and happiness resources available on the platform, created in collaboration with wellness experts.

3. Employee Assistance Program (EAP)

An employee assistance program (EAP) is a program that employers can provide to their employees and their immediate family members, so that they can access professional counselling and support services.

Our EAP offers 24/7 confidential support. Each employee will have access to free counselling sessions throughout the year. This includes a manager support hotline, critical incident response team and immediate crisis counselling. They will also have a dedicated account contact to help book their sessions.

4. Learning

Learning Management Systems (LMS) are one of the best ways to engage your team with learning. Whether you want to make training mandatory or give them the freedom to explore online courses, using an LMS is the easiest way to make learning a part of the everyday.

With Employment Hero’s LMS Learning Plus, your team can access thousands of on-demand courses. It’s integrated with our platform; so they can track their achievements and progress. You can also upload your own original content if you’d like to create a module that’s specific to your business.

Want to take a sneak peek at Employment Hero’s EVP?

Want to see a real-world example of how Employment Hero’s tools can help strengthen your employer value proposition? Well, as we happen to be our own customer, we can give you a sneak peek at ours!

Through this articulation of our EVP, we’re trying to show that the person who takes the role will be mentored and encouraged to grow. We want to convey that we’re a workplace that invests in its team and appreciates open communication.

We then list our workplace benefits, which utilises features from Employment Hero, in addition to things like quarterly celebrations, flexible working and in-office snacks. What’s produced is a well-rounded, but succinct, offering.

Showcasing our employer brand through job ads

Here’s an excerpt from one of our recent job ads for a role in marketing. Look out for our platform benefits mixed into our unique workplace benefits. Why Employment Hero? We’re a team made up of experts, so there’s plenty of chances for you to learn, grow and get some one-on-one mentorship from some talented marketing geeks. We want to help you grow and we value open and honest feedback and support.

Benefits:

• Self, health, wealth, happiness programs and tools
• Friday drinks in our fancy in-office bar
• Flexible working arrangements
• Continuing education / post-graduate assistance program
• Sport teams
• Virtual yoga and meditation classes
• Access to discounted health insurance plans
• Daily office breakfast and fresh fruit
• Quarterly and yearly team celebrations
• Ongoing mentorship
• Employee Rewards and Recognition Program
• Employee Assistance Program (EAP) to support staff mental health

Craft a great employee value proposition

Building a compelling EVP statement will take an investment of time and energy from you and your team. But it will be worth it when you see the positive impact it has on your business.

Now that you know the benefits of having a strong EVP, download our guide now to get started.

Looking for more resources on building an EVP?

Here are some great resources to learn about creating a great employee value proposition:

• Why you should foster a culture of reward and recognition
• What is company culture?
• Signs of a healthy work environment
• Easy to use EVP strategy worksheet

Download How to build an EVP from the ground up for free now.