Are you looking for ways to increase your company’s value? Try putting more value on your employees.
Yes, it might sound obvious, but many businesses believe they know what they’re doing when, in fact, they don’t. According to PwC research, 65% of employees were looking for new jobs in August 2021, which is nearly double the 35% of workers in May 2021. Furthermore, according to statistics, one in every four workers resigns in 2021.
That’s why a good EVP plan (Employee Value Proposition) can be crucial to boosting business value. According to a case study published by Gartner, “Organizations that effectively deliver on their EVP can decrease annual employee turnover by just under 70% and increase new hire commitment by nearly 30%.”
But how do you create a workable EVP strategy? iHire conducted a study on employees who resigned and, more importantly, the circumstances under which they would agree to stay. There’s no better reference than this, so we’re going to analyze their responses in this post. But first, let’s discuss why you need this in the first place.
What You get by valuing your people?
The first thing you must understand is that your employees are the face of your brand. They are in constant contact with your customers, and seeing them satisfied definitely sends customers positive signals about your company. On top of that, your employees are intimately familiar with your company and may have numerous suggestions for improvement – all you need to do is listen to them.
Now back to iHire’s study.
Raise, bonus, or better benefits
Everyone has to pay their bills, so it’s no surprise that the majority of the time is spent on financial concerns. According to the study, 50% of employees said they would stay if they were offered a raise or bonus, and 22% said they would stay if they were offered a better benefits package. It doesn’t have to be a large sum, but even a small gesture can have a big impact on your employee and their family. Consider the amount that your company can handle and offer something to your employees.
Possibilities for growth and progress
Workers who are genuinely interested in their jobs typically want to advance and learn new skills. 25.4% said they would stay if they could see clear opportunities for growth or advancement. They would be 15.2% more likely to stay if there were opportunities for professional development and 12% more likely if they were promoted.
In order to retain your employees, it’s your responsibility to provide them with opportunities to learn new skills and improve their performance. The better they are, the better your business will be, and your clients and customers will notice the difference.
However, be sure to give this some thought. Some employees require onboarding, while others require reboarding and upskilling. Learn about the differences and determine who requires which type of education.
Feeling valued and appreciated
In the study, 25.7% of workers desired to be able to maintain a better work-life balance. Meaningful employee recognition garnered 19.8% of the vote, while regular performance feedback got 8.1%.
On the other hand, employers take all of these things for granted. But what employees really want is to be recognized for the good work they are doing. They want to know if they can do better on a certain task next time. And, of course, they don’t want to work all the time and never see their families.
So, instead of focusing on the negative aspects of their work, try to focus on the positive. Tell your employees about their progress. If they are having a bad month, see if you can help them. Make them feel valued, and they will gladly work for you.
Over to you
Don’t just take our word for it – determine your business value before implementing any of these recommendations. And then do it again after some time has passed. See the difference for yourself and, of course, consider what was good and what was bad. Let us know how things went for you – we’re looking forward to it.
Author: Sarah Kaminski – Freelance Writer and Social Media Marketer
Photo credit: Oluwakemi Solaja on Unsplash