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Using employee value propositions to improve retention

The business landscape constantly changes in the human resource management realm, but offering a strong employee value proposition (EVP) can lead to competitive advantages, increased profitability and a strong company brand. Strategic human resource management has evolved into an important business function as companies strive to motivate employees and create a strong corporate culture.

An EVP is what a company offers employees in return for the skills, experience, knowledge and other qualities they bring to the position. Typically, an EVP consists of benefits, development opportunities, financial incentives and other perks.

The EVP also includes the company’s values and vision, which is important to job-seekers who look for companies with similar values to their own. A strong EVP could sway a desired candidate to choose one company over the other.

Having an especially strong EVP can also help an organization land a potential employee not actively searching for a job, so the value of a good EVP can be huge. According to an Indeed survey, 21% of job seekers decided to accept the offer for their current job because the company’s mission reflected their interests and values.

Types of EVPs

Although EVPs vary by company, the top ones stand out from the competition and are relevant to the employees’ needs and wants. An EVP should make employees proud, motivated and encouraged to consistently do their best work.

  • Material offerings: These perks include compensation, physical office space, location, commuting subsidies, computer equipment, schedule flexibility and schedules.
  • Growth and development opportunities: Employers can create strong value for employees by helping them acquire new skills, like assigning them new roles, providing training, and giving them the opportunity for promotion.
  • Connection and community: Employee appreciation and value as part of a large group dynamic, along with a sense of mutual accountability and social relationships, lays a foundation for an exciting culture that allows people to express themselves candidly. It also enhances a sense of belonging.
  • Meaning and purpose: A company’s aspirational reasons for existing will hopefully align with its employees’ desire to improve local and global society. It’s also the answer to the essential question of why employees do the work they do.

Putting People First

Boise State University’s Online Master of Business Administration provides students with the necessary tools to provide strategic human resources that focus on how to not only recruit, but retain quality employees.

The people-centered approach, which prepares students to understand the importance of EVPs, includes online collaborations with classmates in various areas of business for added perspective.

In particular, the People and Organizations course focuses heavily on integrated manager-employee relations in an organization with various elements of MBA strategic human resources management planning, employee recruitment, selection, performance appraisal, discipline, coaching, compensation, and termination issues.

The MBA strategic human resources management teaching also includes an emphasis on group dynamics, motivation, leadership, problem-solving, negotiation, and self-management. Strategic human resources management can lead to companies having a multi-generational workforce.

EVPs are a good way for an organization to attract top talent and make the most of having quality employees to help it stay competitive and reach new heights.

Want to Learn More About Boise State’s Online MBA?

Are you ready to increase your strategic human resource skills and find a quality EVP as an Online MBA graduate? Attend an online information session or connect with a student success coach to learn more about Boise State’s Online MBA.

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