As a million dollar CEO, attracting and retaining the right-fit talent is crucial for your company’s success. In today’s competitive job market, having a clear employee value proposition gives you a significant advantage even if your competitors offer higher pay.
Why it matters
Employee disengagement and turnover rank among the highest costs you face, and these costs hide in plain sight because few companies measure them. Right-fit employees are more productive, spread joy, and stay longer. Right-fit leaders hire and cultivate them.
George Santos has recently highlighted the importance of having an employee value proposition. Imagine if New York voters had a clear employee value proposition stating that their representatives needed character beyond reproach. Acceptable candidates, they might have said, must have a longstanding reputation for honesty and fair dealing, and a history of learning from past mistakes. With such clarity, candidates like Santos would not have run, and the media would not have been asleep at the switch.
How to create it
This chart shows four value areas for your employees.
Short-term, tangible benefits are essential, but companies too often over-emphasize them. The risk is selecting talented people who do not fit your organization’s values and not selecting right-fit people who aren’t as good on paper. The former will vote with their feet; the latter will thrive in your company and stay there even if they can make a little more elsewhere.
The Short-term, non-tangible value includes a workplace where people share common values and standards, have good leaders, and enjoy camaraderie. This joyful workplace encourages people to contribute their best and support each other.
Long-term, tangible benefits could entail healthcare, paid time off, family leave, and skill development. This quadrant shows that people can earn a good living, care for their families, and have upward mobility.
The long-term, intangible value may include personal and professional growth opportunities, compelling purpose, and a sense of belonging.
Your prospective employees will require specific minimum tangibles. Still, their willingness to bring their best to work daily and stick with your company through thick and thin rely on the intangible value you provide.
Keep away the Santos’s and hire the right-fit people, and you will have a more joyful, productive, and profitable company.
Don’t miss out on the opportunity to create a compelling employee value proposition that attracts and retains the right-fit talent. Please use the chart above to create your own employee value proposition.