What is your value proposition?
I just read another great article from Benefits Canada on how the economy is creating greater challenge when it comes to attracting and retaining good employees. Here are some quick highlights from the article:
- Because we are in an environment of cost cutting, 61% of Canadian companies reported problems attracting critical-skill employees.
- 57% of Canadian companies, reported similar difficulty attracting top-performing, talented employees.
- Only 12% of Canadian companies felt it was difficult retaining their employees.
It looks like employees are staying put. It was only a few years back when the economic boom allowed employees to jump from one postion to another for signing bonuses and other financial incentives.
Your value proposition
“This study is a good reminder that employers need to look at their employee value proposition in order to focus on key factors such as work/life balance and career development that are attractive to both current and prospective employees,” says Maureen Neglia, a senior talent management consultant at Towers Watson in Toronto. “This is even more of a priority when trying to attract top talent for leadership roles.”
A good benefit program is one that is implemented from a core value proposition. Time and time again, I’ve seen and read about the success of great employers who create a culture and a positive work environment for their employees. The benefit plan is merely an extension of their corporate values.