Get the attention of the top talent in yourindustry, and learn how to retain them.
Hiring the best staff and keeping them loyal to the company requires an irresistible Employee Value Proposition (EVP).
In this article, we will share why every company should consider upgrading its employment benefits package and how to create an EVP that stands out in the market.
Key Takeaways
- A well-structured EVP attracts and helps retain talent within the company.
- EVPs comprise government-mandated and optional benefits.
- Improving the company’s EVP also benefits the business—not just the employees.
- Reviewing and refining the company’s EVP ensures its effectiveness.
What is an Employee Value Proposition (EVP)?
Employee Value Proposition or EVP is the company’s strategy on how to incentivise its employees in exchange for their time, loyalty, knowledge, skills, and experience. It can also be said that the EVP is the way in which the employees talk about the company to other people.
The typical company EVP includes:
- Remuneration and incentives
- Health and wellness protection
- Leave policies
- Work arrangements and environment
- Career and personal support
What Company Benefits Must be Offered in an EVP?
A winning EVP is composed of employment benefits that the government requires and optional benefits that are favourable to the employees. Below is a list of the government-mandated requirements and other workplace benefits that you can consider.
Compensation
For most individuals, employment is their primary way to make a living. Employers who put effort into ensuring the competitiveness of their offered salary, company bonuses, and commissions will get more attention from applicants.
Benefit Packages
The additional employment benefits package includes government-mandatory and optional benefits.
Superannuation
A mandated superannuation contribution from the employers to help the employees build their retirement savings.
Leave Credits
While it is mandated to include these leave benefits, generous leave credits give a signal to the employees that the company is promoting work-life balance. These benefits include:
Workers’ Compensation
Workers’ compensation is a mandatory insurance coverage offered to employees when they get sick or injured while at work. As an employer, your coverage must satisfy the state or territory’s minimum requirement.
Typically, the coverage should include:
- Income support
- Death benefit
- Medical treatment and recovery expenses support
- Permanent impairment lump sum
Group Insurance
For employers who want their employees to receive comprehensive insurance coverage, group insurance policies provide an additional layer of protection, such as:
- Life insurance – pays a lump sum benefit in case of death or diagnosis of terminal illness.
- TPD insurance – pays a lump sum benefit in case of inability to work due to permanent disability.
- Income protection – temporarily replaces up to 70% of the employee’s pre-disability income due to a severe accident or illness.
- Health Insurance – provides additional financial support for medical expenses outside of Medicare.
Performance Bonuses
Typically, performance bonuses are optional incentives used to reward employees when the company or department meets its goals. This further boosts the employees’ motivation and productivity to achieve the company’s targets.
Stock Options
In Australia, some companies offer stock options to eligible employees. Typically, these employees are the key players in the company or part of the pioneering staff. There are two options that every employer can offer a share of the company.
- Employee Share Option Plans (ESOPs) allow employees to buy company stock at a fixed price.
- Employee Share Schemes (ESS) let employees receive company shares directly or be entitled to certain shares in the future.
In most cases, employees who are valuable to the company and have a tenure within the organization are given this option.
Career Development
As an employer, it is also your duty to hone the skills of your employees for the benefit of the company. Investing in the growth of your employees will result in work efficiency, creativity, and an increase in overall productivity.
The company may provide training, mentorships, and/or subsidise further education or seminars.
Work Environment
Flexible Working Arrangements – for eligible employees, they can request for flexible work arrangements to help them with their current situation.
Other perks, such as:
- Gym membership
- Birthday off
- Disability-friendly amenities
- Early log-off on Fridays
Company Culture
Discussing the company culture can also be a part of your EVP. It lets your employees know and understand the values, beliefs, and practices of the company to help them decide if they share the same with the company.
Support
Employee Assistance Programs (EAPs)
More and more businesses in Australia are investing in Employee Assistance Programs (EAP). This program gives the employees voluntary access to professional help to aid them in any personal or work-related concerns, such as:
- Personal and career counselling
- Financial coaching
- Workplace accident response
Why Should Your Business Have an EVP?
EVPs are vital to companies when hiring and retaining top talent. EVPs let the employees know how they will be valued within the company and what culture they will experience when working.
Below are the benefits when a company invests in improving its EVP:
Attracts New Employees
EVPs help the companies get the attention of top talent and experienced staff. It also helps the company to filter the suitable applicants for the company’s culture.
Builds Loyalty and Employee Engagement Within the Company
Over the years, it has been seen that the Australian workforce is leaning more towards job loyalty and longer tenure than mobility. In 2024, the rate of employees changing jobs fell to 7.7% — a significant drop from double figures in the early 90s. EVPs help Australian companies retain talent and build a better company culture.
Improves Public Image and Brand
A generous EVP also helps the company’s public image and brand identity. Employees who are experiencing an outstanding EVP will most likely talk about it to their friends or colleagues.
Creates a Positive Work Environment
When the employees are well remunerated and incentivised, it impacts the company’s work environment. Consistently improving the EVP to include other work-related perks typically results in a more positive work environment.
How to Create an EVP for Your Company
These actionable steps will help you create a winning EVP for your company.
Step 1: Review Existing Benefits and Offers
Take inventory of your existing employee benefits package and review it to see if it is competitive in the market. You can also gauge your employee value proposition by getting feedback and suggestions from your employees.
Step 2: Identify Potential Industry Advantages or Exclusive Opportunities
Hiring and retaining talent can also be challenging when the company’s benefits are behind the industry average. Dedicating time and effort to identifying the company’s unique employment value proposition will be highly effective in attracting the right employees.
Step 3: Analyse the Effectiveness of Potential Benefits
The main goal of every EVP is to incentivise your employees for the work they do. Ensuring that every part of your EVP is effective and necessary maximises the benefits you can derive from the company’s budget and effort.
For example, one major factor in every company’s EVP is group insurance coverage. Employees are becoming more particular about their employer’s group insurance — especially those employees who are finding it hard to get individual cover. Receiving financial support from employers in case of an accident or illness is a major consideration in workplace benefits.
Analysing the risks that your employees face lets you know what the right type of group cover to include in the EVP.
Step 4: Write Out a New EVP and Revise
Drafting your new EVP does not mean that it is final and ready to be rolled out. To help you refine the EVP, feedback from certain employees, such as your department heads, will be helpful.
Having the right balance of employee benefits that work within the company’s budget directly impacts the growth and performance of the business.
Step 5: Submit EVP to the Market and Employees
Implementing a new or revised EVP requires having a launch plan. This limits the typical misunderstanding of the benefits for the employees. This plan includes the following:
- A detailed roadmap with a timetable of activities, such as discussion, benefits enrolment, implementation, and review.
- Build an organisation’s standard operating procedure or detailed guidelines. You may have to include this in your company’s handbook.
- A plan for the internal implementation of changes and new benefits.
- Incorporating the new EVP into the company’s overall branding.
Step 6: Track Success
These factors will let you know if the new EVP is a success:
- Talent attraction and employee retention – an increase in the number of applicants and low employee turnover are signals of a positive impact of EVP.
- Employee feedback – get effective and honest feedback from employee surveys and during onboarding and exit interviews.
- Employer brand reputation – read about the company’s brand reputation from Glassdoor, social media platforms such as LinkedIn, and other review sites. An increase in employee referrals means an improved and positive reputation.
Discover Insurance Workplace Benefits with the Team at Curo Financial Services
Need help finding the right group insurance coverage for your EVP? At Curo Financial Services, we provide tailored group insurance advice to companies of all sizes. Our decades of experience working with businesses in Australia have allowed us to gain expertise in identifying the risks the employees are facing.
Our services include:
- Group risk analysis
- Discussion of group insurance options
- Expert group insurance advice
- Policy administration and management
- Group insurance claims
If you want to explore your company’s options, you can call us at 1300 665 356 or send your enquiry here.
General Advice Disclaimer
General advice warning: The advice provided is general advice only and in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.
Factual Advice Disclaimer
The information I have provided you is purely factual in nature and does not take account your personal objectives, situation or needs. The information is objectively ascertainable and, therefore, does not constitute financial product advice. If you require financial product advice you should consult a properly licensed or authorised financial adviser.
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Last Updated on March 2, 2026 by Brent Satill
