In today’s business landscape, an Employee Value Proposition (EVP) is not just a ‘nice-to-have’—it’s a business imperative. The World Economic Forum’s latest Future of Jobs Report 2023 finds that organisations across all industries identify skills gaps and an inability to attract talent as the key barriers preventing industry transformation. By 2030, approximately 85 million jobs could go unfilled globally because of a lack of applicants with the skills to take them, which could result in $8.5 trillion in unrealised annual revenues (PwC Putting Skills First Report, 2023).
Employers must get innovative. Understanding the unique value, you offer to talent in the market, and how you take care of your people is essential not only for attracting talent and crafting tailored recruitment approaches, but to ensure you engage and retain people who will grow with your business.
To be the employer of choice, you have to differentiate yourselves from competitor and communicate this effectively and unapologetically. Your EVP should communicate:
· Why you, over your competitors?
· Why would candidates leave their current job to come to you?
· Why would your current staff choose to stay with you?
Central to enhancing employee engagement is a clear articulation of company values and behaviours. When core values are defined and aligned with competency frameworks, leaders can effectively communicate expectations and positively influence team behaviour. Creating open feedback channels empowers employees to address poor behaviour and ensures alignment with organisational values, but most importantly, allows you to pinpoint what makes up your engagement past feelings and sentiment.
- Are your people motivated?
- Do they bring their best thinking, energy and passion to their work, do they feel you support them to do so, or is there a disconnect between what you think your culture stands for versus what your people think?
- Why do your people love working for you and more importantly, why do they choose to stay?
Regardless of if you have an existing EVP or you are starting from scratch, understanding and quantifying the essence of your cultural DNA is paramount. Feedback mechanisms such as engagement surveys, 360 reviews, and whistle-blower services offer employees a safe platform to voice concerns and contribute to a positive workplace culture.
Moreover, personalised benefits packages and continuous feedback mechanisms are crucial elements of the EVP that contribute to employee satisfaction and retention. Tailoring benefits to address diverse employee needs, coupled with opportunities for professional growth and development, reinforces the organisation’s commitment to its workforce. Employers must recognise that like having an EVP, benefits are no longer ‘nice-to-have’s’. It is a candidate market and consequently, candidates expect certain salary and benefits, flexible working and supported wellbeing.
By investing in employee engagement, wellness and development and offering support to managers to align their behaviour with company values, organisations can foster a culture of engagement and accountability.
In conclusion, innovating recruitment strategies in high-demand, low-candidate markets require a multifaceted approach that integrates cutting-edge tactics with a compelling EVP. By aligning recruitment efforts with company values and prioritising employee satisfaction and development, organisations can gain a competitive edge in securing top talent and sustaining long-term success. Clear articulation of values, integration into competency frameworks, open feedback channels, and personalised benefits are key components of this approach, fostering a culture where employees are engaged and empowered to contribute to organisational success.
To gain access to our Understanding and Crafting an Employee Value Proposition workshop or any of our Peopleconnexion Talent Management Solutions, please reach out. We would be delighted to arrange a meeting to further discuss your requirements and guide you through selecting the solution best suited for building a robust EVP.
Contact Kasey Smith on kasey@peopleconnexion.com
We build great teams that last.
Recruitment Services
Payroll Management & HR Services
HR & Training Solutions