High economic and geopolitical uncertainty, combined with unprecedented increases in inflation, means companies are struggling more with the attraction and attrition of the right talent. The post-pandemic workforce calls for a more human-centric approach to career experiences, and the Employee Value Proposition (EVP) must reflect the same.
The external talent market is a more volatile and increasingly competitive landscape. A broader range of career choices is on offer due to new opportunities created out of the pandemic, and more complex candidate requirements such as flexibility, career progression, and reskilling or mental health take priority in driving candidate engagement.
Consequently, organisations find themselves needing to quickly adapt and proactively support the needs of their people, considering the workforce of the future. Forward-thinking companies are emphasizing opportunities that enable their employees to do something purpose-driven, creating meaningful impact. Recognising that careers are becoming more “portfolio-driven” due to an increase in the number of roles an individual will have in their lifetime, the opportunity to learn new skills and gain new experiences is also essential.
What is an EVP?
An Employee Value Proposition (EVP) is all about defining the essence of a company – what it stands for and how it stands out. It’s a solid foundation that informs communications and can authentically articulate why a potential employee should choose that organization over another.
Equally, an EVP is something that should be felt, experienced, and communicated at every touch point of the employee lifecycle – from brand visibility in the attraction stages all the way through to alumni communication in the exit stages.
A best practice we inculcated recently, introduce a Fluid Brand Narrative (FNB) into our talent attraction and retention efforts for Gathering insight from our employee survey, external benchmarking activities, and assessing our candidate needs, we need to create a framework to engage talent and evolve ahead of the times. This allows us to dial up and down the messages we want to share across the year, adapting to the changing landscape and environment around us and the fluctuating experiences of our people. Building our value proposition around a flexible narrative ensures we stay relevant and true to our individual business units, brands, geographical locations, and, most importantly, to the needs and expectations of our audiences. In adopting this framework, we can tailor our messaging appropriately whilst ensuring we never deviate from what’s important to our business and people overall.
Here are a few pointers to take into consideration while developing a similar programme.
Put your people’s needs first
To truly create an engaging and relevant career experience for your employees, you must be prepared to understand their needs and apply suitable practices to deliver against them. Utilize your employee engagement survey to listen to what is important and create opportunities, benefits, and a positive culture where everyone thrives. Consider how you can validate this insight more frequently and be prepared to adapt and change direction accordingly.
Create an agile framework
Traditionally an EVP is more structured, heavier in content, and usually last a 2–3-year cycle. With a rapidly shifting talent landscape and fast-moving company cultures, there is now increased pressure to create a model that is more fluid and adaptable – considering the changing needs of employees and the evolution of the organizational climate over time.
Strike the right balance
Strong value propositions must, above all, portray an authentic and relevant understanding of what it is like to work for that employer. Failure to do so will result in short-term employment and higher attrition within a 2-year period. Expectations must be clear from the offset, but it is important to strike a healthy balance between where you are right now vs where you are going. Many organizations are in a constant cycle of transformation and growth. Whilst it is important that you find the best-fit individual for your business right now, it is equally important to find the right talent that can help take you to achieve your future strategic ambitions. Consider not only what experiences and realities you can offer at this moment in time but do not be afraid to share aspirations of growth, so potential employees are clear on the organizational direction and vision that they are contributing to.
Measure and adapt
In the current climate, the significance of being able to measure and adapt is paramount. Be clear not only what your EVP is but equally how it will be deployed and success measured. Whether that be for recruitment, attrition, engagement, or business performance, understanding how and when you can measure impact and, ultimately, what may need to be flexed to suit the changing expectations of employees is critical.
However you structure it, an EVP is essential in helping organizations identify, attract, and retain the best-fit talent for their business. A well-defined and human-centric EVP is rooted in the company culture and values and designed to provide an authentic and exceptional career experience tailored to the employee’s needs.
Without a clear proposition, candidates who are currently overwhelmed with choices will not have a clear understanding of why they should choose your company over others, and existing employees, who are being engaged by other organisations externally, will not have a clear understanding of why they should stay.