The Power Of A Compelling EVP: Attracting And Retaining Top Talent

In dealing with a post-pandemic job market, a standout employee value proposition (EVP) is exactly what employers need to attract, retain talent and get ahead of the competition. 

With 3 in 4 companies reporting talent shortages and difficulty hiring, according to a global study by the ManpowerGroup, it is critical that employers craft and bring to life an effective EVP strategy to succeed in the challenging job market. 

Why is attracting talent a challenge?

While the tight labour market can be attributed to a talent shortage, in reality there has been a paradigm shift in job seekers’ priorities and expectations. Global workforce trends from The Great Resignation to quiet quitting and career cushioning have shown us that employee motivations and aspirations are evolving.

Beyond just compensation, benefits and incentives, employees are now prioritising elements that contribute to their overall well-being: a work-life balance, finding their purpose, and an attractive company culture where they are truly valued.

As such, employers need to meet these new expectations to stand out from the myriad of competitors who can offer similar compensation and benefits packages.

And those who fail to do so are likely to suffer—according to Gallup, the cost of replacing an individual employee can range from 1.5 to 2 times the employee’s annual salary. 

Why every company should have a strong EVP

To attract quality candidates and retain excellent and loyal impressive talent, employers must first demonstrate that they can provide their employees with a unique set of benefits and experiences that directly answer their desires.  

Just like how unique selling propositions (USPs) attract customers by addressing their needs, your EVP should make your employees feel proud to work for your company and encourage them to do their best every day.

This includes the benefits, financial rewards, career development opportunities and additional perks that current and future employees can expect to receive. 

To truly stand out from the competition, you must demonstrate to employees that working for your company contributes to, rather than competes with, the life they want to build for themselves.

How to develop your unique EVP

Building an effective, compelling EVP requires a strategic and holistic approach. To kickstart this process, businesses can leverage BI WORLDWIDE’s 12 New Rules of Engagement—a set of best practices that greatly influence employee motivation.

Here are a couple of rules to get you started:

Foster belonging

Encourage teamwork and collaboration, and provide opportunities for employees to connect with one another through social events, volunteer activities, and mentorship programs. This can be achieved by creating a positive and inclusive company culture, where employees feel valued and respected. 

Give it meaning

Communicate your company’s mission and values clearly, and ensure that employees understand how their work contributes to the organisation's overall goals and objectives. Provide opportunities for employees to take on challenging and meaningful projects, and encourage them to take ownership of their work.

Help them thrive

Help your employees thrive, both personally and professionally. Provide them with career development and growth opportunities and support their well-being with benefits such as flexible working arrangements and health and wellness initiatives. Encourage employees to take care of their physical, emotional and mental health, and provide the necessary resources to do so.

Magnify their success

Recognise and reward your employees for their hard work, dedication, and contributions to the organisation by crafting an employee recognition program. Create a system that allows employees to be acknowledged and celebrated for their achievements and impact, whether it is through a formal award ceremony, a simple thank you note, or even an online platform to showcase their success.

A commitment that pays off

Creating an EVP is an ongoing process and requires commitment from leadership and all levels of the organisation. It is important to communicate the EVP effectively, and to consistently align the company's actions and practices with the EVP. 

Remember that an EVP is not only a statement but a commitment to employees. Therefore, to constantly provide employees with an experience aligned with their needs and aspirations, the EVP needs to be reviewed regularly to ensure that it remains relevant and authentic.

While it might take effort to get off the ground, companies that execute their EVP well can expect to see increased employee engagement, motivation, and retention.