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What would convince someone to leave a good job – especially in the uncertain market that will follow the pandemic? Better work/life balance, a company whose values aligns with theirs, a clear path of advancement, or maybe how easy it was to apply. Every person has different motivating factors that will ultimately persuade them to take the first step to apply for an open position. In order to effectively recruit, employers will have to hone their EVP to address changing employee expectations.
What is an Employee Value Proposition?
An employee value proposition (EVP) is a specific message or defining statement to potential job seekers and current employees that articulates what they can expect from the company and what they company expects of them. In other words, it is the offerings and commitments provided by an employer for the return of skills, experience, and commitments of a current and prospective employees.
Why is an EVP important?
Attraction and retention of highly skilled candidates is more difficult than ever. Top talent has more choices today than ever before.
Simply put: it is a candidate-driven market.
It is critical for any organization to not only attract talent but retain their top talent. When thinking about your organization, ask yourself these questions:
- How competitive is our compensation in the marketplace?
- How competitive is our benefits package?
- Do we have a multi-generational workforce strategy?
- Do we have a diversity workforce strategy?
- Do we offer job flexibility?
- Is our company culture indicative of our core values?
- Do we offer our employees purpose in our job functions?
These are the types of questions candidates are thinking about and asking companies today. If the answers to those questions are not clear in an organization’s EVP, then they are already missing out on top talent before a candidate even applies.
Emerging Expectations
The events of 2020 will continue to have major impacts for employers. The combination of the pandemic and increased awareness of societal injustices and racial inequalities has shifted workforce expectations.
Final Thoughts
Now, more than ever, candidates and employees are associating a company’s EVP to their overall brand and workplace. Top talent is making decisions to apply (or stay) at an employer based on assumptions and opinions derived directly from their EVP and messaging. If a company or department is having a difficult time attracting and/or retaining talent, take a serious look at your current EVP and make sure it is aligned with the emerging expectations of today’s workforce. If you are considering or currently work with an RPO or Agency, ask if they have the expertise and industry insight to help.
Contact us if you would like to speak to one of our consultants about your talent challenges and goals.
Data Sources: Glassdoor, Diversity & Inclusion Workplace Survey; Kaiser Family Foundation, The Implications of COVID-19 for Mental Health and Substance Use; LinkedIn, New LinkedIn Data Shows People Are Paying Attention to Companies Talking About Diversity; Peakon, The Employee Expectations Reward 2020
