Employee Value Proposition
The office of National Statistics has said job openings rose to a high of 1.3 million at the same time unemployment rates fell to 3.7% at the start of 2022, the lowest in 30 years.
One interesting fact was the record number of people moving from job to job, through resignation rather than redundancy. This job shift is more like a great reshuffle rather than a great resignation.
The huge competition for talent has lead employers to increase salaries, improve benefits packages and adopt new flexible working offers, in order to try and attract those in-demand skill sets. Employers also need to focus just as much energy on retaining their greatest talent, as they do attracting the next top talent.
In order to do this, a company should review whether their employee value proposition (EVP) is clearly articulated for those they are trying to attract, but also those they currently employ.
An EVP tells a candidate what they get in return for working for the company. E.g. The balance of rewards and benefits that are received by employees in return for their performance during work. It is a part of employer branding, as it is a way an employer can attract the skills and candidates they desire but also keep their current talent engaged. It involves how a company markets itself to prospective talent whilst also retaining talent in such a competitive job market.
An important aspect of this, is that what the company says their EVP is, has to match with the experience of actually working for the company. To gauge this, a company may run anonymous surveys, focus groups, interviews with employees to find out what is important to them, what engages them and why they remain in the organisation. Their perceptions of culture, values, goals, career progression, leadership, support offered, benefits and salaries all come into play.
The EVP should be more than descriptive sentences. It needs to be truthful and represent the experiences of working in the organisation. If a company is living up to the EVP that people bought into when they joined, the company stands a better chance of retaining their best people in this hugely competitive job market.