We wanted to share some of the key trends that we are seeing in the market around employee value proposition or EVP.
Simply put, your EVP is the deal you are offering employees. It’s what employees will get when they come and work for you. This covers the tangible benefits on offer but also the culture; how they will be treated at your organisation.
Whilst the discussion around EVP often takes place with the talent acquisition team, and is about getting the story out to prospective employees, it’s important that this is based on reality and not aspiration.
Your EVP tells employees what they’re signing up to. And if it’s too far from the mark, they will soon find out. This is about attraction and retention. It’s about finding the right fit from the very beginning.
WHY EVP has become so important now
So let’s talk about why it’s important to review your EVP right now. It’s wise to review your EVP regularly due to the ever-changing and volatile job market anyway, but it’s even more important right now, as there has been a significant shift in the promise or deal employees are looking for.
The pandemic led to many people rethinking their priorities and what they want from work and their careers. We’ve seen evidence of this with the Great Resignation and what people are calling ‘quiet quitting’. Employees are voicing dissatisfaction, and in some cases moving on. It’s important that your EVP tells a compelling story that attracts the talent that you need.
Your organisation may well have had to adapt; the talent you need may have also changed with a different skill set required. Your talent pool may have increased. You may have a need to attract specific demographic groups – your EVP needs to keep up to date, both with what’s happening within the organisation and the talent plan that you have.
So you may ask: what should your EVP focus on? Each organisation’s EVP should be unique and will tell future employees what your organisation uniquely offers.
So there are no cookie-cutter answers that I can offer, I’m afraid.
And if you don’t know the answer to what you uniquely offer or want to test your theory, your current employees will be able to tell you what they love about working for you, and why they stay. Investigating your competitors’ EVP and what they offer will also help you understand the market better. And it can also be helpful to talk to your new recruits, your recruiters and even those who’ve dropped out of the recruitment process. You may want to think about emphasising different messages for different groups, because not all employees will find the same level of value in all that you offer. Think career and development opportunities for less experienced colleagues, think family-friendly policies for those with families, etc.
Whilst we cannot tell you your EVP without investigation, I can tell you some of the trends we are seeing in the market. The general move is towards a more human-centric offering. There is more emphasis on the individual wanting a place they can feel connected to, and somewhere that cares.
The top five EVP trends we have been seeing from our clients and beyond
The first trend is purpose.
We’re seeing this becoming more and more important in the decision-making around whether to join an organisation or not. Organisations need to be able to show what they are giving back, how they contribute to society and what they stand for. It would also be beneficial to show potential employees how they can contribute to this and how their values may fit.
The second trend is human connection.
The pandemic and hybrid working has meant many people are feeling the disconnect. There is a lot of research at the moment showing that people are feeling isolated. If your EVP can show people how they will connect, and that they will be part of something, that will go a long way. This is also about inclusivity and demonstrating to people how they can bring their whole selves to work and will be accepted for who they are.
The third trend is well-being.
The provision for well-being increased during the pandemic and now is seen as a necessity. Employees want to know that they are genuinely cared for. This isn’t about a few online yoga classes, but about the support to thrive. If you’ve run any programmes where you’re supporting your staff, for example, mental health, building networks, allyship, menopause, fertility… shout about it. Better still get your employees to shout about it.
The fourth trend is flexibility.
This is probably the most obvious but also one of the biggest areas prospective employers will want to hear about. Be very clear about what you offer here. Indicate the level of flexibility, autonomy and trust that your organisation can offer. Remember that this needs to be based on reality. However, if you’re finding that you cannot attract the right talent, or have people turning down offers, this may be the ammunition you need to get this reassessed.
The fifth trend is growth.
Employers are looking for development opportunities and career progression, show how this happens in your organisation and help them understand how this can be tailored to their needs. With a third of leaders stating that they don’t believe they have the skills needed for the future within their teams, this is a priority for all organisations. It’s also very high on the priority list of future employees.
I haven’t mentioned pay and benefits as these are a given, but you will need to remain competitive to attract the top talent as well as focusing on all the above. I suspect pay and job security will increase in priority over the coming months due to the cost of living crisis, and inflation.
Key coaching questions to help you develop your EVP
So to help you review your EVP, here are some key questions for you to consider.
- Do you know what your organisation uniquely offers?
- What your current employees love and why they stay?
- Do you know who you’re trying to attract and what they want?
- Do you know what your competitors are offering?
- Are you telling your EVP story in a compelling way and getting it out there in the right places?
Conclusion: How to develop your EVP taking into account these new trends:
It’s clear that making your EVP clear to people will help you win hearts and minds. A great EVP will help you win talented people over your competition. But making sure your EVP is rooted in reality is critical.
Start by researching and understanding reality. Design your EVP with future talent in mind. Tell the story in a compelling way and in places your future talent will connect with it. Review regularly. What is your point of difference?
I hope this has inspired you to take a look at your EVP and to develop it in line with your organisation’s current needs.
Good luck on your journey. If you want to discus your EVP challenges further, you can book a meeting with one of our team directly.
If you want more immediate support we have an EVP Toolkit you can buy which gives you all the tools and exercises and a framework to make a compelling EVP – and you can also buy consultancy hours to bring that to life.
Related EVP resources:
- Buy our EVP Toolkit to help you get started [Paid Resource]
- Building an Employee Value Proposition (EVP) that attracts and retains top talent [Podcast]
- What makes a good EVP and who does them well? [Podcast]
- What is an Employee Value Proposition (EVP) & why do you need one? [Blog]
- 4 ways to write a winning Employee Value Proposition (EVP) [Blog]
- Employee Value Proposition (EVP) examples that work [Blog]
- Linking employee (EVP) and customer (CVP) value propositions [Blog]