More than 4 in 5 employers in Singapore are having difficulty finding skilled talent. If you’re among them, a compelling EVP may be the answer.
An Employer Value Proposition (EVP) refers to the unique set of benefits and values that an organization offers to its employees—and just as importantly—to prospective employees. The concept of an EVP is not new, yet its importance has never been more pronounced.
The Competition for Talent
Our research shows that 83% of employers in Singapore—and 74% of employers worldwide—report difficulty finding skilled talent. This finding is based on our survey of over 40,000 hiring managers across industries. This number has changed very little in the last three years and is unlikely to improve in the current climate. Why?
Two reasons:
New technologies require new skills, and the workforce is playing catch-up. With the rapid pace of technological innovation, this is getting more and more difficult.
The population is aging. Baby boomers are retiring and there aren’t enough younger workers coming into the workplace. (For a closer look at what this will mean, see Will Baby Boomers Break the Workforce ?).
What Can an Employer Value Proposition Do?
The Employee Value Proposition (EVP) is the heart of a company's employer brand, essential for distinguishing the organization in a crowded job market. For example, imagine your company as a box of cereal on a store shelf. What makes it stand out among all the other options? You might be offering the best oat flakes on the market. But if your audience is looking for corn puffs, it’s not going to work.
In other words, find out what the “customer” wants.
Crafting an Effective EVP
Before you can begin to create an EVP, you need to determine what your target audience is looking for. Of course, you shouldn’t do a complete reset just to align with current trends, but getting a read on what people want is crucial.
Here are key steps in developing a compelling EVP:
Research and Analysis
A natural place to start is with your current staff. Delve deep into their aspirations and motivations. Conduct surveys and interviews with employees to learn what they appreciate about working for your organization and what areas need improvement. This qualitative data can reveal hidden strengths and areas of opportunity within your existing employment offering. Don’t forget about exit interviews.
Secondly, analyze competitors’ offerings (pay, benefits, culture, etc.) to identify potential gaps or the unique advantages your organization offers. Understanding the competitive landscape helps in positioning your EVP to highlight what sets your organization apart.
Define Your Core Values
Align your EVP with your company's mission and values. Clearly articulate what makes your organization unique and why it is an employer of choice. Think tangible benefits as well as the intangible qualities that define your culture. Ideally, your employee research should reflect awareness of these values.
If there seems to be a disconnect between your stated values and actual practices, this is a good time to address and remedy the situation.
Components of a Strong EVP
A robust EVP includes several components that collectively define the employment experience:
Compensation and Benefits: Competitive salaries, health benefits, retirement plans, and bonuses are fundamental. Ensure that your compensation package is not only attractive but also equitable and transparent.
Career Development Programs: Opportunities for growth, training programs, and clear career progression paths are vital. Workers are increasingly looking for roles that offer continuous learning and professional development opportunities
Work Environment: Company culture, work-life balance, and the quality of the physical or virtual workspace significantly impact employee satisfaction. A positive work environment fosters creativity and productivity.
Company Reputation: How your organization is perceived in terms of ethics, stability, and innovation affects its attractiveness to potential employees. A strong reputation can be a powerful motivator for job seekers.
Social Responsibility: Corporate social responsibility initiatives and your company's impact on society and the environment resonate with employees who want to work for socially conscious organizations. This component can be a deciding factor for many candidates.
Communicating your EVP
To Candidates
Putting your EVP front and center will require you to update, or even overhaul, your recruitment process. Consider all these touchpoints:
Career Website: Highlight your EVP prominently on your career page. Use engaging visuals, employee testimonials, and clear messaging about what makes your company unique.
Social Media: Leverage platforms like LinkedIn, Instagram, and Twitter to share stories, achievements, and behind-the-scenes content that reflect your company culture and values.
Job Descriptions: Ensure your job postings clearly articulate your EVP. Mention benefits, growth opportunities, and any unique aspects of your workplace.
Employee Advocacy: Encourage current employees to share their positive experiences on social media and review sites like Glassdoor. Authentic voices can be very persuasive.
Recruitment Marketing: Use targeted ads and content marketing to reach potential candidates. Highlight your EVP in blogs, videos, and other content formats.
Onboarding: Reinforce your EVP during the onboarding process to ensure new hires feel welcomed and understand the company’s values from the start.
Events and Webinars: Host or participate in industry events, webinars, and career fairs. Use these opportunities to communicate your EVP directly to potential candidates.
To Employees
Communicating your EVP to current employees is an important way to bolster engagement and lower turnover (more on that below). Their satisfaction and advocacy are also crucial for attracting new talent.
Here are some ways to spread the word.
Internal Newsletters and Intranet: Regularly share updates, success stories, and highlights that reinforce your EVP. This keeps employees informed and connected to the company's mission and values.
Town Hall Meetings: Use these gatherings to discuss company achievements, future goals, and how the EVP plays a role in the organization's success. This fosters a sense of community and shared purpose.
Recognition Programs: Highlight employees who embody the company's values and contribute to its success. Recognizing their efforts publicly reinforces the importance of the EVP.
Training and Development: Offer programs that align with your EVP, such as leadership training, skill development workshops, and career advancement opportunities. This shows a commitment to employee growth and development. For tips on this, read How to Improve Employee Morale Through Learning.
Surveys and Feedback: Regularly solicit feedback from employees about their experiences and perceptions of the EVP. Use this information to make improvements and show that you value their input.
Employee Resource Groups (ERGs): Support ERGs that align with your EVP. These groups can help foster a sense of belonging and provide a platform for employees to connect over shared interests and values.
Celebrations and Events: Host events that celebrate company milestones, cultural diversity, and other aspects of your EVP. These gatherings can strengthen the sense of community and shared purpose.
Making it Work
In short, your EVP should be an important part of virtually every internal or external company communication.
Make sure your messages are clear and consistent across all platforms, from job descriptions to social media and leadership communications. Ensure that your messaging is authentic and reflects the real experiences of employees within your organization. By sharing stories and testimonials, you can provide a more relatable and engaging depiction of your workplace culture.
The Role of EVP in Employee Engagement
A well-crafted EVP not only attracts talent but also enhances employee engagement. When employees feel valued and aligned with the company's mission and values, they are more likely to be motivated, productive, and loyal. An effective EVP ensures that employees understand their role in the broader organizational mission, fostering a sense of purpose and belonging. Additionally, a strong EVP can be a catalyst for building a cohesive organizational culture that thrives on mutual respect and shared goals. This alignment between personal and organizational values is crucial for maintaining high levels of employee morale and reducing turnover rates.
Real-World Examples of Successful EVPs
In an oversaturated job market, a distinct EVP sets your organization apart from competitors. Here are a few examples of organizations that have successfully implemented EVPs that resonate with their workforce and attract top talent.
Google: Known for its innovative work environment and extensive employee benefits, Google emphasizes creativity, collaboration, and personal growth in its EVP. The company's focus on fostering an inclusive culture and providing opportunities for professional development has made it a highly desirable employer.
Salesforce: With a focus on social responsibility and community engagement, Salesforce attracts employees who are passionate about making a positive impact in the world. By aligning its EVP with its core values, Salesforce has created a workplace culture that appeals to socially conscious individuals.
Unilever: Unilever's EVP highlights career development and sustainability, appealing to employees who value growth and environmental stewardship. The company's commitment to sustainability and ethical business practices has positioned it as an employer of choice for those who prioritize corporate responsibility.
Regularly Update Your EVP
The job market and employee expectations are constantly evolving. Regularly review and update your EVP to ensure it remains relevant and competitive. Incorporate feedback from employees and industry trends to refine your proposition continually. This proactive approach signals to employees and candidates alike that your organization is adaptable and committed to meeting their needs.
Anticipating Future Trends
As the job market continues to evolve, organizations must anticipate future trends and adapt their EVPs accordingly. Factors such as remote work, digital transformation, and changing workforce demographics will continue to influence what employees value and expect from their employers. Staying ahead of these trends requires a proactive approach to workforce planning and EVP development. By anticipating changes and adjusting your EVP to reflect emerging priorities, you can maintain a competitive edge in attracting and retaining talent.
Need help crafting your EVP?
Manpower has a highly tailored set of research-backed insights and services to meet employers wherever they are in shaping their employer value proposition. Contact us for details.
For other ways to tackle high turnover, read How to Reduce Employee Turnover and Raise Productivity.