Your organization’s continued success is becoming increasingly dependent on your workforce and its capabilities in today’s highly volatile market. However, with new work environments and business models, the same employees are finding it easier to switch to organizations that may not even be in the same time zone! The decision to make this switch comes down to their current expectations and how well they are fulfilled by you as an employer! This is the true measure of your employee value proposition (EVP).
Here are two insights to give you perspective into the crucial role your EVP plays in attracting and retaining the best talent.
- According to a Gartner study, 65% of candidates remove an organization from their potential employer list because they dislike certain aspects of the job (work-life balance, development opportunities, company culture, etc).
- Ever since the pandemic, the expectations of existing employees have risen. 75% of employees of Prudential Financial’s surveyed employees agreed that benefits were more important now than ever before.
These figures make it amply evident that employee value proposition is the first place to look at when transforming your organization. Which also is the very foundation of your employer-employee relationship! And its success is determined mainly by how relevant it continues to be through disruptions such as Covid-19.
For instance, consider the benefits some of the best employers used to offer before the pandemic hit. Gym memberships, top-of-the-line office facilities, global opportunities, international travel, etc. They aren’t valuable anymore. In comparison, hybrid workspaces or a family wellness program would rank better.
You need to identify the key promises your EVP needs to deliver today. So your people remain satisfied, engaged, and motivated.
Take for example these data points from a recent Oracle study. These paint a new picture of the employees’ emerging health and wellness needs:
- 78% of workers think that the pandemic has negatively affected their mental health.
- 76% of them feel that their company should be doing more to safeguard its workforce’s mental health.
It begs the question, is your organization covering these rising needs to maintain positive association going forward?
And upheavals can also require the expansion of certain areas already covered in your EVP. As noted by Brian Kropp, Vice President, Research, Gartner, disruptions lead to an increase in the employees’ desire to be recognized for their contributions by 30%!
The mentioned statistics clearly tell a story. One detailing the need for all of us to relook at our EVPs. And assess whether they can continue to provide value in a drastically changed world. Where most of us have to realign our present aspirations and replan our futures.
This is why the best of organizations are using various mechanisms – employee surveys, continuous feedback, competitors’ EVP analysis, etc. – to ensure that their EVP matches and exceeds their employees’ expectations, and stays relevant in the times to come. Further leading to a substantial rise in employee advocacy and solidification of their employer brand.
Are you one of these organizations? If not, check out our quick guide to EVP Refresh!
And if you haven’t started on this journey just yet, the time to start would be now! Otherwise, you stand to lose out on your best talent and opportunities that can help you reach limitless growth!
Check out our free and easy-to-use EVP evaluation tool to see if it is still relevant enough to attract and retain your best talent. It’ll take just 4 minutes!