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How to win the race for talent with your employee value proposition

Authors

3 minute read 10 Aug 2022
Related topics
Workforce
Corporate culture

To attract and retain the best talent, employee value proposition must be at the heart of organisational strategy.

In brief

  • The employee experience is now at the core of organisational strategy.
  • By activating employee value proposition (EVP), organisations can keep people engaged, increase retention and attract the talent they need.
  • To understand the strength of an organisation’s EVP, the delta between the employee promise and the lived experience must be recognised.

Traditionally, organisations have put customer experience at the heart of their thinking, centred around a clear customer value proposition (CVP). Today, employee value proposition (EVP) is just as impactful in delivering organisational strategy. Seen through the lens of leaders as well as target talent, EVP takes into consideration how their experience can help deliver better business results and therefore requires organisations to put EVP at the heart of their everyday thinking. 

EVP is answering the call to join, stay engaged and remain at a company. As organisations assess their employee experience and refresh their understanding of what they are offering people, they are seeking to stay ahead in a market where talent attraction and retention has become increasingly challenging and competitive. 

Research¹ has shown engaged organisations, full of individuals who are inspired by the employee experience, deliver better performance, with 29% greater impact on business outcome. Also, driving brand loyalty and external advocacy has resulted in almost 70% greater employee retention.

To gain practical insight into how organisation’s can elevate their EVP, download the report below.

Report: Why organisations are finally examining their EVP (PDF, 4.4 MB)

Download

How EY can Help

In our report, we have identified four emerging trends in the labour market that are influencing new ways of working and the value exchange between an organisation and its people. Below are highlights of two such examples of trends. 

  1. The demand for digital skills

    As digital transformation continues to fuel the need for scarce skills, HR leaders must tackle the growing demand for organisations to bridge the gap between technical and behavioural digital skills.

    Due to the pace of technological change, organisations that have not evolved their EVP will find it difficult to retain the required talent in an already highly competitive labour market.

  2. Accelerated change driven by the pandemic

    Existing employee trends have been exacerbated during COVID-19, with flexible and hybrid working becoming the new normal. The EY Work Reimagined Survey 2022² revealed 80% of employees  want to work remotely at least two days per week. Financial benefits are no longer the only source of attraction and retention, as remote working has resulted in considerable lifestyle changes and opened new opportunities for people. This culminates in both the desire and result of having greater autonomy and choice, both critical factors in the employee experience of today. 

Factors to consider when shaping your EVP

There are certain factors to consider when shaping your EVP. EY’s EVP approach describes these factors and brings together both financial and non-financial elements that shape an organisation’s goals. To find out more detail about each element download our report.

The following key factors need to be considered to shape your EVP.

A strong employee value proposition combines promise, lived experience and community perspective, alongside consistent activation to enable and enhance business results.


Summary

It is time for organisations to re-orient their understanding of what exactly they are offering employees and deliver a human-centred employee experience that values their greatest assets, their people.

With growing organisational needs and employee demands, it is imperative for organisations to refresh, reframe and reinvent their EVP - to become a destination company for the talent they need to achieve their goals.

About this article

Authors

Related topics
Workforce
Corporate culture

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    EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.