There’s a talent shortage out there. Across industries and geographies, business leaders are facing a number of workforce constraints: pending retirements, an aging workforce, and lack of experienced talent. When coupled with the rising demand for specialized skills, this can result in increased turnover within an organization, or the need to ‘buy’ talent by inflating pay rates. Forward thinking organizations are developing a clear employee value proposition (EVP) as one way to address these talent shortages.
Not only does an EVP help attract and retain talented employees, it also focuses human resources investments both on the attraction and retention side – to ensure they pay off!
An EVP is defined as the value gained through employment with your company, as seen by both the external labour market and current employees. In our experience at Stratford Managers, the EVP is largely determined by three key factors:
Effectively implemented, the EVP will positively influence employee attraction and retention. Presenting a targeted value proposition to the labour market will increase the size of the available talent pool from which you can attract candidates. The EVP will also contribute to an improved fit between job candidates and the organization, improving employee retention.
There’s no doubt – investing your time and money to improve the most important elements of your employee value proposition (EVP) is a forward thinking HR strategy to help your company win the battle for talent!
Ready to get a better idea of your organization’s employee value proposition? Learn more about designing a successful EVP Program with this on-demand webinar and contact our HR team today to discuss how we can help you attract and retain key talent.