To attract and retain the right talent, your EVP should be an always evolving entity.
Your company changes, your offer changes, the market changes, new talent competitors emerge, and the expectations of talent change over time. And as proved by the Covid-19 pandemic, outside forces can change the social and economic fabric of society and of your business.
The following three forces need to be considered in developing or adapting your EVP right now:
The changing expectations of the talent market
As Boomers retire and more Millennials enter the workforce, the age demographics of the talent market and their expectations of employers are shifting. While research shows consistency in the factors that cross-generational talent finds important in a role, there are significant differences in:
- The relative importance of these factors
- How these factors are delivered on a day-to-day basis
- The expected velocity of delivery
How well positioned is your EVP for delivering to the cross-generational expectations that will sustain your current workforce and appeal to new talent?
The need to attract talent beyond your traditional spheres
Technology, data and innovation are having an impact on every sector of the economy. They are creating new opportunities for new competitors and providing unexpected and alternative solutions. To compete and thrive, all businesses need to adapt and embrace new ways of operating. This often requires incorporating new skills and new talent.
Your EVP needs to be able to attract and retain people who may never have considered your industry, let alone your company… while also appealing to your traditional talent markets.
Is your proposition robust enough to attract all the types of talent you’ll need to succeed in the future?
The long-term impact that Coronavirus crisis will have:
- On the way your business operates and how this translates into your employee offer
- On the expectations of talent
The changes in the way businesses have had to pivot throughout the Coronavirus crisis have provided the impetus for businesses to rethink every facet of how they operate. It has provided the opportunity for businesses to plan and restructure, to implement new ways of working and significant changes to the workplace.
These changes will all have an impact on your EVP, or at the very least, how you deliver it.
At the same time, talent may be reconsidering their expectations of employers – from the importance of keeping them healthy to where they work and the way the organisation’s culture is experienced.
How aligned is your EVP to the way you operate in a post-Covid shutdown world?
If you’d like to talk more about the forces shaping your employee value proposition, get in touch today!