If talent chooses you, how do you get chosen?
Feeling the squeeze of a tight job market?
True, true. The talent war is hardly newsworthy in 2023.
So, beyond yelling ‘pick me, pick me’, how does an organisation stand out to candidates? What do candidates want? And, can we improve the working world for everyone?
According to the 2023 Candidate Motivators report, it all comes down to delivering a more tailored employee experience.
In other words, getting your EVP (Employee Value Proposition) right.
That’s why we hosted a webinar to explore EVPs in more detail, uncover all the insider info and help you get the most out of the report.
Jane Ellis, Talenza’s Senior Client Engagement Manager and Simon Costa, Talenza’s Director of Client Engagement, were on hosting duties. Lead guest Simone Strachen from Bespoke Talent Solutions also joined the lineup to offer her expert insights.
You can watch the webinar here. Or, keep reading for your recap 👇🏼
So…what is an EVP?
An EVP is essentially what an employer offers in return for an employee’s skills, experiences and abilities.
It’s more than compensation or bonuses – it’s basically everything that makes someone want to work for an organisation. Learning and development opportunities, flexibility options, the work environment…and the list goes on.
You know what it’s not? A one-size-fits-all.
‘You’d expect a sales-led organisation to have far different incentives than a healthcare provider, for example,’ points out Jane. ‘They have different working environments, and you need to foster a different culture – and therefore offer different drivers.’
Nor is it a new concept.
Nonetheless, as Simone says, it has been a big focus in 2023. And that’s largely because companies are realising EVPs aren’t only important to internal employees – they play a crucial role in attracting candidates, too.
‘[An EVP] hangs together with the term ‘employer branding’,’ she explains. ‘Essentially [it’s]…how you market internally to your employees and externally to prospective individuals about what it’s like to work for your organisation.
‘And, as part of that, you naturally share your ‘people promise’ or…EVP.’
Motivating people at work: what does the science say?
So we know we need an EVP to attract, retain and motivate employees. But what are the critical elements of a successful one?
Jane tells us it’s about Herzberg’s 2-factor theory. That being, the idea that 2 main aspects influence work satisfaction (or dissatisfaction):
- Hygiene factors
- Motivators
Hygiene factors are the basic job necessities (like working conditions and salary) that encourage an employee to stay in a job.
Motivators encompass recognition and achievement – or anything that drives job satisfaction. These help a worker to strive.
Simone says understanding this broadens the idea around EVPs.
‘Previously, EVPs were very much focused on the worker – whereas now there’s a real human side coming through,’ she tells us. ‘Again, that’s not a new concept in and of itself [but it does now look at] the individual as a whole.
‘Instead of focusing just on their work life, [it’s about]...their life outside of work,’ she continues, ‘and instead of…your EVP simply providing features, it’s about actually provoking feelings.’ New Paragraph
What’s driving talent through your door in 2023?
Obviously, a talent shortage means candidates can call the shots. What, then, do they want (and expect) from employers?
According to Simone, top talent are largely demanding an EVP that delivers on:
- Salary
- Flexible working conditions
- Well-being.
And yes, all these things need to be encompassed in one EVP across an organisation. However, it should feel tailored to an individual.
Simone says one way to manage this is through segmentation. Dividing by job types is an obvious place to start, sure, but you can branch out far wider than this.
‘You can segment by geography, career milestones or life stages,’ she explains,
Jane agrees a personalised approach works best – especially in today’s market.
‘Employees [have] become more discerning about employment choices,’ she says, ‘and that’s led to more spread in the [movers and shakers] results [below].
‘This further confirms that your EVP – and talent attraction and retention — need to be bespoke.’
Where to from here?
It’s one thing to understand the landscape. It’s another to actually take those findings and make them work for you.
Simone reminds us to keep things simple.
‘An EVP doesn’t need to be complex or expensive,’ she says. ‘But it does need to feel like an individual acknowledgement back to [an employee].
‘This is the importance of segmenting your EVP and offering talent [the things that] matter to them – and which are based on their passion, life stage, etc.’
Simone’s top tips for turning insights into action:
- Understand what your target market wants (Hint: this includes both current and would-be employees). Kick off your journey with resources such as the Candidate Motivators report.
- Look at the roles you are ‘always on for’ or are the hardest to fill. That’ll give you clues into what talent wants – and how you can potentially meet those needs.
- Seek employee stories that validate your EVP – and share these far and wide.
- Dedicate a space on your sourcing channels that highlights and communicates your EVP (segment, if possible!)
Attracting talent: it’s all in the EVP
In a competitive job market, top talent holds the reins. And you need a well-crafted, thoughtfully-tailored EVP to steer those employees your way.
Want to know more about supporting your teams to be their best selves in and out of work?
Download the 2023 Candidate Motivators report, or check out the webinar here.
Or, simply reach out for a chat!
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