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:
- Attributes of the organization, like its reputation for delivering quality products or services;
- Opportunity provided employees, such as professional development and contribution to work process; and
- Characteristics of the people who work together, like access to internal experts and manager quality.
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!
About the author
A senior human resources leader with experience in all aspects of HR vision, strategy and implementation, Dean has applied his background to many facets of the businesses he’s worked with. He has done consulting in organization development and effectiveness, performance consulting and process improvement in both small and large organizations, and bringing solutions that provide immediate impact while enabling sustained organizational impact.
Dean has led the implementation of operations review practices in HR departments, bringing a unique skill set and approach to human resources leadership driving pragmatic, metrics-driven solutions. He is also a certified human resource leader (CHRL) and licensed professional engineer.
He specializes in HR strategy, employee engagement to drive effective operational processes, and talent management.