The shift in our perceptions and values in our professional lives has created an unprecedented crisis in terms of talent attraction in companies around the world. Forty-one percent of the global workforce is considering resigning from their current jobs and 36% are leaving their jobs without even receiving an offer letter for a new job. Such is the situation of the world as individual staffers have realized that their employer is not committed to their wellbeing as much as they are to the company’s growth. The phenomenon has perplexed experts as it goes against Maslow’s Hierarchy of needs. In the past, necessities like job security, decent compensation, or even the opportunity to work were enough for someone to come on-board. However, that would not suffice anymore for the Millennials and Gen Z, which means the Employee Value Propositions (EVPs) is outdated. The current generation does not care for such things as long as you believe in and stand for the same things that they do.
We, as employers, must update our talent strategy by first re-inventing our EVPs to include the following five key philosophies.
1. The EVP must be the life and soul of your purpose
The new generation individuals are brought up in working-class households who have access to the best of science, technology, knowledge and resources. They grew up watching their parents suffering layoffs, global financial crisis, the biggest pandemic since the Spanish Flu and Global Warming to name a few. They are responsible and learnt individuals who are looking to join an organization that has a greater purpose than profitability. Ensure that those values are reflected in your company vision and hence in the EVPs.
2. Foster a culture of belonging, flexibility and growth
A culture of positivity that cultivates belonging of the individuals on board, flexibility and openness for diverse individuals and nurtures growth among all levels of hierarchy is a predominant tenet for any organization that wishes to find success in today’s world. Today’s individuals do actively ask questions that are aimed at understanding your culture during interviews and in their organizations.
3. The movement must begin from within
To make your EVPs feel genuine, you have to include your people in the creation process. Allow your team to tell the world what your organization stands for and this is a powerful way to lend authenticity to your EVPs.
4. Your EVP must be original and be authentic to you
The principles you display to the world must be your own and should not be emulated from some other organization. If it is not authentic, it will show up in your messaging. It is critical to connect social causes, diversity, inclusion, and sustainability to your EVP. This is what current employees and candidates are looking for, so make sure they see who you are.
5. Your messaging and your actions must match the employee experience
This connects back to all of the philosophies discussed above. Even if you got everything else right, if the employees do not experience that in reality, then you have failed in EVPs. Balance aspirations and vision with daily habits and activities.