Importance of EVP
1. Importance of a Talented Workforce: Business growth is heavily dependent on its workforce. Companies with a clear and compelling Employee Value Proposition (EVP) often outshine their competitors by attracting and retaining superior talent.
2. Impact of a Strong EVP: Companies with a well-crafted and unique EVP are five times more likely to have highly engaged employees. They are also twice as likely to outperform financially compared to their peers.
3. Current State of EVP Alignment: However, only 23% of executives believe their companies are excellent at aligning employees’ goals with corporate purposes. Surprisingly, 33% of global companies either lack or do not communicate a clear EVP (Source: SHRM).
4. Post-Pandemic Recruitment Landscape: The global economy is recovering from the pandemic, leading to increased demand and competition for top-tier employees. The landscape for company recruitment has changed with the new norm of remote working.
5. Benefits of an Attractive EVP: According to Gartner, organizations can reach 50% deeper into the labour market when candidates find their EVP attractive. An effective EVP not only attracts passive candidates but also re-engages the current workforce, aligns management and strategy, and revitalizes talent recruitment efforts.