In the current digital era, technology has changed the way we live, work, and interact with each other. Organizations increasingly require digital talent and must work to consolidate an attractive employer brand to attract and engage skilled professionals to achieve their business goals. What actions can companies take to attract and engage digital talent?
While the tech/digital industry has become very attractive in recent years, there are still significant discrepancies between the number of professionals available in the market and the companies that need to attract that talent. This supply/demand gap directly affects the time to market for developing and delivering digital business solutions, which can decrease the company’s competitive advantage.
On top of this, the social phenomenon known as The Great Resignation, which swept across the world after the COVID-19 pandemic, is adding further challenges for organizations regarding engaging, connecting, and aligning people with the company’s purpose and goals.
According to LinkedIn (2022) data, staff turnover in the technology and media industries saw the second-highest rate annually, meaning that 12.9% of the organization changes yearly. If we add that the CompTIA Tech Jobs Report says there are around 316,000 vacancies for tech positions in the US, the picture is precise: companies must take talent management very seriously.
How can we address these issues? One solution highlights the key factors that set your organization apart from its competitors, making it an attractive and unique prospect for talent. This is commonly known as the Employee Value Proposition (EVP).
What is the Employee Value Proposition?
The Employee Value Proposition (EVP) is a collection of attributes identified through employees’ input and tied to a range of tangible and intangible benefits and actions that an organization implements to create the best possible work experience. Put simply, an EVP is a commitment that a company makes to its workforce, outlining what they can expect working for the company.
The EVP encompasses a range of actions, including compensation, benefits, work-life balance initiatives, development opportunities, training programs, work environment, mobility, and corporate social responsibility initiatives (social, cultural, and environmental), among others. The specific elements of the EVP depend on the unique needs and objectives of the company that generate a competitive advantage over other organizations.
An effective EVP must be designed to be aligned with the company’s culture, values, and strategy while providing a work experience that is compelling, credible, and relevant to every individual within the organization.
Benefits of the Employee Value Proposition
A well-crafted EVP provides several benefits for both the employer and the targeted talent, including:
This can all be accomplished by aligning the Employer Branding strategy with the organization’s initiatives connected to the company’s mission, vision, and values.
The key is to ensure that the attributes of the employer brand resonate with the talent the organization is seeking and to deliver on the promise of value at every stage of an individual’s journey or lifecycle within the organization.
Aligning employer brand attributes with the EVP
Companies often use techniques to define brand attributes, including focus groups, workshops, team interviews, or market research. These methods help identify the key internal and external concepts that distinguish one organization.
Brand attributes guide comprehending and modifying the EVP, generating a unique and distinctive work experience that aligns with the company’s mission, vision, and values.
At Multiplica, we strive to accompany our clients throughout their digital transformation process, to design effective HR strategies and tactical plans to connect, enable, and engage the best digital and technological talent in the market.
In this regard, at Multiplica, we can assist you in attracting (Headhunting, Outsourcing, Offshoring, Freelancing), enabling (Candidate experience, Pre-Onboarding), developing (Development and Performance models), and managing (WoW Agile, HR Agile process) digital talent, implementing the best management practices in the tech/digital industry.
Thanks to our experience in work systems that promote agility and autonomy, our clients can achieve their goals, incorporate industry best practices, and develop innovative digital solutions to meet business requirements.
If you would like to learn more about creating an employer brand that appeals to talent, Ignacio Hörmann, Global Head of People Consulting.