In 2023, the concept of employee value proposition (EVP) has become even more important as companies compete for top talent in an increasingly competitive job market. An EVP is essentially the unique set of benefits, rewards, and opportunities that an organisation offers to its employees in exchange for their skills, experience, and commitment.

We love Korn Ferry’s recent research, identifying 5 key factors that employees want in today’s employment market. They consider that the ‘Great Resignation’ is ultimately a reflection on life priorities, and a desire for purpose and fairness from a workforce that’s just gone through a tumultuous time. And because of this, employees are seeking:

1. A strong strategic compass

Employees want to know where you are heading – so they know where they are heading! They are looking for a purpose driven strategy that clarifies their roles and gives them a vision towards a collective goal. A strong strategic compass can provide many benefits to employees, including a clear direction and purpose and alignment with organisational values.

Consider – do your team know what they are striving for in your business? Do they truly understand how their efforts contribute to the organisations success?

2. Abundant growth opportunities

Employees want to know that they can seek personal and professional growth if they stay with you. When employees have access to growth opportunities, they are able to develop new skills and improve existing ones. This can make them more effective in their current roles and prepare them for future opportunities within the organisation. This, in turn, creates a culture of continuous learning and improvement that benefits everyone.

Consider – are your team in the right roles, aiming for the next opportunity, and aware of the training and support they’ll require?

3. A sense of worth with effective rewards

Employees want rewards and recognition that reflect their value to the organisation, and that are clear, transparent and competitive with other organisations. Rewards may include things such as competitive salary and benefits, performance-based bonuses, recognition and praise, career development opportunities and flexible work arrangements.

Consider – have you taken a close look at what you offer your people, and how well it aligns with their output and values?

4. A measure of employee autonomy

Korn Ferry data shows that ‘employees thrive when they have control over how they fulfill their responsibilities and deliver results for the company’. Greater autonomy and empowerment by providing a clear direction and framework for decision-making, makes employees feel more trusted and valued, and encourages them to take ownership of their work and contribute to the organisation’s success.

Consider: How much autonomy do you allow them to get the work done – do they know what is expected of them and just get on with it or do you need to closely manage them?

5. A supportive and inclusive community

Differences help to build better workplaces, provide unique perspectives, and offer alternative solutions to what may have already been considered. They move away from cookie-cutter thinking and support true innovation.

Consider – does your organisation respect, allow for, and encourage, differences in opinion, background, cultural beliefs, genders, challenges and strengths?

What about for remote employees?

Employee engagement of remote employees is becoming an increasingly important issue as more organisations adopt remote work policies.

Overall, engaging remote employees requires a proactive approach that prioritises communication, clear expectations, social interaction, professional development, and recognition. Factors such as technology and equipment for remote work also need to be considered, as well as the ability to offer flexible schedules and prioritising communication and collaboration tools.

By taking these steps, organisations can help their remote employees feel connected, motivated, and productive.

There is no better time to focus on your people than now.

Overall, the employee value proposition has become a crucial component of attracting and retaining top talent in 2023. By offering a compelling set of benefits, rewards, and opportunities, companies can differentiate themselves from their competitors and create a more engaged and motivated workforce.

We’d love to more about the initiatives your business is working on, or if there is any support we can provide your team to get any new initiatives off the ground. Reach out to Nikki Jenkinson on 0472 545 584, or leave you details on the Contact page and we’ll be in touch shortly.