6 EVP Strategies to Win the Talent War in 2022

Shortages of skills and experience in crucial areas of business have become a major concern for organizations across various industries in recent years.

A considerable majority (87%) of companies worldwide either already have talent gaps, or expect to experience this problem within a few years, according to McKinsey research. A UK survey by BDO noted that the war for skilled workers is intensifying, and shortages are posing a real threat to the growth of mid-sized corporations.

So what can you do to manage this problem and increase your chances of acquiring the people you need in the face of fierce competition?

One of your top priorities should be to focus on your employee value proposition (EVP) and the steps you can take to strengthen it.

1. Offer flexible working arrangements

In the post-COVID world of work - where many employees have had first-hand experiences of remote working and are also placing a greater emphasis on their personal health and wellbeing - flexible arrangements have become an increasingly important part of the average company's EVP.

There are various ways to increase the levels of flexibility available to your workforce, including the introduction of hybrid models that let people combine remote and on-site working. Some of the world's biggest and most successful companies are using this approach, including Apple, Microsoft and Shopify.

Management consulting firm Bain & Company's commitment to flexibility in various forms is a key factor in its strong EVP. It's also one of the main reasons why Glassdoor has consistently ranked Bain among the best companies to work for.

2. Introduce dedicated wellness programs

Employees should of course be properly financially compensated for the work they do, but to set your EVP apart from what your competitors are offering, you should also be committed to protecting and promoting staff wellbeing.

One effective way to show your dedication to this goal is by introducing specialist wellness programs. Engage with your workforce to find out how people feel about this subject and what the company can do to provide genuine value where health and wellbeing is concerned.

As well as demonstrating your willingness to look after your employees, these efforts will help you achieve commercial and financial benefits including reduced absenteeism and higher workforce productivity.

3. Support learning and development

Your EVP is partly about the day-to-day benefits and experiences available to your workers, but it's also about aiding people's professional growth over the long term.

That's why you should be encouraging your employees to look to the future and think about the next steps they would like to take in their careers. Consider practical measures you can implement to support learning and development, such as introducing mentoring schemes and cross-departmental training programs.

Again, this can lead to mutual advantages, as workers learn new things and boost their future employability, while the business benefits from having a more skilled and engaged workforce.

Learn more: The State of Learning & Development in 2022 [Infographic]

4. Recognize loyalty and hard work

An EVP strategy might comprise a number of different elements, but that doesn't necessarily mean the processes involved in delivering a positive employee experience always have to be complex or multifaceted.

There's often huge value to be gained - on both sides of the employer/employee relationship - from managers simply recognizing people who have shown loyalty to the company or done particularly good work.

This can be as straightforward as sitting down for face-to-face meetings with high-performing or long-serving individuals to give them direct, verbal feedback and convey your appreciation for their service.

5. Collect feedback from your employees

The most valuable source of information and insight about your employee experience is already right at your fingertips. Engage with the people currently on your payroll to collect up-to-date, honest views on some of the most important elements of your EVP, such as:

• Salaries and financial rewards
• Your overall benefits package
• Career development pathways and promotion opportunities
• The work environment and atmosphere
• Company culture
• Standards of leadership and management

You can facilitate the process of gathering employee feedback by running regular pulse surveys and maintaining open lines of communication with department managers, who can share their first-hand views on trends and attitudes in the workforce.

6. Put your EVP at the heart of your employer brand

Employer branding and your EVP are two closely linked elements of your overall recruitment and talent acquisition strategy. They both have a crucial role to play in your efforts to attract and retain skilled workers.

Make sure your EVP is a central component of your employer brand and the work you're doing to communicate it to both active and passive job candidates. An effective employer branding strategy - encompassing everything from your workplace culture to your commitment to diversity and inclusion - is essential if you want your EVP to have a strong and lasting impact on potential recruits.

With skills shortages set to have an ongoing impact on businesses in various industries in the coming years, those with the most compelling employer brands and EVPs will be the best-placed to win the talent war.