Written by: Poly Panou, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
In 2023, an effective EVP will be more important than ever since employers are facing intense pressure to attract and retain top talent. In this dynamic environment, an effective Employee Value Proposition (EVP) can be the key to success.
Let’s not forget that EVP is a clear and compelling statement of the benefits, opportunities, and rewards that an organization offers its employees. It is the foundation of the employment brand, and it helps to set expectations for both employees and employers.
Here are the five key elements that should be included in every EVP, in 2023:
1. Competitive compensation
In a tight labor market, competitive compensation is essential. Organizations must offer salaries and benefits that are competitive with the market and that reflect the skills, experience, and qualifications of their employees.
2. Career growth and development
Top talent wants to grow and develop professionally. Organizations must offer opportunities for employees to advance their careers, through training, mentorship, and challenging assignments.
3. Work-life balance
The demands of work and life have never been greater, and employees are looking for employers who understand and support their needs. Organizations must offer flexible schedules, telecommuting options, and other benefits that promote work-life balance.
4. Culture and values
Culture and values play a critical role in employee engagement and retention. Organizations must have a strong, positive culture that supports their employees and aligns with their values.
5. Meaningful work
Finally, employees want to be part of organizations that are doing important work that they believe in. Organizations must be transparent about their purpose and mission, and they must offer employees opportunities to make a meaningful impact.
A survey from Edelman in 2021, indicates that higher wages is not anymore, a sufficient incentive to work longer & harder. Nowadays employees are focusing on changing jobs and finding a better fit between their own & their employer’s corporate values, beliefs, and behaviors.
Finally, an effective EVP is essential for attracting and retaining top talent in 2023. Organizations that invest in developing and communicating their EVP will be better positioned to compete for the best and brightest employees.
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Poly Panou, Executive Contributor Brainz Magazine
Panou Theopoula (Poly) is an HR Manager/Business Partner, a Coach, an Agile HR Practitioner, and a Mentor. She is currently responsible for the entire HR cycle, specializing in Talent & Performance Management, Engagement, and Retention of Talent & Business Coaching. She is an Associate Certified Coach (ACC) accredited by the ICF Federation and specializes in Solution Focused Coaching, supporting teams and professionals to improve/develop their professional & personal lives. She is an HR enthusiast who loves to talk about coaching life, HR management, business coaching, and HR business partnering.
