The hiring landscape has changed. Previously, businesses focused on customer experience, while today, the focus has shifted towards workers as an employee value proposition (EVP) takes centre stage. This radical shift was exacerbated by the coming pandemic, which prompted many employees to seek meaningful work.
The future of work is now on the precipice of profound change, and employers who do not have a strong EVP face immense difficulties in talent acquisition and retention. Given the current tight labour market and challenging business landscape, this could negatively impact your business’s productivity and increase costs associated with HR matters.
Therefore, there is an urgent need for business and HR leaders to strengthen their EVPs. In fact, most government policies have also changed with the times – it is now not uncommon for government organisations to adopt guidelines that encourage companies to enhance their EVPs; from sustainability goals to diversity, equity, and inclusion (DEI) hiring practices.
How should business and HR leaders adapt? Here are four ways to strengthen your EVP and boost talent attraction and retention, whether you’re hiring locally or across borders.
1. Lay down a clear roadmap for career development
Much like how companies prioritise growth and expansion, so do employees. By factoring in career progression in an employee’s journey, HR and business leaders show that they recognise their employee’s hard work and dedication. At the same time, such recognition also motivates employees to continue striving for success.
This can be done by providing opportunities for employees to gain experience in new roles or specialisations, allowing them to develop skills and knowledge that can benefit them in current and future job roles. Businesses can also provide employees with opportunities for development, such as mentoring and coaching, which can help them to grow their career paths.
Additionally, internal promotions and cash bonuses for exemplary performance serve to incentivise employees to strive for excellence.
2. Develop a proper DEI plan
DEI contributes greatly to a company’s EVP. When businesses create a workplace that is open to employees of different perspectives and backgrounds, employees are more likely to feel valued and respected. This encourages employees to contribute in meaningful ways, thus enhancing engagement and satisfaction, and improving the employee experience. A diverse workforce can also bring unique perspectives, skill sets, and creative problem-solving approaches to the table, which can lead to increased productivity, improved customer service, and better overall performance.
Additionally, having a strong DEI policy creates more equitable pathways for career growth and promotion opportunities. This will help to attract and retain top talent in the long run, as well as help businesses access new markets and foster innovation.
The importance of DEI cannot be understated. In fact, one of the foundational criteria of Singapore’s Ministry of Manpower’s Complementarity Assessment Framework (COMPASS) is diversity. If a candidate who needs an Employment Pass (EP) improves nationality diversity in the firm, they will earn points on the COMPASS EP scoring framework that could improve their chances of being awarded the EP. Learn more about the COMPASS framework here.
3. Create a flexible workplace
A flexible workplace is a sign of employers having high trust in their employees, and this trust translates to a stronger EVP. One of the most important benefits of a flexible work environment is that it allows employees more freedom and autonomy when it comes to how they carry out their responsibilities. This increased flexibility can lead to higher levels of job satisfaction, as well as improved productivity and efficiency.
Furthermore, employers who are willing to provide flexible working arrangements demonstrate that they value their employees’ time and recognise the importance of meeting their individual needs. Cultivating a flexible workplace also helps to widen the talent pool available to the business, such as potential hires that may be out of state or unable to be physically present in the office.
4. Take active steps towards achieving sustainable operations
Companies that invest in sustainability goals often find that they have a competitive advantage when it comes to recruitment. This is because the public has become more mindful about environmental issues and wish to make a positive difference in the world.
For business and HR leaders who wish to catch the green wave while strengthening their EVPs, consider offering employees opportunities to participate in environmentally friendly projects and initiatives. This helps foster an active sense of ownership among workers, and encourages employees to become invested in the company’s mission and goals, ultimately leading to increased morale and productivity.
By offering talent a workplace that is actively working to address sustainability issues, businesses can attract and retain top talent who share their values.
Focus on employee experience and EVP for a better work culture
In conclusion, an effective EVP is essential when businesses try to create a positive work environment that will benefit both employers and employees alike. A strong EVP will help businesses recruit top talent, reduce turnover rates, and foster a workplace culture that values its employees. It will also help the business build a stronger, more resilient and diverse workforce, which can in turn benefit the broader economy. This results in a win-win situation for both employers and employees.
Learn how we can help you avoid bad hires and secure the best candidate for your business, so you can continue to build an effective EVP and positive workplace culture, for better business performance.