The skills gap in Australia is a harsh reality being felt across all sectors, including banks, financial services, superannuation, insurance and health. An effective strategy being adopted by many organisations is to develop a compelling employee value proposition (EVP).
Experts including Jobs and Skills Australia acknowledge that finding the right candidates for technical and specialist roles will continue to be difficult for at least a few years. Skills where demand is expected to continue to surpass supply include critically important roles in cybersecurity, software development and computer network and systems engineering. In other words, it is hard to fill the kinds of roles that are essential for organisations undergoing digital transformation.
What is an EVP?
An EVP is a unique package of benefits and values that a company offers to its employees. It helps attract the right candidates and retain valuable team members. Importantly, an EVP goes beyond financial compensation, though an attractive salary may well be part of what’s offered. Less tangible benefits can be the difference when it comes to a candidate choosing one role over another that is similar in other ways. Employees value the chance to do meaningful work, opportunities for professional development, a sense of belonging and a culture that aligns with their personal values.
Why an EVP matters
With a skills shortage such as the one we’re facing now, it truly is a candidate’s market. That means that organisations need to work harder to attract and retain staff. As an authentic statement of the benefits an organisation can offer an employee, the EVP is a branding exercise as much as it is a recruitment tool.
What to consider when developing an employee value proposition
An ideal starting point before you start to formulate your employee value proposition is to understand what your company offers and then follow up by requesting feedback from employees. What do current team members believe are the benefits of working for you? What do they most value about their work with you?
Our research shows that there are a number of benefits beyond salary that employees regularly list as valuable in a workplace. Salary is important, of course. In a poll published by Gallup in 2022, US employees identified attributes that employees value highly: Income, work life balance, the ability to do what they do best, job stability and security, diversity, inclusiveness and – in a response to the pandemic – Covid-19 policies that aligned with the employee’s values.
A PWC Australia report ‘What Workers Want’ report surveyed 1800 Australian workers and from the results identified an employee preference index that listed what leaders can consider when developing an EVP:
Financial remuneration
Not only salary, financial compensation can include profit sharing, bonuses, superannuation and salary packaging.
Working location
Post-lockdown, the working environment is more highly scrutinised than it may have been before. Access to office equipment, subsidised benefits for travel and workplace design at home and in the office are all important considerations.
Flexibility and other employee benefits
In this category, the PWC report combines flexible work arrangements including hybrid working with benefits such as opportunities for travel and access to collaborative tools. Categorised as ‘ways of working’, if you’re adopting these practices it is a good idea to embed them into employee policies.
Work life balance and wellbeing
Employee wellbeing, with a focus on work life balance and mental health benefits the organisation as much as it benefits the employees themselves. Supporting this with programs and policies shows employees that you
Career development
An organisation that actively provides opportunities for professional development and career progression will retain employees for longer, simply because they do not have opportunities to develop their skills or advance their career.
Experience
How an employee experiences the workplace can be as simple as whether they feel free to bring their full selves to work. The culture of your organisation, including diversity, a sense of team spirit and leadership commitment to inclusivity all contribute to the employee experience of work. The work itself is important, but if the culture is not a good fit, it can poison the experience and you won’t be getting the most out of the people who work for you.
Reputation and brand
An employee may choose to work for an organisation because they feel themselves aligned with their brand and reputation. When developing your organisation’s brand you have a customer persona in mind. When your brand resonates with employees, through shared values and commitment to social responsibility, it will be easier to not only attract but also retain excellent team members.
Filling the skills gap in your team
Developing a strong EVP is an essential part of your strategy to meet the resourcing needs of your organisation or project.
Even with an EVP and a great range of employee benefits, it can take time to attract the perfect team member. Whether you’re filling ongoing roles, or resourcing a project, you’ll benefit from working with a specialised talent acquisition partner that truly understands your sector and the specialist requirements of the team you’re building.
At 9Yards Talent, we understand how to match candidates with companies using the principles of EVP, ensuring a perfect fit for skills and cultural alignment, for even the most specialist technical roles.
Our success delivering business and technology consulting services has given us invaluable insights that equip us perfectly to find candidates who not only meet the technical requirements but also align with your company’s values and culture.
Our commitment to excellence has led us to successfully source and vet talent for a range of roles. We are experts at identifying the precise skills and cultural fit required for the roles your organisation needs to fill.
Talk to the team at 9Yards Talent today for expert help to find the right talent for IT and digital roles in your teams.
