We’ve talked a fair bit recently about our 2023 Candidate Motivators Report, and for good reason.

In this post-pandemic era, people have been through plenty of significant life events and this has caused some serious disruptions in the world of candidate drivers.

For a while there, salary was always sitting pretty in the top spot, but times have changed. These days, we’re finding that flexibility, wellbeing and just overall work-life balance are the most demanded drivers in the job market. 

You know what this means? It’s time for an EVP refresh! 

We recently held a Roundtable discussion in Melbourne to dive into what exactly it takes to create an effective and engaging EVP in this new era.

In this article: 

• Why you need to read the room 
• Where to start? 
• Do your research
• The importance of decreasing your delta

Read the Room 

As the market shifts, so should our EVPs - but what’s the right way to respond? How do you effectively align your business with these changes? 

Truth is, it’s not easy - you need to read the room. 

While we know flexibility and wellbeing are currently topping the charts of the candidate drivers list, how long will this last? Making a judgement call while still including some of the classics, like great salaries and perks and bonuses, certainly makes for quite the challenge. 

This balancing act also encompasses knowing the right time to launch your latest offerings. Good news is, if you make the leap and it doesn’t feel quite right or land as you hoped, you can hit the rewind button! One of the nation’s largest global professional service companies did just that. Launching their brand new EVP into the world back in February, two weeks in they realised things weren’t exactly going to plan. They pulled back and now, six months later, are ready to try again. 

Takeaway: There’s no harm in giving things a go! Take that leap of faith and see what happens. 

Where To Start?

Whether you’re completely starting from scratch or ready to reassess, here are four areas you should focus on first: 

• Material benefits - this includes remuneration and compensation. 
• Connection and community - consider the culture, responsibility and purpose of your organisation. 
• Growth and Development - What kind of career mobility and learning and development opportunities can you offer? 
• Meaning and purpose - what is the purpose of your organisation and how does that resonate with the people you want to attract and retain? 

Takeaway: Going back to the beginning may be the key to helping you build your best EVP yet. 

Ready to Research 

Now that you've got your areas of focus, what’s the best way to research? There are a few methods that can help craft a well-rounded and transformational EVP, including: 

• Employee focus groups 
• Employee interviews 
• Analyses of internal data, particularly exit data 
• Research competitors

Understanding why candidates choose to join certain organisations and leave others will give you a good indication of what’s going on in the market and what your EVP should be tapping into. 

Takeaway: Don’t avoid doing your research. 

Decrease Your Delta 

An EVP is all about enticing potential candidates - showing them what they can expect to experience if they work for you. 

The picture it paints might be an ideal version of reality, but it should still sit pretty close to what your employees experience in their daily working life. That middle ground between your painted promise and the real lived experience is what we call the delta - you want that delta to be as small as possible. 

Culture and critical behaviours don’t follow a strict narrative, so producing a true replica with your EVP is a pretty tough challenge. Instead, focus on your core themes and values. If those are aligning across your EVP and lived experience, then you’re on the right track. 

Takeaway: Keep that delta small! 

Always Be Authentic 

Another noteworthy driver that came out of our 2023 Candidate Motivators Report was purpose. 

Where once it was all about making those dolla dolla bills and having the biggest office, these days candidates are looking for organisations that value their people and give them a purpose, both inside and outside of work. 

Hand-in-hand with that goes authenticity. Employees don’t just want to hear about purpose, they want to see the vision and impact they can have on the world by being with you. Authenticity may also be what makes you different, what sets you apart from your competition, especially if you can’t compete in other areas, like salary. If you’re struggling with all these twists and turns in the market, take a moment to step back and think about what sets your company apart from the rest. No trending driver will change that - make that your focus! Just remember, what you promise and what you deliver need to align. 

We’ve talked alot about having an EVP that attracts people to your business, but it can also be useful to deter potential candidates that just don’t align. The other benefit to being upfront about your company’s values and vision - you can find candidates that share your common goal and only bring people on board who will help you make a genuine difference with your work. You may not be everyone’s cup of tea, but you don’t need to be. 

Takeaway: Let people know exactly what they’re signing up for - warts and all! 

To find out more about our upcoming roundtables and how to be involved, contact costa@talenza.com.au.