The Future of Benefits
Fusion Recruiters, LLC
Proud to be published as a Top Retained Search Firm in 2023, 2022, 2021, 2020, 2019, 2018, and 2017
How Employers Can Attract and Retain Top Talent Beyond the Paycheck
By Kristen Banholzer
With the current labor market’s ongoing and historically low unemployment rate, the need to keep employees connected and engaged is as important now as it has ever been. Coined around 2001, the term “Employee Value Proposition” (EVP) was introduced as one component of an employer’s overall branding strategy, specifically focusing on the organizational features and benefits needed to attract, engage, and retain employees. ?
As part of any search, Fusion explores our partner's Employee Value Proposition to effectively promote the company and their open positions to prospective candidates. Employers need to be innovative, creative, and consistent when developing and evaluating their organization’s EVP – salary, benefits, and total rewards packages can be a large part of an organization’s EVP, but they shouldn’t be the only parts! ?
Gallup defines employee engagement as “the involvement and enthusiasm of employees in both their work and workplace.” And with data continuing to show engaged employees outperform their unengaged counterparts, the need to promote employee engagement is critical as organizations look to differentiate themselves and outperform their competitors. ?
Heading into the 2nd half of 2023, LinkedIn reports a majority of workers are looking for the same things from employers: stability, clear communication, and empathy. Companies need to be proactive in identifying a complete and accurate picture of employee expectations related to workplace culture and EVP in order to promote and maintain a positive employee experience. It’s estimated the U.S. loses $550 billion a year due to unhappy employees according to Zippia - $550 billion! For the average company, this equates to 18% lower productivity and 15% lower profitability. On the reverse, satisfied employees have higher productivity AND are getting more done for the same cost! If those statistics weren’t enough motivation to engage your employees, the cost of replacing an employee can range from one-half to two times that employee’s annual salary making the focus on talent retention more critical than ever.?
We know the Covid pandemic had a significant impact on the way people work and what they’re looking for from an employer – what was most important a few years ago might not be today. So, what’s driving the attraction and retention challenges according to employers??
Employees want growth, stability and control over their work schedule and work environment, and more of a say in when and how they work. Deskpass.com reports 51% of employees and 47% of employers named work-life balance as the top priority in company culture.?
So, what can employers do to evolve with the changing needs of the labor market??
By showcasing your company’s EVP and highlighting the benefits of working within your organization, you will be better able to attract quality candidates, retain top talent, and stand out as a best-in-class employer that people will want to work for.?
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What’s your company’s EVP? How has your organization solved for talent attraction and retention challenges? What are a few things that have worked for your team? We’d love to hear from you!?
Gratitude to Kristen for contributing this month's article.?
Kristen joined the Fusion Family in 2022 and now leads our Executive Search Partner team as Managing Director. Her leadership, constant smile and "Can Do!" attitude are a big part of Fusion Recruiters' Employee Value Proposition!?