Winning the Talent War: 6 Ways to Strengthen Your Employee Value Proposition

With the war for talent intensifying not just in Singapore but across the globe, recruiters face the massive task of attracting top talent and ensuring that they stay put. But while some leaders are quick to assume that doing so merely entails asking employees what they want and giving it to them, it is not that simple.

To stand out as the preferred employer, you need a winning employee value proposition (EVP) – one that gives workers not just what they want, but also what they need to thrive.

But what is an EVP exactly? An employee value proposition represents everything of value that the employer has to offer its employees in return for the skills, abilities, and experience they bring to the company. While pay and benefits are a given, this can also include other relevant perks, such as mental health care and flexible work; a career development plan, and a desirable company culture. According to JobStreet’s 2023 Hiring, Compensation & Benefits Report, many Singapore companies are intending to add more special benefits, like birthday leaves (from 23 per cent of companies to 33 per cent), and career development programs, such as apprenticeship (from 30 per cent to 39 per cent), in a bid to attract talent.

In a nutshell, the EVP is the complete package of support, recognition, and values that an employer provides to help talents reach their highest potential at work – or at least get them to say yes to a job offer. Ultimately, it should be able to answer a potential employee’s question: “Why should I work here – what’s in it for me?”

Here are some EVPs from top companies. These are usually found on the company’s career pages or within job postings — giving candidates a glimpse of what they’re signing up for should they join the organisation.

P&G Singapore “P&G is driven to make life better – not just within the company, but out in the wider world. From Day 1, we've been committed to doing the best by each other – our employees, our consumers, and the world.”

Canva “Sometimes the chance comes along to be part of something truly special. With opportunity at every corner, we offer both growth and impact. Be empowered to do the best work of your life at Canva.”

Starbucks “From the beginning, Starbucks set out to be a different kind of company. One that not only celebrated coffee but also connection. We’re a neighbourhood gathering place, a part of your daily routine. Get to know us and you’ll see: we are so much more than what we brew. We call our employees partners because we are all partners in shared success. We make sure everything we do is through the lens of humanity – from our commitment to the highest-quality coffee in the world to the way we engage with our customers and communities to do business responsibly.”

Google “We strive to provide Googlers and their loved ones with a world-class benefits experience, focused on supporting their physical, financial, and emotional wellbeing. Our benefits are based on data, and centred around our users: Googlers and their families. They’re thoughtfully designed to enhance your health and wellbeing, and generous enough to make it easy for you to take good care of yourself (now, and in the future). So we can build for everyone, together.”

Deemed as the core of your employer brand, the EVP is the internal expression of what your organisation stands for – the promise you make to your workforce for their commitment to your business.

A compelling EVP can give any organisation a competitive advantage by differentiating the company as an employer of choice as it showcases its culture, values, and benefits. It encompasses the main reasons why people work there, why they love working there, and why aspiring employees will, too.

Unfortunately, many companies fail to see EVPs as an asset, causing them to suffer from high recruitment costs and the loss of talent. According to research from Gartner, companies that effectively deliver on their EVP can decrease annual employee turnover by almost 70 per cent and increase new hire commitment by nearly 30 per cent.

That said, it is not enough to build a good EVP and then leave it at that. Given how the needs, wants, and priorities of jobseekers are continuously evolving (you can read more about this on Jobstreet's report), it is vital for employers to constantly reassess and reinvent their EVPs to win the war on talent.

Keen on beefing up your workforce and nurturing talents over the long term? Here are some tips on how to build a robust EVP and transform your company into one that any worthy candidate would aspire to be part of.

Evaluate your current EVP.

Take stock of what you currently offer and see if you cover all the key components. According to the Harvard Business Review, the EVP is a system composed of four interrelated factors: material offerings (encompassing compensation and benefits), opportunities to develop and grow, connection and community, and meaning and purpose.

Not surprisingly, compensation remains the primary consideration for workers when it comes to deciding on a job. According to JobStreet's SG report, two in three candidates are likely to decline a job offer in favour of one with a better salary package.

But money is not equally important to everyone. In response to the demand for better work-life balance, many organisations in Singapore have started offering novel benefits, such as special leaves (e.g. compassionate leaves, marriage leaves), fun office perks (e.g. early leave on Friday, free snacks and beverages), and family-friendly benefits (e.g. family events, child care support).

Continuing professional development is also something that managers are prioritising, with up to 61 per cent of local companies expected to be offering self-learning opportunities in 2023.

Evaluate what you have and do the same for the other components listed above, assessing the extent to which your company currently offers each. Doing so lets you identify strengths and see what is lacking or amiss – the first step for improvement.

Gain insight into current perceptions.

Your view of your EVP as a leader is one thing; how your people perceive it is another. To develop a relevant and realistic EVP, employers should take the time and effort to understand what perceptions existing employees, former staff, and even potential hires have about the company. You can do this through employee surveys, focus group discussions, and exit interviews.

Some questions you can ask include:

• Why do you like working here? / Why do you want to work here?

• What do you value most about working here?

• What motivates you at work?

• What improvements do you want to see in the workplace?

• What kind of support do you wish to receive from the company to help you achieve your professional goals?

Read how you can make the best out of your employee engagement surveys here.

You may also ask respondents to rank or choose which rewards and benefits matter most to them for better insight into their priorities. You might be surprised to know that while there are employees who are minimalists, a.k.a. People who are satisfied with the basics, there are also max seekers, a.k.a. people looking to get the most out of what a company has to offer.

Naturally, you would want to satisfy both, so it is essential to get a good grasp of what they value.

Be clear about your company’s mission.

Review your core mission – what you want to achieve as an organisation – and anchor your EVP on this. Think of your EVP as your elevator pitch: How will you tell potential employees about how great it is to work with your company in just a few sentences?

Consumer goods leader Unilever offers a great example by relating their product solutions to helping workers achieve feelings of fulfilment: “When you work at Unilever, you can bring your purpose to life through the work that you do.” Tech giant Apple, meanwhile, focuses on recognising talents’ creativity: “Apple is where you’ll work with others who share your passion. Where business serves expertise. Where a healthy respect for courage and original thinking inspires you to bring your best to what we do together.”

The goal is to craft an authentic, differentiated EVP that breathes life into what the company stands for – for its people.

Address timely and relevant issues.

While there are parts of your EVP that are evergreen, employers should not feel bound by traditional practices and limited to providing conventional benefits. Your EVP should be able to shift as workers’ priorities shift, bending and expanding to address timely issues that affect them and their well-being.

For example: Since the pandemic gave rise to remote working – with two in five workers in Singapore refusing to accept a job if they cannot work from home, says a study – flexible work arrangements are now expected of most companies. Social media company Buffer’s EVP illustrates how to address this, putting the focus on their results-oriented culture: “At Buffer, we believe that great work can happen from anywhere. We embrace a remote-first culture that allows our team members to work flexibly and find the perfect balance between their personal and professional lives.”

Inclusivity is also a hot-button topic nowadays, with more and more companies embracing diversity in the workplace. Brands looking to champion this can look to Airbnb for inspiration, with their statement, “Create a world where anyone can belong anywhere.” This ties in seamlessly with their global community of hosts and travellers, which their platform empowers.

Remember: An EVP in a constant state of flux is good – it means your company is evolving as your people evolve.

Communicate your EVP effectively.

No matter how great your EVP may be, it is useless if you are not using the right tools and platforms to reach your audience. Ensure that it is visible in all your hiring channels, such as your company website, job listings, social media pages, and employee communications, like your internal handbook, newsletters, and bulletin boards.

Showcasing your EVP through branding, PR, and marketing efforts can also boost your company's appeal to prospective applicants. An example of a company who does this right is Google, widely known for their ultra-cool office spaces, innovative perks, and fun culture. We see and hear about their EVP everywhere — from articles and TikTok posts to the movies — that you don’t really need to research about it. Be creative and develop a communication strategy to familiarise people with the unique working experience in your company.

Ensure alignment and schedule regular evaluations.

The successful implementation of a company’s EVP stems from its leaders. Business owners and managers must demonstrate a strong commitment to it. They should act as role models and embody the highlighted values to inspire the same from employees.

Ensure all internal practices, policies, and processes align with the EVP. Your employees must see a match between what you promised and the day-to-day realities of working within the organisation.

To measure the effectiveness and impact of your EPV, you can establish metrics and monitor key aspects such as employee satisfaction, engagement levels, and retention rates.

In the race to snag and retain top talent, a brilliant EVP can be just what you need to succeed. Bear in mind that employees are not merely seeking impressive job titles and monetary rewards nowadays. They are looking for organisations that share their values and align with their priorities. they want a workplace that will not only help them achieve their career goals but contribute to their personal growth as well.

What is an employee value proposition?

An employee value proposition (EVP) refers to the unique set of benefits, rewards, and opportunities that an employer offers to its workers in exchange for their skills and contributions. It is a crucial tool in attracting and retaining talent.

What is the difference between the employer brand and the employee value proposition?

The employer brand represents the company's external reputation as an employer, while the employee value proposition (EVP) is an internal expression of this image – one that shapes the internal employee experience.

What are the key components of an EVP?

According to the Harvard Business Review, the EVP is a system composed of four interrelated factors

• Material offerings (encompassing compensation and benefits)

• Opportunities to develop and grow

• Connection and community

• Meaning and purpose.

Visit JobStreet’s Future of Recruitment and Compensation and Benefits reports for more insights regarding Singapore’s workforce.