Attract and retain talent by creating and owning your Employee Value Proposition.
The employment landscape has changed dramatically in the past three years. In the manufacturing industry specifically, we are in the midst of a major labor shortage. Just how significant is the shortage? Even if every unemployed person with experience in the durable goods manufacturing industry were employed, the industry would only be able to fill around 75 percent of the vacant jobs.¹
The labor market has been tight since the beginning of 2021, and the end of that same year saw employees quitting their jobs at historically high levels. Employees are reevaluating their work/life balance, looking for greater meaning in their jobs, and demanding flexibility in where and how they work. It’s no surprise then that attracting and retaining talent, followed by employee well-being, have become top priorities for leadership teams across North America.²
This has led to an increased focus on, and evolution of, employee value propositions (EVPs). Clients, both existing and new, have recently come to Simple Truth for help in focusing, crafting and communicating their EVPs. Want to see us in action? Check out the recent work we did for Nemera, a global drug delivery devices manufacturer.
As the employment landscape has evolved, so has our thinking on EVPs. A few insights have guided our progression.
Engaged employees bring their whole selves to work. Their life experiences, along with their professional skills, are a valuable asset. They’re increasingly looking for job opportunities in which the entirety of their experiences is recognized and supported. They believe this will add value to the work they do and in return they expect their jobs to enhance their whole lives, not just their resumés.
It’s for this reason, Simple Truth has made a shift in language… from Employee Value Proposition to People Value Proposition, EVP to PVP. It’s a slight change, but it drives a fundamentally new way of looking at your organization’s relationship with your employees.
A competitive salary, raises and bonuses are now table stakes. So are traditional benefits packages. Organizations are evolving and beginning to focus on a holistic employee experience putting more emphasis on growth, connection, purpose and overall well-being. It’s the balance of these factors that ultimately determines the quality of your employees’ experience.
We build value propositions that take all of this into account and put the employee firmly in the center.
Your organization, like your people, lives. It grows, evolves, strives, fails and succeeds. With those changes, the value you bring to your employees evolves. A well-crafted value proposition provides a foundation that allows for growth and evolution in how it manifests for your people. It provides a framework for programs, offerings and initiatives and a way to consistently evaluate whether you’re truly living the promise you make to your employees.
Simple Truth has helped our clients — from Fortune 100 corporations and global manufacturers to local nonprofits — assess their current situations, understand their pain points and aspirations, craft PVPs that truly reflect their organizations and how they value their talent, then build and execute communications plans that ensure their employees feel valued.
¹ Stephanie Ferguson, “Understanding America’s Labor Shortage: The Most Impacted Industries,” U.S. Chamber of Commerce, July 12, 2023.
² Aon, 2022-2023 Global Wellbeing Survey