One powerful tool in this endeavor is the Employment Value Proposition (EVP). This encompasses the unique set of attributes that both the labor market and employees perceive as the value gained through employment with an organization.

According to Gartner’s 2023 researches, a compelling EVP can yield significant benefits including improved new hire commitment, reduced hiring costs, and decreased turnover rates.

The researches show that organizations that communicate and deliver a compelling, differentiated EVP might experience significant improvements like:

• Improving new hire commitment by 29%
• Reducing the compensation premium needed to hire by 50%
• Decreasing annual employee turnover by 69%

On the flip side, neglecting the development of a compelling EVP comes with its own set of consequences. Only 31% of HR leaders believe their current employees are satisfied with their organization's EVP. This indicates that a substantial portion of the workforce may be lacking the motivation and enthusiasm necessary for peak performance.

Furthermore, a lack of an appealing EVP leads to a significant candidate attrition rate. A staggering 76% of candidates choose to exit the hiring process when organizations fail to meet their standards for at least one EVP preference. This highlights the critical role a compelling EVP plays in not only attracting but also retaining potential talent.

Gartner's study on top attrition and attraction drivers rates for IT employees also shows that 12 out of 15 of the attrition and attraction drivers overlap each other. On the other hand, one of the items included only in attraction drivers stands out as "Innovative Work".

Although it may sound like a difficult goal to achieve, creating an innovative work(place) for your employees is not as difficult as you think. Starting to improve yourself and your company in basic areas such as intelligent automation, software training, scenario-based digital learning and so on will be a very appropriate and quick-return investment.

For instance, investing in employee skill development through comprehensive software training can be a testament to an organization's dedication to its workforce. By offering opportunities for continuous learning and upskilling, organizations not only enhance their employees' capabilities but also create an environment of growth and development. This will contribute significantly to a positive EVP, as it demonstrates a commitment to individual and collective success.

As another example, scenario-based digital learning can offer employees the opportunity to apply their knowledge in real-world situations. This hands-on approach not only enhances learning but also builds confidence and proficiency. When employees feel that their organization invests in their growth and development in a practical and relevant way, it will again remarkably contribute to a compelling EVP.

In summary, today's competitive job market, a compelling EVP is the key to attracting and retaining top talent. Gartner's last research underscores its impact - higher commitment, lower costs, and reduced turnover. Neglecting EVP can lead to dissatisfied employees and lost candidates. Aligning attraction and retention drivers, especially focusing on "Innovative Work," is crucial. Investing in areas like intelligent automation, scenario-based learning, software training sets the stage for an innovative workplace. Elevate your organization with these drivers for lasting success.