Most employers know full well they are facing stiff competition for talent in the incredibly tight labour market – though how many are doubling down on their Employee Value Proposition (EVP)?
Watermark Search’s 12th Annual Interim Executive Survey found the pandemic provoked half of all respondents to re-evaluate their careers and make changes.
We also reveal the top five must-haves to include in your EVP if you want to attract and retain top talent, including Interim Executives.
We weren’t surprised to read a widely reported announcement from the National Skills Commission in October 2022 that Australia is facing a ‘staggering’ skills shortage.
Our own research for our 2022 Annual Interim Executive Survey explored some of the driving forces behind the tightened labour market and found that while significant changes in immigration patterns have impacted multiple sectors, many of the challenges organisations face are localised, including:
Pandemic fatigue and the Great Resignation
Employees taking extended leave
Lack of solid succession plans
Out-of-date employee value proposition (EVP)
Longer search processes and counteroffers.
On a positive note, Interim Executives are filling many of the talent gaps at organisations and can help lead transformation.
A shift in power from the organisation to the people
We have seen the interim way of working gain momentum over the 12 years we have been collecting data.
The main reasons an organisation brings in an Interim Executive with specialist skills are transformation (both operational and cultural) and change management.
The functional roles in demand continue to be change, operations, finance, and human resources; and Government, For Purpose organisations and Financial Services have been mainstay sectors.
However, we are seeing a distinct shift in power from organisations to employees.
In a post-pandemic world, employees are asking very human questions about the work they do and who they do it for. This is no exception for the Interim Executive.
People want to work with other good people and be treated well, noted Korn Ferry in its Future of Work Trends Report 2022:
“An organisation is only as good as the people it employs; those organisations that want to survive and thrive in 2022 will need to respond to the new power dynamic in kind. Look beyond financial goals to consider the needs of all their people. Treat employees as human beings, not parts of a machine. Break down silos and overcome remote working challenges to ensure people feel connected to the company purpose and vision and each other. Embrace the possibilities of the future and make work, work for everyone.”
Almost half of all respondents to Watermark Search’s survey say they have re-evaluated and made changes to their careers because of the pandemic.
Our research found some of the ways organisations are changing in kind are through improvements to their Employee Value Proposition (EVP), which you can see below.
Employers doubling down on Employee Value Proposition (EVP)
When 25% of workers in the same survey say the reason they join an organisation isn’t the reason they stay, then we know that understanding the needs and preference of workers is fluid and evolving.
Post-pandemic, organisations looking to attract and retain talent are focusing more strongly on the Employee Value Proposition. But getting EVP right is complicated, as decried in PwC’s What Workers Want Report 2021:
“The balance of tangible and intangible benefits, representing why someone would choose to work at one organisation over another. An EVP is complex and highly nuanced. There are objective elements, such as the terms of a leave policy, and subjective ones like the experience of working for a particular leader.”
Our research into what top talent such as Interim Executives look for in an employee value proposition reveals some common themes, which are well-worth considering.
5 must-haves for your employee value proposition
Promote hybrid working arrangements
Allow work/life flexibility
Be focused on strong culture
Provide interesting and meaningful work
Provide clear values (strong EVP)
(Source: 2022 Annual Interim Executive Survey, Watermark Search International)
If you would like to attract top talent to your organisation our team is ready to help. We represent a great network of Interim Executives who are immediately available and ready to embed very quickly to transform organisations effectively.
We look forward to sharing our expertise with you. Please contact us.
Lisa McAuliffe, Partner – Interim Executive, Watermark Search