Unemployment in Ireland this year fell below 5% for the first time since the financial crisis and the struggle for companies to retain top talent has never been so intensive. According to CIPD’s 2019 HR Practices in Ireland survey, holding onto staff is a major issue for HR, with 43% reporting an increase in voluntary employee turnover in the last year.
This can impact an organisation in a multitude of ways, from morale to quality of output, but it can also have a serious effect on the bottom line. Research from Adare Human Resource Management in 2018 showed that it costs an average of €13,100 to replace an employee who leaves the business.
If your organisation wants to recruit and retain great people, having a strong employee value proposition (EVP) in place is key. Gartner’s latest quarterly Global Talent Monitor report found that organisations that effectively deliver on their EVP can reduce annual employee turnover by 69% and increase new hire commitment by nearly 30%.
Not sure what your EVP is? Here, we’ll break down the basics and highlight some amazing examples to help you define and develop an EVP that will give you a competitive edge when it comes to attracting and keeping top talent.