Organizations that fail to deliver a strong EVP struggle to attract critical talent. In fact, 65% of candidates have discontinued a hiring process due to an unattractive EVP.
A well-designed EVP can reduce hiring costs and increase new talent retention at your organization. More specifically, an EVP that is attractive to labor markets and employees:
- Reduces the compensation premium needed to hire by 50%
- Reaches 50% deeper into labor markets to attract passive candidates
- Decreases annual employee turnover by 69%
- Increases new hire commitment by 29%
Gartner research also finds that, beyond attracting talent, organizations delivering a strong EVP also achieve better employee outcomes, including higher discretionary effort, intent to stay and performance.