3

Attracting Millennials to the

Workplace

BUILDING THE EMPLOYEE VALUE PROPOSITION (EVP)

TO ATTRACT MILLENNIALS
Having a well-respected, strong brand was once considered criti-
cal to be able to attract top talent. It was enough to be a multi-
national corporation and become highly admired company. The
rankings prepared by Fortune magazine reflect that perspective.
In response to the question Which firms have the best repu-
tation? the answer would be Look at the Fortune magazine
rankings. Accordingly, for years these rankings have helped
elevate companies prestige. However, is that still enough? Is a
good reputation and strong brand sufficient to attract the new
generation to ones company?
Young employees who in previous years would have felt
obliged to have good reasons to leave employment at a large,
stable corporation now expect employers to provide them a com-
pelling reason to stay. In the decade of the employee, as Jamrog
(2002) refers to it, or the employees golden era, as Hatum
(2010) calls it, an EVP is increasingly important to be able to
communicate, attract and retain top talent among todays young
workforce. The director of International Recruitment at LOral
agrees:

As a prerequisite to anybody who works in human resources,

especially in competitive environments, we need to work

A. Hatum, The New Workforce Challenge

Andrs Hatum 2013
 64 The New Workforce Challenge

on our employer proposition. Both to see if it sells outside,

so that we can attract and recruit the best talent, and also
to see whether we can provide the environment where this
talent will blossom and develop at the pace we want them
to develop.1

Theories related to branding and EVP all underscore the importance

of an EVP to improve attractiveness, generate greater employee
commitment and become the employer of choice (Manpower,
2009). Lancaster and Stillman (2010), however, highlight the
importance of meaning in referring to the value proposition
a company is offering to the younger generation. Thus, it seems
that while a strong brand is no longer enough to attract and
retain the new generation, the traditional approach to EVP may
also be inadequate.
Hatum (2010: 38) defines an EVP as the firms organizational
features that allow it to promote itself outwardly and generate
loyalty internally. Those organizational features are the firms
organizational culture, people, work characteristics and rewards.
While the brand provides a message for attracting prospective
employees, the EVP delivers the actions and behaviors that are
attractive to the target candidates as well as to those already
working in the organization. Similarly, Black (2007)2 argues
that value propositions address leadership, company, job and
rewards, four areas that are critical to attracting and retaining
good people.
It seems, therefore, that a comprehensive EVP needs to address a
broad range of elements that are important to employees. A recent
study by Towers Watson (2010) points out that when companies
formalize their EVP, the EVP is more likely to become a unify-
ing experience.3 While this is true, both the companys brand and
EVP should provide a detailed understanding of critical workforce
segments in the organization. And this is where things become more
challenging when thinking about Gen Yers entering the force.
The importance of the EVP to enhancing a companys ability
to attract the young market of Gen Yers was pointed out earlier.