Money can't buy you love (or talent)

The importance of having a clearly articulated employee value proposition

There’s only one thing that motivates people in Financial Services… money. A harsh truth or an outdated perception? Are talented people in this sector motivated solely by big compensation packages, or can a compelling employee value proposition and employer brand provide an alternative to attract and retain the rain makers?

Creating a differentiated offer

During bonus season this year, there was a high-stakes poker game going on in the heart of the City of London. Headhunters were trying to bait top talent to jump to competitors for large sums of money. In turn, high-performers were using these live discussions as leverage to secure better packages.

Armed with research about the needs of their employees and the wider talent market, one of our Financial Services clients made a brave decision not to inflate salaries and bonuses to attract and retain people. Instead, they chose to invest for the long-term by working with Emperor to create a differentiated employee value proposition (EVP) and employer brand.

The lure of more meaningful work

Market insights indicate that people in the Financial Services sector have a growing desire to do more meaningful work that adds value to communities or society as a whole. In response, we created a compelling narrative about our client’s long history of investing in ground-breaking sustainable energy projects. Employee and stakeholder stories provided evidence that a career with their business would enable talented people to grow and achieve their full potential, while also saving the planet. Woven into this narrative were messages about the culture of the organisation. With a flat operating structure, people were empowered to be innovative - with the freedom to pursue their own projects.

Emperor are often asked how we measure the success of an EVP and employer brand. In this case, it was our client’s ability to avoid inflating their total compensation package, combined with their high retention and attraction rate – despite the fierce competition for talent in the market. It demonstrated that having a well articulated promise is needed to answer the questions ‘Why should I work here rather than anywhere else? What’s in it for me?’. Companies need to have a clear response and evidence to back it up. Throwing cash at top talent is no longer the answer – if you want them to join and then add value for the long-term.