According to Hays, an EVP communicates a company's values and culture, as well as the rewards, opportunities and experience of working for a company and it is critical that employers focus on their EVPs once more, now that the economy has improved.

"In many businesses the attention previously given to an EVP was redirected elsewhere during the downturn," said director of Hays Legal, Darren Buchanan. "Recruitment and retention were no longer as high up on the priority list as they had been. But this short-term response to economic conditions will have long-term ramifications. As the economy improves and job numbers rise, skills shortages will hamper workforce planning and growth opportunities for the business."

Buchanan said by communicating what the company stands for and the experience of working at the company, employers will attract like-minded candidates who are a natural fit with the company and the way is does business.

"Without an accurate, clear and well-known EVP, you won't keep up with competition in the race for the top talent," Buchanan said. "The messages in the market about your company will be contradictory and you risk attracting candidates who don't live your values."

Defining the EVP is the easy part according to Buchanan. "It's implementing it that's the challenge and that's where many employers fall," he said. "Once defined, all of your touch-points with potential recruits and customers, from your internet site to the application process need to reflect your EVP. If you don't have a consistent message about your compnay's values and what it's like to work for [your company], potential employees cannot determine if your company will be a good fit for them and vice versa.

"But make sure your EVP reflects what it's really like to work for your company or you mislead your current and future staff which will only lead to higher turnover," Buchanan added.