What can an organization do to retain and recruit individuals who fit into the organization’s requirements and job responsibilities? How can an organization differentiate itself in a highly competitive market-place? An excellent Employee Value Proposition (EVP) can help you attract the best talent and position yourself as a pronounced brand that individuals want to work with.
In a webinar hosted by People Matters in association with BI WORLDWIDE, Mark Hirschfeld, Vice President at BI WORLDWIDE stressed on the fact that to deliver an excellent employee value proposition requires organizations to keep employees engaged throughout the employee life-cycle.
He shares "BI WORLDWIDE's approach to engagement throughout the entire employee journey is called make every moment count.” Organizations need to identify these crucial moments in the employee life-cycle and strategize their EVP accordingly.
Here are the five critical moments in employee’s life cycle that you can work and develop on which will help you to lead better and achieve your business objectives:
Hiring the wrong person or candidate will not only lead to failure but monetary loss as well. Mark states, “The number of applicants does not mean the number of hires, but we should instead focus on the quality of the applicants.” Mark and his team at BI WORLDWIDE researched how hiring works and what should organizations focus on while hiring. The metrics that are crucial to understanding whether a candidate is right for your organization are:
- Intent to stay
- Time to proficiency
Mark says, “Sadly new employees have awful first days, and this can have a negative impact on overall engagement.”
Learning about the organization, being recognized, welcome given by managers or leaders and being aware of the recruits makes the work-life transition smooth and kills the stress of first-day trauma.
Generational diversity is a topic that is being referred to more often now than ever. Change of perception with regards to the generation can change our behavior towards people.
Millennials: There are many discussion and debates surrounding Millennials being lazy, unproductive and least engaged. However, as per the research by Mark and his team, they found out that these assumptions are false. Millennials can be and often are involved. He also shared new rules of engagement and what you can do to make every day count and how you can adopt these methods in your organization to improve EVP.
- Get inside their heads: Understand what they want from you and your organization
- Make them fearless: Encourage your employees to experiment and explore new skills
- Make money a non-issue: There are more fulfilling aspects in job satisfaction than just monetary gain
- Help them thrive: Thrive to achieve both organizational and overall well-being of your employees. It invigorates both the business and your workforce
- Be cool: Create a unique stimulating culture with a creative and real competitive edge
- Be boldly transparent: Things have to be clear and well informed to all employees regardless of the job role
- Don’t kill the meaning: There has to be a more significant purpose and goal that will deliver happiness and pride without being self-centered
- See their future: Understand and guide their dreams and aspirations to achieve their future objectives and prepare them to face obstacles
- Magnify their success: Magnify success and appreciating employees over small victories as well ensures multiple chances of winning
- Unite them: Create deeper bonds that stand together and work together to achieve greater success
- Let them lead: Inspire aspiring leaders and give them the opportunity to showcase their talents and skills
- Take it to the extremes: Challenge, rally and support your people and you will strike by what they can accomplish
The statistics from research between the year 2014-2016 show almost similar score of engagement between millennials and non-millennials using the above engagement method.
Deep dive: Millennials are considered to have a need for meaning and purpose in their work more than any generation. However, the research demonstrated that all generations look out for a broader mission in their work which directly impacts their performance and commitment towards work. Organizations need to look at each generation differently and understand their talents and skills which would make a change and have a diversity of thoughts.
As per the research, 51% of people agreed that they made a difference at work which leads to happiness and engagement at work. There are multiple opportunities for recognition that can create full spread receipt. Those who receive timely and multiple recognitions are happier, engaged, and committed to exceptional performance.
According to a research, employees who referred and joined an organization vis referral programmes stayed longer than average other employees. Empower employees that will turn out to be brand ambassadors for your organization. Ensure that employees have a sense of belongingness and promote your organization among friends and family.
The insights provided by Mark along with the research and statistics have changed and open new aspects of thinking and designing EVP to optimize value and growth both personal and monetary.