In today's competitive talent landscape, organisations recognise the significance of a powerful Employee Value Proposition (EVP) in attracting, engaging, and retaining top talent. A well-crafted EVP, after all, aligns the company's mission, culture, and strategic goals while resonating with employees on a deeper level. To navigate this dynamic workplace environment, it becomes imperative for HR leaders to explore the intricacies of defining and refining an organisation's EVP, as well as the strategies for effectively aligning it with the employee experience.
To discuss different aspects of EVP, People Matters, in partnership with Darwinbox, organised an insightful webcast. Moderated by Uma Natarajan, Senior Director-Product Management, Darwinbox, the webcast saw the participation of Ganapathi S Subramanian, CHRO, Sundaram Home Finance Ltd., and Krishna Panda, Senior Vice President & Head of COE, Bajaj Allianz Life.
The significance of EVP in today’s talent-driven market
Darwinbox’s insightful research report titled HR Evolution Perspectives 2023: Empower and Evolve shows that the EVP communication and delivery experience is rooted in values like transparency, support, trust, and empathy, Uma explained. In this context, it becomes important to understand candidate expectations and intent to build a strong EVP that attracts top talent. Krishna highlighted that differentiating and personalising the EVP for every employee is vital. Profiling, onboarding, and assimilating talent that understands the customer’s psychological needs and empathises with them has been a critical strategy for Bajaj Allianz. Building an innovative and growth-oriented culture that encourages people to do things differently without the fear of performance evaluation has been the focus over the past few years. Ganpati added that in response to EVP’s increasing importance, the company’s motto of focusing on GQP - Growth, Quality, and Profitability - has been implemented at an individual level, with employees achieving personal growth, learning, upskilling, and progressing in their lives and careers.
Role of HR tech in communicating with employees, building an attractive EVP, and reflecting company values
Uma pointed out that employers usually start building EVP by listening to their workforce, prioritising expectations, communicating values, facilitating deliveries, monitoring results, and recalibrating programs. A recent Darwinbox survey showed that over two-thirds of CXOs prioritise employee experience today and want to take actionable steps to build meaningful and positive workplace experiences. Krishna agreed and shared that this is because CXOs have realised that a stronger EVP directly contributes to better business performance. He further explained that the insurance industry has evolved from a customer affinity-driven framework to big data analytical models and has become adept at using data from different sources. The same principles are being applied in HR and people management, as analytics can help candidates who are a better fit and align with organisational values.
Comprehensive psychometric assessments to understand individual soft skills, weaknesses, and preferences can help HR leaders and managers design an employee-centric workplace culture that uses data points positively. If an organisation considers transparency a core workplace value and uses the right tools to build a culture of honesty, it becomes a valuable proposition for employees. Imagine the trust employees can repose in their employer and HR if they are confident of being heard and know their problems have been understood even before their one-on-one has begun.
In this context, Ganpati added how it is essential to be cognizant of consciously building a value-based culture driven by empathy. The company’s EVP should clearly communicate why an employee wants to work there and foster a deeper connection rather than simply pay lip service. Building internal groups, training managers to be empathetic, and offering radical flexibility—not just in remote working but lateral movement in functions—is essential. Creating personal growth opportunities for people to cater to their aspirations while simultaneously prioritising their well-being can build a sense of shared purpose to achieve the same target.
Using technology to listen to the right voices and capture the right data points
Listening to our workforce has been embedded in the DNA of Bajaj Allianz, emphasised Krishna. He added that listening to multiple perspectives and inputs helps co-create design thinking solutions and course-correct errors before failure. The company has formalised feedback and listening in an approach that involves top leaders gathering insights, ideas, problems, and suggestions from people working on the ground through regional business councils. A survey is conducted every six months that enables different teams and functions to evaluate the effectiveness and significance of other departments in the organisation. Insights from these exercises help frame the next set of product enhancements and business goals, and these metrics are also built into performance management and rewards programmes. Using digital systems to collect valuable feedback and insights has been an important enabler at Bajaj Allianz, and Krishna credited it as the fulcrum of many internal successes.
Communicating EVP to stakeholders
Constant communication and reinforcement of the value of your EVP are essential to convey your intentions and strategic goals, according to Krishna. More importantly, he added, the authenticity of the communication matters. If the success stories you share are simply theory-based, your efforts are lacking, and you must focus on delivering on expectations first. With success stories and overall business development, organisations can attract qualified people who want to build long-term careers and grow together. HR needs to facilitate these success stories and communicate them organically using the EBAR - Experience, Believe, Action, Result approach.
Ganpati added that using storytelling through the right communication channel can also make a significant impact. He shared that when the company hires freshers from campus recruitment programs, they try to send representatives who are alumni of the same institute. This conveys a sense of authenticity and sincerity, attracting candidates who can see, experience, and interact with the success story directly. Having internal platforms, such as town halls, newsletters, or HRMS systems, for people to share their work experiences, challenges, solutions, and aspirations is equally compelling. He agreed with Krishna and emphasised that this communication needs to be rooted in reality, or else the narrative on social media platforms and platforms like Glassdoor will chase away candidates.
Impact of HR-tech in shaping the future of EVP
Ganpati concluded that it is increasingly difficult to decipher who plays a supportive role in HR: the people or the technology. But despite these changes, it is essential to keep employees at the centre of all processes and values, focusing on understanding what they feel and experience while working. Krishna agreed that understanding employees and empathising with them will be the biggest ingredient of EVP going forward, and organisations that use advanced tools and analytics to integrate empathy into their processes will eventually win the talent war.
To sum up, here are the key takeaways from this insightful discussion:
- A tailored and empathetic approach is vital for crafting a compelling EVP that resonates with individual employee needs and aspirations.
- Advanced HR technology plays a pivotal role in shaping and delivering a relevant EVP that aligns with employee expectations.
- Building a culture of transparency and trust within the organisation is foundational to a strong EVP, ensuring employees feel valued and heard.
- Authenticity in sharing success stories is essential to effectively communicate the EVP and attract top talent.
- EVP should be designed with a long-term perspective, focusing on nurturing talent and enabling their growth within the organisation.