Creating the right EVP for the new era of work
In this altered work model, focus on employee value proposition (EVP) is a business imperative for organizations to have an engaged and motivated workforce. Businesses, across industries, have been quick to pivot and adapt to the unprecedented scenario. However, the impact has been huge and the demand-supply equilibrium has skewed considerably in the past few years.
The top parameters that propelled this shift more in favour of the employees could be attributed to:
- Change in the workplace environment: Employees are no longer inside the confines of the four walls of the office. The ability to work from anywhere has liberated and changed their mindset, adding to their flexibility while altering the perception of a great workplace.
- Work-Life Integration: In most cases, remote work has been hailed by employees for enabling them to have a better work-life balance. Employees now have a larger spectrum of roles to adapt to and working from anywhere gives them more autonomy to decide how to combine their work and personal life.
- Incorporating ESG in employee benefits: Organizations that prioritize Environmental, Social & Governance (ESG) principles as part of their employee benefits can stand out as employers of choice for the next generation. Having seen large-scale changes in the operating models, there has been a multi-layered shift towards finding a larger purpose and being able to contribute to this purpose.
On the other hand, HR leaders are facing the brunt as they now need to come up with innovative strategies to ensure the right staffing at the lowest cost. Historically, they have used EVP as a reliable framework to help in their employer branding initiatives. In layman's terms, a well-articulated EVP aids organizations in encapsulating the right messaging to the prospective and current employees on what benefits they could expect in return for their contributions.
The time to upgrade your EVP is now
However, the key question that many are asking is whether the EVP is still a relevant framework in the new normal with the changing work dynamics. A holistic combination of benefits, compensation, work environment and culture, EVP highlights the key reasons why an employee should continue to be part of any organization. Like any other framework which has changed, the EVP needs to adapt and integrate the following parameters to have a core and a flexible framework:
- Alignment and resetting expectations: There is a clear need of creating the right alignment with the way organizations perceive their employees. Leaders need to look at their employees as not just resources but also as humans who have a larger role to play in their professional as well as personal lives.
- Communicate and implement: A company’s culture is an open book. Gone are the days when it was a closely guarded secret. With the rapid proliferation of information externally, it is critical for leaders to ‘walk the talk’. There also needs to be consistency in actions and not ad-hoc responses to an unforeseen situation. A transparent work culture along with clear communication can go a long way in creating credibility both within the organization and outside.
- Skilling: With changing tech landscapes, employees expect their employers to have the right framework for skilling. Continuous feedback and engagement is the key to attracting and retaining employees. HR leaders must develop programs to bridge the skill gap, create a learnability index and work towards making the right improvements. This calls for avenues for upskilling, cross-skill, and reskilling across the talent life-cycle.
- Leverage technology: In the ever-changing IT landscape, leveraging technology to the fullest is the only way forward. Today we have a plethora of tech options that we can utilize across stages of Attract, Skill, Engage, Retain and Grow. From Chatbots to embedded analytical tools, HR leaders will be able to get a pulse of employee behaviour which will enable them to accordingly tailor the responses.
With rapid advancements in technology and with employees working from anywhere, HR leaders need to make the mind shift from taking decisions based on a one-size-fits-all approach to a hybrid model of work that focuses on employee engagement and their holistic wellness. In this era of hyper-personalisation, leaders need to tread carefully to work on creating a flexible EVP framework that will strike an equilibrium between talent expectations and organisation actions. Else, collective burnout will continue to lead to trends such as the Great Resignation in 2022 and beyond.