EVP is an opportunity to forge your company’s recruitment and retention story. As business leaders and organizations discover the new world of work, transforming EVP is like an upstream swim against the tide.
The relationship between people and their jobs is a dynamic and ever-evolving one. In the aftermath of pandemic, employees are re-evaluating what they desire from their work lives. Thus, prompting the companies to reflect on these changes in their EVPs. However, this has proved to be a gruelling task for many organizations. The traditional approach to employee value proposition demands some catching up. HR needs to adopt an alternate approach keeping the future workforce in mind. They must evolve their EVP management to deliver a more human-centric proposition.
According to Gartner, the human deal increases employee satisfaction with EVPs by 15%.
The human deal approach creates a holistic offering for your workforce. It aligns EVP with the employees as people, not workers. The proposition intends to provide an exceptional life experience focusing on the feelings and features that match employee needs. The top-down approach that has been the norm at many organizations differs from the space where young talent is willing to work. Generation Z seeks an open work culture, work-life balance, diversity, inclusion, and meaningful work. They desire acceptance, freedom and flexibility at their workplace. Millennials aspire to be recognized and valued as individuals who bring unique and diverse perspectives to an organization.
EVP in 2023
EVP 2023 would be about retaining your best talent and keeping them engaged – intellectually and experientially – highlighting the necessity to implement sustainable EVP practices for a multi-generation workforce.
What is the outlook for EVP 2023?
Companies worldwide are modifying their employee value proposition design in response to disparities in EVP preferences among employees. Some promising suggestions to transform your company offering in EVP 2023 are:
- Adapting to the new normal of Hybrid work
- Spotlight on Employee wellness
- Developing inclusive workplaces
- Supporting employee growth
- Digitizing employee experiences
Succeeding Employee value proposition in 2023
A successful EVP transforms perceptions and communicates value offerings as motivation for your employee. Long-term career, a reputation-building pathway, and support toward segues for personal or academic goals are a few of the many encouraging recommendations for proposal. As compelling as each one is, they also come with challenges. Here is the quick cheat sheet of overarching trends – use it to kickstart your EVP:
Adapting to the new normal of Hybrid work
Working all the time in remote mode has various disadvantages. Burnout, feelings of isolation, and lack of communication are some issues, as proven by the epidemic. As a result, most employees want to return to work, but only part-time.
74% of workers in a study conducted by PwC Australia expressed they want to work from home at least three days each week.
Most firms nowadays acknowledge the need to offer flexible work arrangements as part of their EVP. They will need to embed Hybrid mode in workplace culture. And also deliberate on encouraging collaboration among coworkers and productivity in a hybrid culture.
Spotlight on Employee wellness
The importance of employee health and well-being has gained a lot of emphasis. Burnout has become all too frequent in recent years for many people worldwide. And if they perceive their company does not care about their physical and mental well-being, they will look for a job that does. Good health is essential for producing exceptional work. When firms invest in wellness, productivity rises, as does general happiness and healthy team culture. According to a recent Gallup poll, employees seek two top attributes in an employer. First, if the firm cares about the well-being of its people and second, if the leadership is ethical.
For this reason, incorporating a health program into your 2023 EVP as recruitment and retention efforts is a good idea. Design and change your wellness programs and tools to make them work for your company. Employees should have easy access to various mind and body tools. They must get support for their health and wellness, whether they work from the office or home. Furthermore, once you’ve decided on the optimal well-being initiatives for your staff, create a communication framework that you can integrate with your EVP. It is critical that individuals understand what health practices they have access to, how to use them, and how to integrate that into daily life.
Developing inclusive workplaces
The preceding two years have prompted us to reconsider how we work, study, and live. To add to that, significant events such as the Great Resignation and massive job losses around the world show the critical need for a fundamental shift in attracting, growing, and retaining exceptional talent. Companies can stand out in a talent pool by cultivating a fair, diverse, and inclusive atmosphere. Furthermore, it can be helpful in expanding the talent pool by drawing people from various backgrounds. A workplace environment that values diversity, equity, and inclusion can enable employees to work without barriers. It can improve both employee and organizational performance. Today’s multi-generational workforce demands an equitable environment. Only then can they bring their whole self to work and achieve their full potential. Greater representation is a means of differentiating oneself from the competition and an efficient method of attracting and maintaining talent.
Supporting employee growth
To keep top-tier talent in the long run, organizations must be willing to invest in their employees’ future. Opportunities for long-term professional and personal development might be the engaging factor for hiring and keeping outstanding personnel. Workers participating in targeted internal programs, leadership training, and learning opportunities flourish in their positions and careers. Organizations should focus on evolving skill possibilities in a fast-changing work environment rather than worrying about skill shortages. They must assess prospective growth prospects and integrate them into their EVP. Also, engage with workers to identify how they wish to move within the firm in light of shifting career objectives. Companies that commit to their employees’ continuing learning and development can develop a strong EVP for 2023.
Digitizing employee experiences
According to research, employee experience and customer experience are inextricably intertwined. When staff feel empowered, their interactions with clients reflect an upbeat attitude. It is a fact that organizations with excellent EX outperform their competition. Businesses can digitize their offerings to improve employee well-being and experience. A digital engagement platform can provide easy access to employees’ wants and goals. The platform includes a dashboard displaying all company activities’ usage rate. Pulse polls, mood check-ins, surveys, and focus group discussions clearly show what works and what doesn’t for employee engagement. Management can use this data optimally to analyze and revise their current EVP.
People seek emotional worth in employment. That happens when a job enables them to feel more understood, autonomous, and invested. People experience a sense of belonging when they get respect and recognition in their careers at the organization.
Businesses struggle with employee engagement as developing an employee-centric culture involves more than giving monetary benefits. It depends on factors beyond income and includes office perks, wellness programs, vacation time, and more. Engaging employees in every respect calls for a strong emotional connection.
Companies need to revisit the employees as people. They need to reinvent employee value proposition to deliver an exceptional experience, not only work but an all-around life experience. This human-centric approach is the pathway to the next-gen EVP.