Article: Creating the EVP for the new working era

Compensation & Benefits

Creating the EVP for the new working era

Moving on from the traditional way EVPs approach, organisations have begun revamping them by adding advanced features.
Creating the EVP for the new working era

The pandemic-induced acceleration towards digitization has revamped the way individuals and organisations function. Employers can no longer depend on a conventional work culture and experience to appeal to employees and other potential recruits. In an era of modernized workforce equipped with multigenerational people and mass exodus, personalising the experience of every knowledge worker across the organisation is imperative to ensure that the employees have a long-term stint with the organisation.

In order to stay at par with the changing dynamics and enhanced competition, organisations must evolve their perception towards employees as people, and not just as a workforce. They have to find methods to improve the overall work experience, and that is where the EVP (Employee Value Proposition) comes into play in making an organisation a desirable place to work. 

Offering purpose, mastery and autonomy to knowledge workers

Moving on from the traditional way EVPs approach, organisations have begun revamping them by adding advanced features. The policy behind motivating employees is no longer just compensation. The top talent across industries today has access to multiple job offers and opportunities, all of which are equally competitive in terms of compensation. The new factors that motivate knowledge workers and drive them to perform better are purpose, mastery, and autonomy. As technology evolves, it is crucial for companies to attract and retain their best employees; and to do that, HR leaders must evolve their EVP management by incorporating these aspects and delivering a deal with a ‘humanistic touch’ that is centred around the employees and can match their needs. Let us look at all of these aspects in greater detail.

The first pillar that a modern-day EVP must offer is purpose. Employees are looking at opportunities beyond monetary benefits and consider the purpose of an organisation while making their choice, because they want their efforts to add value to the community and the world at large. For example, a knowledge worker would be keen on joining a company that has undertaken the mission of serving the underprivileged along with focusing on the company’s growth and profit. 

The second pillar that all EVPs should cater to is mastery and growth. Employees in the knowledge workspace are eager to join companies that allow them fluent career progression in the field of their choice, since growth does not only mean increased compensation or elevated titles/designations. Modern day knowledge workers also want to grow the skills that they are looking to master. The EVPs of organisations, over and above pay, need to give employees a perpetual sense of becoming fractionally better every day, in the areas they want to build their long-term career.

With the advent of digitization and artificial intelligence, organizations are already solving the problem of providing a personalised experience to their customers. From FMCG deliveries to healthcare, organisations across industries offer customized packages to attract and retain clients. An example that proves this point is how the home pages of e-commerce websites/apps are characteristically different for two different individuals, based on their individual search histories. Companies all over the world are now trying to apply the same logic with their workforce. They are making efforts to bring personalised experiences in the career tracks of their employees, where they can choose what roles they wish to pursue and master. This is a very attractive factor in an EVP offering, and that is where performance management automation can help companies with regular feedback, upskilling, and constant performance management. 

The final and the most crucial pillar that EVPs must incorporate is autonomy. A knowledge worker is most comfortable with the element of elbow room, freedom, or creative licence that helps them learn from their mistakes quickly and grow. Moving away from the consistent top-down management approach where a manager allocates tasks, people are looking to work with firms that allow them the autonomy to choose their own missions/goals and tasks that they want to work on, and managers would simply play the role of coaches. 

EVPs in today’s world are moving from standard offerings to highly personalised offerings. HR leaders must be willing to build a holistic work culture and create personal growth opportunities, in addition to deeper connections and radical flexibility. In these new times, attracting and retaining top talent is the key for a company’s growth; and to do so, companies must ensure that their culture is not based on traditional beliefs, but a modified approach to suit the modern needs of their employees. 

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Topics: Compensation & Benefits, #GuestArticle, #RedrawingEVP, #EmployeeExperience

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