Article: The five attributes of an evolving EVP

Strategic HR

The five attributes of an evolving EVP

EVP is a unique set of benefits that an employee receives from the organisation in return for their skills and capabilities.
The five attributes of an evolving EVP

I am not going to start this conversation by telling you about the unprecedented change that the world is going through because I am sure that you are already aware of that. The term ‘unprecedented’ itself has been overused, misused, and abused in more than a million ways. But as the world continues to turn and twist, new conditions of work emerge with each passing month. Hybrid, in-person, virtual, or something else - the jury is still out on it. With the evolving workplace, talent attraction and retention have become the top priority for organisations across the globe. 

How do organisations navigate these new needs? Do they stay conventional and follow the traditional models? Or should they be pushing the envelope and going all remote, full flexibility? With the conversation around The Great Resignation to The Great Reset, I truly believe that the employee is at the centre of it all!

What are organisations made up of? They are not made up of checklists and processes. Toplines and revenues. Infrastructure and technology. Yes, they are all critical but at the end of the day, the core of every organisation is its people. The current shifts have made this even more significant. 

Any individual trying to get a new job or switch jobs carefully analyses what they are passionate about and how they can use their skills to be the best in a specific industry or organisation. Employees today want profits and purpose. It becomes highly critical for organisations to have a dynamic and future-looking Employee Value Proposition (EVP) so that they can retain and attract the top talent out there!

EVP is a unique set of benefits that an employee receives from the organisation in return for their skills and capabilities. The EVP of the pre-pandemic world included attractive compensation, joining bonuses, time offs, holidays, support in the change of location, work environment and career advancement.

In the post-pandemic world, this has evolved based on the challenges faced by employees and employers. Today, the EVP is not just a side attraction but is becoming a central piece for hiring and retention. 

An evolving EVP (Employee Value Proposition) can address the new challenges in the new era of work. The evolving EVPs need to stand true to the following aspects - 

Deliver a Work-life Integration

As we move to a more hybrid form of the workplace, the office spaces are being given up and replaced with employees' homes. It is imperative that organisations take note of how moving the office to home can cause an extra burden on the employee - physical, emotional, mental, and financial. 

organisations need to support the costs needed to set up home offices, reimburse any technology costs, create a culture of switching off from work, and build flexibility in location and schedule.

Create Conditions for Growth

Growth and learning are universal motivators. From the moment we are born to the time we die, we are constantly growing and evolving. organisations need to understand this and make sure they are building a culture that supports learning and individual growth.

This can be achieved by providing learning opportunities, training managers and senior leaders to give on-the-job feedback, allowing for fast failure that leads to growth, and finally creating self-paced, interactive, and engaging learning opportunities for all levels.

Build a Culture of Compassion

Every individual is going through a journey of their own. There are pulls on the personal, professional, and social sides. This leads to a sense of burnout and stress. Empathy and building a culture of compassion are positively related to job performance and overall sense of well-being.

organisations need to bring in programs that express a strong support system for every employee. Virtual programs, events, and mental health support can help create a psychologically safe environment where every individual feels encouraged to share what they are going through without the fear of judgement.

Aspire for Holistic Well-being

Well-being is an all-encompassing state where the employee feels motivated and inspired to do their best work. It is influenced by the physical, emotional, mental, and financial state of the employee. 

Employees today are looking for well-being in all aspects of their lives. They don’t live to work but work is only a part of their being. If well-being is negatively impacted by work, then that does not become an ideal setting for an organisation to retain and attract talent. organisations today are highly invested in creating programs that support the holistic development and well-being of their employees.

Create a Shared Purpose

It has been almost a decade since Simon Sinek gave the Golden Circle Ted Talk but it holds true to this day! What is the ‘Why’ of your organisation? What purpose are you fulfilling on this planet? Why do you exist?

It is imperative that an organisation builds a clear sense of purpose and then spreads it across the organisation to make employees feel and believe that they are marching towards a common cause. The purpose of an organisation when well-articulated and expressed can be a defining aspect of how they attract talent.

To close, organisations need to create practices that revolve around the employee. They need to understand what their people need then communicate the message and finally, ensure that all employees are aligned. Employees need to act like champions in communicating the EVP and thus assisting organisations in attracting and retaining talent.

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Topics: Strategic HR, #GuestArticle, #RedrawingEVP, #EmployeeExperience, #NewAgeEmployeeBenefits

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