28 April, 2022
Powering a New Employee Value Proposition Using Technology
“The fastest way to get your customers to love your brand is to get employees to love their jobs.” – Tiffani Bova, Salesforce
What is an Employee Value Proposition?
Employee Value Proposition (EVP) is a clear articulation of the value your employees derive through the employee experience, or the sum of everyday lived experiences within your organization, as per the definition by Deloitte. Its’ traditional definition included compensation, benefits and employee incentives, keeping in mind the transactional nature of the labor contract. However, the post-pandemic workforce has redefined what work means to them. It is no longer a mere source of livelihood but the foundation on which they build intangible outcomes like:
- Realize their individual potential
- Work together to achieve a larger purpose
- Nurture their families and communities and so on
Why Reinvent the EVP?
Competitive organizations are in need of a highly capable talent pool to increase profits and market value. However, the war for talent just seems to be intensifying and the organizations winning this game are doing so on the basis of a strong EVP. An EVP not only helps to attract and recruit the right talent but also engage and retain them. As per Gartner statistics- Organizations that effectively deliver on their EVP can decrease annual employee turnover by just under 70% and increase new hire commitment by nearly 30%.
What Does the New EVP Look like?
Simply put, the new EVP is guided by a more human approach to what employees want. The pandemic saw a 64% increase in organizations extending employee wellness support in terms of healthcare, finances or mental health. The world witnessed a rapid shift to remote working and increased flexibility wherein employees structured their work around their personal responsibilities. In other words, the boundaries of the personal and the professional irrecoverably faded and this has continued into the post-pandemic era.
Organizations need to plan how workers can continue to bring their full selves to work and enhance their overall quality of life, not just work life. This can be achieved by intentionally crafting and implementing a powerful EVP in a way that is inclusive and caters to diverse employee needs. This blog will hereon explore the role of technology in bringing a renewed EVP to life.
The Role of Technology
Technology has an important role to play in reinventing, communicating and implanting the right EVP for your organization in the following ways-
Stage 1- Reinventing your EVP
This stage needs extensive data analysis to understand the employee pulse as well as market expectations from your employer brand. While social media and internet job portals are a useful external lens, the organization needs a range of touchpoints with their own employees to understand what’s missing. Do they need better mentorship and growth opportunities? Do benefits like childcare policies need a revamp? A robust employee engagement software can help setup systems to get these answers through:
- Pulse surveys at the interview, onboarding, post-onboarding and exit stages to map employee journeys
- Employee sentiment analysis tools as an entry point into cultural gaps
- Anonymous 360-degree feedback mechanism for people issues
- Engagement and performance statistics in a lucid, real-time format
Stage 2- Communicating your EVP
Once your new EVP is crystallized, it needs to be communicated to every representative of your organization’s brand, including customers. In fact, studies have shown that customers increasingly prefer to associate with companies who have a positive employer brand. Additionally, contractual workers and sales partners need to be educated about and experience the organization’s EVP through:
- A unified communications portal for employees, partners and other stakeholders about organizational policies
- An accessible online rewards, learning and benefits marketplace on an R&R platform
- A custom rewards framework championing the values in the EVP like innovation
Stage 3- Implanting your EVP
Making the EVP come alive requires commitment at various levels and across functions in the organization. Be it managers or even ‘EVP champions’ or even peer volunteer groups who are willing to endorse and expound on the organization’s employee-centric policies, ownership at every level is key. Leveraging employee engagement practices to implant the EVP in the everyday functioning of organizations can be done through:
- Live streaming events with the senior management for employee concerns
- Online discussion groups and forums on social issues that matter to employees
- Offering volunteering opportunities and employee recognition for the same
The modern EVP needs to be inclusive, equitable and holistic for it to enjoy success among today’s workforce. Every organization needs its own roadmap for delivering maximum value to their employees, but the journey can be made easier with seamless technological tools to support connectedness and data-driven insights to build back better.