Paradigm shift in envisaging Employee Value Proposition

Since early June, the industry has been limping back to its feet. With demand levels yet to reach the highs of pre-Covid period, organizations are fighting an unforeseen battle each passing day. On many fronts, the lockdown came as a hard-reset for corporations worldwide. With the world staring at a recession-like era, maintaining the Employee Value Proposition (EVP) is back into focus. Gap between the ‘idealistic’ promise & ‘practical’ delivery has come under scrutiny. In such a situation, Human Resources must recalibrate every parameter that defines their Employee Value Proposition.

In layman’s terms, Employee Value Proposition is any organization’s unique offering for prospective & current employees. The aim is to enhance Employee Retention & Talent acquisition. One can study external elements like competition, labor market, healthcare options & other employee benefits etc. to append or upgrade one’s EVP. Given the unprecedented situation, it is natural for team meetings to paint an uneasy calm. Regular commentary from the Senior Management to bolster confidence among their workforce will definitely help normalize the stress levels. It is time for Human Resources to be humane again.

Employee Well-being: Though automation has taken a giant leap today, employees remain key assets. Ensuring safety & well-being of this asset class should be prime concern of every organization. The transition speed & adaptability of today’s workforce from offline to digital is truly commendable. Work from home has turned bedrooms into makeshift offices. Organizations - while understanding the limitations of such a setup, must work to re-establish the work-life balance. Setting up flexible working hours, adaptive leaves cycle as well as rolling weekly-offs can help ease the mental stress arising from this setup. Fresh graduate trainees and internship seeking students are stuck in a limbo. Companies must re-design their recruitment & onboarding activities. Possibly, move to virtual internships & projects for this affected yet curious class of newcomers. Relooking the health insurance benefits to include pandemic related coverage as well as providing safer travel options to one’s employees will go a long way in re-establishing the organization’s priorities & building trust among it workforce.

Learning culture: As remote working becomes a norm, boosting Employee engagement will be the key to a successful EVP. Pursuing online certifications, participating in Learning & Development programmes & improving one’s repository of skills should not be limited to meeting client or organizational compliances. Rather, most students from EDHEC Business School competed & encouraged each other to better utilize the time ‘being grounded’ by taking up professional courses in addition to their online academic modules. Having spent a few years working, most professionals settle into the rut of their 9-5 job. HR departments should re-ignite the curiosity among its employees by providing multitudes of training options as well as recognizing top learners. Encouraging continuous learning through personalized modules will definitely strengthen talent within an organization. After all, successful organizations ensure the best internal customer service to their first customers – employees.

The eWorld: Remote work has opened up recruitment opportunities beyond regions. The quantum of diverse talent pool out there is unimaginable. This will alleviate search for highly demanding & competitive job profiles. As organizations invest incrementally in technology, they will make big savings in fixed costs related to office space, employee travel etc. Similarly, remote workers will also witness savings in terms of overhead costs. In order to attract the best of talent, organizations must ensure a consistency in the messaging. HR, through the support of senior management must handhold its employees in envisioning this strategy. After all, digital transformation fails not so much due to flawed technology than owing to lack of collaborative applications from the employees. Regular communication of digital success stories through employees can act as a catalyst to improve employer branding. Thus, organizations must leverage every successful remote collaboration and adapt on the run.

With an expected rise in job seekers, organizations will do good to create talent acquisition strategies that not only address the goings-on concern but also highlight employee retention initiatives. It is an ideal time to adapt & build a rich talent pool that services the organization’s growth in coming years.

Author is Nilesh Gaikwad - Country Manager at EDHEC Business School, France & can be reached at nilesh.gaikwad@edhec.edu