TechHR
ex
L&D
UNPLUGGED
Sphere
About Us • Contact Us
People Matters ANZ
People Matters Logo
Login / Signup
People Matters Logo
Login / Signup
  • Current
  • Top Stories
  • News
  • Magazine
  • Research
  • Events
  • Videos
  • Webinars
  • Podcast

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

 

 

  • HotTopic
    HR Folk Talk FutureProofHR
  • Strategy
    Leadership Csuite StrategicHR EmployeeRelations BigInterview
  • Recruitment
    Employer Branding Appointments Permanent Hiring Recruitment
  • Performance
    Skilling PerformanceMgmt Compensation Benefits L&D Employee Engagement
  • Culture
    Culture Life@Work Diversity Watercooler SheMatters
  • Tech
    Technology HR Technology Funding & Investment Startups Metaverse
  • About Us
  • Advertise with us
  • Become a sponsor
  • Contact Us
  • Feedback
  • Write For Us

Follow us:

Privacy Policy • Terms of Use

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

People Matters Logo
  • Current
  • Top Stories
  • News
  • Magazine
  • Research
  • Events
  • Videos
  • Webinars
  • Podcast
Login / Signup

Categories:

  • HotTopic
    HR Folk Talk FutureProofHR
  • Strategy
    Leadership Csuite StrategicHR EmployeeRelations BigInterview
  • Recruitment
    Employer Branding Appointments Permanent Hiring Recruitment
  • Performance
    Skilling PerformanceMgmt Compensation Benefits L&D Employee Engagement
  • Culture
    Culture Life@Work Diversity Watercooler SheMatters
  • Tech
    Technology HR Technology Funding & Investment Startups Metaverse
Five tenets of a prudent EVP

Story • 26th Apr 2022 • 4 Min Read

Five tenets of a prudent EVP

Strategic HR#GuestArticle#EmployeeExperience#RedrawingEVP

Author: Priya Sharma Priya Sharma
6.1K Reads
Today, EVP is not an afterthought, but an integral part of holistic growth both for the employer and the employee.

That the pandemic has brought seismic shifts in the way employers and employees interact needs little context-setting. Their expectations changed, and so did their preferences and priorities. The good, the bad and the ugly of it have been discussed at length, even as the changes continue to evolve in the aftermath of the pandemic. Compounding these challenges are the growing turnover rates and ‘The Great Resignation’ that don’t seem to be abating yet. Even as organisations are grappling with the ‘unprecedented’ changes, the spotlight is shining bright on something that could transformationally rejig the job market dynamics for the better – Employee Value Proposition (EVP). 

Until a couple of years ago (pre-pandemic times), conventional components like attractive compensation, paid vacation, and probably some office perks made up for the EVP. Enter the pandemic era, the perception of reward for work among employees evolved. Gone are the days when people just looked at work as a source of income and a transactional relationship with the employer. Now employees are seeking personal value and purpose at work. The realisation that there is more to work than just conventional benefits has dawned on the job market. Today, EVP is not an afterthought, but an integral part of holistic growth both for the employer and the employee. This presented the organisations with a unique opportunity to relook at their strategy for talent acquisition and retention, and engage with their employees to chart the new present. Even major companies including IT giants in India are now focusing on strengthening their EVP to control the high attrition rates. 

But what are the tenets of a prudent EVP, one that is future-looking, reflecting reality and not entirely aspirational, and a combination of tangible and intangible components?

Reiterating focus on Work-Life Balance

According to a McKinsey and Company’s report, poor work-life balance figured among the top reasons for employees to leave an organisation. Surveys by various independent research agencies across the globe also indicate that work-life balance is among the top priorities of employees for continuing at a workplace. A simple way for employers to encourage this is by initiating a dialogue with their employees on their work-life balance needs. Flexitime (flexible work timings), encouraging employees to take time off, taking periodic stock of their mental wellbeing, promoting health initiatives and fun and recreational activities would also be a great start. Good if this is engrained in the culture and is not looked at as a quick fix. Organisations that ensure a fair balance have a competitive edge in the market now as candidates prefer organisations with the right culture over just a big hike. 

Fair Compensation

While an attractive salary is still a major part of fair compensation, a big fat paycheque is not the only component that employees are looking for. Other monetary and non-monetary benefits go a long way in retaining employees. Transparency and fairness are critical. Personalisation of total rewards is something that is increasingly becoming common and companies too need to be open about it. It is important this is part of the annual or bi-annual review cycle and there is an external benchmarking done to ensure employees are getting the right value. 

The choice to choose a flexible work arrangement

Remote/Work from home and hybrid work arrangements have become the new normal. Giving employees the autonomy to choose what works for them – since there is no one-size-fits-all scenario – would lead to not just high performance but a sense of fulfillment.  

Charting out a growth trajectory

Employees are looking for avenues with career trajectories that are steep. Mckinsey’s Great Attrition research shows the absence of opportunities to learn new things or find their work interesting or challenging is the primary driver for employees quitting. The research also suggests that employee turnover is significantly less likely when employees have internal mobility. Employees desire recognition and development. Hence, finding ways to reward them for good work is an essential tenet.

All of this comes down to workplace culture

The fight for the talent we’ve been seeing over the last several months should be the wake-up call of sorts for organisations to rethink why conducive workplace culture is among the most crucial aspects. Companies have been showering unrealistic sops to acquire talent in the last year, but the employee turnover continues to be high, clearly indicating that there is a lot more than just the pay package. Workplace culture is equally important, if not more. A major pitfall could be the “business-as-usual” approach by the organisation that lacks focus on the human elements. Treating employees as people and not workers will be a good first step towards building a people-first work environment. Fair treatment, support, team spirit and encouraging high moral and professional standards should be at the heart of organisational culture.

In essence

Gartner’s research shows that investing in developing and delivering EVP can effectively bring down annual employee turnover by 69%. An EVP shouldn’t just be confined to presentation decks or to marketing exercises but must be a sustained effort. A company’s EVP is what makes it stand out in the talent market. But to win the game, employers must realise that in the new and altered work world, the rules of the game have changed for good. Mere band-aid solutions (for tokenism) won’t work. Traditionally, EVP design and implementation may have been under the HR teams’ ambit, but it is prudent for the organisational leaders to champion it and lead by example to become the employer of choice. Remember: How you design and implement your EVP would be reflective of your company’s vision and values and a manifestation of your mission.

Read More

Did you find this article helpful?


You Might Also Like

How AI Can Reduce Meeting Fatigue

STORY • 19th Mar 2025 • 7 Min Read

How AI Can Reduce Meeting Fatigue

Strategic HR#DigitalTransformation#Work Culture#RemoteWork#Wellbeing#Artificial Intelligence
5 sensitive data types employees are feeding AI

STORY • 5th Mar 2025 • 5 Min Read

5 sensitive data types employees are feeding AI

Strategic HRSkillingHR Technology#AdaptableHR#Cybersecurity#Artificial Intelligence
How to Build a Powerful Reward Strategy

STORY • 25th Feb 2025 • 4 Min Read

How to Build a Powerful Reward Strategy

Strategic HRHR AnalyticsBenefits & RewardsLeadership Solutions#Career#RedefiningRewards
NEXT STORY: A prescription for a good employee wellness programme

Trending Stories

  • design-thinking-hr

    Skype is dead: Did Microsoft's leadership let a billion-doll...

  • design-thinking-hr

    Keeping the C-suite in the C-suite - how do we reduce execut...

  • design-thinking-hr

    Return to office: the legalities

  • design-thinking-hr

    The trust factor: Why modern leaders can’t afford to overl...

People Matters Logo

Follow us:

Join our mailing list:

By clicking “Subscribe” button above, you are accepting our Terms & Conditions and Privacy Policy.

Company:

  • About Us
  • Advertise with us
  • Become a sponsor
  • Privacy Policy
  • Terms of Use

Contact:

  • Contact Us
  • Feedback
  • Write For Us

© Copyright People Matters Media Pte. Ltd. All Rights Reserved.

Get the latest Articles, Insight, News & Trends from the world of Talent & Work. Subscribe now!
People Matters Logo

Welcome Back!

or

Enter your registered email address to login

Not a user yet? Lets get you signed up!

A 5 digit OTP has been sent to your email address.

This is so we know it's you. Haven't received it yet? Resend the email or then change your email ID.

People Matters Logo

Welcome! Let's get you signed up...

Starting with the absolulte basics.

Already a user? Go ahead and login!

A 5 digit OTP has been sent to your email address.

This is so we know it's you. Haven't received it yet? Resend the email or then change your email ID.

Let's get to know you better

We'll never share your details with anyone, pinky swear.

And lastly...

Your official designation and company name.