The talent marketplace in India is teeming with untapped expertise. But how do you, as a business, ensure that your brand stands out to potential talent? And what can you do to attract and retain the best talent in your domain? The answer lies in new-age employee value propositions (EVPs).
The right combination of rewards and benefits for performing well in their roles can be a compelling reason for the best individuals in the business to choose your company. A recent report by Gartner revealed that organizations with strong value propositions for their employees have the potential to increase the commitment of new hires by around 30%. Furthermore, these organisations could also reduce the annual employee turnover by nearly 70%.
So, with the right EVPs, you can make your employer brand stand out in the marketplace. Here are some new-age employee value propositions that can help your organisation in this endeavour.
Balanced work-life proposition
Although work-life balance has always been on the priority list for most employees, it was a hard find before 2020. In fact, a pre-pandemic survey by Monster.com showed that nearly 60% of working Indians had an average to terrible work-life balance. However, in a post-COVID world, this proposition has earned greater prominence because of a noticeable shift in people’s priorities.
This, coupled with an increased focus on the importance of mental health, makes work-life balance an attractive EVP to have in your job offers. Perks like flexible working hours, vacation time and parental leave are key employee policies that organizations can implement to clearly demarcate the boundary between work life and personal life.
The work-from-home model, while adding flexibility & ease to the employee value proposition, also puts pressure on employees & their family members, as often work & work hours spill into the saved travel time encroaching on the personal space for employees. Policies like a silent lunch hour, lights-off weekend for working mothers & a hard-stop to the day for at least 2 times a week help enrich the value proposition.
Bridging the gap between work-from-anywhere and work-from-office
A significant part in establishing a healthy balance between personal and work lives involves giving your employees some degree of independence in their work. This aspect takes the center-stage in the new, post-COVID workplace culture, where remote working has gained significant popularity.
Work-from-home became the norm during 2020 and 2021. But with many employees now facing the possibility of returning to their respective workplace, the division between remote and in-person working has become increasingly stark. Many employees still prefer the remote work setup, while some are open to a hybrid working model.
Interestingly, a study commissioned by the software firm Atlassian showed that around 57% of Indian employees continue to prefer full-time work-from-home. By contrast, the global average is only 37%. So, Indian employer brands must account for this in their EVPs. Rigid practices with little flexibility could turn away the top talent despite other superior perks and compensation packages.
Greater focus on diversity and inclusion
Inclusivity and diversity go hand-in-hand. Together, they make for a matchless EVP that could help your employer brand tap into areas of the talent pool that are often undiscovered. One of the most commonly witnessed measures to improve diversity in the workplace is increasing the percentage of women employees in the organisation. This is particularly relevant because in India the labour force participation rate for women is only 21% - one of the lowest globally.
That said, diversity needs to look beyond gender-based inclusivity alone. To have a truly strong EVP in place, your employer brand must embrace diversity in its various forms - cultural, generational, geographical and more.
Focus on personal growth
Another new-age EVP to attract the right talent for your organisation is the promise of personal growth. Your employees need to grow professionally as well as personally from the role they take on in your organisation. Roles that provide this kind of fulfilment are increasingly becoming more attractive to professionals seeking new positions in the post-COVID world.
A healthy mix of personal and professional gratification makes the talent in your organisation connect with the workplace on a deeper level. In turn, employees will see your employer brand as more than just a stepping stone to the next level.
Strong employee value propositions like these promote inclusivity and loyalty in the workplace. But it is not merely enough to have these EVPs on paper. In today’s new-age workplace culture, organisations need to follow through and keep pace with the changing needs of employees. This way, your brand can close the gap between talent demand and supply, and stay ahead of the curve.