Employee value proposition (EVP) is the umbrella term for the complete, well-defined, and unique benefits that the employee ekes out of being a part of a particular organization. It is much more than the pay package, perks, or the value they may garner on their CV for having served a particular employer. As human capital at companies with an established employee value proposition structure, workers contribute in tandem to the companies that employ them to ameliorate workplace standards. They make one another better; they pave the way for higher industry standards in the world of work and create greater value for posterity.
It makes sense for industry frontrunners to work towards earning this distinction by fine-tuning their employee value proposition. They realize that this isn’t a one-time effort but an ongoing one. Professionals who stand at the frontline executing their vision and everyday objectives have the best notion of which values are working in the current business environment and which ones need rethinking.
Employee value proposition is a sum of actual and perceived value
Employee value proposition depends, to a great extent, on affective aspects. Employees of today put a premium on a workplace that offers security, understanding, and challenge that motivates them to keep upskilling. They then look for ample growth opportunities in which they shore up more hands-on skills and become more valuable to their employers. This is a mutually-beneficial give-and-take that highly-inspired employees can drive to a small extent. But companies with the right vision for their employee value proposition can drive them with greater ease. These are abstract values and ideas that can only be envisioned and carried out by top management with a supportive HR and L&D framework. They may not be immediately obvious, but show their impact on employee wellness and mental health perspectives.
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Market factors affect the perception of employee value proposition. In India, public sector employers such as the Navaratnas, a handful of PSU banks, and research entities enjoy patronage from top talent. They expect their skills to be valued and enhanced by working at these organizations. To top it all, they are sure to enjoy an admirable work-life balance and increased regard for their employability if they were ever to leave these organizations to look for work elsewhere. However, most employees of these undertakings wouldn’t even dream of moving on to other employers after gaining entry into the fold of these organizations – such is the employee value proposition they create. Young professionals grow up nurturing ambitions to enter these sanctified workplaces that have been the lifelines for several generations of exemplary workers. It is a classic example of having clear positioning in the minds of the talent pool as well as the larger community.
The future of work requires the employee value proposition to be delineated along non-cash lines
From a company’s perspective, the employee value proposition is usually summed up in simple terms as ‘ensuring employee welfare’, ‘affording them opportunities for a peaceful, balanced life’, and so on. The onus is on companies and their HR strategy to fill in the details with regard to how employee engagement can be garnered and employee satisfaction retained over the years of their service.
Family-friendly initiatives and women-friendly work-plans champion employee engagement
Among India Inc., there are several examples of specific employee experience management initiatives that drive the way employees feel supported by their company. For instance, new parents returning to work are supported by a range of solutions including creches within the office where their infants can be cared for or engaged by trained caregivers. Other companies allow young parents to opt to clock in several work hours from home so that they can attend to their growing families’ needs. Accenture India is one of the acclaimed companies that offer creche facilities on-site and allows young mothers to take paid maternity leave. In other cases, companies bear the cost of daycare or provide alternatives of near-site daycare so that parents’ minds are at rest with regard to the child’s welfare during working hours. Such simple but timely solutions that fit into employees’ life stages reinforce employee commitment to work and turn them into advocates for the company even if they move away from them. Such employees in the network are precious in brand-building and social responsibility campaigns.
In a bid to improve talent gaps while bringing women back into the workforce after enforced breaks in their résumés after having children, companies like ThoughtWorks Bangalore offer special re-skilling programs and refresher courses. Initiatives like those of great value for the employees who can take advantage of them. Such thoughtful initiatives can also be brought about to handle specific gaps in performance management too.
A slew of public sector undertakings like SBI are joined by private players HDFC, Max Life Insurance, and Hindustan Unilever (HUL) to make women feel safe and voices heard in a number of ways. HUL’s name is hailed favorably in a number of similar EVP initiatives that include providing special support for victims of abuse and helping them find their independence again after traumatic incidents.
Reimagining employee value proposition
Thoughtful initiatives like this bridge the gap between employee value proposition and taking a stand in the society and as a community. At this point, companies align their HR strategy and employee engagement policies to their corporate social responsibility goalposts and stand as stalwarts giving strength to the causes they believe in.
In the bargain, gaining and retaining the trust of their productive employees and top talent is only one of the fallouts. Anyone would be proud to be associated with such organizations. These transformative employee value proposition structures can, in time, prop their promoters to name-brand employer stature.
The big picture might look like a totting up of merits in exchange for the employee value proposition. But that’s exactly what an EVP shapes up to be when programs and people-centric practices are brought out over phases and in keeping with the macroeconomic influences and market factors. In one long-term time-lapse of shifting goalposts, these policies and development initiatives can shape entire industries and economic development for generations.
References:
- Rethinking employee value proposition | The Financial Express | Vidya Hattangadi | February 22, 2021
- What is Employee Value Proposition (EVP)? | Talentlyft Resources | April 2020
- Create a great employee value proposition | Michael Page | March 2019
- Top 5 Indian companies for women to work in 2020 | Wire 19 | Kunal Hirwani | December 5, 2019
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