Authored by Jayanthi Vaidyanathan, Senior Director and Head – HR, PayPal India
The pandemic has changed many aspects of our lives as we knew it and the way we work is no exception. With the onset of the pandemic, organizations across the globe have had to pivot towards a remote working model which soon emerged as the new normal. In the two years that followed, the relationship between people and their work has undergone a paradigm shift with many taking on the additional role of a caregiver while meeting work commitments. Therefore, moving towards a people-centric employee value proposition (EVP) became imperative for organizations looking to create a conducive work environment and to keep employees motivated.
Today, employees are more conscious about the attributes they look for in their employers (current and prospective). To build and nurture a culture of support and care from within, organizations have pivoted towards an employee first approach and introduced/ modified policies to meet their needs. A strong EVP is a key factor when it comes to attracting and retaining talent.
As the needs of employees continue to shift radically, let us understand how a great EVP can help organizations.
A competitive differentiator: Organisations need to celebrate what makes them unique in order to attract the best talent in this hyper-competitive market. Policies and culture that align with their needs and beliefs make employees brand ambassadors for a company.
Increases retention rates: A well-defined EVP that meets the expectations of today’s workforce can help an organization boost retention rate. An employee feels engaged and motivated when the work they do is aligned with their aspirations. Engaged employees are also less likely to switch jobs frequently as they see opportunities to grow within the organisation.
Walk the talk: Defining an employee value proposition on paper isn’t enough. They need to be upheld and adhered to under all circumstances. This commitment comes from leaders who help make them a part of an organisation’s DNA.
Three ways to boost the Employee Value Proposition
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