For Organizations & Leaders to effectively attract and retain the talent they need, it’s not enough to just offer great pay and benefits. Not only does the dollar premiums have counter productive effects, but the Employees in high demand expect and need more from their employers (prospective ones as well). That’s why leaders need to expand their view of employer offerings, much over employee rewards by investing deliberate efforts on enablers that not only helps them build a strong differentiation (in other words, increase EVP Effectiveness), but also with enhanced business outcomes (Also see, OKR Capability Maturity Model to unlock high performance potential for your organization)
Crafting a work environment that can accommodate the unique needs of a diverse employee population requires a deep understanding of how employees think about their jobs & connect with their workplaces. Employers who are able to do this effectively create and tap into the power of productive and thriving employees, with a distinguished employer brand effectiveness.
In a market where 91% of job seekers think organizational culture is more important than salary and 80% of candidates consider employer brand when choosing where to apply, companies that have a strong EVP:
- Attract more applications from the best candidates
- Persuade those candidates to join their team rather than take an offer from a competitor
- Retain their best hires for longer / reduce staff turnover
- Improve the Revenue Per Employee considerably
- Reduce their recruitment costs
The Multiverse of Employee’s needs across multi-generational diverse workforces
- 79% of adults trust their employers to give sound, independent advice on planning, saving and investing.
- 78% of employees would work on a contract basis and 51% want more flexible options.
- 78% of employees would stay longer with their current employer, if they knew what their Career path & Development path would look like.
- 51% of employees want more equity in pay and promotion decisions.
- Employees with a strong well-being have 41% lower health costs, 35% lower turnover and 31% higher productivity.
- 40% of employees who say they are satisfied with their jobs are still thinking about leaving.
Only 2 in 5 employees believe their organization has a compelling EVP
How EVP Capability Maturity Index evaluates EVP Effectiveness ?
The Brew’s EVP Capability Maturity Index consists of 4 core components to evaluate EVP effectiveness:
- Total Rewards Capability Maturity
- Organizational Practices Capability Maturity
- Organizational Behaviors Capability Maturity
- Organizational Purpose Capability Maturity
The Brew’s EVP Capability Maturity Index enables organizations with the following:
- Ascertain the current maturity stage of existing proposition & evp effectiveness – At Aggregate level (Contractual, Differentiated, Unique) & Individual Level (Total Rewards, Org Practices, Org Behaviors, & Purpose)
- Ascertain the capability maturity path for upward progression to next level (at Aggregate Level & at Individual Element Level)
- Determination of ‘end state’ EVP strategy, basis the organizational context, growth goals, talent target groups & industry competitiveness
- Optimal EVP Strategy for the current stage
Driving Total Rewards Capability Maturity for Contractual EVP Effectiveness
Comp, Ben & Rewards definitely form the key & fundamental part of value proposition that you offer. And in today’s competitive environment, what you offer must not only be distinctive, but as well compelling. The Key to EVP Effectiveness is to have both, Complete & Compelling Pay & Rewards strategy.
A complete pay & rewards strategy is one that addresses all aspects of the financial partnership top talent wants to have with the organization. How it aligns employees with the vision, business model and strategy of organization with a balanced approach to building its compensation offering. Deliberate consideration is given to all pay plans & possibilities that form the part of organization’s rewards construct and how each can help fulfill the pay philosophy & organizational outcomes. Generally, the rewards construct elements are either benefits or compensation related, typically falling into either of the categories:
To create a complete and compelling pay offer, you must determine which of these will be part of your value proposition and what “weight” each will be given & how shall organization create value for itself & for it’s workforce, with it’s design & differentiation
The Total Rewards Capability Maturity, maps the potential descriptors of your organization’s approach across entire spectrum of pay & rewards strategy development, enabling organizations & leaders to evaluate at elemental level and at an aggregate level to determine whether they have created a complete and compelling offer.
Driving Organizational Practices Capability Maturity for Differentiated EVP Effectiveness
Organizational Practices with higher capability maturity are required for aligning the business strategy with human capital, so as to achieve desired business outcomes, employee experience & organizational results.
At the core of capability maturity for organizational practices is data centricity, continuous improvement, organizational excellence & employee personalizations. These Organizational Practices consists of Measure that Matters, Culture, Career Paths, High Performance Teams, Organizational Structure & Leadership Development – basically the elements which are directly linked to value based goals & business outcomes.
By pursuing data centricity, continuous improvement & excellence across organization determined EVP elements, organizations mature their capability practices, unearthing insights directly leading to differentiated efficiency & effectiveness outcomes and employee experiences.
Driving Organizational Behaviors Capability Maturity for Differentiated EVP Effectiveness
The organizational core behaviors reflect how employees experience their organization, & symbiotically, exhibit the core behaviors both in and outside of work. Categorizing it differently than culture, the core behaviors are central to the ways groups and teams of all sizes are working together to achieve shared goals. And the most value creating & differentiating organizations—whatever their missions—are embracing certain presets of core behaviors as a necessary orientation toward success. Evidently, that’s because these core behaviors lead to:
- Higher agility, as members are more capable of working in unison and with shared vision;
- Faster innovation, as ideas from both inside and outside the organization receive more equitable consideration and rapid experimentation, and;
- Increased engagement, as members clearly see connections between their particular activities and an organization’s overarching values, mission, and purpose.
The Organizational Behaviors Capability Maturity, essentially is percolation of 5 distinct, observable behaviors across organizational activities – Transparency, Inclusivity, Adaptability, Collaboration, & Community; each of which is validated to improved employee experience & enhanced business outcomes.
Driving Organizational Purpose Capability Maturity for Emotional EVP Effectiveness
The pinnacle to a compelling EVP effectiveness is undoubtedly, Purpose. Indicative of meaningful and emotional connection that employees have to their work, employees today are seeking more from the organizations & employers, They want to be proud of the work they are doing, work for an organization that creates & shares their values and make a meaningful contribution to society.
The Organizational Purpose Capability Maturity measures the connectedness/degree of linkage between organizational purpose, business strategy & the work employees do every day, driving more engagement and fulfillment.
Employers who create differentiated EVPs will find themselves in creating & crafting experiences that meet full range of their workforce’s needs, in addition to setting in the business flywheel to higher & continuous value addition.
Take The Brew’s EVP Capability Maturity Index, to evaluate (& refine) EVP Effectiveness & build strong differentiation for Future of Work, resonating it deeply with their workforce, is meaningful and delivers a compelling employee experience.