Hays’ Sandra Henke explores the importance of the employee value proposition and where leaders can make improvements.
When it comes to attracting and retaining top talent, it’s important that organisations are able to offer their employees more than just a competitive salary.
Of course, remuneration is a significant factor in a candidate’s decision making, but it is no longer the sole – or, in some cases, even main – driver. Whether it be through their purpose or by ensuring that employees have the opportunity to make a positive difference, businesses have to be more creative in keeping a happy workforce.
There is a growing passion among the latest influx of candidates for solving the world’s problems, but this doesn’t just apply to the younger generation of workers.
The pandemic has caused many of us to reassess what matters and what we want from our careers. Whether it be helping others, saving the planet or improving themselves, the global workforce has new priorities.
What if you ignore your employee value proposition?
Ignoring your employee value proposition means that you run the risk of missing out on top candidates or losing your existing talent.
A recent report from Deloitte highlighted that practically half of respondents in Gen Z have made a decision on prospective employers or roles based on personal ethics. If your organisation doesn’t align with those ethics, you’ll find yourselves further back in the queue for their services.
In addition, failing to incorporate your staff’s concerns and pursuits into your employee value proposition is bad for the company’s brand. This may not only affect your ability to attract candidates, but clients too.
What can you do to ensure that your organisation doesn’t find itself in this situation?
1. Charity initiatives
A 2020 report by payment company Zelle in the US showed that 74pc of millennial users and 66pc of Gen Z customers had sent financial aid as a result of the pandemic. Although most noticeable in these junior generations, the paper also revealed that more than half of respondents in older generations had done likewise. Can employers provide the workforce with more ways to help?
For example, our Hays Helps initiative enables our people to make a positive difference by giving them one working day each year to volunteer. Through this scheme, we are able to improve the career prospects of those who, for a number of reasons, may struggle to reach their full potential in the world of work.
Are you able to identify a similar approach that is in line with your company’s existing purpose? Doing so can even enable your employees to gain skills and experience that will benefit the organisation.
2. Learning opportunities
If your organisation fails to incorporate learning into its employee value proposition or make resources available, you will be behind your competitors.
This isn’t just because your workforce will be lacking the necessary skills, but because they’ll be less satisfied in the workplace.
According to research conducted by education service provider Lorman, “59pc of millennials claim development opportunities are extremely important when deciding whether to apply for a position”, while “76pc of millennials believe professional development opportunities are one of the most important aspects of company culture”.
3. Support with wellbeing
Health problems can come in many forms, and everybody loses if these befall your workforce.
In the UK, research conducted by mental health charity Mind uncovered that 14pc of respondents had resigned due to work having an adverse effect on their health.
What is your organisation doing to prevent your staff from experiencing burnout? Do you offer any other benefits that will facilitate a healthier lifestyle for your employees?
4. Sustainability efforts
The environment is a growing concern for today’s workforce and failing to address this within your business will make a role at your company a less attractive prospect. In a blog, Hays CEO Alistair Cox looked at the emerging talent pool of tomorrow and its passion for causes that protect the planet.
Likewise, in a LinkedIn poll conducted by Hays, 66pc of respondents revealed that an organisation’s commitment to sustainability goals was an important factor when deciding to work for them.
Hopefully the above examples have given you some ideas for your employee value proposition. Although it may seem easy to put it aside, in the long run it won’t be your employees that lose out – it will be your organisation.
By Sandra Henke
Sandra Henke is the group head of people and culture at Hays. A version of this article previously appeared on the Hays Viewpoint blog.
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