When we talk about the evolving workspace dynamics, some would even say that the centre of power has shifted from employers to employees.
As tech-savvy i-Gens join the workforce, conventional HR models are being challenged to create a flexible workplace and a positive work culture. If you think the pandemic to be the only reason, you couldn’t be farther away from the truth. Covid was a mere accelerator of the change that was lurking in the industry for years.
In my experience, I have witnessed the significant change in job priorities. Yes, corporate branding and the aspect of stability are still important. But what set an organization apart today are flexibilities of timing and location, learning opportunities and culture. Although compensation is nevertheless a key factor, the elements adding value as a professional are becoming critical.
The lingering question is, are our employers losing out on something? Do they feel overburdened or face constant burn-outs? Our interaction with hundreds of organizations reveals that this change in tide has compelled the C-suite and talent teams to redefine their employee value proposition (EVP).
Yes, redefining your EVP is the way ahead for growth in the new power equation.
Solving the Power Equation with EVP
No organization wants to risk being outdated. The readiness to change is how enterprises can win the volatility of the market.
Feedback Insights’ interaction with CXOs from across India points toward a need to redefine the existing employee engagement models. The rules of traditional workspace are no longer relevant if you’re aspiring to become a leader in your industry. In order to meet the demands of the new generation of workforce, you need to adapt to the new engagement paradigm.
Delivering an exceptional organizational experience is all about laying a roadmap of growth for both your employees and enterprise. It is about building a culture of learning and meeting the Gen Z expectations, from flexibility to a comfortable work life. Your conventional one size fits all HR strategy will no longer work. To understand employee expectations and aspirations, you need pragmatic models that are in sync with your organization’s EVP.
Growing Together as Partners in Progress
The new growth roadmap needs directions for organizations and their workforce to scale up and stay ahead of the curve. Let us consider employers as partners in progress. Encouraging them to innovate and ideate without being restricted will benefit employers in the long run. Paid trainings for upskilling and opportunities to pursue their passion along with their profession are definitely cherry on top. Rest assured, it will work in the new work ecosystem.
Delivering Long Term Experience
Your tech-savvy capable lot are not looking for a health club membership or productivity allowance. They care more for resources to learn, a positive work culture, great team and growth opportunities. If this isn’t part of your company’s EVP, integrate it as soon as possible. Leading global enterprises and startups have already entered the playing field. Rewards and recognition should take a new form to recognize and appreciate every employee and every team on a consistent basis. Delivering a value-adding experience will glue the iGen workforce to your organization. As a market research enterprise, Feedback Insights has witnessed customised employee engagement programs indeed work better for the workforce.
Building A Modular Work Structure
Reimagine HR policies to incorporate elements of creativity and flexibility as integral parts of EVP for more organizations.
Flexibility isn’t confined to time or space, but the freedom to switch a profile within the organization. You need to identify employees with multitasking capabilities and create learning opportunities to explore other job functions across levels. Define the broad spectrum of your Hybrid office etiquette, so they will reciprocate ethically and with utmost integrity. While defining the etiquette, ensure there is zero conflict of interest. It may take a while for your organization to build a modular work structure, but it’s worth trying.
Creating Window for Entrepreneurship
To stand out in noisy business world, modern businesses need to stay dynamic and evolve continuously. Create windows for entrepreneurship or intrapreneurship, motivate the current generation to think, ideate and innovate. Build foundations for collaborative project models where your employees can take the role of partners. After all, your employees of today are leaders of tomorrow. So, break the organizational barrier, overcome the departmental silos and let your employees grow with the skills of an entrepreneur.
The answer to all the complexities and dilemmas in the current employee-employer relation lies in redefining your EVP. Remember, it is journey of persistence and continuous growth. Don’t forget to take a relook at your value proposition every quarter because what is relevant today may not be relevant tomorrow.
The big quit doesn’t seem to be ending anytime soon. But that doesn’t stop enterprises and employees from co-creating success stories. So, why should you?