Tharanga Nawagaththegama
MN7181-Peoples and organization- Strategic Employee resourcing and Talent Management -Employee Value proposition-
Employee Value Proposition (EVP) is the balance of the rewards and benefits that are received by employees in return for their performance at the workplace.
Organizations generally develop an EVP to provide a consistent platform for employer branding and experience management. EVP is a magnet that attracts job candidates.
Defines an Employee Value Proposition (EVP) as a set of associations and offerings provided by an organization in return for the skills, capabilities and experiences an employee brings to the organization.
The EVP is an employee-centered approach that is aligned to existing, integrated workforce planning strategies because it has been informed by existing employees and the external target audience. An EVP must be unique, relevant and compelling if it is to act as a key driver of talent attraction, engagement and retention. (Minchington, 2005)
Some companies are leading the way in terms of targeting their employer brand marketing to the specific talent they’re looking to attract. L’Oreal, for example, uses the homepage of its global careers website to clarify the characteristics the brand looks for in ideal candidates for every position. It then provides tailored content related to 10 of its core functional areas, including Research & Innovation, Sales & Business Development, and Operations. Employee profiles and stories within each of these areas provide a clear feel for the kind of people who work at L’Oreal and the nature of their work, helping to clarify the right “fit” as well as focusing on subjects that are known to be of interest to the right target talent. You will therefore find more innovation-oriented stories for engineers, and more career stories highlighting leadership opportunities for those interested in Sales & Business Development. (Mosley,2016)
The mature, yet sound banking industry in South Africa is being disrupted by the information age, demanding and informed millennials, sluggish economic growth and new entrants rivalling traditional norms. To attract and retain bank clients, value proposition as a strategic tool can be applied to meet customer’s changing banking demands but also to meet the bank’s strategy for higher and sustainable profits. Value proposition provides a platform where customers’ needs can be addressed through a holistic relationship with their bank and ideally banks are able to establish an all-inclusive view of the customer. The study reveals that the bank under study is employing value proposition as a high-level strategy, and not only as a marketing strategy to optimize profits and advance customer relations. However, the realistic conditions and challenges that the bank faces in the implementation of value proposition strategy are not as simplistic as its strategy, and this research depicts such findings. Therefore, instead of applying a marketing lens to value proposition, this study presents a unique demonstration of value proposition as a business strategy. Using an interpretivist approach, qualitative research was employed to interview fifteen relationship managers in one mature South African bank. Key findings revealed that the bank was considered reactive and banking customers were price-sensitive. While the bank is attempting to embrace technological change, service levels are declining. Findings were grouped into four themes and it was uncovered that the bank’s attempts at value proposition, are still bank centric, and not customer centric. Recommendations are based on strategic literature and findings so as to meet the identified challenges. Recommendations are to enhance the bank’s information systems and relook current value proposition strategies to improve the bank’s position in the market. This research contributes theoretically by adding to the body of knowledge on value proposition as a strategic business tool. The practical contribution is that relationship managers as implementers of strategy become aware of the critical role they play in understanding the perceptions of value proposition from the customer’s points of view. (Rakosa and Mara, 2019)
Conclusion-
An EVP is the most important part of the recruitment process, as it tells the candidate why they should apply for a job with a company and what’s in it for them. It’s also a great tool for retaining talent and companies with strong EVP’s usually see higher retention rates among their quality employees.
Much better if you could discuss little further on the title with own organizational activities if not the possible ways to implement in future.
ReplyDeleteNoted pasan. Thank you.
DeleteEvery organization need the best employee to be hired to their organization. Therefore, employee value proposition add a value to the organization. It attract the candidate and change the mindset "why should I join this company? What are the benefits I gain from this company?". It does not mean a better salary, but also, unique characteristics which can attract candidates.
ReplyDeleteNoted and thank you.
DeleteTo be recruited to their company, each organization needs the best employee. Therefore the employee value proposal adds value to the company. It attracts the applicant and changes the attitude of why should I join this company? What are the benefits I gain from this company?" This does not imply a higher pay, but also specific qualities that can draw applicants.
ReplyDeleteAny organization has a management layer that controls the organization's procedures. Among the 03 management layers of an organization, it is classified as top, middle and bottom. The three managements are assigned separate roles.
ReplyDeleteEvery organization requires talented employees, in this process EVP (Employee value proposition) adds value to the organization. You clearly mentioned in a simple way
ReplyDelete