Competency Management Approach for Setting Superior Performance Benchmarks
In the present business environment of cut throat competition and globalization, competency based practices have gained much of an attention from the contemporary organizations. They aim at achieving an optimum performance in the long term by developing the skills and competencies of the employees on a continuous basis. Competency based management systems are primarily employee […]
Market Rate Surveys and Reward Research
Need for Market Rate Surveys and Reward Research The previous articles in this module discussed how companies must be cognizant of the market trends when deciding on compensation and nonmonetary rewards. This is especially the case when premium talent has to be rewarded. Since top quality talent would migrate to the companies where they are […]
Hewitt Employee Engagement Measure
Headquartered in Lincolnshire, Illinois in United States, Hewitt Associates was a global management consulting and HR outsourcing firm. Established in 1940, the firm delivered a wide range of HR and management services to the companies across the world to in managing their Human resource operations, policies and procedures, enhancing the level of employee engagement and […]
How the Armed Forces Actualize Management Excellence
The Reason why the Military Pioneers Innovations It has often been said that the Military and the Armed Forces in the developed West pioneered many technological and managerial innovations that subsequently helped the corporate sector in those countries. For instance, the Internet was initially a Department of Defense project in the United States that was […]
Motivation and Employee Development
Employee development refers to initiatives taken by organizations to constantly enhance their employees’ skills and upgrade their existing knowledge with time. Employee development activities and trainings make an individual self dependent and prepare him/her for unforeseen circumstances. Employees as a result of trainings can deliver their level best and contribute more effectively towards the organization. […]
Imagine a situation where you have to sell jobs for your organization to individuals who have many lucrative job options in hand, what would you sell the job for or would you actually be able to attract the right talent towards a certain job! Every organization wants the best talent onboard, but how many of them actually succeed in the same? The question stares most of the organizations on their face today!
Businesses can no more afford to think only of existence, they need excellence for survival. When we look at what makes organizations great, is it the fixed assets, the plant and machinery, the technology? No, while all of these are important and contribute in their own way to an organizations success, there is more to it that makes great organizations great, it is the people!
Attracting, hiring and retaining people are the biggest challenges for the talent management of the day. For this to happen it is equally important to develop value propositions for jobs to attract talent sufficiently. Employee value proposition means creating a balance of rewards and recognition in return to an employee’s performance at workplace. It is a people centered approach that is directed to existing employees and integrated manpower planning strategies because it comes from existing employees themselves. It must be original, unique, compelling and strategically directed to a talent pool.
The biggest challenge to talent management is ensuring a supply of talent sufficient to match the estimated demand, especially when the demand is very hard to predict and when the supply of talent is not constant. Remember - the talent management of 1970’s that failed severely because of the demand supply match. In such a scenario it is the best to build an employer brand of the organization which can be achieved by developing an employee value proposition. The latter is also referred to as employer brand proposition.
Many workers including Tandehill (2006) have recommended organizations to build unique brands of themselves in the eyes of its prospective employees. This essentially means developing a statement of ’why the total work experience at their organization is superior to that at other organizations. The value proposition should outline the unique employee policies, programs, rewards and benefits programs that prove an organizations commitment to people and management development. In nutshell it should define an employee’s ‘why should I join this organization?’
The employee value proposition needs to be communicated in all hiring efforts of the organization. It may be reflected on the company’s website, job advertisements and letters extending employment opportunities.
Benefits of EVP - It is a known fact now that there is more to employee satisfaction than just remuneration (salary and benefits). Employee value proposition has been proven crucial to attracting, hiring and retaining the best talent in the industry. This goes a long way in helping prioritize the HR policies, creates a strong brand in the eyes of people, and helps in workforce engagement.
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