Rethinking the employee value proposition
To understand the future of work, PwC
dove deep to identify a few strategic imperatives that will help employers best
manage and optimize the workforce for success in the years ahead
With
38% of the workforce expecting to change jobs within the next year, do you need
to revisit your Employee Value Proposition?
Today,
leaders are faced with an ever-increasing complexity on their side of the
employment pact. Value-based levers, such as purpose and respect, and the
importance of strong relationships are expanding the currency of management.
Success
is not simply about creating a good customer experience, it’s also about
designing a more engaging and rewarding employee experience.
Today’s
workforce—a cross-section of Boomers, Gen X, Millennials and Gen Z—has distinct
wants, needs and ways of thinking. This has increased the level of leadership
complexity and requires more tailored solutions—catering to desires for both
flexibility and autonomy, and for a more stable work environment and pay
cheque. To attract and retain talent, leaders must demonstrate their commitment
to the needs and success of their disparate workforce. The changing workforce dynamic
has often strained the employment value proposition and the core relationship
between leaders and their employees. Our research indicates a discrepancy
between how employees feel and how employers think their employees
feel—creating frustration within the workplace. And yet, many employers may be
attuned to the needs of their workforce, but may not be equipped with the
necessary tools and experience to think in fundamentally different ways. As
talent wars continue, employers must remain innovative in how they attract,
engage and retain top talent. A strong employer brand, employee value
proposition and organizational culture are critical to the success of talent
acquisition processes—and businesses are investing heavily in these areas. This
means building up talent management as a strategic capability, particularly
around talent acquisition and talent development, including:
•
Designing a candidate-centric approach to personalize the talent acquisition
process, and offer recognition awards to drive accountability to these
practices
•
Incorporating more digital platforms and tools to streamline orientation
programmes and enable real-time collaboration
Here
are a few strategic imperatives we’ve identified for success in today’s
marketplace:
Embrace
technology as a significant driver in reshaping the future workforce:
Employees
want mobile and wearable technology at work, so employers are identifying
opportunities in which these new technologies provide value to employees,
business processes or strategic initiatives. These opportunities help uncover
insights that impact both upstream and downstream HR (human resources)
initiatives, such as healthcare costs, work-life balance gains, workforce
agility and employee satisfaction. Robotic Process Automation (RPA) is a
productivity software capability that sits on top of existing systems and
performs manual, repetitive and rule-based activities traditionally performed
by individuals. RPA enables the next level of productivity optimization by
redefining work and reassigning employees to execute higher value activities.
RPA can reduce cost and human errors, increase compliance and efficiency.
Understand
which cultural complexities are reshaped by shifting employee requirements:
Employees
today are looking for a culture that promotes relationship development and
connectivity, personal and professional development, social consciousness and
respect. It is important not only to feel valued as an employee, but also to
feel the work you do has meaning and purpose. Ethical values, employee
engagement and work-life balance in return for loyalty towards an organization
that does right by its employees—this is the future of the workforce culture.
Focus
on employee experience to directly drive business performance:
To
be competitive, companies are creating exceptional employee experiences from
hire-to-retire. Although many organizations are already implementing
customer-centric HR practices, most lack a holistic approach in creating an
exceptional employee experience and only focus on the early stages of the
employee journey. Organizations that can attract and develop top talent are
improving the organization’s ability to compete, innovate and deliver to
customers. Many are applying lean start-up type thinking to the employee experience,
building a prioritized road map of releases to drive impact over time, with
ongoing testing and learning. As a result, retention rates and productivity
improve because employees are engaged and satisfied, thus reducing costs and
improving performance.
Understand
that the “gig economy” isn’t right for all workforce populations:
Flexibility,
autonomy and varied challenges are job characteristics we hear the Millennial
and Gen Z workforce populations asking for. On the surface, it would seem the
freelance economy is a perfect match; however, the short-term nature and lack
of stability aspects of this business model may be some of the reasons we don’t
see more Millennials taking the plunge into the freelance economy.
These
workforce populations may not have the experience, the network or the capital
that the Baby Boomer and Gen X populations may have to venture into this new
territory. Two out of five people around the world believe that traditional
employment won’t be around in the future.
Instead,
people will have their own “brands” and sell their skills to those who need
them. Some organizations are taking the concept of the “gig economy” internal
and allowing employees to choose projects, and negotiate project terms and
deliverables based on their high demand skill sets. Compensation is adjusted
based on the amount of time worked. These employees are allowed the autonomy of
freelance, but with the safety net of the larger organization.
Evolve
HR to achieve the new capabilities needed to accelerate tomorrow’s workforce:
The
role and structure of HR is shifting from transactional to strategic to keep up
with the changing marketplace. Some examples of emerging roles include:
• Data Analytics and Technology
Integrator: forecaster of skills, data modeller, integrator of talent
technology experience for employees
• Organizational Engineer: facilitator
of virtual teams, developer of leadership, experience designer, expert in
talent transitions
• Culture Architect: talent brand
builder and cultural advocate, connects employee purpose and corporate purpose
• Global Talent Scout: identifies the
right talent from any labour pool around the world to match the business needs,
and works to develop and mature this talent
• Social Policy and Community Activist:
CSR (corporate social responsibility) leader, policy influencer, talent and
community engager. Visible shifts require HR organizations to rethink and
retool how they deliver an enhanced employee experience and support new ways of
working
• Implement an HR Operating Model that
is fit for purpose and flexible enough to adjust as the business portfolio
inevitably changes in the future
• Increase technology maturity to get
the organization more comfortable with user-friendly, on-demand solutions that
quickly address the most common and pressing business needs
• Implement holistic metrics that track
the business impact of HR and not just standard HR efficiency and effectiveness
metrics
Regards
Pralhad
Jadhav
Senior
Manager @ Library
Khaitan
& Co
Upcoming
Events | MIT School of Management – One Day Workshop “Use of QR Code and
Augmented Reality Application in Libraries” on 27th August 2016 at
Kothrud Campus, Pune 411038.
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