Human Resource ManagementAssignment - Part Three

Business Report

Contents

Business report...........................................................................................................................4Executive summary....................................................................................................................41. Introduction............................................................................................................................52. Report.....................................................................................................................................53. Conclusion..............................................................................................................................6Bibliography...............................................................................................................................7Addenda.....................................................................................................................................8

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Business ReportExecutive Summary

Businesses can no more afford to think only of existence as they need excellence for survival. Employee Value Proposition (EVP) is one of the tools management can attract and retain the employees in the organization. EVP balances the rewards and benefits received by employees in return for their performance at the workplace. Organizations therefore, should develop an EVP to provide a consistent platform for employer brand communication and experience management. The EVP includes incentives an organization offers in exchange for employment also known as the employment deal. The EVP defines mutual relationship between company and worker, encompassing every aspect of the employment experience — from the organization's mission, purpose, and values, to its jobs, culture, and people, to the full portfolio of its total rewards programs (Avinash Pawar 6). Attracting, hiring, and retaining people are the biggest challenges for the talent management, making it critical to develop value propositions for jobs and attract talent. Therefore, it should be original, unique, compelling, and strategically directed to a talent pool.

Linkage of an EVP

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IntroductionAn employee value proposition is a combination of factors that offer value to

employees. These include growth opportunities, culture and brand reputation, challenging work, and phenomenal perks. In addition, it covers a set of monetary and non-monetary benefits provided by an organization to its staff in return for the skills, capabilities, and experience and contributions to the organization. Getting an employee value proposition is vital because it helps organizations build an effective employer brand rooted in the reality of workers’ everyday experience. Employee value proposition sets the establishment apart from the talent and market competitors (“Guide to building a great EVP"). An EVP involves key pillars that are emphasized in the company's go-to-market recruitment marketing strategy with candidates. EVP, therefore, becomes the foundation of the company advertisement in all of its Recruitment Marketing content and should be consistent through the employee journey across all of the company's employees.

ReportExpectations

Attracting and retaining top talent is no accident - it is the result of carefully considered strategies. The economic boom in South Africa is unparalleled in recent history. However, the country faces serious skills shortages from the boardroom to artisan levels, making the retention of skilled/talented staff critical to many organizations (Parreira 8). "In South Africa, the role of the Human Resources (HR) department is a contentious issue because of the changing nature of the country's employment market (Parreira 8). It is expected that designing an EVP employer value proposition that is unique to a company will considerably improve its talent acquisition and retention, giving the organization an employer brand that has the edge over its competitors. When the company’s employee value proposition is compelling, it will get more talented candidates' applications. Consequently, its human resource team will need to spend less on recruiting agencies, job ads, marketing the employee brand (“Guide to building a great EVP"). Essentially, the cost per hire will fall. Because an EVP helps retain top talent, it saves on additional recruitment and training costs that would have otherwise been used in educating and training fresh candidates.The Measure of Talent

Talent is hiring for knowledge, and engaging for potential will require a strategy that focuses on some of the following: Raw Ability- where natural ability focuses on what the candidate can achieve, Work values - is critical to ensure that the applicant shares the same values that guide the organization, Career goals and ambitions – if one takes a longer-term focus during the hiring process and seeks to hire for potential, the company should consider the candidate's objectives and dreams beyond the position he or she is applying for (Parreira 14). This helps ensure direction and focus related to the application of the raw material. ImplementationSteps towards creating a great employee value proposition

Assessing What the Company Currently OffersEVP development plan starts with the basics. Assessing what the company currently

has achieved and its strengths and weakness gives an insight of the future development of an employment value proposition plan. EVP helps the company to be clear in its branding (Jones 3). Therefore, taking opinions from the employees and making a checklist that consists of all components of the employee value proposition and determining the extent to which the company currently offers will help develop a clear company branding.

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Interview Existing and Past EmployeesKnowing what the company can and cannot offer is crucial for building a

strong employee value proposition. Employee surveys should be used to collect feedback from focus groups include current employees and any new hire. Past employees can also be included in the surveys to understand what the company could have done to help them stay (Jones 3). The employee survey should ask questions such as: Why do you like working here? What motivates you at work to engage more? What improvements would you like to see? What’s the single most important need that you have related to our company? What kind of support do you expect from the company to help you achieve your professional development goals? Different focus groups give the responses to determine what motivates the company's top performance and incorporate this feedback to build a better job offer for the company’s potential employees.

Defining the Key Components of the Company’s Employee Value PropositionEvaluate your company's new employee value proposition to attract and retain

top talent. This involves assessing the company's core strengths (Jones 3). The main components of the employee value propositions include: Financial Rewards-Financial rewards as a component of the employee value proposition address employee's expectations from the overall evaluation and compensation system- the total rewards. It covers salaries, bonuses, and stock options.Employment Benefits

It is associated with a range of additional benefits related to the job, which includes: Health insurance, Retirement benefits, Paid leaves, Gym memberships, and Company-sponsored holidays (Jones 4). A benefits package works best when customized to the industry, the culture, the organization, and the employees. So, the company should be creative with it.Career Development

Since employees want to see the growth potential their job has to offer and how the organization can contribute to their career development, this component of the employee value proposition should include: Technical training, Leadership training, Sponsored courses (things like a project management certification or even an MBA), Mentoring and career guidance, promotion opportunities, opportunities to work in other cities or countries, opportunities to change domains, and opportunities to work in specific coveted projects (Jones 3). If the organization cannot offer salaries at par with its competitors, offering clear career development and growth plan can be the difference between hiring and losing quality talent.Work Environment

The company should recognize the importance of creating a work environment in which employees thrive and do meaningful work. This adds to positive employee experience and engagement (Jones 3). This constitutes a positive working environment that includes: Flexible working hours, Work-life balance, Recognition, Team building, Communication systems, and Workspace design.Company Culture

It addresses the factors that constitute a great company culture, which includes: Trust and collaboration, positive relationships between team members across hierarchies, team communication and support, and alignment of employees with company goals.Writing your Employee Value Proposition

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Once the company has identified what it can deliver and what employee experience it can deliver, a strong employee value proposition statement can be written. The employee value proposition should be clear, unique and inspirational, to attract and retain top talent. It should also be aligned with the employees and the company’s expectations.Promoting Employee Value Proposition Through the Right Channels

When an employee value proposition is well communicated, it then makes sense. It, therefore, means that the company should promote it, and leverage the various internal and external communication channels currently in the organization to get the word out (Avinash Pawar 6). This will therefore, help the company withstand and also overcome the adverse competition in employee value proposition.

Formalizing an EVP:As an EVP affects both internal and external perceptions of a company, human

resources and Marketing should collaborate to ensure the employee and customer experiences are integrated and aligned (Avinash Pawar 6). Likewise, human resources and relocation partners should collaborate to clearly and succinctly explain relocation benefits to ensure the best possible results for both the transferees and the corporation.

Benefits of EVPThere are a lot of benefits of the employee value proposition, which include: It

helps you to attract and retain talent. It helps you to appeal to different markets and

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tough to hire talent groups. It helps you to priorities your Human Resource agenda, creates a strong people brand, great Employee Commitment, it helps you to re-engage a disenchanted workforce, and reduce new hire premiums (Avinash Pawar 7). This enhances a successive business plan on employee value proposition.

ChallengesLosing talented employees is of great concern to all major corporate companies,

especially in South Africa. The country's focus is on black economic empowerment, which creates a very difficult situation for companies to survive in (Perraira 33). The cost is not only in the turnover, but in the time it takes to recruit and train a new employee. The talented employees dictate terms and constantly ensure that Human Resources and leadership are challenged with new ways of retaining employees. The EVP concept should be researched, and the specific focus should be on engagement. Problems with Managing EVP

There are various challenges that affect employee value preposition, which include: Misalignment with preferences - To deliver on your EVP, your attributes need to be aligned with those of the labour market preferences (Parreira 33). A cause of this misalignment is the disconnection between labour market preferences and what the HR in the specific company thinks they should be. Poor differentiation - After HR fully understands which attributes are relevant and form part of its EVP, it needs to overcome the problem of poor differentiation. Failure to deliver on the attributes of the EVP - It is not enough to select the 'right' EVP and differentiate it effectively in the labour market; organizations should deliver on the EVP, providing the rewards, opportunities, work, people, and organizational experience promised to the labour market .Negative Attributes of Talented Employees

Clever people do not want to be led and this creates a problem, especially when it comes down to respect and the organizational climate. Talented employees do not stay in

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a job longer than 18 months - The main reason for this is that they know that they are important to the company and that they can get a job at any time, at any place. The challenge comes in retaining these employees as they are very easy to attract (Parreira 19). Clever people want a high degree of organizational protection and recognition - They are very sensitive and want to be treated differently and even special (Parreira 19). Clever people demand the freedom to fail and experience - This can lead to economic losses. Talented employees do not want their leaders to outshine them. "Clever people can be sources of great ideas, but unless they have systems and discipline they may deliver very little." Clever people see an organization's administrative machinery as a distraction from their key value-adding activities.

ResultsEmployee value proposition plan helps in creating the groundwork for a successful

search, help to energize the best potential candidates to apply for positions, and allow the company to retain top talent. To be effective, the employee value proposition should be an accurate representation of what staff members currently working in the department experience. Additionally, managers and others in leadership positions should consistently fulfil promises and deliver on commitments for the employee value proposition to be effective. EVP concept hints organization, effective EVP practices helps in employee's attraction, retention, and engagement. EVP is also important as it helps attract people for the job, dedication and commitment from employees at the workplace. Hence, it acts as a motivation tool and helps reduce retention costs. HR department frames EVP policies and practices are unique and they are employee-centric.AnalysisRecommendations

The organization should try to be good employment Brand The organization should consider employees desires about the organization

The organization should provide better policies, programs, rewards, and benefits programs Job satisfaction than just remuneration. Factors like work-life balance, performance management, work culture, recruitment policies, training orientation, and succession planning.Conclusion

Creative EVP can attract, hire, retain and satisfy employees as an aspect of employment branding. Today's environment has created new challenges for attracting and retaining employees. Now more than ever, people have access to information and resources to find new jobs. After facing cost-cutting measures and layoffs, employees may start looking to leave their current companies, especially if a unique opportunity offered the chance to have greater job stability, higher pay wages, and a better work-life balance. To keep the best and the brightest workforce, companies will need to have an attractive Employee Value Proposition for employees.

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Bibliography“Employee Value Proposition: The Complete Guide to Building a Great EVP.” The

Employee Communications and Advocacy Blog, 2020 blog.smarp.com/6-steps-to-build-your-employees-value-proposition. Accessed 25 March 2021.

Jones, Charlotte, et al. “Creating An Employee Value Proposition: A 5 Phase Guide (+Example Plan),” 2018 rallyrecruitmentmarketing.com/2018/09/a-5-phase-guide-to-uncover-your-evp/ Accessed 25 March 2021.

Pawar, Avinash. "Analyzing Organizational Elements of Employee Value Proposition: The Employees Perspective." Proceedings of Asia Conference on Business and Economic Studies (ACBES) by University of Economics Ho Chi Minh City on 8th–9th Sep 2018 at Ho Chi Minh City, Vietnam. UEH Publishing House, 2018. Accessed 25 March 2021.

Parreira, Jaco. “Analysis of An Employee Value Proposition” parreira_jaco (1).pdf, pp 1-30, 2007 repository.nwu.ac.za/bitstream/handle/10394/1839/parreira_jaco%281%29.pdf?sequence=1 Accessed 25 March 2021.

HRM Assignment – Part Three