Articles | October 21, 2020
The pandemic has changed what employees expect from their employers and work. Leading organizations are updating their employee value propositions to reflect these evolving expectations.
With COVID-19 upending nearly every facet of daily life, what is important and relevant to employees today is different from their pre-pandemic priorities. Leading employers are realigning their total rewards and employee value proposition (EVP) to better reflect both evolving employee priorities as well as the business’ strategy.
Given the many high-priority items requiring your attention, a review of your total rewards and EVP needs to be an efficient and focused effort. The Rewards of WorkTM framework helps you segment your approach to an EVP into six distinct components.
To fulfill your talent needs, you must offer an employee value proposition that is relevant and useful to your employees. Doing so attracts and retains the people who will carry your organization to success now and for years to come. Here are the broad strokes of how we’ll help you build your compelling EVP:
You need to find out what employees actually value before you build or enhance your EVP. Our HR professionals will use the proprietary Rewards of WorkTM analytical and validation tool to collect insights and perspectives from your employees. Through a combination of focus groups and technology-enabled tools, we identify the reward components that are most relevant and compelling to your talent segments and aligned with your business.
Your EVP needs to be distinctive from your competitors. The Rewards of WorkTM competitive assessment filter will help you understand the explicit and implicit total rewards and EVPs of your competitors. You will have the insights to craft a compelling and distinctive rewards strategy.
Once we’ve collected and analyzed the relevant data, we’ll present you with our observations, a draft go-forward EVP statement and a clear plan for moving forward. You can adjust the EVP statement and the plan with us to further fit your unique business circumstances.
We’ll work together to make sure that as you take action to deliver on your go-forward EVP, you’re doing so in the most efficient way possible. During the execution, here are some ways we can help:
This page is for informational purposes only and does not constitute legal, tax or investment advice. You are encouraged to discuss the issues raised here with your legal, tax and other advisors before determining how the issues apply to your specific situations.
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