Employing smart: the importance of alignment and purpose in getting your people deal right
You’re unlikely to unlock your business’s potential without attracting and keeping the right talent. If you’ve had issues with recruitment or attrition recently then your EVP (or employee value proposition) may not be keeping step with the modern market and what people want. More importantly, it’s likely that it hasn’t been keeping step with you and your company’s purpose. The truth is, the effectiveness of your EVP is decided long before you sit down to write it. Its roots are deep in your company culture, it grows through strategy and the fruits are engaged, empowered and creative employees happy to give you the innovative edge over your competitors. When everyone grows, your business grows. It’s a simple concept but how do you put it into practice? An urgent issue The impact of the Great Resignation means this is a matter you cannot afford to ignore. 41% of the global workforce are considering resigning from their current roles (Microsoft). 95% of workers are considering a job change (Monster). A recent Ipsos report found that: 47% of British workers have recently considered quitting their job and looking for another 51% who didn’t receive a pay rise the past year were thinking about or seeking to leave but this only fell to 44% for those who had received a pay rise. Younger people were twice as likely to think of making a career move than those over 55. These statistics highlight a few areas you may not have thought about:- Your employees may already be getting ready to leave, so the time for intervention is now because at the exit interview, it’ll be too late.
- Pay isn’t always enough to retain your talent. It’s time for a rethink.
- A one size fits all approach won’t work.
What does your EVP say about you at the moment?
An EVP is an offer you make to an employee in exchange for their time, talent, energy and commitment. It goes beyond pay and benefits to include things like career development opportunities, promotion prospects, skills development and working conditions. According to the Harvard Business Review: 'Several years ago business leaders might have pointed to pinball machines in the office game room or catered lunches…in 2022 most are aware that such perks hardly constitute a comprehensive employee retention strategy or play any meaningful role in the battle to attract top talent.' The article goes on to state that: 'This evolution in thinking has undoubtedly been accelerated by the COVID-19 pandemic, which put immense pressure on leaders to not just communicate their values but also to demonstrate them.' Lifting promises from lip-service level to real human benefit involves becoming curious about what people want, what makes them tick and what you can do to actively support them in doing their best work. It’s an active and constant process.Start with your vision, purpose and values
First, you need to know where you’re going and why. This is because employee engagement and alignment go hand in hand but in order for someone to be aligned with you, they have to be clear about- what you stand for
- what your mission is
- and what your picture of the future is.
Next, your people strategy
This is not just about your ambition as a company or department. Picking up on the value of alignment again, it’s about keying into the individual’s ambition as well. What do they want from their career, their life, and their relationship with the company? This kind of two-way movement of energy and concern involves a fine balance of human and commercial needs, a fresh approach to researching what people want and a framework to keep everything focused. ‘...the new frontier for competition [for talent] is quality of life’ states 4 Day Week Global CEO, Joe O'Connor. In simple terms, where do you want to go and who will help you get there? What are their needs and how can you meet them? What can you do to make sure everyone is working at their best, monitor effectiveness, retain accountability, and make changes along the way?Putting together your people deal
Harnessing real human ingenuity, passion and enthusiasm is going to take more than financial reward and tired, generic and half-hearted wellbeing benefits. How do you level up? Consider:- How you’ll collaborate - how are you going to open up a two-way conversation and get all voices involved?
- Commercial demands - what are they in terms of recruitment and retention and how can they be met?
- Commitment - how can you remain accountable and support change on a practical basis?
The power of alignment
A Slack survey of 17,000 people across ten countries found that when employees feel aligned:- 90% know what success looks like
- 86% understand their company’s strategy
- 75% feel empowered to make decisions
- Team management
- Review
- Performance
- Communication
- Time saved
- Invested, committed and engaged
- Empowered to make decisions, wasting less energy on worrying and more on
- Being confident
- Learning when things don’t go to plan
- Being creative
- Finding opportunities to be innovative
What does a people deal look like?
If you’re looking for something special, offer something special in return.
‘U.S. businesses spend nearly 8 billion dollars each year on diversity and inclusion (D&I) trainings that miss the mark because they neglect our need to feel included.’ states the Harvard Business Review.
There’s a clear business case to tune in with commitment, compassion and concern in order to get it right.
Embedding excellence
Employee turnover and difficulties finding the right talent will inhibit the growth and development of your business. Putting together a robust EVP is therefore essential groundwork, but there's no reason why it can't be a fun and affirming process.
To recap:
- Define the what, why and how that underpins your culture.
- Think of your business goals and how human talent, energy and enthusiasm are going to get you there.
- Marry the two in your people deal so that the right people not only join you on your journey but do the best they can for themselves, you and each other.