The employment value proposition is now a common practice for companies due to the impact of COVID-19. This has led to changes in working preferences and employee expectations, emphasizing the importance of work-life harmonization in talent management.
Organizations are actively working to enhance their EVP to remain competitive in the face of rapid digital transformation and technology adoption. This has intensified the competition for talent, particularly in the technology sector.
Gartner’s research shows that IT employees have a lower intent to stay compared to non-IT employees. CIOs need to take the lead in designing a human-centered EVP to reduce turnover in critical tech roles and ensure the success of digital transformation efforts.
Traditional EVP focuses on providing employees with a great experience tailored to their needs. However, challenges in engagement and attraction, along with the events of 2020, have shown that this approach is outdated. Employees are individuals with personal lives, and work is just one part of that. To create a more human employment deal, companies need to focus on the whole person and the emotions they experience.
The human deal includes five components that aim to evoke specific emotions in employees:
- Deeper connections: Strengthening family and community connections.
- Radical flexibility: Providing flexibility in all aspects of work.
- Personal growth: Supporting personal growth, not just professional development.
- Holistic well-being: Ensuring employees utilize well-being offerings.
- Purpose: Engaging employees through collective action on purpose.
Improvements in these areas lead to benefits such as increased employee recommendations, high performance, and better wellness.
Companies need to adapt their EVP to address what employees value most and adjust their messaging accordingly. An annual evaluation of EVP is not sufficient to stay ahead of competitors. CIOs must understand the changing needs of employees to build a relevant set of attributes that provide value in their lives.
IT employees are more attracted to organizations with growth potential amidst economic uncertainty. By highlighting the elements of their EVP that matter most, companies can appeal to tech talent.
The shift towards remote work opens up the IT talent market globally, with different age groups and regions having varying expectations. CIOs should consider these individual needs to attract and retain talent effectively.
By focusing on leadership, culture, and people, CIOs can address talent attrition by leading IT talent initiatives. Reframing EVP components based on the human deal and adapting to individual needs swiftly will help companies stay competitive in the evolving talent landscape.
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