Tuesday, October 28, 2008

Employee Value Proposition

In turbulent times such as the current situation, it’s just as hard to let-go of people while trying to NOT create panic among folks the Company wants to retain!

So what can be done to communicate effectively the company’s stand in a turbulent situation? How to let employees know of where the company is going? A good ‘Realistic’ vision holds the key to success and surely the company wants its best people to be with them, while trying to achieve the targets. A down market can be turned around to work in a positive way if a good plan is laid out.

It’s time to get the Employee Value Proposition (EVP) ready for circulation! Yes, you heard it right . EVP’s were mainly designed to be used during recruitment to attract potential candidates, but the times have changed and so will strategies…

What is an EVP? – It’s a simple plan to let candidates/employees know what they’ll get in return for their performance.

What does it contain?

- EVP’s are like a fact-file of information about the company. It contains info about the company’s history, area of work, vision, investors, revenue, work culture, clients, work ethics, etc.,

- Mostly importantly, the EVP will focus on the TOP 5 Reasons to work for the company! (PS: Everyone love TOP 5/10 reasons, it makes things a lot clear)

- It highlights - ‘What-You-Get’ for ‘What-You-Give’! Simple and to the point.

How does this work in the current situation? –Stretch the plan to accommodate the re-jig in the organization due to lay-off’s…means that the individual performances will now have to double, the employees will need to stretch, but the company will respond with rewards.

Why the EVP?

- It’s always better to communicate openly and pro-actively, than let employees know of the company’s plans through non-confirmed rumors at corridor-meetings, near the water-cooler, sometimes at the stairway too!

- The EVP will ensure that the employees know what they are getting into! The ‘No-Surprises’ approach will work for the best

- The message is clear; the company is going a bad-phase & needs the support of its employees to tide over the rough patch!

- EVP’s will also ensure that the company’s vision is clear to the employees! It will act like a ‘Compass’ giving the necessary directions while at sea! Its turbulent after all and you don’t want your ship to be swayed to no-man’s-land!

- This will also lead to losing more employees (mainly to your competitor). Mostly lost will be the weaker lot - folks who believe that the situation will not affect the competitor! It’s good to let-go of them, since eventually they do more harm than good for your plans

- Highlight the reason’s why you feel the EVP will work, such as, good cash reserves, leader in the particular market-space, strength in performance, committed clients, etc.,!

Everyone is facing the heat, the better equipped ones will survive…the rest.....will be history!

Any thoughts?

- The HR Store