'Targeting an attractive EVP to your employees' needs will keep your people engaged,' paper reads
An attractive remuneration package is not enough to find and retain employees in a tough labour market, according to a white paper, which suggested offering "targeted rewards" to the workforce.
Strategic Pay's white paper has underscored that each employee is unique, so offering a "one-size-fits-all" employee value proposition (EVP) might not be the way to go.
"Pay attention to what your employees really need from their working life," the paper stated.
"Targeting an attractive EVP to your employees' needs will keep your people engaged. These targets should also include potential workers in the post-COVID workforce: the Do-it-yourselves, the Caregivers, the Idealists, and the Relaxers."
Investing in employee development
It is also important that employers invest in employees' development in order to retain them.
According to the paper, development is a successful method of retaining employees by providing interest, involvement, and variety to their work.
"Consider later moves, project involvement, job swaps, and time in other departments to generate appreciation of the organisation and your purpose," the report said. "Ensure your employees do not leave (and regret it) by keeping them interested and engaged in your organisation - this is your EVP."
Investing in culture, wellbeing
Another aspect where employers can invest is their culture and wellbeing, according to the paper.
This begins with treating employees as people and ensuring two-way communication in the organisation.
"This requires building relationships with your staff and understanding how to meet their needs at work," the paper said. "An organisation demonstrates their EVP in their response to individual employees' situations and allowing flexibility through challenging times."
Strategic Pay offered other suggestions on where employers can invest to enhance their EVP in this free white paper.
