Engaging employees through awards and recognition and by tailoring an effective Employee Value Proposition (EVP) can therefore help develop workplace happiness and motivate employees in a dynamic work environment.
At a time when the advent of automation and artificial intelligence (AI) has led to heightened competition, corporates irrespective of size, are struggling to retain their best talent amidst the uncertainties surrounding the job market. Promoting workplace happiness and keeping employees motivated and engaged is the key, to not only sustain employee productivity and achieve organisational success, but also to attract prospective employees to the organisation. Engaging employees through awards and recognition and by tailoring an effective Employee Value Proposition (EVP) can therefore help develop workplace happiness and motivate employees in a dynamic work environment.
An EVP is the complete offering a company makes to its prospective and current employees in return for their best efforts, and assures employees of stability, transparency and engagement at every stage. A well thought-out EVP is arguably the most effective strategy that can be adopted by an organisation, to not only attract the right kind of talent, but also to retain them, as it can be customized to effectively serve this dual purpose - of attracting favourable new talent, as well as promoting retention through employee satisfaction. An EVP goes beyond pay and benefits, and looks at all the non-financial aspects that attract, retain, and motivate employees, and the reasons former employees would speak well of the company. An EVP considers how the company is perceived before, during, and after employment, and is in sync with the company's goals, strategy and culture, which results in happy employees translating to happy customers. Further, by taking care of both its internal as well as external stakeholders, an EVP can help an organisation build a positive brand image for itself.
An effective EVP framework
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