Employee segmentation should form the basis for developing competitive EVPs. FILE PHOTO | NMG
In its September 2017 Fact Sheet No.45, Unesco Institute for Statistics (UIS) noted that literacy levels are rising. This directly impacts the quality and quantity of skilled labour supply in the market place.
How then does an organisation position itself to attract, acquire and retain the best talent?
One way is through the use of Employee Value Proposition (EVP); this is a set of attributes that the labour market recognise as the value they gain through employment with an organisation.
Human Resource Professions (HRPs) are continuously faced with the challenge of growing talent pool.
Other challenges include attracting the right talent and keeping it motivated.
Articulating and implementing an EVP addresses these challenges with the right set of attributes tailored for each stage of the employee life cycle.
These attributes touch on employee compensation, growth opportunities, the nature of work done, the people you work with, and the organisation’s reputation.
The EVP development and implementation process involves a considerable investment of time and participation from across the organisation.
The benefits include a strong employee brand, re-engagement of a dissatisfied talent force and an enhanced attraction and retention of talent which helps focus the Human Resource Professions’ agenda.
Imperatively, an EVP should be distinctive and captivating if it is to drive talent attraction, engagement and retention.
It should also be reflective of the peculiarities of the workforce, otherwise the Human Resource Policies and Programmes will be ‘cookie-cutter.’
Just as retailers profile customers based on specific characteristics, the same guiding principle should be employed in segmenting workforce in order to develop a competitive EVP.
Most employee surveys outcomes underpin the fact that employees are different.
For instance, employees at different life stages have different unique needs.
Key observations drawn from employee surveys reiterate that an EVP created after a proper employee segmentation looks at survey outcome as more than just big data but as a tool to creating meaningful employee experience and enhancing productivity.
KPMG’s 2017 report Meet the Millennial Secured notes that, Millennials are set to represent an astounding 50 percent of the global workforce by 2020.
The Employee Benefit Research Institute (EBRI) in their December 2015 issue: Worker Opinions about Employee Benefits equally noted that millennials are less likely than baby boomers to report health insurance as the most important benefit they receive at work.
Employee segmentation should form the basis for developing competitive EVPs that address the varying needs and wants of current and potential employees.
The writer is Management Consulting Advisor at KPMG Advisory Services Limited.
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