It’s not just about money

https://www.lisaisaachr.com/post/it-s-not-just-about-money

Whether you have experienced it first hand, or heard the stories, we are all aware of how difficult it can be to attract the right people, keep good employees, and encourage the productivity we need, when we need it. With headlines around “The Great Resignation” and current labour market challenges, it is more essential now than ever that employers are able to clearly communicate the value that potential and current employees get out of investing their time, skills, energy, and effort with your organization. This information is commonly known as the “Employee Value Proposition” (“EVP”). By taking a Total Rewards Approach, employers can differentiate what they offer to employees making it clear why your organization is attractive to work for -- and it isn’t always about money!

The battle for talent involves strategically designed compensation and benefits programs – which are one of the largest costs to an employer. While these programs remain necessary, the most successful organizations have realized that they must emphasize the aspects of employment that lead to the attraction, motivation, and retention of employees. Using these “rewards” along with compensation and benefits can be considered as the Total Rewards Approach, which considers everything that an employee receives as part of their relationship with an employer; and it goes beyond the basic pay cheque. This philosophy includes everything of perceived value that the employee gets out of the employment relationship, such as career and personal development, work/life balance, recognition, diversity and inclusion, fair and equitable pay, traditional benefits such as health and dental care or retirement savings, as well as the intangible items that have an impact on the feelings of belonging, including workplace culture, relationships, and the opportunity for community involvement.

Effective communication is vital to the success of any Total Rewards offering. Even the best-designed programs won’t deliver optimal value unless potential and current employees know what they are and understand them. While individual elements or program-specific communication around aspects of total rewards are significant, being able to articulate the full Employee Value Proposition is critical. Remember that you are communicating what your organization has to offer, what it stands for, and what differentiates it as an employer.

Potential employees want to know what the organization offers in addition to just a competitive hourly wage. Clearly articulating the elements that help them assess fit between their needs and priorities and those offered by the employer, like training and development, flexible work arrangements and locations, and the organization’s culture. 

Current employees, those that you want to retain and engage, should be informed of what Total Rewards they receive and how that is unique or different from other potential employers. Depending upon your organization, this may be the relationships between staff and management, the opportunities for learning and career development, opportunities to influence continuous improvement and their working environment, in addition to the traditional elements of compensation.

While communicating your Total Rewards Approach and the Employee Value proposition, make sure that you leverage the same type of branding strategies, graphic identities, key messages, and multi-media communication materials that your organization uses to connect with customers – it’s all about building your brand. By approaching your Total Rewards strategically, you can translate your Employee Value Proposition into a powerful platform that helps the organization to attract, retain (engage), and reward talent, which ultimately delivers for your business objectives.

Your HR business partner, or services like our 4-Hour Monthly HR Advice Package, can help you navigate your Employee Value Proposition and apply it to your unique organization and jurisdiction. 

For professional HR advice that you can trust, contact us today!

Lisa Isaac HR Professional Services www.LisaIsaacHR.com

From the LIHR team and lead collaborator, Rebecca Wilkinson, HR Consultant Rebecca@LisaIsaacHR.com