In our report, we have identified four emerging trends in the labour market that are influencing new ways of working and the value exchange between an organisation and its people. Below are highlights of two such examples of trends.
- The demand for digital skills
As digital transformation continues to fuel the need for scarce skills, HR leaders must tackle the growing demand for organisations to bridge the gap between technical and behavioural digital skills.
Due to the pace of technological change, organisations that have not evolved their EVP will find it difficult to retain the required talent in an already highly competitive labour market.
- Accelerated change driven by the pandemic
Existing employee trends have been exacerbated during COVID-19, with flexible and hybrid working becoming the new normal. The EY Work Reimagined Survey 2022² revealed 80% of employees want to work remotely at least two days per week. Financial benefits are no longer the only source of attraction and retention, as remote working has resulted in considerable lifestyle changes and opened new opportunities for people. This culminates in both the desire and result of having greater autonomy and choice, both critical factors in the employee experience of today.
Factors to consider when shaping your EVP
There are certain factors to consider when shaping your EVP. EY’s EVP approach describes these factors and brings together both financial and non-financial elements that shape an organisation’s goals. To find out more detail about each element download our report.
The following key factors need to be considered to shape your EVP.
A strong employee value proposition combines promise, lived experience and community perspective, alongside consistent activation to enable and enhance business results.
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Summary
It is time for organisations to re-orient their understanding of what exactly they are offering employees and deliver a human-centred employee experience that values their greatest assets, their people.
With growing organisational needs and employee demands, it is imperative for organisations to refresh, reframe and reinvent their EVP - to become a destination company for the talent they need to achieve their goals.