Businesses that invest in tomorrow’s opportunities, technologies, and modern workplace cultures are positioning their organization to meet long-term objectives that will help to achieve success for their customers (and employees) in a fast-changing world.
With increasing volatility in the global market, shifting business models and a need for speed, investing in a new employment deal is an imperative as competition for talent intensifies. In a time where lifetime employment deals are nearing the end and flex-work options are ever increasing, it’s time for modern leaders to rethink the employer-employee relationship and forge a new employment deal.
What exactly is a valuable employment deal?
A valuable employment deal is the bi-directional relationship between an employer-employee that defines the partnership. It identifies the generational expectations between what the employee experience represents and what an employer expects in return.
Sounds straight forward, right?
Crafting a valuable employment deal in a modern world of work is anything but simple. It requires that you differentiate the deal in a way that drives value to the employer-employee relationship. The differentiation needs to align with your business strategy. If your company strives to lead the market or your industry, driving a high value employment deal should look differently than your competitor. It also requires greater authenticity and transparency in the relationship rather than a transactional focus on job descriptions, qualifications, and benefits.
Today’s employment deals are paving the way to exciting new developments from work style design, career rotations, mobility, self-learning opportunities, tailored mission tours, continual growth and more. They are moving away from traditional employment deals where employees rarely discussed true aspirations for fear of being perceived as disloyal and evolving toward overall work/career transformation.
Here are four ways to build a more valuable employment deal for your organization.
#1 Re-Imagine Value
One way to differentiate your employment deal from your competition is to do an outstanding job of defining value. Identify where your company is today, the business value you create for your customers and employees, and then look ahead into the future. Reflect on the following:
- What is your ideal company?
- How does your organization work?
- How authentic is your company’s employee experience?
Consider the type of job architecture, experiences, competencies, and technologies you’ll need in the future to really compete.
#2 Re-Imagine the Employee Experience
What is the culmination an individual receives during their interaction with your company throughout the employment life-cycle and career elements (supervisor/manager, colleagues, and work environment, networking, and customer engagement) that impacts their cognitive and experiential needs leading to desired behaviors?
In a modern workplace, individuals come together to serve a mission and accomplish a project. The composition of these teams often change over time, either due to a management decision to add new team members, trade a subject matter expert or others may choose to go to another team. Regardless of the shift, the principles of trust, mutual investment in people and projects and reciprocity are still relevant. Business and their customers win when individual employees trust each other enough to prioritize team success over individual achievement. This behavior impacts the employee experience.
When employees win as a team, they achieve individual success and help build a winning culture.
Reflect on the following:
- What does the human side of your business strategy represent?
- What are the foundational principals of your company’s employee experience?
- Do you share customer success stories to help your employees learn about the value of your products and services and how they can choose to increase their contribution?
- What is the effectiveness of your leadership team?
- How do you support and grow modern day workers – remote, freelancers, temporaries?
- Does your employee experience provide mutual benefit?
#3 Re-Imagine the Employment Value Proposition (EVP)
A great EVP consists of several statements that clearly communicate to existing workers and/or a potential candidate, the value of employment with your company. What is the perception of your total rewards and benefits that are received in return for performance at work? How do you support and reward varying levels of performance? To create continuous value, how do you support self learning? What is the impact on customer experience outcomes?
To respond to rapid changes in the marketplace, flexibility is critical. You can propel a valuable employment deal by energizing employees (and prospective employees) in the way they continually think and work. Offering them choice and control over work style, work space, and ways to share with others. This tenant of flexibility can increase the value of their experience, productivity and effectiveness. How is a healthy balance between work/workload achieved in your company? Are results honored over hours worked?
A great example of a leader who leads with care is David Blake, CEO, Degreed
Learn With Purpose
Even more important than re-imagining a highly competitive EVP is to ensure the successful implementation and execution throughout the employment life-cycle. Your enlightened EVP needs to reflect throughout your organization.
How effective is your company’s delivery?
#4 Re-Imagine the Employer Brand
If your employment value proposition has shifted, consider the impact it has on your Employer Brand. How is your employer brand regarded in the marketplace? Does it accurately reflect the way your company conducts business with honesty and integrity?
Strong employer branding is about inspiring and adding value to the lives of your employees and customers. It creates an emotional connection to an organization’s purpose and sense of values.
A great example is HireVue, one of the fastest growing leaders in job interview technologies:
Building a more valuable employment deal may mean increasing the distribution or presence of your deal.
For example, how is your deal delivered through your website, mobile app, physical locations, kiosks, artificial intelligence, agencies, centers of excellence, talent platform, HR, and management teams to serve your workforce beautifully? Does it help in making your brand more accessible?
All of these touch points increase possible connection with your employment deal and employer brand. Why not make it even more valuable?
Along with an aligned strategy, building a more valuable employment deal in a changing world of work takes courage and involves an investment of time and engagement from across the business.
To create a new framework and an environment where one’s greatness — their unique talents and expertise can contribute in a meaningful way and grow is the real work of modern leadership. By building a more valuable employment deal, it can help to focus your company’s People agenda, improve acquisition and retention of key talent, create an inspiring employer brand and engage your workforce.
Begin by re-imagining your employment value proposition to ensure it is distinct, compelling, and relevant and serves as a key driver for attracting, developing and deploying talent. Consider how it can be personalized for your existing employees and prospective team members. Expand your employment deal by delivering the message across the entire employee experience and relevant touch points. Ensure you have methods in place to integrate, measure, and adapt your new employment deal throughout your business in order to provide the right return on value.
Creating a bi-directional employment deal that focuses on mutually beneficial relationships, will help your employees to evolve their careers, foster an open- networked workforce, and transform experiences that your customers love.
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©2016 All rights reserved. Judy White, SPHR, GPHR, HCS, SPHR-SCP™ is the founder of The Infusion Group™. A trusted partner in creating new possibilities in workplace design, future of work and organizational management strategies to have a meaningful impact on people, businesses, and society.