Employee value propositions a good start
Employers across the country looking to attract and retain top talent are increasingly focused on what they can offer as an employee value proposition (EVP). For example, Kiwibank recently launched a ‘Love Your Perks’ package for employees which includes 1% off a number of mortgages.
Professor Candice Harris, Head of the Department of Management, spoke to HRD magazine about the range of benefits employers are offering to entice employees.
“Opportunities for working flexibly seems to be all the rage and quite an important part of the EVP offered by many organisations these days,” says Candice.
“I heard of an international company that instead of talking about flexible work, i.e., what days are people at the office, they've introduced an idea of core weeks. What they’re saying to employees is, something like ‘In a typical month, these two weeks are core, and everyone needs to be in the office for three days on these two weeks.’ So, we're seeing a bit more innovation.”
Internationally, Candice says some companies offer a broad “menu-based” approach with options that can be selected to suit the individual. She said while this approach is rare in New Zealand, it’s something worth considering, especially within a diverse workplace.
“What someone wants at age 27 might be completely different to what someone wants at age 54...I think having that lens is increasingly important when you look at a diverse workforce.”
Ultimately, while prospective employees may be initially tempted by these kinds of initiatives, to retain talent employers need to think about good leadership and positive organisational culture.
“A lot of studies show that people's relationship with their direct manager has a massive impact on their employment experience. So perhaps a firm is not going to have all these different things, but they're going to invest in really good leadership development. And that's going to add a lot of value to the organisation.”