EVP-Redefined

SajjadParmar, Head of Reward, eBay

The people function has had a lot to manage in the last 2 years and while many of us are truly burnt out it is not ending there.

Things are definitely looking better and rosier than they have in the past 24 months. We are hopefully coming out of the pandemic and while the very tough days are behind us, a new level of challenge is transforming for the people function.

We are still witnessing debates around so called hybrid working model and many big names in the corporate sector have been going back and forth on this. There definitely seems to be a gap around what companies expect and what employees want. At the same time, we have been hearing a great deal about the “great resignation”. Starting in the US and now spreading through other markets. We are also observing a full fledge war on talent globally. In some markets it is more acute and certainly in certain functions as well. My own observations corroborate this around the acute gap in demand and supply.

As we think about the “future of work” which I certainly know many companies have and are looking at, one of the missing pieces for me is relooking and rethinking the EVP model. Till a few years back EVP was a rage and then suddenly disappeared off the radar and it’s only in the last few months have I started to hear the term again and being discussed in some forums.

As I think about the future of work, war on talent, focus on skills vs the job, the great resignation, companies responding to the needs of a hybrid workforce, employees demanding more, how do companies create differentiation in terms of attraction and retention? We need a reboot on how companies think about their EVP in the larger scheme of things.

In an employee’s market there are plenty of jobs for everyone and companies are desperate to hire. In some cases, it is getting to a point where the desired skill sets cannot be found and so companies are having are re-think about getting candidates with the right attitude and capability and building the skills. I am seeing this in a few markets. In a few cases we are seeing massive difficulty in just getting enough candidates for a job. But it is not only about that.

“You want to compete for the best you need to step up the game around the model that encompasses all these critical levers of what it means to work for your company”

In a market where there are plenty of jobs and employees (thankfully) are spoilt for choices, why should they be applying for your job? Similarly, why does your employees continue to stay with you and not go after other amazing jobs in a robust job market?

Working through “your’ competitive edge and communicating it is imperative. In today’s environment where almost everything is available on social medial platforms and information exchange has never been easier, what are you doing to showcase your offerings vs what others have to offer. How are you positioning yourself vs the others? What comes to mind when one thinks of you as an employer brand.

As we have seen numerous times, there is always someone out there that is willing to pay you more. Why should a candidate join you and your current employee continue to stay with you?Pay is a hygiene factor and has been for a while, but with pay models evolving what are you doing as a company that makes you the place to be at. What are the focus areas in terms of culture, work environment, career and total reward offering that creates any kind of differentiation?

In a recent report I read, there is a sense amongst companies who overestimate the important of their brand name. Equate that with a robust market and that brand name means less.

Even if you have the best culture, best jobs and best total reward offerings, how are you communicating it and what channels are you using for communication. To employees how are aspects of your job and total reward impacted and influenced by your performance management framework. Is it effective in anyway? Given the continuous challenges around performance management framework they have a overarching influence on careers and managing talent.

Employees are clearly demanding more and have certain expectations. I am seeing companies reach out to candidates who have just started a new job and don’t care if you have been in a new job for only a month. In an employee’s market this is not surprising, it’s out and out war on talent. How are you balancing the push vs pull factors for your own employees?

Ask yourself what is your Employer Brand Proposition? Why do you continue to work for your company and do others share the same reason? When your family and friends ask you about your company what do you tell them? Is that consistent with how other’s view your companies’ EVP?

These questions need to be thought through strategically. You want to compete for the best you need to step up the game around the model that encompasses all these critical levers of what it means to work for your company. Getting in is one part and retaining them the other.

Loss of critical talent and taking time to find the talent you need both have implications on business performance, that is why we need to think holistically and then ensure the EVP model is developed and communicated appropriately.