Your Employee Value Proposition (EVP) MUST be FIT for Purpose
Fascinating article in a recent issue of Personnel Today, by Reward Gateway’s People Experience Director, Chris Britton.
The organisation helps companies attract, engage and retain employees, through their unified employee engagement hub, providing the best of recognition, reward, wellbeing, surveys, benefits and discounts that support talent acquisition, retention and values-driven growth.
In the article, Chris talks about the importance of creating a MULTIGENERATIONAL Employee Value Proposition (EVP), to ensure that the 5 (and soon to be 6) generations, who are actively engaged in the world of work, have their needs and wants and values realised.
You can download the full article (e-book) here: https://shorturl.at/ijnuI
Meanwhile, here’s a summary of this fascinating topic….
In case you’re not aware, the 5 generations currently spanning the world’s workforce are:
Traditionalists – born before 1945
Baby Boomers – born between 1946 and 1964
Gen Xers – born between 1965 and 1981
Millennials – born between 1982 and 1996
Gen Zers – born between 1997 and 2012
By the late 2020s, Generation Alpha (those born between 2010 and 2024) will also be with us in the workplace!
Chris Britton reports that by 2025, Gen Z will represent 23% of the workforce, alongside Millennials who will make up 39%.
Given this spectrum of generational diversity (the 5 / 6 generations have VERY different characteristics in their make-up) it’s really important to ensure that organisations build a multigenerational EVP that is FIT (no, not as in First Impression Training 🤣) as in, one that is:
Flexible
As your workplace demographics change, so must your overall EVP. Whilst the fundamental motivators of a well-designed EVP will likely remain unchanged (benefits, open and honest communications, recognition, reward, personal development opportunities etc.), the details within them should flex with your changing workforce. For example, is your benefits programme set up to shift budget or resources into creating new volunteer opportunities that might matter most to Gen Zers?
Impactful
What you offer to your employees should make a meaningful difference to them – regardless of their age. Whether that’s extending disposable income through financial support or everyday discounts, or introducing more creative benefits like a doggie daycare allowance to encourage more time in the office, everything you introduce should positively impact your people’s day-to-day lives.
Transparent
Is your EVP easy to understand across all generations? Can even the technophobes quickly find information on-demand, and is it in a format that’s engaging across different generations?
According to recent studies by some of the leading global research organisations (Deloitte; Forbes; HRReview; Telegraph; Guardian) satisfying the needs of these very different generations will create both an opportunity for learning and collaboration, but also potential conflict with competing needs across each group.
So, here are a few helpful things to know about these generations:
Traditionalists: The average career exit age for men is now over 65. This generation is sometimes known as the Silent Generation, as they were taught to be seen and not heard. They are more likely to be comfortable following rules than the younger generations.
Baby Boomers: Those that started work in the 1960s stayed an average of 5.7 years in their first role. The average first job tenure is just 1.1 years for those beginning work between 2010 and 2015. Recent data shows a 61% increase in the number of over 70s in employment in the last 10 years.
Gen X: 64% surveyed rated job prestige as their highest priority in their work. Nearly 9% of 35-44 year olds haven’t stayed with a single employer for longer than 6 months.
Millennials: 54% say they research a brand’s environmental impact and policies before accepting a job offer. 48% of 18-35s are looking for a new job in the next 12 months. 38% of Millennials identified flexible working benefits as most important.
Gen Z: 39% have turned down employers that do not align with their values. 68% welcome artificial intelligence (AI) and other technology at work. 91% of 18-24s report being stressed (compared to 84% on average).
In a global study from Deloitte, over half of Gen Zs (51%) and Millennials (52%) say they live pay cheque to pay cheque – up 5 points from the previous year.
As for our Gen Alphas, who knows what their motivations, aspirations and expectations will be, though one thing we know is likely to be true – they’ll be more demanding of having their needs met by their employers than their predecessors ever were, given how fast & furious our species is moving!
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