The Coming Employee Wave
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As the economy improves, employees will be more free to move between organizations. What will keep employees from leaving your organization? What can you do to attract them away from others? Learn about the EVP and how to prepare for the coming employee wave.
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The Coming Employee Wave
- 1. The Coming Employee Wave The Tug-of-War for Talent in our Post-Recession Economy
- 3. Organizational Commitment There are three types of psychological attachment that people feel towards organizations.
- 4. Organizational Commitment Normative Commitment Continuance Commitment Affective Commitment
- 5. Organizational Commitment Normative Employees stay because they “ought to” Commitment These types of employees stay out of feelings of obligation; for some reason, they feel like they should. Continuance Commitment Affective Commitment
- 6. Organizational Commitment Normative Commitment Continuance Employees stay because they “have to” Commitment These types of employees stay because the cost of leaving is too great. These costs could be economic, but also include things like social costs. Affective Commitment
- 7. Organizational Commitment Normative Commitment Continuance Commitment Affective Employees stay because they “want to” Commitment These types of employees stay because they strongly identify with organizational goals and feel a positive emotional attachment to the organization.
- 8. Organizational Commitment Normative Commitment In times of economic downturn, Continuance organizations can get good talent for cheap Commitment prices because a lack of options and a tight budget build continuance commitment. Affective Commitment
- 9. Organizational Commitment Normative Commitment Continuance Commitment That’s what has happened recently. Affective Commitment
- 10. Organizational Commitment Normative Commitment Continuance Commitment Except that people are starting to shift away from continuance commitment as the economy climbs out of this trough. Affective Commitment
- 11. Organizational Commitment Normative Commitment Continuance Employees feeling only continuance commitment Commitment are finding that they are more mobile now than they were two or three years ago. Affective Commitment
- 12. Organizational Commitment Normative Commitment Continuance And they’re leaving. Commitment Affective Commitment
- 13. Organizational Commitment Employees terminated Employees that through voluntarily quit layoffs and discharges In fact, in October of 2010, the number of employees terminated through layoffs and discharges was smaller than the number that voluntarily quit.
- 14. Organizational Commitment This trend presents both a threat and an opportunity.
- 15. Organizational Commitment Threat Opportunity What can we do What can we do to keep our to attract the best people best people from leaving? from elsewhere?
- 16. Organizational Commitment The answer to both the threat and opportunity is the same – the EVP.
- 17. The EVP
- 19. Employee Value Proposition There are two ways of thinking about the EVP.
- 20. Employee Value Proposition The Old Way The New Way We expect people to pay their We think of our people as dues and work their way up the volunteers and know we have line before they get the top to try to deliver on their dreams jobs and big bucks. now if we are to keep them. We have a strong value We also have a distinctive proposition that attracts employee value proposition customers. that attracts and retains talented people.
- 21. Employee Value Proposition The Old Way The New Way We expect people to pay their We think of our people as dues and work their way up the volunteers and know we have line before they get the top to try to deliver on their dreams jobs and big bucks. now if we are to keep them. We have a strong value We also have a distinctive proposition that attracts employee value proposition customers. that attracts and retains talented people. This “new way” is essential to attracting and retaining talented people.
- 22. Employee Value Proposition As part of the hiring process, employees have traditionally had to present what you could think of as an organizational value proposition.
- 23. Employee Value Proposition References
- 24. Employee Value Proposition References These documents, and others like them, are all ways to say, “You should hire me because…”
- 25. Employee Value Proposition References PRETTY DARN AWESOME “…I’m awesome.”
- 26. Employee Value Proposition But it’s a two way street.
- 27. Employee Value Proposition You have to consider the value proposition that you offer to potential employees.
- 28. Employee Value Proposition “We’re awesome, too!”
- 29. Employee Value Proposition This Employee Value Proposition (EVP), introduced in The War for Talent by McKinsey & Co., originally included four elements.
- 30. Employee Value Proposition With the rise of the current generation, a fifth is becoming an equal priority.
- 31. Employee Value Proposition Exciting Work Great Company Ample Rewards Growth and Development Work/Life Balance
- 32. Employee Value Proposition Exciting Work Great Company Ample Rewards Growth and Development Work/Life Balance (The new one.)
- 33. Employee Value Proposition Exciting Work Great Company People want challenging jobs that they can feel passionate about doing: jobs that are demanding, stretching, and full of requirements Challenge, Innovation, Passion that are interesting and worthwhile. Ample Rewards Growth and Development Work/Life Balance
- 34. Employee Value Proposition Exciting to work for organizations People want Work that are well managed, practice Great Company admirable cultures and values, and Challenge, Innovation, leaders. have great Passion Management, Culture, Leadership Ample Rewards Growth and Development Work/Life Balance
- 35. Employee Value Proposition Exciting culture, two(1) a strong Regarding Work aspects are especially important: Great Company emphasis on performance, and (2) Challenge, Innovation, Passion an open and trusting environment. Management, Culture, Leadership Ample Rewards Growth and Development Work/Life Balance
- 36. Employee Value Proposition Exciting Work Great Company Challenge, Innovation, Passion Culture, Leadership, Management People want to be compensated equal to the value Ample Rewards Growth and Development they create and the opportunity cost of choosing their organization. They also want to be recognized Pay-for-Performance, Market Equity and valued for their individual contributions. Work/Life Balance
- 37. Employee Value Proposition Exciting Work Great Company Challenge, Innovation, Passion Culture, Leadership, Management Ample them developorganization to People expect their help Rewards Today,skills. Growth and Development people realize that their only real job security is the skill set they posses. Pay-for-Performance, Market Equity Feedback, Mentoring, Opportunities Work/Life Balance
- 38. Employee Value Proposition Exciting Work Great Company Challenge, Innovation, Passion Culture, Leadership, Management Ample Rewards Growth and Development Pay-for-Performance, Market Equity Feedback, Mentoring, Opportunities Work/Life Balance Many individuals, particularly Millennials, crave work-life balance.
- 39. Employee Value Proposition Exciting Work Great Company Challenge, Innovation, Passion Management, Culture, Leadership Ample Rewards Growth and Development Pay-for-Performance, Market Equity Feedback, Mentoring, Opportunities Work/Life Balance
- 40. Riding the Wave
- 42. Picoult suggests five things that organizations can do to attract and retain employees.
- 43. To “ride the wave”, so to speak.
- 44. Articulate a Purpose Market the Opportunity Give Undivided Attention Communicate Considerately Set Up Listening Posts
- 45. Articulate a Purpose Market the Opportunity They match really well with The War for Talent’s EVP concept. If you’re interested in these, look up Picoult’s article. Give Undivided Attention Communicate Considerately Set Up Listening Posts
- 46. Articulate a Purpose Exciting Work Great Exciting Work Company Work/Life Market the Opportunity Balance Ample Growth and Rewards Development Great Give Undivided Attention Company Growth and Communicate Considerately Development Great Set Up Listening Posts Company
- 47. Conclusion
- 48. People can feel normative, continuance, or affective commitment There is both a threat and opportunity regarding the acquisition of talent The old way of thinking made sure employees paid their “dues” The new way of thinking considers their dreams and desires for opportunity The old way of thinking considered marketing only to customers The new way of thinking suggests crafting an Employee Value Proposition Employees value exciting work, a great company, ample rewards, growth and development, and work/life balance An EVP can help you take advantage of the oncoming tide of potential employees Consider how you measure up in each area of the EVP
- 50. The Coming Employee Wave The Tug-of-War for Talent in our Post-Recession Economy Daniel Larsen - http://www.linkedin.com/pub/daniel-larsen/19/8b8/910