Topic: “Employee Value Proposition to attract multigenerational talent.”
The following is an excerpt from the panel discussion ‘Onimia’ that took place on Day 5 of Disha 2014. The panel comprised of five industry stalwarts i.e. Mr. Piyush Upadhyay, Chief Strategic –HR, TATA Power; Mr. MarianJayson, Senior HR Manager, HealthCare Global;Mr. Gangadharayya Pashupatimath, Director Engineering, Actuant India Pvt Ltd; Ms. Priyanka Pandey, Associate VP-People Services, Davita and Mr. Shripad Thosar, Head of shared services HR, L&T Hydrocarbon. The panel discussion was moderated by Mr. Shripad Thosar. The audience got an opportunity to understand the intricacies involved in balancing employee performance and benefits provided to the employees for their work. The views of the panel members are as follows
Mr. Piyush Upadhyay, Chief Strategic –HR, TATA Power: He began with a bold statement, “It is the pride of the institution to provide intangible and tangible benefits to all employees irrespective of which level they work at”, and he continued to explain the mindset of today’s talented employees and what they look for. The main question they base their choices on is, “What’s in it for me? Do I get growth, security and a good salary?” These things are the factors that determine whether one would work for an organization or not. However older generation thinks differently, an older individual would like the organization to take care of his family by providing retirement and pension plans. This is not a new phenomenon; it has been there for years and gives a focused approach on how employees must be treated in an organization. What is love? Love is what love does. Similarly, an organization is what the organization does, and what values it inculcates in the employees. Tata upholds trust, security, safety and care; these further get translated into the value of propositions. Communication channels are important but the execution of values are the most essential because the employees judge their organization on the basis of how congruent the values and practices really are. An employee must brag about his organization to his family and friends, that’s when an organization has a good employee value proposition. An organization can only have good outside communication by taking good care of its employees.
Mr. Marian Jayson, Senior HR Manager, HealthCare Global: He had a view that an employee should identify with the beliefs and values of the organization in which he works. He stated that if the answers to the questions “Do I believe in the mission and vision of the company? Am I being valued? Am I being challenged? Are my ideas being considered?” are positive, then the company has an effective employee value proposition. Mr. Marian stated that formulating an EVP that satisfies various age groups in a workforce is extremely tricky as one’s needs are not static. Also stressed upon was the company’s ethical responsibility; to ensure that all propositions are indeed acted on and are not a case of mere formality.
Mr. Gangadharayya Pashupatimath, Director Engineering, Actuant India Pvt Ltd: He started the discussion by making the statement that EVP is all about how you deal with people. Different kinds of people from different cultures and countries involved in the same project make it difficult to draft an EVP which is applicable to all cultures. He stressed on the point that today, the organization has different generations (Gen-X, Gen-Y, Baby boomers) communication strategy must be leveraged in such a way that they appeal to employees of all generation.
Mr. Shripad Thosar, Head of shared services HR, L&T Hydrocarbon: There are multiple generations working in tandem today. A long time ago, McKinsey and co-coined the term “war for talent”. Industry took cognizance of this term. As a result of this, talented employees have a choice when joining an organization just like a customer has a choice while picking a service provider. War for talent is more relevant today than ever before. Mr. Shripad then said that the war for talent is over and the talent has triumphed. Worldwide, millennials are interested in three things i.e. innovation, leadership development and contributing positively to society. In Asia, they hold status, healthy competition and job security paramount. In developed economies like the U.S.A and European nations, the millennial cherishes career progression and growth. Mr. Shripad feels that the biggest challenge that organizations will face in the near future is filling leadership gaps. He predicts a lack of experienced leaders across different roles. To circumvent this problem, L&T provides leadership development opportunities to its experienced employees by partnering with universities like Wharton, London Business School, and Harvard.
Ms. Priyanka,Associate VP-People Services, Davita:According to Ms. Priyanka, Employee Value Proposition was always there passively but it’s only after companies like Mckinsey, Deloitte etc came up with jargons, the term “EVP” came into the picture .Some companies create it while some believe it cannot be created. According to her, there can be two perspectives on EVP ie Employees’ side and Employers’ side. Gone are the days when it was employer’s market. Now the employee wants to know what is in it for them. Thus it is important to see the rewards and career growth from Employees’ side. At the same time, Employer needs to check how all the employees are giving efforts towards mission and vision of the company. She stated the importance of EVP in signifying how a company differs from its competitors. On being asked about its relevance in the organization, she agreed on it being an important factor but it depends on the company how and when to implement it.
The biggest gap in an organization is that they think they create EVP to attract employees but once the employees join, it is equally important to implement it too. Thus making it a necessity to spend time creating, branding and communicating the EVP.
She also stated that in order to accommodate different generations, it is not only the role of the HR but also the multidimensional group of all the generations to implement it. The creation of EVP should align with the mission and vision of the company. And even though it needs to cater different needs of the employees, there has to be some similarity.
She concluded her discussion by giving examples of the informal work culture in Davita, where employees are praised for their work on a regular basis. She quoted “We are community first company second”