Only the most person-centric and purpose-driven organisations will attract and retain the talent needed to go from’survive’ to ‘thrive’ in the future – but is it as simple as asking your people what they want and giving it to them?
Today’s working environment has undergone immense changes in recent years, largely due to the COVID-19 pandemic, rapid technological advancements and a changing workforce demographic. Generation Z (GenZ) is fast becoming the largest demographic, surpassing Millennials, in today’s workforce. This calls for employers and employees to adapt to these disruptions with efficiency and effectiveness.
Bringing with them workplace preferences that radically diverge from previous generations, Gen Z’s have specific preferences on how, when and where they work. In an ideal world, employees would have the freedom to design their own workday, and work for organisations that offer personalised recognition and rewards to boost productivity, and one where there is a culture that fulfils every employee.
Many evolving organisations are striving towards these goals. However, against a backdrop of rising living costs, elevated interest rates and weak job growth, it comes as no surprise that workers are experiencing lower levels of job satisfaction and desire shifts in their current working conditions. At the same time, businesses are grappling with pressures to optimise costs, sustain productivity, and accelerate investment in technology and digitisation to prepare for the future and compete in the War for Talent.
In Africa, these are some of the biggest challenges facing organisations, and while this does bring about much uncertainty, one thing is clear: the traditional People Value Proposition (PVP) falls short of attracting and retaining the skills and talent needed for organisations to succeed in the evolving world of work.
In PwC’s newly launched report, Productivity in a Personalised Age of Employment, we go into greater detail on what a good PVP entails, the ‘get’ and ‘give’ of a People Value Proposition (PVP), how it has evolved over the years, as well as what is at stake if employers don’t act.
The ‘get’ and ‘give’ of a People Value Proposition
A PVP is why people want to work for an organisation – what is offered to them and what is expected in return. Marthle du Plessis, PwC Africa Workforce of the Future Leader, says: “The ‘give’ brings together aspects of the employment experience, from the organisational purpose and culture through to the candidate value proposition, recruitment, learning and development. The ‘get’ encompasses what organisations want from employees including skills, behaviours and performance. Key to this is avoiding a one-size fits all approach and identifying what talent looks like to your organisation.”
“A strong PVP connects the organisation’s vision, identity and strategy with the characteristics of the desired workforce,” du Plessis adds. Bringing the PVP to life is achieved through ‘soft’ and ‘hard’ factors that target different audiences in a tangible and meaningful way. Our report expands on both in greater detail.
Moving away from a ‘one size fits all’ approach to empower your modern, diverse workforce
Unexpected challenges are driving businesses to think creatively and fast-track transformation. At times, these change factors can create opportunities to develop a happier, more engaged and more productive workforce – and in some cases, it may even improve an organisation’s culture. With today’s workforce also becoming increasingly demanding and vocal about work experiences that do not live up to promised expectations, ongoing measurement and data collection is becoming essential to understand how employees experience the PVP.
Gavin Johnston, PwC Africa Workforce Productivity and Performance Transformation Partner, says: “A retrospective study of PVP trends proves that organisations that are unwilling to reinvent their present employee offering risk losing out on the people that are needed to help them succeed in their future ambitions. Employee preference and choice must be factored in to recruit and retain great talent, and to increase engagement driving sustainable productivity and performance.”
The evolution of the People Value Proposition
In the past, the strongest employer offerings were anchored around remuneration – competitive salaries, bonuses, shares and generous leave balances. These offerings continue to rank amongst employees’ top employer preferences, which is understandable given the challenging economic conditions employees continue to face. However, following the pandemic, many workers are questioning whether the organisation they work for is still a good fit.
“Employees are now scrutinising how well their organisation is looking after the workforce, and want to work for employers that show they care, and live up to their purpose, values and culture. A winning PVP is therefore tailored to meet the dynamic needs of individuals and connect them to a collective desire of community, psychological safety, and purpose at work,” says Unisha Moharsingh, PwC South Africa Workforce Productivity & Performance Transformation Manager.
What is at stake if we don’t act
“Employees are making judgements on how well their organisation responded to the post-pandemic challenges and are leaving in search of organisations that prioritise exceptional employee experiences, celebrate individualism, share a purpose and support the preferences of a diverse workforce,” Johnston adds.
With demand for talent far outstripping supply across the globe, the modern employee knows that there is no shortage of available roles in the War for Talent. Only the most person-centric and purpose-driven organisations will attract, hire, grow and retain the skills and talent needed to go from ‘survive’ to ‘thrive’ in the future of work.
