Employers and employees have been renegotiating the terms of their relationships in recent years. We’ve seen high levels of people jumping ship and increased pressure on people managers after a period of high attrition and hybrid working. As a result, the focus is now turning towards creating a sense of belonging and purpose for employees amid economic uncertainty.
The competition for talent, however, remains fierce. So, how can companies invest in people and stay ahead of competition? Based on our State of the Sector 2023 report, 57% of organisations started revising their employee value proposition (EVP) last year. However, their impact remains limited with only just over half rating employees’ understanding of their compensation, rewards and benefits package positively.
Organisations therefore need to answer the questions ‘why should I work for you?’ and ‘why should I stay with you?’, but too many focus on the former and overlook the latter.
What’s more, with many organisations now stretched financially, reimagining how to get the most out of what they have must be a priority. Highly effective employee value propositions can help, as they combine important factors, such as pay and benefits, with essential factors, such as career wellbeing and work environment, to help employees understand how their needs are met.
The result? A better employee experience and improved financial performance.
Gallagher is a global internal communication and employee experience agency.
From transforming workplace culture to championing the physical, emotional, career and financial wellbeing of employees, everything we do is linked to a strategic business objective — and designed to elevate every aspect of the employee experience.
Our communication consultants help clients communicate their strategy and vision; turn their leaders into engaging communicators; review their internal communication channels; maximise the perceived value of their rewards and benefits packages and accelerate business transformation.
We have offices in the UK, US, Canada and Australia, but we support organisations of all sizes on a global basis.