This document discusses developing an enhanced employee value proposition (EVP) to engage and attract key talent. It provides an agenda for a workshop on the topic, including an overview of research conducted on what talent wants. The research identified six talent interest groups and found that organizations with EVPs well-aligned to what talent wants had higher total shareholder returns. The document advocates using storytelling to attract and engage critical talent, and provides examples from Disney and a table activity for crafting an EVP story.
Firstly wanted to provide you with some background context in terms of what organisations told us were their top talent issues (comparison with 2007)One of the key things you can see from this picture is that identifying and developing talent in organisations remains a key challenge for organisations and that retaining these critical individuals is becoming increasingly important.Organisation more future focussed – looking at how that could help drive their future strategy-Acquiring strategic skills was the only new and one of the most common challenges described to us by a number of organisations. -New strategic direction - predicted some skills that they will need to acquire going forward. These are not so much leadership or technical skills as we traditionally know them, but are more a category of strategic skills which will drive new plans going forward
To answer the question of what talent wants, we asked 3 key questions of talented individuals and organisations and compared the responses:First, we asked organisations what they think talented individuals wantSecond, we asked organisations what they actually offer their talented individualsThird, we asked talented individuals what they want from their relationship with their organisation
Significant disconnect - explored in detail in our depiction of ‘Talentville’ Each block represents each of the three perspectives – size relates to how prevalent (Detailed breakdown in the full research report – wanted to pull out some highlights today)Overall in terms of how aligned what talent wants is with what organisations offer – there was only 45% alignment!KEY INSIGHTSYELLOW – what talent wantCulture and values that align to my beliefs (48%) Connection with strategy (44%)Great colleagues (28%)Empowerment (10%)PURPLE – what organisations offerMentor/Coach – 67% org offer/20% talent wantNot all negative - Some clear alignmentDevelopment opportunities/stretch and challengeRewardedMoving around the organisationOVERALL – some of the things really important are around connection to org- embedded through open and transparent communication
The business/ commercial importance of this is that those organisations that have a greater degree of alignment with what their talented individuals want, had an average TSR of up to 42% higher than those organisations that are misaligned.
This led us to the big conclusion “you don’t know talent as well as you think you do”! Need an insight into some key questions (read from slide)To help answer these questions we explored the responses from talented individualsAre there any trendsDemographics - Generational? Seniority? Gender?No patternsSo we employed a market segmentation specialist - detailed segmentation analysis of the individuals responsesAll of the answers we received from talented individuals were coded by psychographic and attitudinal factors and then a segmentation analysis was run on this data to see where like groups could be found
Finish section at 4.05DESCRIBE EACH OF THE 6 GROUPS Key message to draw is that our findings are about the long-term relationship between an organisation and an individual, rather than short-term programmatic offers that can change in line with a shift in external context.STUDENTSWhat was interesting about the responses that we got from students was that it seemed they had very wide and ranging expectations in terms of what they wanted – SO MUCH SO THAT WE COULD NOT PLACE ANY ONE OF THE STUDENTS WE SPOKE TO INTO ONE OF OUR 6 TALENT INTEREST GROUPS.Diversity Our approach to talent segmentation does not mean that the diversity agenda will be forgotten! We see diversity as having a twofold importance in talent management. First, it is about ensuring that you identify the right people. Your definition(s) of talent therefore need to look beyond any stereotypes of what talent should look like (e.g. white, Anglo-Saxon, male) and seek out what real talent is about in your organisation. This means that you are likely to get different people into the mix with greater demographic diversity. Second, diversity is about inclusion; it is about involving and utilising people once they have been identified. Getting to know your talent at a personal level means that you will get the best out of each individual.
Our model for this considers a balance of four things:CompensationBenefitsLearning and developmentWork environment To gain a balanced EVP, you would need to think about what you are going to offer within each of these 4 areas. In our report we have shown example EVPs using this tool for the ‘Career Ladderist’ and ‘connector’ Interest Groups and it shows an excellent contrast between how things would differ for the two groupsE.g. example criteria for Career Ladderist:Compensation: Long-term incentive linked to seniorityLearning and Development: Top-level sponsor to aid rapid deployment
4.05-4.25KEY QUESTION: How can you use this information in your organisation?Firstly, to look at the employee value proposition you currently offer your talent.What you offer, cater for the needs and wants of the different interest groups?To bring this to life a little for you, we thought, this would be an interesting topic to discuss in groups: Assign/Choose group 4/5 people (try to each have different Interest Group)In your group, think about the primary interests of your group and what an organisation could do, that would really cater for this type of person? On the A3 sheet, capture your ideasWhat one person to playback key insight in 15 minutes (4.20)In plenaryPLAYBACK: What did you come up with, that would be most important for you to offer somebody in your talent interest group?Through this exercise, you begin to see how each group is different and therefore how important it is to tailor the employee value proposition that you offer them.POTENTIAL FURTHER DISCUSSION:What are the issues that you might come up against in defining offers for these individuals in their organisations (implications for different organisational contexts)PAUSE – ACTION LEARNING SET (4.25-4.40)Q- Any thoughts, reflections and questions based on today’s discussion?Q- Any issues or challenges you are currently facing in your organisation, related to talent or something completely else?