In recent years, many employers had seen the evolution of work demand and supply where more technologies were brought into the business and subsequently resulted in changing of talents’ knowledge and skills. Malaysia too is experiencing a similar change in work trends. Today, the pandemic has changed the relationship between people and their work, and the employee value proposition (EVP) must evolve to reflect these changes. The EVP is a powerful tool that organizations use to attract and retain talent as it rewards and benefits employees in return for their performance at the workplace. The concept highlights its effectiveness in helping a lot of organizations in providing their workforce what they actually expect in terms of boosting employee engagement, enhancing performance, and reducing turnover rate.
Main EVP Elements Workers Look For
A recent survey ranking the most important EVP they seek in an ideal employer was conducted according to the 2021 Employer Brand Research by Ranstad Malaysia in January presenting respondents from 2,523 Malaysian who were 53 per cent female, and 47 per cent male.
The survey reveals 72 per cent of these respondents prefer “attractive salary and benefits” as a key element employees look into an ideal employer that makes up an EVP. Came in second, Malaysians seek “work-life balance” with 69 per cent, after higher pay, while “strong management” at 64 per cent, “Covid-19 safe work environment” at 63 per cent, and “financially healthy” at 62 per cent are the next three top EVP elements that influence employees and job seekers in their search for a new career.
“Work-life balance” that employees seek is recorded to be the factor that opposes what employers are perceived to offer. The survey also revealed that 73 per cent of female respondents value work-life balance in their search for an ideal employer. This is in comparison, 65 per cent of male respondents see work-life balance as an important EVP factor. Simultaneously, 23 per cent of respondents reported considering making a career switch in 2021, where 28 per cent of them is among the millennials while 24 per cent is among Gen-Z workers.
Equal Pay Matters
Ranstad Malaysia’s head of operations, Fahad Naeem said unmatched salary expectations are not a new thing, but it is difficult to overcome. “There are many factors that come into play when it comes to salary calculation, such as salary legacy, cost of the rising standard of living, mismatch in skills and experience, gender disparity, and more,” he added in his statement. To ensure salary equality and competitiveness, Fahad urges employers to conduct frequent audits and find out whether their investment in skills development of their workforce is adequate enough to retain their high-performing talent.
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