Dec-2023
ESDS Revamped EVP Leads to 70% Rebound in Employee Engagement Levels in 2023
Komal Somani, CHRO at ESDS Software Solution, talks about revolutionising employer branding and talent acquisition with a redefined EVP strategy in 2023.
The conversation surrounding the significance of a human-centred Employee Value Proposition (EVP) has evolved from being a mere trend to an essential strategic focus. Gartner’s insights highlight the immense potential of a well-crafted EVP, which can lead to a significant decrease in compensation premiums, expanded access to the labour market, and a potential reduction in employee turnover by up to 69%. More than just enhancing employee engagement, an effective EVP directly influences critical business outcomes such as company performance and reputation. This shift towards prioritising the holistic well-being and aspirations of employees is, thus, not just a strategic move; it’s an essential response to the dynamic business landscape of today.
Revitalising EVP at ESDS Software Solution
At ESDS Software Solution, the journey towards revamping the Employee Value Proposition (EVP) was a gradual process, informed by keen observations of the evolving work landscape and shifting employee expectations. Komal Somani- CHRO & Whole Time Director ESDS Software Solution reveals, “The need for change became increasingly apparent, but it was a marked decline in employee engagement scores, coupled with a noticeable increase in turnover, that catalysed decisive action. This dip in engagement, falling to a concerning 65%, underscored a disconnection between our existing EVP and the needs of our workforce, particularly in the aftermath of the pandemic and accompanying societal changes.”
This critical juncture led the organisation to reevaluate and ultimately redesign the EVP. It became evident that the traditional approach no longer sufficed in the face of new work realities and employee aspirations. “Our response was a comprehensive overhaul of our EVP, aligning it more closely with the current and emerging needs of our employees. This strategic move paid dividends; following the implementation of the revamped EVP, we witnessed a rebound in engagement levels, surpassing the 70% mark,” shares Somani. This turnaround not only signified a restoration of employee morale but also marked a significant step in adapting to the dynamic and ever-changing nature of the workplace.
The efforts to reshape and revamp the EVP are marked by a meticulous blend of strategies and insights. The organisation embarked on this transformative path with a deep dive into the heart of our workforce – understanding their evolving needs through extensive surveys and one-on-one sessions. The data gleaned from these interactions provided a clear picture: the employees craved an experience that transcended traditional benefits, one that aligned with their core values, aspirations, and well-being.
Employee retention, a critical measure of engagement and satisfaction, has also seen a significant improvement. In the last two years, our voluntary turnover rate has dropped by 20%, a clear sign of a workforce that is more content and motivated to grow with our organisation.
Strategies and insights: Building a responsive EVP
In the quest to evaluate the effectiveness of the newly revamped EVP, ESDS employed a comprehensive array of key performance indicators (KPIs) that offered a multifaceted view of its impact. These KPIs were meticulously selected to capture the essence of employee sentiment and organisational alignment.
“Firstly, we closely monitored employee satisfaction scores, which served as a direct reflection of how our workforce perceived the changes in the EVP. These scores were pivotal in assessing the immediate emotional and professional response of our employees to the new initiatives. Alongside, we kept a keen eye on retention rates, a crucial metric that provided insights into the long-term efficacy of our EVP in fostering a committed and stable workforce,” adds Somani.
Additionally, talent acquisition metrics were analysed to understand how the revamped EVP influenced the ability to attract new talent. This was particularly important in gauging the external perception of the organisation as an employer of choice and determining if the EVP was resonating with potential recruits.
Beyond these quantitative measures, ESDS also valued qualitative feedback from the regular engagement surveys. These surveys offered a deeper, more nuanced understanding of employee attitudes, concerns, and suggestions regarding the EVP changes. This feedback was instrumental in identifying areas for further improvement and ensuring that the EVP remained aligned with employee expectations and needs.
A holistic approach
The revised EVP now encompasses initiatives focused on mental health and professional development, aligning with our commitment to the holistic well-being of our employees. Recognising the critical importance of mental health in today’s high-stress work environment, ESDS introduced meditation sessions and specific wellness leaves for Vipassana. This initiative underscores the understanding of the need for mental respite and reflection in the workplace.
Parallel to the mental health initiatives, the organisation have embraced the necessity for continuous learning and professional growth. By offering access to a wide range of courses on platforms like Udemy, ESDS is enabling our employees to acquire new skills and knowledge, tailor-made to their personal and professional goals. The organisation has also placed a strong emphasis on cultivating a supportive and inclusive work environment.
To gauge the effectiveness and reception of these initiatives, we’ve closely tracked participation rates in both our wellness programmes and skill development courses. This data has been invaluable in understanding the actual utilisation and perceived value of these benefits, guiding us in fine-tuning our offerings to better meet the needs and preferences of our workforce, reveals Somani.
The response to the revamped EVP has been overwhelmingly positive. Somani shares, “Notably, there has been a significant uptick in employee participation in both skill development and wellness initiatives, with a 30% increase in skill development program enrollment and a 25% rise in engagement with our wellness initiatives. This enthusiastic response is a clear indicator of the value and relevance of these programmes to our employees.
Adapting to a dynamic landscape
Looking ahead to the next fiscal year, ESDS has set ambitious hiring goals. “The objective is to recruit at least 30% more top-tier talent compared to the previous year. This target stems from a strategic assessment of our projected business growth and the evolving need for specialised skills, particularly in the realm of emerging technologies,” Somani reveals.
Looking ahead, Somani anticipates integrating emerging trends such as remote work, artificial intelligence, and automation into the EVP. This evolution will be data-driven, enabling them to tailor the employee benefits and experiences more personally and agilely. The focus will continually be on promoting holistic well-being and personal growth, ensuring that they meet the diverse and changing needs of our workforce.
However, as we approach 2024, a significant challenge looms – the need to keep pace with the relentless changes in the modern workplace. Maintaining the relevance and effectiveness of our EVP in this fast-evolving environment is an ongoing task.
It requires the team to be continuously agile and responsive, ensuring that our employees remain engaged and fulfilled, irrespective of how the work environment evolves.
Our response was a comprehensive overhaul of our EVP, aligning it more closely with the current and emerging needs of our employees. This strategic move paid dividends; following the implementation of the revamped EVP, we witnessed a rebound in engagement levels, surpassing the 70% mark.
The Impact: A snapshot
Somani reveals how the impact of the enhanced EVP is evident in several key areas:
Employee satisfaction surveys: “Over the past three years, we’ve seen a commendable 15% increase in overall employee satisfaction. This uptick is a solid indicator of how our efforts are resonating with our employees and enhancing their perception of the workplace.”
Retention rates: “Employee retention, a critical measure of engagement and satisfaction, has also seen a significant improvement. In the last two years, our voluntary turnover rate has dropped by 20%, a clear sign of a workforce that is more content and motivated to grow with our organisation.”
Participation in employee initiatives: “Our introduction of various employee engagement initiatives, including wellness programs, skill development workshops, and team-building activities, has been met with enthusiastic participation. Notably, participation in wellness programs has surged by 25%, underlining a growing interest among our employees in holistic well-being.”
Happiness metrics: By employing tools like the Happy-o-meter and the Happiness Portal, we’ve been able to track a remarkable improvement in daily happiness assessments. Currently, 70% of our employees report being consistently happy and engaged at work, which is a significant testament to the positive changes in mood and morale within the organisation.
About the author: Komal Somani, the Chief Human Resources Officer at ESDS Software Solutions Pvt. Ltd., has been instrumental in driving innovation and transformative changes in both HR and Marketing, significantly shaping the company’s corporate communication and integrated marketing strategies.
