Employee Personal Value
Employee personal value or Employee value proposition comprises much more than salaries and benefits, it reflects the entire employment experience at a company including benefits, career development opportunities, rewards, culture, and management style. The employee personal values should align with the company’s brand and be reflected consistently to employees. Otherwise, employees may grow cynical about the company and ultimately become less productive or leave the organization entirely. In addition to relevant skills, employers seek employees who have the personal values, characteristics, and personality traits that spell success. Minchington (2005) defines an Employer Value Proposition (EVP) as a set of associations and offerings provided by an organisation in return for the skills, capabilities and experiences an employee brings to the organisation. The EVP is an employee-centered approach that is aligned to existing, integrated workforce planning strategies because it has been informed by existing employees and the external target audience. An EVP must be unique, relevant and compelling if it is to act as a key driver of talent attraction, engagement and retention. Good personal values are what make the foundation for a good employee. Most organisations encounter two main problems when it comes to their Employee Personal Value or EVP: •They struggle to differentiate themselves from their competition. Differentiation is crucial if an organisation is to stand out from the "sea of sameness" that characterises some sectors. •Their branding is appealing but it does not accurately reflect the reality. An effective Employee Personal Values enables an organisation to stand out as different but also it ensures that the 'packaging' reflects the 'contents. All too often people join organisations tempted by the 'branding' and are disappointed when they experience the reality. (Bibb.S, 2010) Why is an Employee Personal Value or Employee Value Proposition important? An effective EVP can bring organisation significant benefits. According to the Corporate Leadership Council's research a well thought through and executed EVP can: •Improve the commitment of new hires by up to 29%
•Reduce new hire compensation premiums by up to 50%
•Increase the likelihood of employees acting as advocates from an average of 24% to 47% In addition an effective EVP allows organisations to source more deeply within the labour market, increasing its access to passive candidates. This is important for organisations who want to secure the best talent in an increasingly difficult talent market. Demographic predictions show that there will be a stark contrast in population growth in certain areas of the world. Many countries will show a decline in population making it harder to source talent, whereas in countries such as India there will be large increases making it more difficult to attract the right talent from a potentially large pool. This will cause challenges for organisations in the future and builds an even stronger case for the importance of having an effective EVP. (Bibb.S, 2010) About IHCL
IHCL is part of TATA Group whose group purpose is to improve the Quality of life of the communities we serve. Hospitality industry, of which is a part, forms the hub for travel and tourism sector, which is one of world’s fastest growing export industry that contributes nearly 1% to the total globe value added contributed 6% to global exports, comprises nearly 30% of the global trade in services, provides 10.7% of global employment and is the third largest export industry in India. The Taj’s People Philosophy
“The employee at Taj is viewed as an asset and is the real profit center. He or she is the very reason for our survival. The creation of the TAJ People Philosophy displays our commitment to and belief in our people. We want an organization with a very clear philosophy, where we can treasure people and...