About the Author
|Daniel is the author of WorkLifeValue. His professional background lies at the intersections of HR, Operations and Analytics. He has worked for professional services giants, young tech companies, and the Fourtune 500, helping them solve strategic Talent and HR problems. He is curious and passionate about how to make workplaces more effective through developing exceptional people experiences. He graduated with honors from Grinnell College and lives in Chicago with his wife.|
What I believe and Why it Matters
At WorkLifeValue, we believe that organizations can and do offer a tremendous amount of value to their people, but that they struggle to understand what their people truly value and what aspects of their organizations will resonate best with potential talent. We work to help organizations understand their People Value Proposition – the unique and comprehensive experience that they offer the people who work with them.
We believe that having a clear and differentiated People Value Proposition allows companies to attract and retain the people they need to succeed and gives these organizations an edge in an increasingly competitive talent market.
The Employee Experience and your People Value Proposition
Ask any successful leader what has made them successful and you will undoubtedly hear them talk about the extraordinary work of the team behind them as the largest factor in their success – the people who believed in their vision of the future and worked tirelessly to make it reality. Building and growing a strong team of talented people is the biggest differentiator for success today.
Think about the talent pool as any other marketplace. Your employee experience is your product – the unique and compelling benefits and features that differentiate you from your competitors, as well as the emotional connection you create between your organization and your talent (both current and prospective). Your employee experience is your People Value Proposition, the “Why” designed to attract talented individuals to join your organization – and then keep them once they’ve joined.
Many organizations take a far too narrow view of what their People Valve Proposition is – compensation and benefits, perks, and maybe one line about a “cool, collaborative” or “no-nonsense” culture. However, these elements account for only a small portion of the total value proposition an organization provides its people. We at WorkLifeValue believe that only by taking a holistic view of the People Value Proposition can organizations understand what resonates with their teams and potential talent in the marketplace.
The WorkLifeValue Framework for a comprehensive People Value Proposition
People find intrinsic value in doing work that they find meaningful or interesting.
Organizations that succeed in providing valuable work challenge their people to develop new, better and innovative ways of working. They help their people understand the value of their work: to their colleagues, the organization’s clients or customers, and to the broader mission of the organization and the world at large.
People look for organizations that allow them to lead the life they want, both at work and outside of it.
At work, they want a unique and positive culture, marked by colleagues who work with them to be successful and an organization that they trust to treat them well. Outside of work, people value an organization that respects their boundaries and enables them to do the things that at personally important to them – from the space to explore creative pursuits to simply being present with their friends and family when they’re not at work.
While these may seem like “table-stakes” for any organization, lacking in this area can be a huge drive of attrition and recruiting challenges.
Value is “what you get” in exchange for your work. We believe that this concept can be divided into two categories:
- Compensation & Perks are the monetary compensation (direct and indirect) provided by the organization. For compensation, think pay, benefits, bonus, and 401K, etc. Perks include a variety of flexible incentives for people to work, from top-of-the-line technology, to snacks in the break room, to organizational resources for personal projects (think Google’s “20% Rule”)
- Professional Growth is the value for your long term career created by what you learn while working. Whether through formal training and development, learning new skills on the job, or getting to work with visionary professionals, professional growth is the long term value that allows you to take on bigger challenges and more senior, impactful roles later in your career.
Business pressures to manage talent
Employers today have a strategic need to manage and acquire the talent they need to succeed. There are two key drivers of this need:
1. Unplanned attrition is extraordinarily expensive.
2. Companies are struggling to find the people they need to succeed.
Taken together, it’s clear to see there is an extremely strong incentive to retain key talent and a challenging market to acquire the talent an organization needs to succeed. A strong and well-crafted People Value Proposition serves as a strong foundation for building a robust HR Strategy to address talent management and acquisition challenges.
Understanding the experience an organization provides to employees in an explicit and intentional way allows HR leaders in that organization to strategically allocate resources (time, staff, and money) to align with those values. Below is our framework for understanding how to build talent management processes and acquisition strategies, starting with the People Value Proposition as a foundation.
1. Allen, David G. Retaining Talent: A guide to analyzing and managing employee turnover. SHRM Foundation. 2008 Link
2. Manpower Group. 2013 Talent Shortage Survey Research Results. Manpower Group 2013. Link