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A new way to think about talent
When an environment is filled with uncertainty, one thing matters more than everything else—and that’s who you’re with. Whether you’re in a turbulent economy or turbulent waters, the people you’re with can determine whether you succeed or fail. So clearly, in today’s modern workforce, people—both traditional employees and contingent workers—are at the heart of any organisation. That’s why, even in tough times when cost cutting is vital, CEOs remain committed to retaining, attracting, and engaging talent. In fact, according to PwC’s 26th Annual Global CEO Survey:
- Only 19% of companies have implemented hiring freezes
- Just 16% are planning for reductions
- A full 80% don’t plan to reduce pay
But in order to thrive, now and in the future, it’s critical to differentiate your organisation to attract and retain the people you want, when you want them. PwC’s research shows that companies with engaged employees experienced almost twice the revenue growth in 2021 as those companies with less engaged employees. Engaged employees also produce higher quality work, report greater job satisfaction, and are less likely to be absent from work.
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Youtube video people value
Meaning matters to employees
Most important factors when considering a change in work environment, % of respondents1
Building and growing an organisation that cares
What’s the best way to engage people? Give them opportunities to do work they find meaningful, inspiring, and enjoyable. Reward them with financial benefits and more – think about ‘Rethinking Total Reward to deliver Total Wellness’. Create an organisation that cares—about its customers, its workers, its shareholders, and society at large. Research increasingly shows that people want to work for employers that show they care. They want to work for organisations that live up to their purpose, values, and culture—all of which starts with having a clear WHY.
Harnessing the power of Why
How do organisations live up to their purpose, values, and culture? At PwC, we believe it all starts with understanding and embracing one shared WHY across your brand. Then, by integrating your business strategy around that WHY—a set of key value propositions targeting the organisation’s main stakeholders—you can start to create a place where people really want to work. PwC’s approach includes a four-part assessment based on questions like these:
- WHY are we here and WHY do we exist as an organisation?
HOW will we deliver on this purpose to stakeholders?
- WHAT is our offering that enables us to successfully engage with the stakeholders?
- WHO will make this come true?
PwC’s People Value Proposition
Attracting, engaging, and retaining traditional employees is critical. But so, too, is attracting, engaging, and retaining other people in today’s modern workforce. It’s time to evolve how we think about the workforce and take a new approach to what was previously thought of as the “Employee Value Proposition (EVP).”
PwC’s People Value Proposition (PVP) recognises the differing needs of the modern mix of people making up your workforce, including gig workers and contractors. Each person brings individual needs and may have varied working relationships with people in your organisation. That’s why your PVP is meant to evolve over time, helping everyone feel valued, empowered, and engaged over the long term. It puts purpose at the heart of everything, and encompasses global mobility challenges, while also allowing for more personalised and tailored solutions than a standard EVP.
The output of a PVP is really a promise you can make to all of the people, and prospective people, who work for your organisation. In return for people’s skills, time, energy, and best work, your PVP will clearly outline for workers “what’s in it for me,” positively reinforcing your People eXperience and ultimately your reputation as an employer. How? By listening, learning, and acting on the promise in five ways:
Sharing ownership across management
Creating organisational enablers
Empowering people and teams
Building a culture of trust
Nurturing authentic leadership
Shaping an optimal People Value Proposition
To create an optimal and tailored PVP that values individual people, while aligning with the organisation's strategic direction and budgetary constraints, it’s critical to consider four key perspectives: the employer, your people, financial factors, and the external environment. Over time, as these perspectives shift, so too will your PVP, which is meant to be an evolving promise between the organisation and its people, irrespective of who they are, or how, where, and when they work. When your people are empowered to do their best work, it enables a thriving business.
PwC’s holistic approach
At PwC, we can build your PVP with a multifaceted and holistic approach, bringing together Purpose, Total Reward, People Experience, and Brand and Reputation, to deliver better outcomes for the future.
How we can help you along your journey
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