EVP as the MVP: How to use benefits to keep talent

Atlas Consolidated’s Tanisha Kochhar talks about the importance of creating a benefits package driven by a compelling employee value proposition.
By: | December 5, 2023
Topics: Compensation and Benefits | Employee Experience | Features | Health and Wellness | Hybrid Working | Professional Development | Recruitment | Talent Management

As organisations are looking to target and increase the talent pool within their network, more HR teams, managers, and leaders are set to develop a workplace that puts employees first. At the same time, employees seek work at organisations that align with their ethical values. Thus, much of how the core values of an organisation match up against the needs of employees and candidates are embodied by the employee value proposition (EVP). To create a compelling EVP, however, can be a challenge for many organisations. 

Tanisha Kochhar, Head of People and Culture, Atlas Consolidated, told HRM Asia, “A compelling EVP clearly defines salary and remuneration, career growth and role expectations, and is about helping employees feel safe, challenged, motivated and fulfilled.”

 “Our philosophy at Atlas is that understanding and addressing these needs through employee management strategies can enhance employee satisfaction, engagement, and overall productivity within a workplace and support employees in their journey towards self-fulfilment and growth.”

Atlas Consolidated is a fintech firm that is the parent company of financial platforms like Hugosave and HugoHub, and the firm leading the consortium behind HugoBank In Pakistan. With salary and remuneration serving as the foundation blocks and providing financial support, as well as stability and recognition for milestones and contributions achieved during work, it leaves the organisation able to add the other elements that make up a good EVP, such as career fulfilment and opportunities to progress. Good HR management, said Kochhar, revolves around guiding employees to self-actualisation, learning about what incites personal fulfilment, professional progress, and personal growth so that they would be able to anticipate further growth in their ability to fulfil their goals.

“Being able to perceive future opportunities for skill development, promotions, and upward mobility gives their work purpose and direction. This, in turn, creates a stronger commitment to the organisation as employees feel valued and fulfilled for their contributions,” she added.

When an organisation establishes clear and well-defined expectations of what is expected between the employee and the organisation, both parties are able to have a better and clearer understanding of their career paths, with the help of strong performance review frameworks with a consistent, continuous feedback system so that the progress towards their objects are evaluated and makes the employee feel confident about moving forward and contributing to the organisation’s success. 

Hiring at Atlas Consolidated is a two-way street: employers are not the only ones with the power to decide which candidates are the best to join them. Prospective candidates are also assessing the organisation and how they could help them with their personal development. With that in mind, Atlas made the first move to shift away from the traditional methods of shortlisting candidates solely based on their educational background and years of experience.

“Our philosophy at Atlas is that understanding and addressing these needs through employee management strategies can enhance employee satisfaction, engagement, and overall productivity within a workplace and support employees in their journey towards self-fulfilment and growth.”- Tanisha Kochhar, Head of People and Culture, Atlas Consolidated

“Throughout the hiring process, we tailored our EVP to meet candidates’ needs and we set the tone of organisational culture through messaging that goes out on our social media channels, job descriptions, and through our correspondence with candidates,” said Kochhar. “For example, we take extra care in going through with the candidate what their journey with Atlas could look like for them and what they can look forward to in terms of growth and career progression in a few years. This provides a differentiated work experience for candidates whose career aspirations align with Atlas’ values and direction.”

This means that looking after their employees, outside of their work, is paramount. One example of this includes developing a personal wellness package for employees, which has a benefits allowance for employees to choose items and services that best suit their wellness needs, whether physical or mental. This includes manicures and pedicures, body treatments, fitness gear, and mindfulness apps. Other opportunities that employees at Atlas Consolidated can take on include sponsorships for courses, licenses, and academic pursuits, having been a champion for the journey of upskilling and exposure to all types of experiences.

These elements, however small, have helped the organisation attract capable applicants whose existing synergy gets enhanced and aligned with other employees on the team. It also attracts employees to use their newfound skills and knowledge to contribute in greater measure to the organisation’s growth.

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“Attracting quality talent can be a challenge, especially with candidates becoming more selective with the organisations they want to work for. Creating an EVP is therefore critical for candidates and employees to know what value they can get from working in the organisation,” reported Kochhar. “I firmly believe that balancing costs need not compromise employee experience. Investing in employees can help reduce attrition and avoid incurring more costs to fill the position. It can also motivate employees to become more productive and innovative, generating greater returns for the organisation.”