Introducing The OVP (Office Value Proposition) – Why It’s Worth Thinking About
It’s getting harder and harder to attract, and crucially retain good people.
Not every employee was thrilled with the prospect of coming back to the office after COVID and lockdown home working.
Let’s spare a thought for HR teams here, reimagining work structures, overcoming technical and logistical hardships, worrying about the wellbeing of staff and also having to do it all at breakneck speed due to the pandemic was not easy. Now asking those same employees to return to the office can feel like yet another challenge to face on behalf of your business leaders.
The BBC reported as long ago as June 2021 about the CEO of Apple, Tim Cook, emailing employees to let them know they were expected to be back in the office by early September of that same year. The result? Well, many of those employees weren’t happy and responded with their own letter back to Senior Management expressing their frustration and concern with the new policy. This led to many employees quitting Apple.
Around the same time, Morgan Stanley CEO James Gorman said he’d be “very disappointed if people hadn’t found their way into the office” by early September. The temptation was to assume reverting to pre-pandemic working patterns, but we’re feeling the impact of those decisions with CV’s being updated and sent for new jobs – what if there’s an opportunity here for your business that enhances the engagement of your workforce?
Define Your Workplace/Office Value Proposition – Or “Why We Come to The Workplace”
This represents the organisational culture, benefits and personal interactions employees experience when they’re working onsite. It’s worth doing, because LinkedIn is telling us remote job lists are remaining static, but even more interestingly these listings are attracting 52% of the applications.
The concept of an OVP is becoming increasingly important in the modern workplace. An OVP is a statement that outlines the benefits of working in a particular office or company, and it’s used to attract and retain employees. It’s a critical component of an overall employee value proposition (EVP) and can make a significant impact on your company’s success.
But Why Is It Important?
Attracting and Retaining Talent
One of the most significant benefits of having an OVP is that it will help you to attract and retain talent. In a competitive job market, and it’s never been as competitive as it is right now, candidates have loads of options, especially the outstanding ones (which are the ones we know you want). Organisations that differentiate themselves from the competition create an advantage for themselves. An OVP that clearly communicates the benefits of working at your particular office can help you to stand out from the crowd.
According to a survey conducted by LinkedIn, 72% of recruiting leaders worldwide agree that employer branding has a significant impact on hiring. An OVP is a critical component of employer branding, and it can make a significant impact on a company’s ability to attract and retain top talent.
Employee engagement is another critical factor that’s impacted by an OVP. Engaged employees are more productive, more loyal, and more likely to stay with a company long-term. An OVP that clearly communicates the benefits of working at a particular office can help employees feel more engaged and committed to their work.
A study by Gallup found that highly engaged teams are 21% more productive than teams with low engagement. Additionally, highly engaged teams experience 59% less turnover than teams with low engagement. An OVP can help foster employee engagement and improve your company’s bottom line.
An OVP can also help define and reinforce a company’s culture. A strong company culture is critical to attracting and retaining top talent, and an OVP that aligns with your company’s culture can help reinforce it.
According to a survey by Deloitte, 94% of executives and 88% of employees believe that a strong company culture is critical to business success. An OVP that clearly communicates the company’s culture and values can help attract employees who align with those values and reinforce them within the company.
Productivity and Performance
An OVP can also impact productivity and performance. When your employees feel valued and engaged, they are more likely to be productive and perform at a high level. An OVP that clearly communicates the benefits of working at a particular office can help motivate employees and improve their performance.
A study by the University of Warwick found that happy employees are 12% more productive than their unhappy counterparts. Additionally, companies with engaged employees experience 202% higher productivity than companies with low engagement. An OVP can help foster employee happiness and engagement, leading to improved productivity and performance.
Finally, an OVP can impact employee satisfaction. When employees are satisfied with their work environment and feel valued, they are more likely to be happy and fulfilled in their roles. An OVP that clearly communicates the benefits of working at a particular office can help improve employee satisfaction.
According to a study by Glassdoor, companies with a strong employer brand enjoy a 43% higher retention rate than companies with a weaker employer brand. Additionally, employees who are satisfied with their job are 21% more likely to stay with their current employer. An OVP can help improve employee satisfaction and retention.
Make Your OVP a Firm Part of Your EVP
We know that an effective Employer Value Proposition can do much of the heavy lifting for you when it comes to candidate engagement and experience. Businesses with a strong EVP statistically just make more money, hire faster and better, and retain their top performers for longer. Of course, this has an impact on your bottom line. Companies that don’t pay attention to it, or have a poorly defined EVP/OVP get left behind. Here are a couple of things you should consider when putting together your OVP:
- Identify and communicate all the things your physical workplace offers that makes your employees experience better
- Make a point of creating time onsite for people and teams to interact, to socialise and to learn together.
Gallup identified the ‘four C’s’ for helping to shape a compelling workplace value proposition:
This is an ongoing project for the business, it will evolve at different paces for different organisations. The value of working in an office or site environment is no longer a given, you’ll need to define and redefine it as time moves on. But as with your EVP, you can use this as an effective tool to engage talent, both incoming and to keep the good people you already have. Use the information you find to give people clarity on your organisation, expectations and make them feel part of something bigger that’s an exciting place to either be at, or to be choosing for their future.