Healthcare and Life Sciences Institute
KPMG Healthcare & Life Sciences Institute provides an open forum for business leaders across the industry to share perspectives, gain insight, develop approaches to help balance risk and improve performance.
Leverage the Employee Value Proposition
Learn how leveraging the Employee Value Proposition (EVP) helps to attract and retain talent
Video transcript
Michelle Pugh:
(00:01) Hi everyone. I'm Michelle Pugh. I work for KPMG's Human Capital Advisory Practice. For the last several years, I've been working with healthcare organizations on their operational and talent needs. When I think about healthcare as a profession and being a caregiver, it's always been a calling for those individuals. With the environmental and cultural challenges that we're seeing right now, having just a calling isn't enough anymore to motivate people to come into healthcare, stay in healthcare.
(00:31) From a statistics perspective, workplace violence has dramatically increased. Just this week, a press analysis shows that two nurses are assaulted every single hour. Not only are baby boomers leaving the market, but because of the pressures, Gen Xers are choosing to leave their careers much earlier than expected. Even our younger workers who are newly licensed are changing their minds, their career trajectories, and going into professions that just aren't as stressful.
(01:00)The market has responded to these increased talent shortages with increasing compensation, leaving a lot of our smaller systems, our safety net hospitals, our rural and community facilities who may not have the financial means to compete with an even greater talent need. This talent landscape has caused our healthcare organizations to be acutely focused on bringing in new talent. That's important, but just as if not more important, is retaining the employees that you already have, and helping them thrive in this ambiguous environment.
(01:34) Helping them thrive can be done by evaluating your employee value proposition, really understanding the unique needs of the employee, and then designing the right set of experiences to engage, to develop, and to retain your employees. By looking at the end to end talent life cycle and all of the hurdles that exist in each of the areas, all the way from hire to retire, we can create a human centered, a fit for purpose solution that's meaningful for our employees. Organizations need to understand what drives their employees to want to stay.
(02:08) Just as our patients require unique treatment, designing the most meaningful value proposition for our employees is also not a one size fits all. Through this work, I found three key areas that lead to a successful value proposition. First is to enhance your talent programs to better support your employees' physical, emotional, and financial wellbeing, like better work life integration, increase job stability, better career growth and advancement opportunities, and provide a total rewards package, a compensation, and a portfolio of benefits that can be personalized to the needs of that employee that's also internally and externally equitable.
(02:49) Second, implement technologies that reduce all those manual tasks. Our employees can spend a minimum of 5% of their day doing time consuming activities that really take them away from the things that are much more meaningful. Last, the most important is to provide our employees with a sense of safety, of purpose, a belonging, by underpinning that employee value proposition with a relentless focus on diversity, equity, and inclusion.
(03:19) To increase retention, organizations must constantly tap into the drivers that lead to that daily decision to stay. This requires the alignment of people, programs, processes, and technologies that appeal to the unique differences, as well as the common similarities of our workforce. Employees decide to join an organization just once, but their decision to stay occurs daily. Your employee value proposition must give them that reason to stay.
