Your employee value proposition (EVP) is a key driver of your employer brand and helps you attract, engage, and retain top talent. But with the pandemic reshaping the way people think about work, it’s more important than ever to revisit your EVP or create one that aligns with employees’ shifting expectations and needs.
A strong, unique selling point is the one thing that sets your business apart from the competition. The USP is your business’s positioning statement and can be incorporated into every aspect of your marketing, including the messaging on your website. Finding your unique selling point begins with market research, which focuses on consumer needs and what your competition offers. Your USP can be based on a specific sales feature that addresses these needs, like convenience or quality.
Another important factor is how your company is perceived. If you have a reputation for being a great workplace, that will influence your employees’ decision-making. You can also identify your unique selling points by analyzing your customer data. For example, if you know your customers value the convenience of buying a product online, then a free return policy is a great unique selling point.
When rethinking your Employee Value Proposition, assessing existing perceptions is important. This will help you to understand what makes you different from your competition and how your business can best leverage that difference.
It would help if you ran anonymous surveys, focus groups and one-on-one interviews with current employees to do this. Ask them what they think is unique about your organization, why they stay and what perks or benefits would encourage them to leave.
This will allow you to tailor your Employee Value Proposition to your specific audience. You can also use these insights to identify gaps in your offering or areas where you could improve.
Creating a feedback loop is essential to building customer loyalty and advocacy. This lets your brand understand what customers value from your products and services and how you can improve their experience.
You can use several methods to gather feedback, including employee and customer satisfaction surveys, Net Promoter Score (NPS) surveys and other data sources. Collecting this feedback will enable you to keep your business operating at a high level and improve performance by ensuring everyone is on the same page.
Employees who are happy in their job will be more willing to put in extra effort and work harder than those who are unhappy, which can greatly impact your company's bottom line. Companies with high employee happiness levels also see stock prices rise more than those without.
During the last 18 months, many employees have established new priorities and expectations around flexibility, autonomy and the workload they're willing to take on. To ensure your employee value proposition (EVP) is the gold standard, it's important to be agile and responsive to your workforce's changing needs. Understanding your employees’ aims and goals and then redefining your EVP to deliver on those objectives will help you stand out from your competitors in the crowded job market.
When rethinking your EVP, consider the four factors - compensation, location, perks and growth opportunities - that matter to your employees. Then tailor these factors to suit your industry, employee demographics and core company values. Then, reimagine your EVP to deliver on those factors in the most meaningful way possible. That's the best way to ensure your EVP is a win and a winner you can be proud of. It's a winning combination that will help you attract, retain and motivate your most valuable resource – your employees.