The power of EVP: How knowing your competitors can give you an edge

Employer Value Proposition (EVP) represents the unique set of benefits, rewards, and experiences a company provides to its employees in exchange for their skills and contributions. It is the promise made to employees about what they can expect during their time with the company, encompassing workplace culture, career development opportunities, and work-life balance. Organisations that cultivate a strong EVP can succeed in attracting and retain top talent, keep skilled employees engaged, and distinguish themselves from other market providers.

To bolster a company's position, the realm of competitive analysis is paramount in understanding and evaluating the competition. While this may traditionally suggest comparisons of products, services, and market share, its relevance to EVP is equally crucial. By assessing rival EVP, healthcare providers can craft their own strategies to ensure they are truly competitive and ahead of contending partners.

Understanding competitor EVP can significantly enhance a business’s strategic position. It is not just about listing rewards and benefits; rather ensuring promises resonate with the company's core values and effectively meet employee expectations.

Identifying competitors requires a keen awareness of both established healthcare players and new emerging leaders. While conventional competitors might be well-known, in the healthcare landscape, innovative start-ups or niche players quickly gain traction. To identify these providers, companies can employ a variety of tools and resources from industry reports to online database platforms that monitor market shifts.

Once competitors are pinpointed, the next step involves delving into their EVP. Strategies include scrutinising career pages, analysing social media presence, and studying employee reviews on platforms such as Glassdoor. Networking and industry events may also offer valuable insights into competitor branding strategies. 

Evaluating competitor EVP requires a discerning eye, understanding both their strengths and weaknesses. This reveals gaps in rival offerings—areas your business can capitalise on. It is crucial to not only comprehend what competitors offer, but also the audience they appeal to, thus enabling a business to tailor its own EVP to better serve market demands.

Armed with competitive insights, businesses can refine their EVP, crafting them into compelling narratives that resonate with the desired target workforce. Identifying unique benefits or addressing unmet needs in the market becomes a strategic advantage, ensuring the EVP is a beacon for potential hires. Continual refinement based on competitor analysis guarantees that a company’s EVP remain relevant and advantageous.

Once an EVP has been crafted, it must be conveyed effectively. A robust EVP must reach not only potential employees but also the current workforce to reaffirm your status as a valued employer. Communication channels range from corporate websites, LinkedIn pages, social media platforms, to recruitment campaigns. Authenticity and consistency in messaging are vital to ensure the EVP resonates and remains genuine. Regularly communicate your EVP to your internal and external recruitment partners, ensuring they have a thorough understanding whilst promoting your employer brand.

Measuring the impact of an EVP is critical in understanding its success. Metrics and KPIs, such as employee turnover rates and candidate feedback, provide powerful insights into how well an EVP resonates. Regular review and updates aligned with performance data and market trends ensure it remains an asset in talent acquisition and retention.

In conclusion, the significance of understanding competitor EVP cannot be overstated. A well-informed and strategically developed EVP is not only an attractive tool, but a major competitive advantage. As a leading healthcare recruitment firm, we take immense pride in communicating client’s EVP to the market, recognising how to differentiate them from competitors.

We have been instrumental in enhancing employer brands of some of the most prestigious hospitals and healthcare facilities within UK. If you are seeking a recruitment partner that will raise your profile, look no further than Stroud Resourcing or simply call us on 01904 239910.