How to use an employee value proposition as a business strategy

Employee value propositions are becoming a core tool for HR departments. If you’re not familiar with EVPs, not to worry. We’ve written a three-part series on the subject to get you up to speed. If you’d like to start at the beginning, read our employee value proposition overview and guide to creating an EVP.

For our final installment, we look at employee value propositions as a business strategy.

Recap: What is an employee value proposition

In a nutshell, an employee value proposition is a statement describing what a company has to offer its employees. Those offerings can come in the form of traditional elements such as compensation and benefits, but it can also include bigger-picture things like societal impact.

The beauty is that every employer gets to write their own EVP. You can showcase what makes your company unique and why it’s a great place for talent to invest their time and energy.

Examples of a strong EVP 

Here are the typical components of an employee value proposition. When using this as a framework, be sure to make it your own. You can even interview employees to get quotes and testimonials.

Inspiration from the Take Command employee value proposition

“A really good employee value proposition does two things: conveys what’s great about your company and attracts talent that gives you a competitive advantage. At Take Command, we strive to do both and personally I think we achieve it,” says Carrie King, Take Command Director of Talent Acquisition and Experience.

If you’re looking for a great example of an employee value proposition, take some notes from Take Command. Here are Carrie’s favorite parts of our EVP:

• Company culture: People really care about each other and the work we’re doing.
• Benefits: Take Command provides a generous ICHRA allowance for all employees.
• Career development: Our employees are ambitious, and we’ve got opportunities for them to grow and excel as we continue leading the HRA market.

Bonus inspo: spotlight on Take Command employees Amanda and Tia

Benefits of an employee value prop

An employee value proposition is a lot more than words on paper. When you produce and execute a great EVP, it’s a step-by-step process to getting ahead of competition.

Step 1: Recruit new talent

Attracting great employees can be the difference between a business that survives and one that thrives. When you bring in the right talent, you’re not just filling seats; you’re inviting in fresh ideas, new energy, and problem-solvers who can move the business forward. 

Step 2: Retain great employees

When those people feel supported, appreciated, and excited about their future with you, they’re far more likely to stick around. That’s when retention pays off: Those employees do their best work and become your biggest advocates. 

Step 3: Generate revenue

You found great people who are now engaged employees. That puts you in the position to drive revenue and get ahead of competition. This is where you turn quarterly yearnings into quarterly earnings. (Sorry, we couldn’t help ourselves.)

Driving business strategy with an employee value proposition 

By now, you know our take. Building a culture where people want to stay is one of the smartest investments you can make. It’s fundamental to a business strategy.

There’s one more thing, though. What if your employee value prop has a weak spot because you’re spending too much on health benefits and can’t offer other employee incentives?

Enter ICHRA. 

ICHRA offers a world of advantages. One of the biggest draws for employers is budget control and cost savings. You set a monthly allowance for employees, and you know what your cost will be–period. No surprise rate hikes, just a predictable P&L.

Because ICHRA helps companies spend less, you can use it as a lever to address weak spots in your employee value proposition. Saving money with ICHRA = budget to put toward other employee incentives. It can make health benefits a competitive advantage instead of a cost center.

ICHRA advantages

Because ICHRA impacts budget and employees, it’s particularly appealing to finance and HR teams as a business strategy. In fact, they’re often seen as benefits heroes because they’re the ones who take ICHRA to the c-suite. Here’s a short list of why they love it.

CFOs

• Budget predictability
• Cost control
• Simplified compliance

Why CFOs Choose ICHRA

HR teams

• Recruitment and retention 
• Employee choice
• Easy administration

Why HR teams choose ICHRA

HR teams

• Recruitment and retention 
• Employee choice
• Easy administration

Make good (ICHRA administrator) choices

If you’re considering ICHRA as a part of your employee value proposition, be sure to partner with an ICHRA administrator who knows the ropes and can help you leverage every single detail. 

Choosing the best ICHRA administrator

Keep reading

• Employee value proposition overview
• Guide to creating an EVP

Contact Take Command to learn about HRAs

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