YOUR TEAM VALUE PROPOSITION IS A LEADING INDICATOR

By
Education & Training with Performance Development Strategies

A good deal of my time recently has been spent on getting the team value proposition or employee valule proposition set.  Then and only then can you focus on your company's Unique Value Proposition.  Whether you are recuiting agents or employees or even if you are a solo trying to build a team of strategic business partners the information here is important.

Retention of key employees is important to your company. What was your retention rate last year? Whatever it was, if you want it to improve this year you will need to have a strong Employee Value Proposition. An Employee Value Proposition explains why a highly qualified employee would want to work for your company and why that highly qualified person would want to stay.

This Employee Value Proposition would be tied to your strategic plan and include your vision, your values, and, your mission. The values should include such things as social responsibility, ethical conduct, and reputation.

Strong employee engagement produces successful business outcomes including a loyal customer base. And this leads to increasing sales and profits. The reverse is also true. Employees who are not engaged have no passion for their work, are frequently absent, make mistakes, and cost the organization its customers. Understanding what engages employees involves connecting with them.

The Employee Value Proposition EVP matters. Although people work for money there are other factors, and these other factors matter to the new workforce. A study done in 2013 by PwC and others reported that more than half of the workforce in many organizations would be Millennials by 2020 which is now the case.

The study found that Millennials want to feel that their work has meaning and is worthwhile. They want to work for an organization that has values that makes them feel proud. Furthermore, most Millennials say they would consider leaving an employer with values that no longer meet their expectations.

Think of your employees as your greatest asset. Without engaged employees you are less likely to have loyal customers and be successful. Therefore, employment branding and the employee value proposition takes on new importance.

Building the employee value proposition and brand requires spreading a message. It uses marketing and communications channels like those used to market your products or services.

What action would you take if your employees were to give a negative answer to the statement, “At work, I have the opportunity to do what I do best every day?” Of course, you would want to give them work that made use of their skills. But do you know how to do that? Meaningful work means different things to the different people. It is affected preference, personality and generational and cultural differences.   Your Employee Value Proposition should consider the diversity of talent, age and culture.

If your organization is suffering from a retention challenge this can be costly in expense and lost customers. When you consider recruiting and training, lost customer service, lost productivity, and lost morale in others who are left, the cost is at least two times the employee’s salary.   An engaged employee becomes more valuable as he or she grows. In addition, high-performing companies have loyal customers because they have loyal employees.

Center of Influence

What is your Employee Value Statement? Is it supported by a line item on your P&L? This is an investment rather than an expense. The strategy should also include careful selection to see that an employee is matched to a job where he or she has a chance to excel, an assessment plan to identify key employee strengths, and a development plan to leverage those employee strengths.  For a similar post on our website see YOUR EMPLOYEE VALUE PROPOSITION IS A LEADING INDICATOR.

Learn how to create your employee brand.

Contact us to learn more

or call 914-953-4458.

 

 

Comments (27)

Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Grant - establishing a strong foundation in any organization is important.  Maintaining it while allowing to grow and prosper seem natural to me.  That said, it needs to happen as a plan not of sorts but of strategy/belief/common values.  

Feb 15, 2021 04:35 AM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Having people around us who share the same energy and focus makes it possible for all to succeed.  If trying to make a team work best all should understand what they bring to the team and each work to their strength.

Feb 15, 2021 04:57 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Grant. For many the key to succeess is not the comission split but the Value Proposition. Choose carefully. Enjoy your day.

Feb 15, 2021 04:57 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Laura - work life balance is important.

Endre -  I believe that.  I know you would.

James - time will tell.  Hope those you have are engaged.

Sham - thank you for you comment.

Barbara - absolutely.  That will create stability which will result in better customer engagement.

Brian - anyone who doesn't like what they are doing is in the wrong job.

Michael - that is true.  The EVP must be established as a strategy.

Ed - you can start with shared values and then build from there.

Wayne - so true.  Not everyone gets that one yet.

Feb 15, 2021 05:49 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much, Grant, for sharing your experience and your advice.

Have an outstanding week.

Feb 15, 2021 05:53 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Grant... we are all familiar with the talk about a value proposition for our clients... rare that people talk about a value proposition for their team or employees. Great topic to discuss.

Feb 15, 2021 06:12 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Roy - thanks so much for commenting and reblogging.

Nina - it really is something that I cover with my clients.

Feb 15, 2021 06:16 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Grant,

What an excellent post this is (as usual).  We recently polled for a company a head hunter to find out the reason people leave jobs, and move to other companies.  He told us that it has to do with the companies values as you stated! A

Feb 15, 2021 08:10 AM
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Grant- employee retention is so important because it's not just about losing one employee but the effect that loss has on others. 

Feb 15, 2021 12:48 PM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Grant Schneider - Hopefully a company or a team does not see what happens when the value proposition is not honed.  Besides lost efficiency, lost clients, and poor attitudes, employee retention or turnover comes into play.  

Feb 15, 2021 02:06 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Grant I agree, but employees still want to be compensated fairly.  I use to work for an employer who did an excellent job of training new Loan Originators, but the competition was about 85% of the competition.  So once they were trained and starting to be productive they went to work for the competition.

Feb 15, 2021 02:35 PM
Rocky Dickerson
Realty One Group - Las Vegas, NV
Superior Service!

Happy President's Day Grant Schneider great thoughts. Might be great for a Tuesday talk

Feb 15, 2021 03:48 PM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Good Tuesday morning, Grant.

Take care, be safe and have a great day.

Feb 16, 2021 04:35 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Roy - have a great day.

Ron and Alexandra A - and this is not just employees at companies.  It includes people like real estate agents.

Kathy - I have heard my daughter say I want to leave there because so many are leaving.

Sheri - there are so many reason but ability of leadership to share and to listen can do wonders.

George - if it were close to market the culture would have made a difference but that difference is big.

Rocky - sure.  I could do that.

Feb 16, 2021 05:18 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Grant, employee value proposition is so important to retain your employees or agents.   You invest a lot in their training, and best to keep them.

Feb 16, 2021 07:29 AM
June Piper-Brandon
Houwzer Inc - Baltimore, MD
Piecing Dreams One Home at a Time

Grant, this is valuable information that more companies should adopt to build in employee satisfaction and retention.

Feb 16, 2021 07:20 PM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Joan -  I know you are aware of this as you onboard your new agent.

June - the mid size companies need to focus on this.  The larger ones do have it in place.

Feb 17, 2021 04:27 AM
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

Interesting post, however, there are some issues I disagree.  Your EVP should consider the diversity of talent, age and culture yet, I believe all employees regardless of talent , age and culture should be treated with the same terms and conditions and expectations, otherwise, couldn't that be discriminatory? 

The key to employee retention is to hire the best employee and the main criteria IMO is the passion for the challenges that are inherent with the job. 

Feb 17, 2021 08:01 AM
Grant Schneider

So maybe I could do a separate one on diversity and inclusion too.

Feb 20, 2021 06:22 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Kimo Jarrett  - I don't understand why you disagree since I have implied if not said all of that.

Feb 20, 2021 06:21 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Grant, great post as usual, and a happy employee makes for great productivity.

Mar 19, 2021 07:52 AM

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