FAQ
6. Your Burning Questions Answered
Let's tackle some frequently asked questions about EVP and SVP to clear up any lingering confusion. Consider this your quick reference guide!
Q: What happens if a company doesnt have a clear EVP or SVP?
A: Without a clear EVP, a company may struggle to attract and retain top talent, leading to lower productivity, higher turnover, and a negative impact on morale. Without a clear SVP, a company may struggle to differentiate itself from the competition, leading to lower sales, reduced market share, and a diminished brand reputation.
Q: Are EVP and SVP only for large corporations?
A: No, absolutely not! EVP and SVP are relevant for organizations of all sizes, from small startups to large multinational corporations. In fact, a strong EVP and SVP can be particularly important for smaller companies that are trying to attract talent and compete with larger, more established players.
Q: How often should a company review and update its EVP and SVP?
A: A company should review and update its EVP and SVP regularly, at least every one to two years, or more frequently if there are significant changes in the business environment, such as a merger, acquisition, or major market shift. Things evolve quickly, and your EVP and SVP should evolve with them. Its not a set it and forget it kind of thing.
Q: What are some common mistakes companies make when developing their EVP and SVP?
A: Common mistakes include being inauthentic (not reflecting the actual employee or customer experience), being too generic (not differentiating themselves from the competition), and failing to communicate their proposition effectively.
