Human resource management: managing employees for competitive advantage (2022)

Table of Contents
Details Contents Author note FAQs Videos

Lepak, David; Gowan, Mary

This text seeks to help students understand the dynamic and exciting environment of human resources (HR) management and the complex decisions that all managers must make when managing employees

Paperback, Book.English.

International ed.

PublishedUpper Saddle River, N.J.: Pearson Prentice Hall, c2010

(Video) Human Resource Competitive Advantage

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(Video) Amazons Human Resources Competitive Advantages

Details

    Statement of responsibility: David Lepak, Mary Gowan

    Copyright: 2010

    ISBN: 0137012950, 9780137012954

    (Video) HRM and Competitive advantage, HRM Vs SHRM/B.Com/BBA/MBA/M.Com

    Intended audience: Specialized.

    Note:Includes bibliographical references and index.

    Physical Description:xxvi, 486 p. : col. ill. ; 28 cm.

    Subject:Supervision of employees.; Personnel management.

    Contents

    1. MANAGING EMPLOYEES FOR COMPETITIVE ADVANTAGE
    2. MANAGING EMPLOYEES
    3. What's In a Name?
    4. The Costs and Benefits of Managing HR
    5. FRAMEWORK FOR THE STRATEGIC MANAGEMENT OF EMPLOYEES
    6. PRIMARY HR ACTIVITIES
    7. Work Design and Workforce Planning
    8. Job Design
    9. Workforce Planning
    10. Managing Employee Competencies
    11. Recruitment
    12. Selection
    13. Training
    14. Managing Employee Attitudes and Behaviors
    15. Performance Management
    16. Compensation and Incentives
    17. Employee Benefits, Health, and Wellness
    18. HR Activities Alignment
    19. HR CHALLENGES
    20. Challenge 1 - Meeting Organizational Demands
    21. Strategy
    22. Company Characteristics
    23. Organizational Culture
    24. Employee Concerns
    25. Challenge 2 -Environmental Influences
    26. Labor Force Trends
    27. Technology
    28. Globalization
    29. Ethics and Social Responsibility
    30. Challenge 3 - Legal Compliance
    31. THE PLAN FOR THIS BOOK
    32. Part 1 - HR Challenges
    33. Part 2 -Work Design and Workforce Planning
    34. Part 3 - Managing Employee Competencies
    35. Part 4 - Managing Employee Attitudes and Behaviors
    36. Part 5 - Special Topics
    37. Summary
    38. Key Terms
    39. Discussion Questions
    40. Learning Exercise
    41. Case Study - The New Job
    42. PART ONE: HR CHALLENGES
    43. ORGANIZATIONAL DEMANDS AND ENVIRONMENTAL INFLUENCES
    44. THE IMPORTANCE OF CONTEXT
    45. MEETING ORGANIZATIONAL DEMANDS
    46. Strategy
    47. Low Cost Strategy and Managing Employees
    48. Differentiation Strategy and Managing Employees
    49. Company Characteristics
    50. Company Size
    51. Stage of Development
    52. Organizational Culture
    53. Employee Concerns
    54. Work / Life Balance
    55. Justice
    56. ENVIRONMENTAL INFLUENCES
    57. Labor Force Trends
    58. The Aging Workforce
    59. Demographic Diversity
    60. Technology
    61. Globalization
    62. International Strategies
    63. Global Factors
    64. Implications of Global Factors on Managing Employees
    65. Ethics and Social Responsibility
    66. Summary
    67. Key Terms
    68. Discussion Questions
    69. Learning Exercise
    70. Case Study - Kay Johnson at Human Capital Consultants (HCC)
    71. LEGAL COMPLIANCE
    72. EQUAL EMPLOYMENT OPPORTUNITY AND OTHER WORKPLACE LAWS
    73. INTRODUCTION TO EQUAL EMPLOYMENT OPPORTUNITY AND DISCRIMINATION
    74. Protected Classification
    75. Bona Fide Occupational Qualification and Business Necessity
    76. Discriminatory Practices
    77. Disparate Treatment
    78. Disparate Impact
    79. Harassment
    80. Retaliation
    81. EQUAL EMPLOYMENT LEGISLATION
    82. Equal Pay Act of 1963
    83. Title VII of the Civil Rights Act of 1964
    84. Race and Color Discrimination
    85. Religious Discrimination
    86. Gender Discrimination
    87. National Origin Discrimination
    88. Civil Rights Act of 1991
    89. Age Discrimination in Employment Act of 1967
    90. Americans with Disabilities Act of 1990
    91. Pregnancy Discrimination Act of 1978
    92. EEO RESPONSIBILITIES OF MULTINATIONAL EMPLOYERS
    93. FILING PROCESS FOR DISCRIMINATION CHARGES
    94. EXECUTIVE ORDERS AND AFFIRMATIVE ACTION
    95. Executive Order 11246
    96. Affirmative Action
    97. RELATED EMPLOYMENT LEGISLATION
    98. Immigration Reform and Control Act of 1986
    99. Family and Medical Leave Act of 1993
    100. Vietnam Era Veteran's Readjustment Act of 1974
    101. Uniformed Services Employment and Reemployment Act of 1994
    102. FAIR EMPLOYMENT PRACTICES
    103. LEGAL COMPLIANCE AND COMPETITIVE ADVANTAGE
    104. Summary
    105. Key Terms
    106. Discussion Questions
    107. Learning Exercise
    108. Case Study
    109. PART TWO: WORK DESIGN AND WORKFORCE PLANNING
    110. JOB DESIGN
    111. THE IMPORTANCE OF JOB DESIGN
    112. JOB DESIGN
    113. Efficiency Approaches to Job Design
    114. Motivational Approach to Job Design
    115. Changing Job Tasks
    116. Increasing Responsibility and Participation
    117. Employee Teams
    118. Which Approach to Use? Balancing Efficiency and Motivational Approaches
    119. JOB DESCRIPTIONS AND JOB SPECIFICATIONS
    120. JOB ANALYSIS
    121. Job Information
    122. Observations and Diaries
    123. Interviews
    124. Questionnaires
    125. Occupational Information Network (O*NET)
    126. Job Analysis Techniques
    127. JOB DESIGN IN PRACTICE: MEETING ORGANIZATIONAL DEMANDS
    128. Strategy and Job Design
    129. Structure of Jobs
    130. Tasks, Duties, and Responsibilities Needed
    131. Company Characteristics and Job Design
    132. Formalization of Job Design
    133. Breadth and Depth of Tasks
    134. Culture and Job Design
    135. Managerial choices of job design tactics
    136. Employee acceptance of job design decisions
    137. Employee Concerns and Job Design
    138. Perception of Fairness of Job Duties
    139. Need for Flexible Work Arrangements
    140. JOB DESIGN IN PRACTICE: ENVIRONMENTAL INFLUENCES
    141. Labor Force Trends and Job Design
    142. Skill availability to perform tasks
    143. The aging labor force
    144. Technology and Job Design
    145. Telecommuting
    146. Virtual Teams
    147. Globalization and Job Design
    148. Need to Address Cross-Cultural Issues
    149. Relevant Labor Market
    150. Ethics and Job Design
    151. Concerns about Types of Tasks Required
    152. Attitudes Toward Physical Conditions of Job Design
    153. JOB DESIGN IN PRACTICE: LEGAL COMPLIANCE
    154. Importance of Identifying Essential and Non-Essential Job Duties
    155. Attending to how job design may impact employee safety
    156. Summary
    157. Key Terms
    158. Discussion Questions
    159. Learning Exercise
    160. Case Study
    161. Appendix to Chapter 4 - Standardized and Customized Approaches to Job Analysis
    162. STANDARDIZED APPROACHES TO JOB ANALYSIS
    163. Functional Job Analysis (FJA)
    164. Position Analysis Questionnaire (PAQ)
    165. CUSTOMIZED APPROACHES TO JOB ANALYSIS
    166. Critical Incidents
    167. Task Inventories
    168. Job Element Approach
    169. WORKFORCE PLANNING
    170. PURPOSE OF WORKFORCE PLANNING
    171. FORECASTING LABOR SUPPLY AND LABOR DEMAND
    172. Internal Considerations
    173. Turnover
    174. Promotions, Transfers, and Demotions)
    175. Employee Productivity
    176. Company Performance
    177. Strategic Direction
    178. External Considerations
    179. Local Labor Market
    180. Economic Conditions
    181. Industry Trends
    182. TACTICS TO BALANCE SUPPLY AND DEMAND
    183. Labor Shortage Tactics
    184. Employee Overtime
    185. Contingent Labor
    186. Employee Retention
    187. Promotions, Transfers and Demotions
    188. New Hires
    189. Labor Surplus Tactics
    190. Layoffs
    191. Attrition and Hiring Freezes
    192. Early Retirement
    193. Promotions, Transfers and Demotions
    194. WORKFORCE PLANNING IN PRACTICE: ORGANIZATIONAL DEMANDS
    195. Strategy
    196. Speed to deal with shortages and surpluses
    197. Criticality of employee groups
    198. Company Characteristics
    199. Amount of labor slack
    200. The relative impact of labor shortages or surpluses
    201. Who performs workforce planning
    202. Culture
    203. Likelihood of using different tactics
    204. Employee reactions to workforce planning tactics
    205. Employee Concerns
    206. Stress & Work/Life Balance
    207. Perceptions of procedural and distributive justice
    208. WORKFORCE PLANNING IN PRACTICE: ENVIRONMENTAL INFLUENCES
    209. Labor Force Trends
    210. Availability of internal/external workers
    211. Which tactics to use
    212. Technology
    213. Whether or not employees are need
    214. The Types of workers that are needed
    215. The quality of workforce planning forecasts
    216. Globalization
    217. Where the workers are
    218. Which workforce planning tactics to use
    219. Ethics
    220. Community Reactions to workforce planning tactics
    221. Helping employees cope
    222. WORKFORCE PLANNING IN PRACTICE: LEGAL COMPLIANCE
    223. Requirements for mass layoffs and plant closings
    224. Temporary employees
    225. Summary
    226. Discussion Questions
    227. Learning Exercise
    228. Case Study
    229. PART THREE: MANAGING EMPLOYEE COMPETENCIES
    230. RECRUITMENT
    231. PURPOSE OF RECRUITMENT
    232. RECRUITMENT PROCESS
    233. INTERNAL RECRUITMENT
    234. Internal Recruitment Methods
    235. Advantages and Disadvantages of Internal Recruitment
    236. EXTERNAL RECRUITMENT
    237. Advertising
    238. Educational Institutions
    239. Employment Agencies and Employee Search Firms
    240. Professional Associations
    241. Temporary Employees
    242. Employee Referrals
    243. Sourcing Applicants
    244. Re-recruiting
    245. Advantages and Disadvantages of External Recruitment
    246. MAXIMIZING RECRUITMENT EFFECTIVENESS
    247. Preparing the Recruitment Advertisements
    248. Developing a Recruitment Value Proposition
    249. Writing the Recruitment Message
    250. Recruiters
    251. Realistic Job Previews
    252. Recruitment Follow-Up
    253. Recruitment Effectiveness
    254. RECRUITMENT IN PRACTICE: ORGANIZATIONAL DEMANDS
    255. Strategy and Recruitment
    256. Content of Recruitment Message
    257. Choice of Recruitment Methods
    258. Company Characteristics and Recruitment
    259. Use of Internal vs. External Recruiting
    260. Who Manages Recruitment
    261. Culture and Recruitment
    262. Recruitment Value Proposition
    263. Balance of Internal vs. External Recruiting
    264. Employee Concerns and Recruitment
    265. Appraisal of Recruitment Message
    266. Perception of Fairness of Process
    267. RECRUITMENT IN PRACTICE: ENVIRONMENTAL INFLUENCES
    268. Labor Force and Recruitment
    269. Who is Targeted for Recruitment
    270. How Much Recruitment is Needed
    271. Technology and Recruitment
    272. How Recruitment is Managed
    273. Skills Recruited
    274. Globalization and Recruitment
    275. Recruiting Strategy
    276. How Recruiting is Done
    277. Ethics, Corporate Social Responsibility, and Recruitment
    278. Value Proposition Offered
    279. Target of Recruitment
    280. RECRUITMENT AND THE LAW
    281. Content of Recruitment Message
    282. Recruiter Words and Actions
    283. Recordkeeping
    284. Summary
    285. Key Terms
    286. Discussion Questions
    287. Learning Exercise
    288. Case Study
    289. Appendix to Chapter 5: Evaluating Recruiting Effectiveness
    290. SELECTION
    291. SELECTION AND FIRM PERFORMANCE
    292. Selection Defined
    293. Selection and Firm Performance
    294. PERSON-JOB FIT
    295. STANDARDS FOR EFFECTIVE SELECTION
    296. Reliability
    297. Validity
    298. Bias
    299. Personal Characteristics
    300. Contrast Effect
    301. Halo/Devil's Horns Effect
    302. Impression Management
    303. SELECTION METHODS: INITIAL SCREENING
    304. Applications and Résumés
    305. Screening Interview
    306. Reference Checks, Credit Reports, Background Checks, and Honesty Tests
    307. SELECTION METHODS: FINAL SCREENING
    308. Employment Tests
    309. Ability Tests
    310. Achievement/Competency Tests
    311. Personality Inventories
    312. When to Use Employment Tests
    313. Interviews
    314. Unstructured Interviews
    315. Structured Interviews
    316. Interview Process and Outcomes
    317. Assessment Centers
    318. Biodata
    319. Drug and Alcohol Tests
    320. Medical Exams
    321. MAKING THE FINAL DECISION
    322. Compensatory Approach
    323. Multiple Hurdle Approach
    324. Multiple Cutoff Approach
    325. Choice of Method
    326. SELECTION IN PRACTICE: ORGANIZATIONAL DEMANDS
    327. Strategy and Selection
    328. Core Competencies
    329. Criteria for Person-Job Fit
    330. Methods of Selection
    331. Company Characteristics and Selection
    332. Degree of Structure
    333. Substance and Form of Process
    334. Culture and Selection
    335. Person-Organization Fit
    336. Promotion from Within Policy
    337. Who Participates in the Selection Process
    338. Employee Concerns and Selection
    339. Fair and Equal Treatment
    340. Impact of Job on Family Life
    341. SELECTION IN PRACTICE: ENVIRONMENTAL INFLUENCES
    342. Labor Market
    343. Types of Applicants Available
    344. Willingness of Applicants to Accept Jobs
    345. Technology and Selection
    346. Process of Selection
    347. Verification of Credentials
    348. Globalization and Selection
    349. Labor market at home
    350. Labor market abroad
    351. Ethics and Selection
    352. Concerns about Privacy
    353. Amount and Type of Information for Applicants
    354. SELECTION IN PRACTICE: THE LAW
    355. Prob Classification
    356. Point System
    357. Factor Comparison
    358. External Equity - matching the market
    359. Identifying Key Jobs
    360. Collecting Market Survey Data
    361. Pricing Jobs
    362. Establishing Pay Policy Line
    363. Pay Ranges
    364. Pay Grades
    365. Administration
    366. Communication
    367. Evaluation
    368. Skill Based Pay Structures
    369. Competency Based Pay Structures
    370. Broadbanding
    371. Salary Compression
    372. EXECUTIVE COMPENSATION
    373. Strategies
    374. Compensation Committees
    375. COMPENSATION IN PRACTICE: ORGANIZATIONAL DEMANDS
    376. Strategy
    377. What is rewarded
    378. Frequency of rewards
    379. Nature of rewards
    380. Company Characteristics
    381. Ability to provide rewards
    382. Levels of rewards provided
    383. Form of rewards
    384. Culture
    385. Expectations about rewards
    386. Attitudes toward rewards
    387. Employee Concerns
    388. Equity versus equality
    389. Fairness of rewards
    390. Appropriateness of rewards
    391. COMPENSATION IN PRACTICE: ENVIRONMENTAL INFLUENCES
    392. Labor Force
    393. Levels of compensation expected
    394. Types of compensation desired
    395. Market wages
    396. Technology
    397. Pay structure
    398. How pay is delivered
    399. Globalization
    400. Basis for compensation
    401. Acceptableness of compensation
    402. Ethics/Social Responsibility
    403. Willingness to provide compensation
    404. Focus of compensation
    405. Attitudes toward living wage, comparable worth, etc.
    406. COMPENSATION IN PRACTICE: LEGAL COMPLIANCE
    407. Required compensation
    408. Who must be compensated
    409. Summary
    410. Key Terms
    411. Discussion Questions
    412. Learning Exercise
    413. Case Study
    414. CHAPTER 11- INCENTIVES AND REWARDS
    415. EXPECTANCY THEORY
    416. TYPES OF INCENTIVE PLANS
    417. Individual Incentives
    418. Merit Raises
    419. Piece Rate System
    420. Standard Hour Plan
    421. Bonuses
    422. Sales Incentives
    423. Group/Organizational Incentives
    424. Team Incentives
    425. Profit Sharing Plans
    426. Gainsharing Plans
    427. Employee Ownership Plans
    428. Executive Incentives
    429. Advantages and Disadvantages of different incentive plans
    430. INCENTIVES AND REWARDS IN PRACTICE: ORGANIZATIONAL DEMANDS
    431. Strategy
    432. Percent of variable pay vs. fixed pay
    433. What is incentivized and rewarded
    434. Value placed on incentives & rewards
    435. Level for rewards (individual, team, etc.)
    436. Company Characteristics
    437. Ability to provide incentives
    438. Acceptableness of incentives
    439. Role of incentives in total rewards plan
    440. Culture
    441. What incentives signal
    442. Expectations about incentives
    443. Employee Concerns
    444. Fairness
    445. What is being signaled
    446. INCENTIVES AND REWARDS IN PRACTICE: ENVIRONMENTAL INFLUENCES
    447. Labor Force
    448. Desirability of types of rewards
    449. Whether more or less pay is acceptable
    450. Technology
    451. Tracking of performance
    452. Employee access to rewards information and policies
    453. Globalization
    454. Form of incentive
    455. Acceptability of incentives
    456. Ethics/Social Responsibility
    457. Attitudes toward system design
    458. Concern over wage gaps
    459. INCENTIVES AND REWARDS IN PRACTICE: LEGAL COMPLIANCE
    460. How incentives are taxed
    461. Non-discrimination practices
    462. Summary
    463. Key Terms
    464. Discussion Questions
    465. Learning Exercise
    466. Case Study
    467. EMPLOYEE BENEFITS, HEALTH AND WELLNESS
    468. ROLE OF BENEFITS
    469. MANDATORY BENEFITS
    470. Social Security
    471. Unemployment Insurance
    472. Workers Compensation Insurance
    473. Consolidated Omnibus Budget Reconciliation Act (COBRA)
    474. Family Medical Leave Act
    475. Older Workers' Benefit Protection Act
    476. VOLUNTARY BENEFITS
    477. Health Care
    478. Insurance
    479. Wellness programs
    480. Prevention
    481. Health Promotion
    482. Employee Assistance
    483. Disease/Case Management
    484. Life Insurance
    485. Unemployment Insurance
    486. Retirement
    487. Paid Time Off
    488. Flex Benefits Programs
    489. Flex Accounts
    490. Cafeteria Plans
    491. EMPLOYEE BENEFITS, HEALTH AND WELLNESS IN PRACTICE: ORGANIZATIONAL DEMANDS
    492. Strategy
    493. Role of benefits in total rewards package
    494. Funds available for benefits
    495. Company Characteristics
    496. Standardization of benefits
    497. Types of benefits offered
    498. Culture
    499. Who gets nonmandated benefits
    500. Employee Concerns
    501. Desirability of benefits
    502. Whether needs for benefits are met
    503. EMPLOYEE BENEFITS, HEALTH AND WELLNESS IN PRACTICE: ENVIRONMENTAL INFLUENCES
    504. Labor Force
    505. What benefits are needed to attract workers
    506. What benefits need to be offered
    507. Technology
    508. How benefits information is delivered
    509. Employee access to their benefit information
    510. Globalization
    511. Types of benefits offered
    512. Policies about benefits equalization
    513. Ethics/Social Responsibility
    514. Focus of benefits on issues such as stress reduction
    515. EMPLOYEE BENEFITS, HEALTH AND WELLNESS IN PRACTICE: LEGAL COMPLIANCE
    516. Which benefits must be offered
    517. How changes in benefits have to be handled (e.g., early retirement)
    518. Information companies can collect on employees
    519. Summary
    520. Key Terms
    521. Discussion Questions
    522. Learning Exercise
    523. Case Study
    524. PART FIVE: SPECIAL TOPICS
    525. LABOR UNIONS AND EMPLOYEE MANAGEMENT
    526. WHY DO WORKERS ORGANIZE?
    527. TYPES OF UNIONS
    528. National and International Unions
    529. Types of Unions
    530. Local Unions
    531. Closed Shop
    532. Open Shop
    533. Union Shop
    534. Agency Shop
    535. GOVERNMENT REGULATION OF LABOR UNIONS
    536. The Norris-LaGuardia Act of 1932
    537. The Wagner Act of 1935
    538. The National Labor Relations Board
    539. Unfair Employer Labor Practices
    540. The Taft-Hartley Act of 1947
    541. Unfair Union Labor Practices
    542. The Landrum-Griffin Act of 1959
    543. Rights of Union Members
    544. UNION ORGANIZING CAMPAIGNS
    545. COLLECTIVE BARGAINING
    546. Good faith bargaining
    547. Bargaining power
    548. Bargaining Topics
    549. Impasses
    550. Impasse Resolution
    551. GRIEVANCE PROCEDURES AND DISPUTE RESOLUTIONS
    552. Summary
    553. Key Terms
    554. Discussion Questions
    555. Learning Exercise
    556. Case Study
    557. CREATING HIGH PERFORMANCE ORGANIZATIONS
    558. ALIGNMENT AMONG HR ACTIVITIES
    559. HR systems versus HR practices
    560. Types of HR systems
    561. Commitment
    562. Control
    563. Quality
    564. ALIGNMENT OF HR ACTIVITIES WITH HR CHALLENGES
    565. Strategies and HR systems
    566. Creating the culture with HR activities
    567. Aligning HR systems with Employee Contributions
    568. Core knowledge employees
    569. Job-based employees
    570. Contingent workers
    571. External Partners and Consultants
    572. MEASURING HR SYSTEM EFFECTIVENESS
    573. Balanced Scorecard
    574. Summary
    575. Key Terms
    576. Discussion Questions
    577. Learning Exercise
    578. Case Study
    579. APPENDICES
    580. Appendix A: Integrative Cases
    581. Appendix B: Careers in Human Resource Management
    582. Appendix C: Planning Your Career
    583. Appendix D: Resources for Research on Employee Management Issues
    584. Glossary
    (Video) Importance of Human Resources Management

    Author note

    David Lepak is Professor of Human Resource Management and Chairperson of the Human Resource Management department in the School of Management and Labor Relations at Rutgers University. He received his PhD in management from the Pennsylvania State University. He teaches and conducts research on a variety of human resource topics with an emphasis on strategic human resource management and has presented his research to domestic and international audiences. He is associate editor of Academy of Management Review and has served on the editorial boards of Academyof Management Journal, Journal of Management, Human Resource Management, British Journal of Management, and Journal of Management Studies.

    Mary Gowan is Professor of Management and Dean of the Martha and Spencer Love School of Business at Elon University. She received her PhD in business administration from the University of Georgia. In addition to her administrative responsibilities as a dean, she teaches and conducts research in human resource management with a focus on career management and international human resources. She has published her research in academic and practitioner journals, is on the editorial review boards of the Journal of Management and Human Resource Management. She is also a member of the SHRM Foundation Board, the Alamance Country Chamber of Commerce, and the Piedmont Triad Leadership Initiative. Her consulting experience is with major corporations such as Lockheed-Martin and Harris Teeter Corporation as well as with government and nonprofit agencies.

    (Video) HRM Talk Series 2020: Compensation & Benefit that Derive Competitive Advantage

    FAQs

    How can human resource management create a competitive advantage? ›

    Human Resources managers can help build a solid competitive advantage through their personnel management policies. Employee performance and a high level of engagement is an advantage that often results in better customer service and may get more clients than those organizations that have little or no CA at all.

    How the employees can be the competitive advantages for a firm? ›

    Employees become your competitive advantage when they freely give you discretionary effort – when they give you creative solutions to problems, innovative ideas for new products or services, exceptional customer service, and an extra mile to meet deadlines.

    What is a competitive advantage How does HR management affect a firm's competitive advantage? ›

    Competitive advantage means positioning your company ahead of other companies in order to achieve superiority in quality, low cost, value or innovation. Regardless of what it means to a company, it may be the single factor to attaining success and business sustainability.

    Why is HR important for competitive advantage? ›

    HR can provide insight into the going market rates for talent and what it might take to get high-quality hires on board. HR can review the competitive talent landscape and determine what compensation strategy will be best aligned with company goals.

    How do you gain competitive advantage? ›

    The four primary methods of gaining a competitive advantage are cost leadership, differentiation, defensive strategies and strategic alliances.
    1. Same Product, Lower Price. ...
    2. Different Products With Different Attributes. ...
    3. Hold Your Positions Through Defensive Strategies. ...
    4. Pool Resources Through Strategic Alliances.

    What is competitive advantage example? ›

    For example, if a company advertises a product for a price that's lower than a similar product from a competitor, that company is likely to have a competitive advantage. The same is true if the advertised product costs more, but offers unique features that customers are willing to pay for.

    How do you decide if your competitive advantage is strong enough? ›

    Know Your Competition to Gain Competitive Advantage
    1. What are the key competitors?
    2. What is the value that they offer?
    3. Or, what is their behavior?
    4. What do they do?
    5. How do they do, what they do?
    6. How their customers accept their offers?
    7. Is there something that lacks in their offer?

    What is a good competitive advantage? ›

    A competitive advantage is what sets a company apart from its competitors, in the eyes of its consumers. These advantages allow a company to achieve and maintain superior margins, a better growth profile, or greater loyalty among current customers. A competitive advantage is often referred to as a “protective moat.”

    How do you write a competitive advantage statement? ›

    Crafting Your Statement

    Your statement of competitive advantage has four components: your name, your company, a statement about a problem in your market, and how you and your product solve that problem. Essentially, it is a 30-second statement explaining what differentiates your company in the marketplace.

    How do I become a competitive employee? ›

    Compete in work circumstances that hold positive outcomes for you, for your colleagues and for the business for which you work.
    1. Compete with yourself instead of your colleagues. ...
    2. Watch your co-workers when they interact. ...
    3. Compete in a team environment. ...
    4. Make the goal of competition a contribution to the company.

    How does employee compensation and benefits contribute to competitive advantage? ›

    The competitive advantage in the compensation area (more on Competitiveness and Competitive Advantage) is not about beating the pay market by paying higher salaries and bonuses to all employees. The managers tend to think, the better the pay of employees, the more competitive the organization is.

    Why is employee development considered a key contributor to a company's competitive advantage? ›

    Providing employee development as part of the hiring package gives you a competitive advantage over other similar jobs and wages. It builds loyalty. Loyal employees aren't prone to quitting. That's what employee retention is all about.

    How do you compete for employees? ›

    7 Ways to Compete for Employees in the New Talent Wars
    1. Offer career trajectory and focus on leadership development.
    2. Offer a robust compensation and benefits plan, beyond salary. ...
    3. Embrace a unique culture from the top down. ...
    4. Offer flexibility to foster motivation. ...
    5. Win before the war. ...
    6. Choose your battles. ...
    7. Expect some losses.
    Jul 8, 2021

    How do you stay competitive at work? ›

    Here are some strategies you can use to stand out in a competitive job market.
    1. Get relevant work experience.
    2. Engage in voluntary work.
    3. Enhance your education.
    4. Network.
    5. Customize your resume for each job.
    6. Build a professional online profile.
    7. Obtain leadership skills.
    8. Stay up to date on market trends.

    What are the characteristics of a competitive person? ›

    People are more likely to be competitive when:
    • They measure their self-worth by comparing themselves to others. ...
    • The competition is about something important to them. ...
    • Their competitor has a similar skill level. ...
    • They know their competitor personally. ...
    • They have an audience. ...
    • They have very good or very poor rankings.
    Jul 18, 2019

    What is a personal competitive advantage? ›

    The definition of competitive advantage is defined as the ability to stay ahead of present or potential competition. This is typically done by evaluating strengths and weaknesses of competitors and seeing where you can fill in the gap or step up and improve.

    How can a well designed compensation system help achieve and sustain competitive advantage? ›

    Compensation strategies can be used to:

    increase the satisfaction level of employees. reward and recognition programs to inspire peak performance. achieve internal as well as external equity. lessen turnover and boost company loyalty.

    Why is it important to be competitive with compensation? ›

    A competitive pay rate can influence an employee's overall job satisfaction. Workers that feel they're being paid fairly are more likely to stay motivated and go the extra mile to help your company achieve its goals. Competitive salaries can also lead to low employee turnover, high morale and an overall positive vibe.

    How do compensation and benefits affect the performance of employees? ›

    The compensation and benefits is very important in increasing the employee motivation to perform well. This is because; it can improve the life of the employee and secure their life in the future. The employee will raise their performance so that they will get the bonus or promotion as the compensation and benefit.

    How employee empowerment can be a source of competitive advantage? ›

    Employee empowerment enables companies to design a culture that helps to build and sustain unique competitive advantages. This quality-focussed culture makes employees and teams a lot more committed and able to inspect, adapt and improve processes in the pursuit of excellence and peak performance.

    How do you train and develop competitive advantage to organizations? ›

    7 ways Learning and Development can create a competitive...
    1. Helps you achieve a sustainable competitive advantage.
    2. Ensures employee satisfaction and retention.
    3. More internal promotion opportunities.
    4. Increases productivity.
    5. Attracts the best employees using learning and development.
    6. Implementing the latest technology.
    Nov 1, 2019

    How employee development contributes to the success of the company? ›

    Through employee development, you can give your team the skills they need to improve their day-to-day work, get better outcomes, and boost your bottom line. A better-trained workforce brings increased output for your company.

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