The competition between businesses will ensure better quality of their goods and service they provide. Competition is well known for providing great productivity which leaders to a growth in the economy. Not only can competition improve the quality of work, it can also improve innovation. Innovation is an important quality to have in a company because it aids in keeping products and services fresh. “Economic Influence on Marketing” claims, “To keep current, your business has to adapt to changes in the industry and must always keep its eye out for innovative, cutting-edge technology and product improvements” (Bradley).
The four building blocks of competitive advantage can be used to help a company become more profitable and stay ahead of their competition. The four factors are superior efficiency, quality, innovation, customer responsiveness. All four building blocks are important to any company. However, I believe that customer responsiveness is the most important because having loyal and happy customers can make or break any company. The four building blocks can help companies grow and become the leader in their industry over their rivals.
Age Diversity in the Workplace Diversity at workplace is one of the prominent issues in today’s world. It is the challenging issue that managers face to manage at the workplace. But it gives the highest output if properly managed. By managing the workplace diversity, companies can increase the overall efficiency that results in higher output. Besides, it enhances the image of the company to become ‘Employers of Choice’.
The PMP certification offers a competitive advantage; open avenues for better work opportunities and enhances the potential to draw more salary than the Non-Certified project managers. To make an investment in this professional certification will be a wise long-term decision for a successful
Today’s most business primary concern is retaining workforce diversity. Recognizing the importance of diversity in the organization and effectively manage to ensure the organization and its valuable diverse employees are growing hand in hand. Rising of immigrants’ employment opportunity, joint venturing business globally has equally brought an opportunity for shared values, exchange of cultures and intelligence to widen the opportunity for business enterprise and also a platform for employees to reach target goal. The objective of this argumentative essay is to achieve the highest understanding of workforce diversity. What is workforce diversity?
Workers that are a part of a union will generally receive $200 more per week than nonunion workers will. Although the increased pay raise is great it may come at a price to the employer. “The higher total compensation that union workers receive — $11.14 more per hour in September 2011, according to the federal labor statistics — is a cost to the company” (Douglas). This cost may lower a companies’ profit, but a union environment can offer an increase in productivity in workers. “According to the U.S. Department of Labor a 1997 report indicated that productivity in unionized workplaces was 10 percent higher than in comparable nonunion environments” (Joseph).
Diversity when properly managed and implemented, contributes immeasurably to the growth of a business. As such, prioritizing diversity in business activities as a social responsibility does not only benefit the community the business is located but also promotes growth within the business environment. Diversity has been seen to be the premise for a healthy human reproduction and development. It is also needed to complement the ever increasing rigidity and interdependence that exists in the global business environment. Nielsen and Nielsen, 2013 postulated that “global firm have been shown to perform better because of diversity.” But they further explained that the management of diversity is very crucial as the world is increasingly becoming interconnected and complex.
Regular CSR reports which are relevant, honest, and correctly targeted will improve credibility with the internal and external stakeholders, and in turn helps the company to gain competitive advantage over the competitors. These reports also increase employee morale and motivation, as they gain confidence in the company and their roles which they play within the company. CSR is no longer done just for philanthropic reasons but now it is integrated with company’s main goal. The companies are undergoing through a change from simply informing the public about the activities to a more detailed and comprehensive way of engaging the stakeholders. Benefit of CSR reporting: a.
Thirdly, creating clear expectations and goals holds all parties responsible for getting the job done. This means that the differing generations will find ways to work together and become a cohesive team. Finally, conducting effective training sessions for supervisors in best practices in dealing with the multigenerational workforce effectively should ensure a positive workplace culture, foster communication and eliminate problems that can happen from negative stereotyping (Celeste, 2015). The diverse workforce presents many issues not previously faced in the
Not only can removing the gender factor reduce the number of barriers associated with females, but it can show that a company is willing to give every employee an equal chance which can lead to attracting newer potential experienced employees of both genders. Ultimately, gender equality can boost a company’s overall economic
However, big businesses may collaborate with small businesses since they are able to produce and earn more than they did before. In this case both big and small businesses will be satisfied. From this perspective, raise of the federal minimum wage provides more job opportunities and reduce