Discuss the importance of analyzing competition within an industry to better appeal to potential candidates.
- SWOT (Strength, Weakness, Opportunity, Threat) analysis helps provide a framework to reflect on the firm’s ability to overcome barriers (or threats) and avail of the opportunities emerging in the Environment. The dimensions of internal capabilities have to be relevant because they relate with environmental conditions. The analysis of a firm’s strength and weaknesses can be fruitful only if the environmental factors and market conditions are considered along with the internal capabilities. It helps to identify core competencies and also helps to learn from failures and be ready to face obstacles, challenges and problems.
- PESTEL (Political, Environmental, Socio-Cultural, Technological, Legal) analysis. There are many factors in the macro-environment that will affect the decisions of the managers of any organization.To help analyze these factors managers can categorize them using the PESTEL model.Just like SWOT analysis, PESTEL analysis helps improve the understanding of the firm’s environment which helps to identify core competencies and also helps to learn from failures and be ready to face obstacles, challenges and problems and also helpsimprove relationships at workplace.
How can an organization use incentives to ensure it appeals to the employees it wants to hire?
Generally at work place rewards are effective as they increase employees’ efficiency, cash flows profits of the organizations. Monetary rewards in cash or non monetary reward like promotion, making the job permanent among other similar incentives works for most of the employees. Since most employees work for the money and recognition, the increase in pay or giving promotion to the employees makes them satisfied with their work. So, such incentives could work for most new hires.
Nevertheless, ineffective rewards or incentives increaseskepticism among the employees. Employees becomeskeptical due to poorly designed reward system, their resistance to changes, poor incentives as all these produces poor results. Employees will not be satisfied with the rewards. They think that they are not getting what they actually deserve. All these costs can weigh the organization down.
Therefore, each organization should have an effective reward system. Ineffective rewards may lead to cynical workforces. The system should:
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- Specify employee rewards criteria.
- Reward everyone who meets the criteria.
- Individualize employee rewards.
- Say “thank you” frequently.
- Nurture self-esteem.
- Foster intrinsic rewards.
- Reward the whole team.
- Remember: You get what you reward.