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When a firm sustains profits that exceed the average for its industry, the firm is said to possess

a competitive advantage over its rivals. Having a competitive edge means possessing an advantage over your competition.

Define and analyse the target market i.e., the product to be sold and to whom. Take a list of companies which are trying to do the same. (What are their strengths and weaknesses? Their strategies and goals? How do they draw in customers? ) There should not be any fear over the competitiors.

Assessing the competitors openly and honestly will play a key role in helping you develop a competitive edge.

Once the competitive edge has been achieved, it is necessary to maintain it and it is a daily challenge. Sustaining requires the firm to forecast where the trends and changes in industry will come from, and what your company can do to stay ahead of the game. Continuous track on the competitors and their future plans. The company must be flexible to change according to the change in customers needs due to various circumstances.

Competencies in organizations can be classified into two types COMPETENCY

Organizational level

Employee level

Competencies originally applied to organizations as a whole.


Confer competitive advantage Valuable Rare Difficult to imitate Pervasive in the organization.

Performance

Culture

Organizational competency

information

Skill

Employee or individual competency is applied to individuals in an organization


Relate to performance of major part of job Underlying, deep & enduring Identify and predict successful job performance Behaviourally -expressed and evaluated Can be improved by further training Sometimes refer to technical skills

Level 1: Sufficient The competencies meet the standard. They come up to the basic minimum requirements. Level 2: Satisfactory The competencies come up to the basic requirements. The standard is completely met. Level 3: Good The competencies exceed the standard. They are well distinctive and meet with the basic requirements over a longer period.

Level 4: Very good The competencies are above average. The requirements specification is completely met. Level 5: Excellent The employee has special distinctive competencies exceeding the job specification.

1) Determine the required competency for each job or function

3) Take action to close 2) Compare competency gap individuals to the competency standards

GOAL ACHIEVED

4) Evaluate the effectiveness of training

5) Maintain records

Behaviour easier to talk about than labels Reduces bias Distinguishes top-tier staff from average Gives staff a common language which permeates & aligns the organization Provides focus for training Provides consistency

Some behaviours personal Extensive documentation and control needed Not all behaviours can be captured Competencies can overlap/become vague or repetitive Change in format generates its own problems

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