Welcome to The Ledger where we sum up the latest finance and accounting news and trends for you. On this week’s entry, we’re diving into the topic of competitive advantage and how getting in front of your competitors is what drives your business forward. Read on to see how to create a competitive advantage strategy in returning to the office, why you need to leverage reputation capital as a competitive advantage, how labor is emerging as a competitive advantage, and some examples of why faster learning is a competitive advantage.
How To Create A Competitive Advantage Strategy In Returning To The Office
Thanks to the pandemic, the way we operate has changed – curbside for retail, restaurants and grocery stores, an uptick in online shopping, and now, workplace arrangements. A recent study showed that full-time employees were willing to quit their job if not given their preferred work arrangements. And given the state of the world right now, many employees have uprooted themselves geographically thanks to their current workplace arrangement. But now that things are subsiding, employers are having to take a step back and think about how they can tackle this issue. Fortune 500 companies have addressed this issue by adopting a hybrid-first model – a sure-fire way to capitalize on their competitive advantage. So, what convinced these organizations to go hybrid?
Employees moving away from the corporate office location during the pandemic
AND the recent Spring recruitment surge, which highlighted the need to recruit and retain top talent.
In order to stay competitive in this day and age, leaders need to find a balance between those that prefer to work in-office and those that want to continue working remotely. To learn more about adopting a competitive advantage, read the full article on CEOWorld.biz.
How To Utilize Your Reputation Capital To Strengthen Your Business
‘Reputation capital’ is a phrase that most people might not be familiar with or haven’t used in the right way. If you’ve built a business from the ground up and are pocketing heaps of money that you could have only dreamed about years ago, you’re probably reaping the benefits of reputation capital. The best way to use your reputation capital is by fostering a culture of attention management:
Encouraging team members to provide the customer an ‘experience’ and not just a ‘service’.
Modeling work-life balance.
Supporting employees to unleash their potential by engaging is meaningful work.
Competitive advantage is not about being the first to the finish line. In fact, the world is less competitive than it used to be 30 years ago. And just like you would reinvest your income, you should also do the same with your reputation capital in order to boost your bottom line.
To explore how not to squander your reputation capital, explore the full article on Forbes.com.
Why Offering Less Stressful and More Flexible Jobs Is A Competitive Advantage In Today’s Market
It’s no secret that businesses are struggling to find employees in this economy. With the pandemic still at the forefront of everyone’s mind, most job seekers are entering the job market with caution and a wish list that exceeds that of a grocery list. When COVID first hit, many companies were forced to make a hard decision – close their business or reduce their headcount. Many chose the latter. But now that things are starting to reopen, how can businesses attract candidates? Fear of contracting the virus, a lack of childcare and the continuation of unemployment benefits have created the perfect melting pot of anxiety and concern for both employees and employers alike. The only way for organizations to merge victorious in this rapidly evolving world is by offering job seekers something that other companies aren’t – less stressful and flexible work positions.
To read how businesses can utilize labor as a competitive advantage, head over to Fool.com.
Why Faster Learning Is a Competitive Advantage Strategy
Due to the effects of COVID, many businesses are perplexed on how to retain employees. And if offering a higher pay won’t make team members stay, then what will? According to a study done by Case Business School, employees who feel they continually receive opportunities to learn, grow, and become more effective in their jobs are more likely to stay with their current employer even if they could get a higher salary somewhere else. So, what are some factors that contribute to employee retention?
Meaningful work
Personal growth
Work that is mutually beneficial
An inspiring environment
A culture of recognition
To learn more about why faster learning is a competitive advantage for companies, read the full article on GRBJ.com.
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