Managing employee performance is a major way of gaining a competitive advantage in business. In a workplace where the manager does not know the performance of the employees, it is very difficult for them to reward employees in case of their excellence. Also, it allows for the managers to properly gauge the workers in terms of their efficiency. For instance, they can know who works for hand and who doesn’t, therefore, allowing for proper compensation. Due to the employee performance, the business can therefore gain a competitive advantage since there is improved productivity and also there is the efficient production of goods and services.
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THE IMPORTANCE OF MAINTAINING AND MANAGING EMPLOYEE PERFORMANCE.
Managing employee performance is important since it helps to increase employee efficiency. This is because it keeps the employees properly working hence high efficiency and productivity. It also helps to identify the strong and weak links in the business. This, therefore, allows for the promotion of exceptional employees and probation of the employees that underperform. Moreover, it also helps in improving workplace productivity since employees will strive to do their best. Consequently, there is the gaining of ac competitive advantage in business due to the high production rates. Lastly, it allows for the determination of appropriate compensation since the employees receive what they deserve regarding their performance.
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METHODS OF GAINING A COMPETITIVE ADVANTAGE IN BUSINESS
Businesses can use different methods in gaining a competitive advantage. Firstly, they can provide the same product or service at a lower price. This will help to attract customers since most of them will opt for the cheaper one. However, the business should ensure that the product or service is of good quality. Secondly, they can provide different products or services with different attributes. In this case, the difference will attract consumers since they will want to have a new experience. Moreover, the differentiation of products and services makes them more marketable from those of the competitor. Lastly, by managing employee performance the business can attract more customers in the service industry since it brings about consumer satisfaction.
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