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In: Economics

Discuss the importance of analyzing competition within an industry to better appeal to potential candidates. How...

Discuss the importance of analyzing competition within an industry to better appeal to potential candidates. How can an organization use incentives to ensure it appeals to the employees it wants to hire?

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Expert Solution

Marketing recruiting and brand employer professionals do not always talk about "sizing up" their competition, but understanding what other companies are doing differently will actually help! When you are aware of the techniques and methods they use (and even those they aren't), you're better prepared to position your organization as a preference employer and attract valuable applicants. On the other hand, if you don't evaluate the market, you risk losing out on top work seekers by rejecting offers from other employers (who offered what candidates wanted).

Carrying out a strategic study is not just about taking a deeper look at what other companies do. It also deals with determining your own strengths and weaknesses when hiring. Your strengths can act as counterpoints to the weaknesses of your competitors (which may be a key attraction tool in your recruitment marketing content), while identifying your weaker areas gives you the opportunity to improve on them.

You may not be in your field to compete. For example, if you are recruiting a call center for customer service representatives, the same applicants might have the perfect skill sets for retail sales associate positions in another organization outside your business. And don't forget about your surrounding area businesses. The industry typically doesn't care as much for positions like accounts payable as the candidate's commute.

Rewards are usually efficient at workplace as they increase the productivity of the workers, cash flows income of the organizations. Monetary bonuses like promotion in cash or non-monetary, making the job permanent and other similar benefits work for most of the employees. Since most employees work for money and appreciation, they are happy with their job by increasing the salary or giving promotion to the employees. And, for most new employees, those opportunities will work.

Still, ineffective rewards or incentives increase employee skepticism. Employees are cynical because of poorly structured scheme of compensation, their reluctance to change, weak rewards and all of these yield bad results. Employees aren't pleased with the bonuses. They believe that they should not really get what they deserve. All of these costs might weigh down the organization.

Hence, every company should have an efficient program of incentives. Ineffective incentives may lead to cynical labour. The program should: Define conditions for employee bonuses.
Reward whoever meets the requirements.
Individualize rewards for employees.
Frequently, say "thank you."
Self-esteem in Parenting.
Intrinsic rewards for fostering.
Reward the team at large.


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