In order to stay relevant in a competitive marketplace, companies must rely on strong leaders to motivate their employees.
Leaders may primarily engage their workforce with autocratic, democratic, laissez-faire and transformational leadership strategies. Alternatively, they may adopt transactional, task-oriented, situational, servant and charismatic leadership strategies to optimise their organisation’s productivity.
Organisations with concrete corporate strategies will remain competitive in their respective industries. An effective corporate strategy guides an organisation’s activities with a strong mission statement, vision statement, organisational goals and values.
A SWOT analysis is an analytical framework that documents an organisation’s strengths, weaknesses, opportunities and threats.
These insights would allow organisations to devise relevant strategies to remain competitive in the marketplace. They may also be used to align a company’s operations with its current strategies.
Internal and external audits provide analytical insights about an organisation's finances, operations and governance.
Internal audits present an overview of an organisation’s current state of affairs, whilst external audits verify internal reports about an organisation’s financial health to its stakeholders and the government.
The State of Kansas (2008) defines the Performance Review process as an overall assessment of an employee's annual performance.
During this process, managers and employees would discuss employees’ ratings, as well as managers’ rationale for their evaluations. In some organizations, managers may also discuss administrative affairs, such as salary allocation and/or promotion decisions, with their employees.
Once managers have identified and evaluated their employees’ key competencies, managers and employees should exchange feedback on a continuous basis.
During this process, managers are responsible for providing constructive, honest and relevant feedback. Correspondingly, employees are encouraged to use their supervisors’ feedback to improve their performance.