Therefore, benchmarking is a critical step for firms wanting to compete globally. Because each marketplace environment differs, companies need to research competitor firms in their industry that are already firmly entrenched in the desired environment. Benchmarking is never done once and then cast aside; benchmarking becomes an ongoing process that enables organizations to gauge their progress and tweak procedures that may improve their performance. Benchmarking usually compares firms to industry leaders, too, because those leaders are the standard by which competing firms hope to achieve or usurp.
3. What problems might arise from empowering employees? What are some of the hurdles that managers must overcome in empowering employees? What can organizations do to address these issues?
Empowering employees helps workers become involved and connected with their work. When individuals feel empowered, their sense of personal responsibility and accountability rises and can lead to increased morale and productivity. However, empowering employees also raises important questions and concerns related to how to balance traditional organizational structures with emerging trends in employee management. Moreover, empowering employees can lead to situations that undermine managerial power and that might therefore lead...
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