We expect a lot from you, so we give a lot back. We′ve designed our workplace programs to meet your and your family′s needs, with some of the best benefits in the industry.
Because everyone′s circumstances are different, we offer a range of options that let you tailor your benefits to suit your needs.
Standard benefits include:
What is 'Competitive Advantage'
Competitive advantages are conditions that allow a company or country to produce a good or service at a lower price or in a more desirable fashion for customers. These conditions allow the productive entity to generate more sales or superior margins than its competition. Competitive advantages are attributed to a variety of factors, including cost structure, brand, quality of product offerings, distribution network, intellectual property and customer support.
Breaking down 'Competitive Advantage'
Competitive advantages provide an edge over rivals and an ability to generate greater value for a firm and its shareholders. The more sustainable the competitive advantage, the more difficult it is for competitors to neutralize the advantage. The two main types of competitive advantages are comparative advantage and differential advantage.
Comparative Advantage
Comparative advantage is generated by a firm's ability to produce a good or service at a lower cost than its competitors. This gives the firm the ability sell its goods or services at a lower price than its competition or to generate a larger margin on sales. Rational consumers will choose the cheaper of any two perfect substitutes offered. If the effects of comparative advantage are partially offset by imperfect substitution, higher margins for the lowest-cost producers will eventually benefit shareholders through superior returns or provide the company with more resources for marketing, research and development or administrative infrastructure improvements to support future growth.
Comparative advantage can be derived from economies of scale, more efficient internal systems, location in geographies with low labor or low property expenses. These do not always imply the company can produce a better product or service, but rather they can offer a product or service for a lower price. In the context of international trade economics, comparative advantages are determined by opportunity cost, and any part has a comparative advantage at something. Amazon.com Inc. is an example of a company focused on building and maintaining comparative advantage. The e-commerce platform, its vendor relationship and its shipping network provide a level of scale and efficiency that is difficult for retail competitors to replicate. Amazon has risen to prominence largely through price competition.
Differential Advantage
A differential advantage is created when a firm's products or services differ from its competitors and are seen as superior than a competitive offering. Differential advantages can be driven by more advanced technology, patent-protected products or processes, superior personnel, or a strong brand identity. These factors support wide margins and large market shares. Apple Inc. is famous for creating innovative products like the iPhone and supporting their market leadership with savvy marketing campaigns to build an elite brand. Major drug companies can also market branded drugs at high price points due to patent protection.
⇒Join a professional association Joining a professional association in your field of choice is a great way to tap into a career network.
⇒Arrange some informational interviews. There′s no better way to get a feel for a certain career than talking to professionals in the field. Find them through your college′s career center, your school′s alumni association, job fairs and professional organizations.
⇒Take a variety of different classes. Don′t pigeonhole yourself into one tight line of study. Branch out and take a good look around to see what interests you.
⇒Complete a few self-assessment tests. Self–assessment tests can tell you a lot about yourself and may help you match your skills and interests with possible careers.
⇒Develop a career inventory. What kind of organization do you want to work for? What type of environment do you prefer? How much travel do you want to do? What kind of work schedule do you prefer? Think it through on your own, or take a career and interest assessment to get your answers.
⇒Research different careers. Browse the Bureau of Labor Statistics home page for detailed descriptions of different careers and statistics about the fastest growing fields.
⇒Network Meeting people who work in your prospective field can give you valuable insight into what life is like in that career. Gather information by gathering contacts.
⇒Use your college′s career center. Research materials, useful lectures, alumni contacts, self-assessment tests, interview workshops and the latest resume and career development software await you.
One way businesses attract and retain top talent is by offering comprehensive compensation and benefits packages. What your organization provides depends on the budget available, the size of your company, and what your employees value most. While larger firms and government employers tend to provide comprehensive compensation packages, small businesses tend to start with a few elements and build on those as business allows.
If you're a small business owner/HR manager: If your business is looking to start or expand what you offer as part of your compensation package, look at the categories below and define your own goals and a plan for growing and expanding what you offer.
If you're an employee: This article is written for employers, HR professionals, and managers who want help in evaluating their current compensation offerings. However, even if you're a job candidate or current employee, you may find the tips and baseline numbers below helpful as you evaluate your expectations and requests for your own compensation package.
