Encouraging Employees to Challenge Existing Ways of Doing Things, and to Be

question 103

Essay

Encouraging employees to challenge existing ways of doing things, and to be creative and innovative in proposing better ways of operating, requires the company to create a supporting environment. In many firms, this means empowering their employees. What is meant by empowerment of employees? How does it differ from delegation of authority? In what ways can empowerment of employees aid the cause of good strategy execution?

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Definitions:

Exchange Rates

The price at which one currency can be exchanged for another currency, affecting international trade and investments.

Statement Of Retained Earnings

A financial statement that outlines the changes in a company's retained earnings over a specified period, including net income earned and dividends paid out to shareholders.

Dividends

Payments made by a corporation to its shareholders, typically from its profits, as a distribution of earnings.

Functional Currency

The currency of the primary economic environment in which an entity operates and carries out its transactions.