Final answer:
Companies can stay competitive by being flexible in their organizational structures, such as using team-based approaches, and by encouraging continuous skill development among employees to adapt to changes in technology and globalization.
Step-by-step explanation:
The two main ways that companies can remain competitive in a rapidly changing workplace are by embracing flexibility and by constantly updating their employees' skills. Flexibility in organizational structure allows companies to respond more swiftly to market demands and workforce changes. A notable example of structural flexibility is the shift from traditional hierarchies to teams that combine various skills, experiences, and expertises. This method can leverage diverse talents to achieve business goals, although its productivity impact continues to be explored.
Furthermore, fostering employee flexibility means encouraging a workforce that can adapt to new challenges with ease. Besides structural changes, companies need to emphasize skill development, both job-specific and transferable. Individuals who keep abreast of industry changes through professional development opportunities, like attending seminars and webinars, are invaluable in maintaining a company's competitive edge. Additionally, employees showing initiative and problem-solving skills positively contribute to their teams and help businesses to innovate and thrive in a marketplace defined by technological advances and globalization.