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Efficient employee is one who works well without wasting the time & resources whereas Effective employee is one who delivers the intended or expected result.
An efficient employee is one who performs his / her job in the best possible manner with the least time and effort, while an effective employee performs as expected.
Efficiency can be described as undertaking the given tasks in a very professional and ethical way which is liked by all and having no errors to the best possible whereas effectiveness can be stated as getting the task done which might have errors or in a way not endorsed by direction givers. Efficiency is good and best needed for oneself and effectiveness is useful when delegating tasks and getting it done by them by influencing them.
Efficiency is about managing self, while effectiveness is about managing others and your business.
