Human Resource Management

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The response addresses the queries posted in 1068 words.
//Prior to writing for this query, we should be aware of the concepts of incentive, training, leadership and reward system. This understanding would help us to complete the paper. I would like to discuss these topics. See the text below: //

In the present times, organizations are facing heavy competition for capturing more market share and maintaining existing customers. Therefore, most of the companies are seeking to implement new and innovative ideas for providing the products & services as per frequently changing customer needs. Usually organizations heavily depend on its employees for providing them with innovative ideas so that they can make their customers feel satisfied and loyal.

//In the paragraph given below, we would discuss the role of incentive, training and education for promoting innovation in an organization. //

Role of Incentives, Training & Education in Promoting Innovation

There are several factors which can be used to promote innovation in an organization. A company can use incentives, training and education to promote innovation in it. Training is the process which is used to enhance the knowledge and skills of the employees to perform the given tasks (Fisher, Schoenfeldt, Shaw, 2002). Education is wide and more general in scope than training. Education is a theoretical concept which aims at stimulating analytical & creative faculties of an individual, whereas training is job oriented.

Incentive refers to performance based compensation which is paid to improve productivity and motivation of the employees in an organization. Training, education and incentives are very helpful in promoting innovation in an organization. Training and education enhance the skill of employees and incentives motivate employees to work more efficiently. The employees find themselves more motivated and capable in ...