Driving competitiveness and innovation appraisal comments


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Driving competitiveness and innovation appraisal comments

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WATCH RELATED VIDEO: Innovation Models: What factors drive Innovation?

Six Non-Financial Metrics Every Marketer Should Measure


Small and medium-sized enterprises SMEs are considered to be a driving force of the economy in the world. Among the most valuable features of SMEs is their flexibility, decision-making accessibility, implementation, innovation and high adaptability to the market environment.

SMEs provide for acceleration and economic growth of the country and its regions. Investment in human capital in SMEs, meaning investment into intangible assets of the company , it is one of the ways to support this sector. In the same manner as SMEs are considered to be a driving force of the economy, human resources can be seen as its driving force, the source of success, competitiveness and added value of businesses.

Human capital is one of the most valuable components of any business and that is why investment in human resources becomes a necessary step ensuring that a business prospers in a changing market environment. Current trends also point to the growing importance of investment in human capital. The future will certainly belong to those companies which pay most attention to effective management of human resources, which, in terms of time factor is an important prerequisite for growth and competitiveness of a company.

Issues of Human Resource Management. Currently, small- and medium-sized enterprises SMEs in developed economies are irreplaceable. They are considered a driving force of the economy because they largely contribute to the increase in innovation activities and to the flexible introduction of new products and also are adaptable.

They also create a substantial volume of job opportunities. For a stable and prosperous market economy, it is essential that there is a medium state of SMEs in the society. It is precisely for this reason that it is necessary to pay more attention to SMEs, encourage them and also create favourable business conditions. SME category has its own significance and role in corporate management. The role of SME entrepreneurs differs both quantitatively and qualitatively from the tasks of managers in large enterprises.

In many cases, large enterprises greatly rely on SMEs in the provision of their support services and products which enables the large enterprises to concentrate on their core activities.

Therefore, SMEs are highly valued for their creativity, flexibility, rapid response to changes in the environment and also in easy decision-making implementation of innovation, as well as for their focus on specific markets [ 2 — 4 ]. On the other hand, compared to large enterprises, SMEs have limited resources, which make them less technologically equipped. They are less able to prepare and manage business plans; they are more dependent on personal relationships between management and employees and between management and customers.

SMEs usually do not have significant personal contacts within the financial sector and the government and thus are less able to negotiate special tax and state benefits [ 5 ]. However, as long as the aforementioned negatives are identified and eliminated in time, SMEs can effectively manage their business activities and significantly contribute to creating an added value and jobs in any economy.

The existence of the enterprise, its prosperity and dynamic progress is primarily affected by the quality of human resources. Prosperous enterprises realise that the most profitable capital of the enterprise is its employees [ 6 ]. Nowadays, the statement that people are the most valuable resource of any company proves to be more true than before. No more it is enough to ensure quality technical equipment and technology. Without the people who create added value in the company as bearers of human capital, no technical achievements can be properly utilised [ 7 ].

Intellectual capital is defined as stocks and flows of competencies, knowledge and skills available to businesses, which contribute to the process of generating market value of the company [ 8 ]. Intellectual capital is essentially a set of intangible sources that together with the material resources form the market value of the company. All these competencies are disseminated and transmitted further, parallelly with contacts to people outside the company creating thus a social capital of the company for the purpose of creating a so-called business knowledge-organisational capital [ 8 ].

It is clear that the company should pay more attention to the human factor, and, consequently, human factor should not be seen only as an additional expense but as a prospective income, which will pay back in the future [ 10 ]. It is also important that business owners become aware of the fact that the success of their enterprises as a whole depends mostly on their employees.

They should not overlook this fact; on the contrary, they should seek ways of the most effective use of their human factor. The significance of human factor was analysed by Gary Becker.

Becker divided human capital into a general one usable in a variety of jobs and to a specific capital which can be best used in a specific company. Human capital is affected by three fundamental features shown in Figure 1 [ 12 ]. Factors affecting human capital Source: [ 12 ]. Figure 1 shows that the skills and qualities of the individual are determined by initial factors and they can be further developed by education and the environment. Enterprises become increasingly aware that proper investment into human resources can have a significant impact on their performance, which of course also affects their competitiveness.

The corporate culture exactly offers the greatest source of competitive advantage of enterprises [ 13 ]. Continual adaptation to changing market conditions attracts businesses to invest their energy and finance to staff by improving their competencies. Businesses improve their human resources and consequently increase their psychological and professional assets by investing into human potential of individuals by improving their skills and competencies [ 14 ].

There exist various ways of investment into human resources. Businesses can invest in general human capital, which is an investment into specific or general training that enables acquisition of general knowledge usable in various companies. This results in higher future expected return of investment. The second option of investment into human resources is to invest in specific human capital.

Specifically, it is investing in the improvement of specific competencies and skills for a particular job. This form of investment is less risky in terms of staff turnover as the use of specific knowledge is less likely to be used in other companies [ 15 ].

There are also other forms through which the company can provide investment in human resources, for example, by improving working conditions by using more efficient and innovative protective aids and tools [ 16 ]. The second way is to improve the health conditions of employees through quality social programme. The third form of investment in human resources could be improvement and expansion of business skills, competencies and abilities achieved by high-quality corporate education.

When investing into human capital, the enterprise should pay attention to the criteria used for investments into fixed capital, taking into account also the specifics and factors that affect the overall investment process. When considering the philosophy of strategic planning into human resources, it is necessary to take into account two criteria: first, feasibility of investment which answers fundamental questions about the availability of necessary resources, efficiency, time factor, the size of capital invested and the like.

The second criterion is the eligibility of the investment. Then, the investor confirms the correctness of the decision to implement the investment. Another issue to be taken into consideration in company decisions to invest in human resources is the fact that such decision is limited and depends mainly on the estimated volume and availability of capital expenditures and also on the expected amount of income from investment management, cost of capital and optimally quantified assessment of the investment period [ 18 ].

In economic theory, investments in education of the employees are the most common assessment of the investment in connection with the analysis of investment in human capital. The development of required skills of the employees is mostly provided by two key elements: personality training and education.

Personality training can be understood as the process of creating the personality of an individual. Education is a form of development and shaping of the personality of an individual.

These two elements represent important components of the activities of personnel management. In this process, creation of suitable conditions for the implementation of individual education of employees, organised informal learning and quality corporate learning system play the most important role [ 7 ].

Further, business system of education in the broader sense focuses on the formation of working skills and social characteristics essential for creating healthy personal relationships of the employees [ 8 ].

This is a repeating cycle based on the objectives of the corporate strategy and also based on the principles of corporate training policy. This cycle further relies on organisational and other business conditions of education. It consists of four phases of the long-term process of effective training and development, as presented in Figure 2.

Four phases of the effective training and development in the company Source: [ 7 ]. A common problem, however, is usually insufficient budget for the required scope of education, training and other activities. The lack of subventions is also the main reason why trainings are carried out irregularly. There are two ways of investment into human resources: companies may choose internal intra-unit and external outside the enterprise form of education.

Each of these options has their advantages and disadvantages. The internal form of education, which includes coaching, assisting, working on projects, internal briefing in the performance of work and so on, is by the majority of businesses considered to be a more effective form. On the other hand, the main obstacle to application of this form is usually a lack of the required volume of financial resources and a lack of suitable trainers. External form of education, carried out outside a company, is also considered to be faster and easier.

The problem may occur if the supply institution misunderstands requirements, which immediately reflects in the amount and structure of the expected total return by investing in human capital of the company [ 18 ]. Except for investing in corporate education system, it is also important to invest into business benefits for human resources to ensure that capable employees that create a competitive advantage in business are recruited and retain in business.

We assume that investing into an effective system of distribution of corporate employee benefits is a key solution to recruit and keep employees but also a way to further develop teams of high-quality employees [ 19 ]. Business benefits Source: [ 20 ]. To assess the efficiency of investment in human resources, it is important to provide a detailed cost-benefit analysis of the investments.

In determining the expenditure related to investment in human capital, the efficiency evaluation should include all the cost associated with the identification and analysis of training needs, costs of developing and learning activities, renting costs, accommodation, information and communication technologies, the cost of teaching aids and materials, the cost of external trainers and lecturers, direct personnel costs for trainers and staff such as travel and subsistence expenses, insurance and various other benefits provided by the employer as well as other costs related to various forms and methods of education.

These costs, as well as other costs of learning activity, are associated with specific phases of the process of vocational education, and therefore it is possible to divide them as suggested by experts [ 7 ] into: Types—labour costs, depreciation of fixed assets, material consumption, operating costs and others. Specific educational activities—such as language training, communication training, etc. Stages of the education process—such as identification and analysis, planning, implementation and evaluation of educational activities.

To ensure economic efficiency of a selected educational activity, the company should first of all determine the optimum amount of the costs, dependent on the minimum number of employees in a given activity. The minimum number of trainees and the minimum volume value of revenues for the respective training can be defined by setting the profit threshold through the division of costs into fixed and variable.

Investments in human resources may also include the costs of lost or unused opportunities that represent possible earning potential, in which the employees could gain, but which was omitted due to the educational activity. Furthermore, this cost may also include the loss of profit from unaccomplished work due to an educational activity. Generally, these costs are not economically evaluated; however, if the company is interested in evaluating the economic efficiency of educational activities correctly and objectively, they should take these costs into consideration [ 18 ].

The total expected revenues from educational activities for the company gained during a predetermined period of time depend on the success of all employees and their ability to apply gained knowledge as well as on the overall business performance in a given time. The main problems in determining profits of vocational education [ 21 ] are as follows: Setting the period for assessing the effectiveness of education.

As in education there is no universal way to determine the optimal time for evaluation of effects, it is important that a manager presents a specific activity period on the basis of their personal expert estimate. Determination of the effect of selected training activity on the so-called cash flow expected return. This profit is influenced by a number of factors, and that is often why it may cause a problem in proper assessment whether the examined effect is the after-effect of the educational activity or whether it results from other changes within the company.

Investment in human capital is profitable effectively utilised , provided that the total expected return cash flow is higher than the costs invested, respectively. In other words, it is profitable if the rate of return of funds spent r is higher than that of investment, so-called interest rate i.

As a result of the downward trend of the additional revenues from the additional training and development of employees, the internal rate of return of investment r is limited. However, to assess the effectiveness of learning activity exclusively on the basis of its costs is not reliable.

Generally, such a decision can be more expensive than reduction of the cost of ineffective education. Therefore, it is preferable to choose the opposite approach in assessing the effectiveness which lies in tracking benefits contributions of training, which can represent positive change indicators, as presented in Figure 4 [ 7 ].



The Performance Management Revolution

Box , MD Maastricht, Netherlands. Software innovation, the ability to produce novel and useful software systems, is an important capability for software development organizations and information system developers alike. However, the software development literature has traditionally focused on automation and efficiency while the innovation literature has given relatively little consideration to the software development context. As a result, there is a gap in our understanding of how software product and process innovation can be managed. Specifically, little attention has been directed toward synthesizing prior learning or providing an integrative perspective on the key concepts and focus of software innovation research. We therefore identify 93 journal articles and conference papers within the domain of software innovation and analyse repeating patterns in this literature using content analysis and causal mapping.

The greater differentiation of increases is more visible and drives home the point that the Examples may lie in the performance management process.

Value Chain Analysis

Small and medium-sized enterprises SMEs are considered to be a driving force of the economy in the world. Among the most valuable features of SMEs is their flexibility, decision-making accessibility, implementation, innovation and high adaptability to the market environment. SMEs provide for acceleration and economic growth of the country and its regions. Investment in human capital in SMEs, meaning investment into intangible assets of the company , it is one of the ways to support this sector. In the same manner as SMEs are considered to be a driving force of the economy, human resources can be seen as its driving force, the source of success, competitiveness and added value of businesses. Human capital is one of the most valuable components of any business and that is why investment in human resources becomes a necessary step ensuring that a business prospers in a changing market environment. Current trends also point to the growing importance of investment in human capital. The future will certainly belong to those companies which pay most attention to effective management of human resources, which, in terms of time factor is an important prerequisite for growth and competitiveness of a company. Issues of Human Resource Management. Currently, small- and medium-sized enterprises SMEs in developed economies are irreplaceable.


14 Types of Performance Appraisals for 2022

driving competitiveness and innovation appraisal comments

Planning is the most fundamental of the five management functions; without it, none of the other functions can be carried out effectively. Of the five functions, planning is the most fundamental; it is the management form from which the other four stem. To wit:. Therefore, plans are the seeds from which the organization functions. Even so, the need for planning is often apparent only after the fact.

There's nothing more fundamental to the success of an organization than employee performance. In this article, we'll review 14 of the most common performance evaluation methods from traditional methods of appraisals like competency assessments to more extreme appraisal techniques like human resource accounting.

Innovation Performance Review Phrases Examples

PTT believes that every employee is an important resource in business operations and corporate growth depends on quality employees. Therefore, policies in this regard focuses on developing and improving human resource management processes and systems which are up-to-date, internationally comparable and in line with changing technology trends. The mentioned policies strengthen and foster employees in becoming ethical and talented professionals, contribute to and support the development of society, and acts as a mechanism to propel PTT forward in becoming a sustainable organization. PTT views the preparation of human resource development, which creates employees with the readiness and capability to adapt to changing business directions and goals, as vital. In however, PTT has faced obstacles in work operations due to the COVID epidemic, and thus responded by making necessary adjustments to certain work processes.


Baldrige Criteria Commentary

Innovation is not a new phenomenon. Arguably, it is as old as mankind itself. In spite of its obvious importance, innovation has not always received the scholarly attention it deserves. For instance, students of long-run economic change used to focus on factors such as capital accumulation or the working of markets, rather than on innovation. This is now changing. Research on the role of innovation in economic and social change has proliferated in recent years, particularly within the social sciences, and with a bent towards cross-disciplinarity. In fact, as illustrated in this article, in recent years the number of social-science publications focusing on innovation has increased much faster than the total number of such publications.

Two types of organization-level corruption, Academy of Management Review, M. Zhao,, Beyond cops and robbers: The contextual challenge driving the.

Innovation: A Guide to the Literature

Future Business Journal volume 7 , Article number: 64 Cite this article. Metrics details. The important role that management accounting plays in driving organisational performance has been reiterated in the literature.


Innovation: Use these sample phrases to craft meaningful performance evaluations, drive change and motivate your workforce. Innovation is the process of translating new invention into a service that creates value or brings better solutions that meet the requirements. Innovation: Exceeds Expectations Phrases Always looks for ways to create extra value in the work that is done. Identifies problems easily and then comes up with potentially workable solutions Tries always to question and seek different and varied perspectives of looking at things. Is adaptable and very flexible when trying to identify problems and to find solutions.

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Businesses compete in a world that is growing ever more complex. Disruptive technologies emerge with increasing frequency. New competitors are always entering the fray. In their attempts to reduce uncertainty and reestablish control amid this new complexity, companies tend to introduce new reports, new rules, and new processes. Complicatedness hinders productivity by creating a work environment that leaves employees disengaged and unmotivated. Those companies that are able to hone that agility in the face of increasing external complexity will emerge with a clear competitive advantage.

We expand the perspective on disruption by going beyond substitute products to consider the ways in which complements can impact the competitiveness of incumbents. Complementors represent a different kind of disruptive threat, one that is latent within the initial structure of value creation: complementors that disrupt are not new entrants but, rather, established actors that can shift their impact from positive to negative. With this perspective, we consider how ecosystem dynamics can clarify aspects of disruptive competition, and we use the dynamics of disruption to illuminate dimensions of competition in ecosystem settings.


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