Training and Development

Training and development enhance performance and have become increasingly important due to technological advancements. It is an ongoing process within HRM, encouraging career progression at all levels. All employees, regardless of experience, require training. New employees need orientation training. Various methods can be used, requiring appropriate strategies and programs.
Overall, HRM encompasses acquiring the right resources and providing training and development opportunities to foster organizational success.

Compensation and Benefit

Compensation and benefits involve determining wages, rewards, and perks for employees. Good rewards and benefits improve morale and performance. Lack of these has a negative impact. Non-monetary incentives, like praise and privileges, also boost performance.
Acknowledgement can be in the form of trophies, certificates, and financial rewards. This concept originated in the 1980s and is now widely used. Other popular non-monetary incentives include lunches with the director, birthday gifts, outings, and various items.
These incentives motivate employees and create an environment conducive to change. Monetary incentives directly enhance performance and are tied to individual and executive achievements. Group performance reports are prepared, and transparency is crucial. Disincentives for poor performance could also be considered.