The System of Rewards and Recognitions As A Strategy for Gaining New Knowledge and Experience
Generating and creating new capital from knowledge and experience and its implementation and maximum utilization are the key elements of knowledge management in modern organizations. Investments in organizational learning, development of knowledge, creativity and experiences are already the most expensive, as well as the most cost-effective strategies for investing in the joint venture capital of organizations. Only new, innovative and high-quality knowledge and experiences can initiate and create new entrepreneurial relationships, which are expected to produce new jobs and new values. The rapid technical and technological changes that occur in the unpredictable modern demands of modern organizations, can be followed only if one knows what type of knowledge is available, how to create and store new knowledge and experiences, how to manage them and how to motivate employees who possess this knowledge. All this is inextricably linked to the context of a learning organization, with a well-established culture that will foster knowledge-related activities and an appropriate system of salaries and rewards. In this direction, the fundamental aim of this paper is also addressed, which is to perceive the connection between the significance of the system of rewards and recognitions in the process of acquiring new knowledge and experiences in modern organizations. The conducted research is aimed at finding new scientific knowledge that will find appropriate application in improving the achievements in strategic management and competitive advantages in modern organizations. The survey covered a significant number of service and production organizations from the area of the Republic of Macedonia.
Index Terms— organizational learning, knowledge, culture, rewards, recognitions.