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Human Resource Management for Innovative Capability Development in Malaysia’s New Economic Model
Abstract
This chapter spotlights Malaysia’s New Economic Model (NEM), which aims to create a sustainable and robust economy through increased productivity and innovation. An innovation-driven business environment is to transform the Malaysian economy into one of high income and quality growth. Innovation is fueled by knowledge in organizations, and knowledge resides within individual employees. Thus, firms need to bring about knowledge exchange among employees to build on its innovative capability. Specific strategies can be utilized to encourage employees to acquire, share, and apply knowledge to create organizational value. The field of Human Resource Management (HRM) therefore becomes relevant in understanding organizational innovation in Malaysia. However, a comprehensive framework bridging HRM and organizational innovation has yet to be developed. This chapter fills in the gap by proposing a human resource management framework for innovative capability development in organizations for Malaysia’s New Economic Model.
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