This economist-led study examines the global investment in knowledge development and its effects on business' growth and productivity. Conducted by economist Paul Mizen, economics professor at the University of Nottingham; and Fellow, Centre for Growth and Business Cycle Research, University of Manchester, the study reveals that a lack of investment in people is threatening the ability of many leading industrialized countries, such as the U.S. and UK, to maintain global competitiveness in the post-recession economy.
Technology is a critical element to every business from the Internet to smart phones to data servers, but it's the underlying employees' knowledge of a technology that makes it useful. Social media is a great example of this. As a new "technology" in itself, it provides companies with a creative way to maintain a competitive edge. However, if employees aren't trained properly on it, it's no good to the business.
Additionally, as companies seek more innovative, less expensive ways to conduct business, training employees on those new methods will only be more critical for a successful business now and post recession.
This study highlights these issues and the importance of employee knowledge development in order to maintain or gain a competitive edge in the increasingly globalizing world.
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