The knowledge, education, training, skills and expertise of a firm's workers
In general, the best jobs that remain require more education and more skills. For example, we saw that automation and just in time manufacturing systems mean that even manufacturing jobs require more reading, mathematics, and communication skills than before.
For managers, this means a growing emphasis on knowledge workers like skilled machinist Chad Toulouse, and therefore on human capital. Human capital refers to the knowledge, education, training, skills, and expertise of a firm’s workers. Today, as management guru Peter Drucker predicted several years ago, the center of gravity in employment is moving fast from manual and clerical workers to knowledge workers.
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