Training and development are key to success in a postindustrial economy, i.e., one that is more focused on providing services than producing goods and services. In an industrial economy, of course, it’s important for employees to be trained.
But major gains in productivity and value typically come from acquiring more and better tangible assets, such as machinery and factories. In a postindustrial, service-focused economy, a business’s best assets are its employees. Companies compete for the top talent coming out of school and seek to lure established professionals away from other businesses.