Years ago, the key resource available to many companies was their physical capital. In an industrial economy, the primary drivers of productivity and profitability were machinery and other equipment used in the production of goods. While workers needed to be competent enough to operate this equipment and reliable enough to show up for work, labor was otherwise largely a commodity.
The Value of a Skilled Workforce
In the modern economy, successful companies recognize that it’s their workforce that represents the most important driver of their productivity and profitability. Companies vie for top talent, because it’s these employees that will help them outcompete their competition and continue to innovate and skillfully react to a dynamic business environment and global economy.