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Is skill development important for firms? June 2, 2007

Posted by Null in HRM.
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Skill development may not enhance the competitive advantage of a firm directly as because it is visualised as a short-run development process. But the significance of skill development can be realised if the process is based not only on filling gaps in current skill levels but also assuring the necessary skill levels to motivate employees towards more organisational learning and teamwork. However, it should be also seen as a long term iterative process which can contribute towards the core competencies of a firm and can help building in rare and valuable resources by which organisations can gain competitive advantage. It does not necessarily mean that firms will not survive without skill development but the process should be seen as a potential future return on investment which will help a firm achieve its strategy. Organisations who deliberately overlook the skill development issue may fail to attract and retain talented workforce, which eventually can jeopardize the long term corporate vision. Hence I believe ongoing training and skill development are important tools for building competitive advantage.

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