Investing in intellectual capital
Photo
by Chris HammondDr. Michael Withey is researching
the human resource practices of organizations in the knowledge-based
economy. His two research assistants (L-R) Emily Benson and Erica
Halliday are helping him deliver a survey to 500 employees across
the province that will examine the issues of recruiting, training
and retention.
The
census numbers are in and this province’s population is down.
That isn’t surprising to Dr. Michael Withey, a professor at the
Faculty of Business Administration. Dr. Withey is studying human resources
issues in the knowledge-based economy, focusing on the issues of recruitment,
training, and retention. His findings could help organizations in
this province make their employment opportunities more attractive
to people, and may even slow the brain drain.
“People need to work so they go looking for better jobs and more
opportunities,” he said. “This research will hopefully identify
what job-seekers are looking for in an employer and how organizations
can find employees that are a good fit for them.”
His research is part of a larger project being funded by SSHRC called
Challenges and Opportunities of a Knowledge Based Economy in Newfoundland
and Labrador. Dr. Withey is trying to uncover whether a company in
a knowledge-based sector handles their human resources issues differently
than companies in the traditional economy.
“A knowledge-based workplace involves more thinking and less
mechanization,” said Dr. Withey. “There is more decision-making
and employee empowerment” In traditional workplaces employees
tend to be valued more for their technical skills and management places
more emphasis on monitoring and inspecting performance. “I am
interested in learning whether or not workers in traditional organizations
and workers in knowledge-based organizations are motivated by the
same things.”
Recent trends in the global economy have led to a significant increase
in the emphasis on knowledge as a key competitive advantage. As the
emphasis on knowledge increases, so does the importance of intellectual
capital, which is rapidly becoming the key to organizational success.
A major element of intellectual capital is human capital, defined
as the knowledge that employees possess and generate.
“Developing intellectual capital requires finding the right employees,
ensuring that their skill levels continue to increase and taking steps
to ensure that they remain with the organization,” said Dr. Withey.
“While these are difficult challenges for any organization, they
are especially challenging in the knowledge-based sector,” he
said. “First, knowledge is increasing incrementally, making it
difficult for workers to keep up with developments in their areas
of expertise. Second, there tends to be a shortage of skilled workers
in technical areas, making it difficult to find the needed skills.
Third, the skill shortage is increased by job mobility, making it
difficult to retain skilled employees. And fourth, the increased turnover
rates are having an impact on the relationships between employees
and organizations, adding to the retention problem.”
More specifically he said there is evidence of a decline in an employee’s
commitment and loyalty to their organization over the past couple
of decades. Today changing organizations and careers are more commonplace.
The economy’s work culture is changing as a whole, but particularly
in organizations in the knowledge-based sector.
A major part of Dr. Withey’s research will be coordinating the
delivery of a survey to 500 workers across the province to assess
the nature of employee-organization linkages in the knowledge-based
sector. “This issue gains importance given the decline in loyalty
and increasing levels of mobility of skilled workers,” he said.
“To remain competitive, we need to retain skilled workers.”
Dr. Withey hopes to present the findings of the survey by December.
Investing in intellectual capital
Photo
by Chris HammondDr. Michael Withey is researching
the human resource practices of organizations in the knowledge-based
economy. His two research assistants (L-R) Emily Benson and Erica
Halliday are helping him deliver a survey to 500 employees across
the province that will examine the issues of recruiting, training
and retention.
The
census numbers are in and this province’s population is down.
That isn’t surprising to Dr. Michael Withey, a professor at the
Faculty of Business Administration. Dr. Withey is studying human resources
issues in the knowledge-based economy, focusing on the issues of recruitment,
training, and retention. His findings could help organizations in
this province make their employment opportunities more attractive
to people, and may even slow the brain drain.
“People need to work so they go looking for better jobs and more
opportunities,” he said. “This research will hopefully identify
what job-seekers are looking for in an employer and how organizations
can find employees that are a good fit for them.”
His research is part of a larger project being funded by SSHRC called
Challenges and Opportunities of a Knowledge Based Economy in Newfoundland
and Labrador. Dr. Withey is trying to uncover whether a company in
a knowledge-based sector handles their human resources issues differently
than companies in the traditional economy.
“A knowledge-based workplace involves more thinking and less
mechanization,” said Dr. Withey. “There is more decision-making
and employee empowerment” In traditional workplaces employees
tend to be valued more for their technical skills and management places
more emphasis on monitoring and inspecting performance. “I am
interested in learning whether or not workers in traditional organizations
and workers in knowledge-based organizations are motivated by the
same things.”
Recent trends in the global economy have led to a significant increase
in the emphasis on knowledge as a key competitive advantage. As the
emphasis on knowledge increases, so does the importance of intellectual
capital, which is rapidly becoming the key to organizational success.
A major element of intellectual capital is human capital, defined
as the knowledge that employees possess and generate.
“Developing intellectual capital requires finding the right employees,
ensuring that their skill levels continue to increase and taking steps
to ensure that they remain with the organization,” said Dr. Withey.
“While these are difficult challenges for any organization, they
are especially challenging in the knowledge-based sector,” he
said. “First, knowledge is increasing incrementally, making it
difficult for workers to keep up with developments in their areas
of expertise. Second, there tends to be a shortage of skilled workers
in technical areas, making it difficult to find the needed skills.
Third, the skill shortage is increased by job mobility, making it
difficult to retain skilled employees. And fourth, the increased turnover
rates are having an impact on the relationships between employees
and organizations, adding to the retention problem.”
More specifically he said there is evidence of a decline in an employee’s
commitment and loyalty to their organization over the past couple
of decades. Today changing organizations and careers are more commonplace.
The economy’s work culture is changing as a whole, but particularly
in organizations in the knowledge-based sector.
A major part of Dr. Withey’s research will be coordinating the
delivery of a survey to 500 workers across the province to assess
the nature of employee-organization linkages in the knowledge-based
sector. “This issue gains importance given the decline in loyalty
and increasing levels of mobility of skilled workers,” he said.
“To remain competitive, we need to retain skilled workers.”
Dr. Withey hopes to present the findings of the survey by December.