Introduction to the Guide for Managers
Know-how and expertise are the new drivers of business success.
In the Industrial Age, investments in fixed assets—plants, buildings, and equipment—were the main source of competitive advantage. Today, competitive advantage derives mainly from human capital—the skills, know-how, creativity, and performance of employees. Growth in corporate profitability has been fueled mainly by greater productivity of human capital for the past twenty-five years (Echols, 2008). Indeed, traditional capital assets now account for only about 20 percent of the book value of most companies, even less in high-tech or service industries.
Remaining competitive and profitable in today’s rapidly evolving business climate requires ...

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