Managing human resources in the knowledge-based economy

In the management of human resources, knowledge workers have been considered as adding high value to their organizations and as being the cream of the workforce. The globalization process as well as the easier access to technology has changed this paradigm. Nowadays, the knowledge workers are found at almost all levels of the workforce, from low wages to high wages. In addition, the technological change is increasing the demand for skilled labor and has modified the relationship between employees and employers. The employees have traditionally expected a stable and lifelong employment, but in the knowledge-based economy they have to update their skills continuously. Effective knowledge management is about managing people and systems so to foster the use of information in the organizations. The information should be accessible to individuals and the employees should be encouraged to develop and use their knowledge to create value for their organizations. The efficient knowledge transfer within the firm plays a significant role on the ability of an organization to fully use its knowledge-based competitive advantage, and in the economic development of countries.