Managing in Knowledge Economy

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Introduction

In the economic structure, knowledge economy has been the latest development. The developed world first started out with an agricultural economy, proceeded to an industrial economy, and later on to a post industrial economy. The latest stage, knowledge economy entails technological advancements and an internationally competitive need for new products and services rising from research communities such as universities, laboratories and educational institutes.

In this kind of economy, the work force is highly required to be computer literate, well equipped to handle data, simulate models, develop algorithms and to be innovative. Knowledge provides problem-solving skills, technical capability and data management required in today’s global world.

In today’s world, the global economy is transiting into a knowledge economy. This transition requires the society to rewrite the rules that described an industrial economy’s success.

There have been three various forces which have been driving the world into a knowledge economy and these include:

Technology

Technological advancement has aided and greatly enabled the development of knowledge economy. Computers and internet have created information networks globally thus increasing the practicability of the knowledge economy. These forms of technology have also found a path way into production processes, as a result, significantly reducing transaction and investment expenses.

Consumer Demand

Demand for higher quality goods and services by sophisticated consumers have also facilitated the need for a knowledge-based economy.

Globalization

Globalization is yet another factor that has been seen to speed up the transition of the economy to a knowledge based economy. Knowledge economy is already under way in many places worldwide including: automotive and aerospace engineering in Munich, Germany; digital and electronic media in South Korea; biotechnology in India among others.

Characteristics of Knowledge Economy

Unlike other material resources which can be depleted, knowledge economy is not characterized by scarcity. It is, on the contrary, characterized by abundance, in that, information and knowledge can actually be shared thus enabling it to grow exponentially.

Products and services enhanced by knowledge have the ability to command the price premiums unlike the products embedded with low levels of knowledge

The kind of skills and qualities required by young people before applying for jobs has evoked debate among many national economies transiting into the knowledge economy.

In most industries, work is becoming more based on knowledge. White-collar jobs are quickly driving the growth of economies in nations. Research is therefore needed to inform the education policy makers of the right skills needed for a knowledge economy. It should not be assumed that high levels of education are enough in achieving this kind of an economy.

Besides academic qualifications, a number of qualities, behaviors and skills are required from graduates who are trying to secure jobs in the knowledge economy. Some of these are mentioned below:

Industry Awareness

When applying for a job in a particular industry, it is important that the applicant displays general awareness of the current and emerging trends, issues and events pertaining to the field he or she may be applying. This goes a long way in showing the willingness and interest to grow in that sector. It also makes it easier for the applicants to take off on a good start once the job is offered to them, owing to the fact that they had some level of awareness about what goes on in that particular industry.

Technological Skills

Employees and job applicants in a knowledge economy are required to have some level of technological knowledge. This is to enable them operate effectively in the environment which is increasingly becoming tech-oriented.  Some of the technological skills that may be required include:

  • Knowledge of  basic IT skills
  • Ability to apply IT as a management tool and use it to organize data

 Communication Skills

When applying for a job, proper communication skills earn respect from the employer. Portraying a good command in the language in use displays confidence, a quality required in most workplaces. This is probably the best way to sell oneself to the employer as it portrays intelligence and intellect. Proper communication skills also provide harmony within the work place and facilitate effective operations and productivity (Arthur, 2008).

Problem-Solving Skills

Employees are required to show some level of initiative in problem identification and problem solving. They should possess the ability to make critical decisions about various work problems without the need to be supervised. Some of these problem solving skills include:

  • Developing creative, innovative and practical solutions
  • Portraying independence and initiative in identifying and solving problems
  • Involving others when trying to solve a problem
  • Applying a wide range of strategies to solving problems
  • Testing assumptions and taking the outcomes of every alternative solution into account before deciding on the action to take

Taking these factors into consideration goes a long way in ensuring proper production and service delivery.

Leadership Skills

Leadership skills are applicable in any field of work. If one has been successful in any leadership role, it may be worth the while to mention this during the interview. Leadership skills show the ability to lead an organization towards achieving their desired goals and objectives.

Time Management And Project Management Skills

It is important for employees to be effective at planning and organizing. This is what gives them management capabilities

This may entail the following elements:

  • Allocating tasks and resources to various people and planning the use of these resources
  • Coordinating tasks and setting timelines to ensure proper time management
  • Predicting and weighing the risks of each alternative and applying the evaluation criteria
  • Understanding the basics of business systems
  • Ability to develop a vision and a proactive plan in line with the vision
  • Collecting, analyzing and organizing information
  • Personal Skills
  • Determination: In a working environment, one should always express the determination to carry out various activities. One should strive to complete the tasks assigned and should avoid quitting when it gets too hard.
  • Confidence: When applying for a job, it is important to display confidence. Believing in oneself enables others to believe in you.
  • Enthusiasm: In a professional environment, one needs to be enthusiastic as this shows genuine interest in the job one is undertaking. It is important to display personal drive and consequently excite the people around the working environment.
  • Positive attitude: A positive attitude will automatically offset a productive tone during an interview. Maintaining this positive attitude after successfully acquiring the job is also as important (Arthur, 2008).

Conclusions Regarding My Strengths and Weaknesses

An evaluation of my own capability for entry and sustained employability in a knowledge economy revealed that I had the following capabilities:

I am well aware of what my job entails. As an accountant, I am required to measure, disclose and provide financial information to help managers, tax authorities and investors make relevant decisions about allocation of resources.

I hold a degree in bachelor of accounting.

I possess the relevant technological skills needed for my job. This includes an international computer driving license which equips me with the basic computer skills required for my job.

I have a good command for English and can speak the language fluently. I am also good at writing reports. I have undergone training in problem solving techniques and this has equipped me with the skills required in solving problems.

I also possess the personal skills needed in a professional environment such as confidence, determination, positivity and enthusiasm.

Development Plan

Period: April 2012- September 2012

Date of next review: January 2013

Where Am I Now?

I am currently employed as an accountant at Deloitte, since January 2011.

Current Role

The main tasks I currently undertake as the accountant include the following:

  • To analyze the account book and assign accounts on a monthly basis.
  • To ensure data for external audits has been backed up.
  • To create test plans and perform tests of the financial internal controls.
  • To recommend remediation for internal control gaps and ensure follow-up on remediation efforts with the appropriate personnel.
  • To coordinate with the external auditor to facilitate their audit of internal controls.

My Strengths

I am good at solving problems relating to accounting and have the capability to take initiative and work independently as well as with a team. I also possess good communication skills which bring harmony to the working environment and ensure that operations are carried out effectively.

My Weaknesses

My interpersonal skills with members of the organization are not satisfactory and I find myself overly involved in my professional work and fail to maintain friendly relationships with my colleagues.

Goals

My short term goals to be achieved within the six months include the following:

  • To enhance my professional skills in accounting.
  • To further my qualifications levels and acquire CPA-1 certification.
  • To improve my interpersonal skills within the organization.

How to Get There

  1. By attending professional development seminars to learn more about accounting.
  2. By enrolling for evening classes at a learning institution offering CPA courses.
  3. By maintaining close relationships with stakeholders from my department as well as other departments within the organization (Drucker, 2010).

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