Knowledge and Competence

Knowledge and competence are a critical source of competitive advantage in the world because it is constantly evolving. For example, in order to have a competitive advantage in the job market alone an individual must stay knowledgeable and competent. There used to be a time when you could get a job with just a high school diploma and make good money, but as technology and the job market changed, the demand for a higher degree became a necessity. As of now, it is beginning to become a challenge to obtain a good paying job with a bachelor’s degree. The time is changing to where an individual needs a master’s degree in order to compete in the job market. Even though you may already have a job and been there for many years with a bachelor’s degree, it has become an advantage for the person who goes back to school for higher education to get promoted in a position where it could also be someone who has more experience. Many companies offer to contribute monetarily to their employees’ education as long as it is beneficial to them. They may do a tuition reimbursement program where they give a portion of it back or they may for it all. Some companies have in house training departments to conduct training. The training department is not only responsible for training new employees coming in but they are also responsible for continuing education in the company as they develop or add new technology, processes, and procedures. If we do not continue to gain knowledge and be competent, we run the risk of becoming obsolete or dispensable depending on the situation. As a nation we have to continue to grow in knowledge and competence in many areas in order to maintain, compete, and have an advantage over other countries.