The Challenges of Modern Economy on the Competencies of Knowledge Workers

Abstract

The modern environment has seen drastic changes; competency management, a core corporate strategy that enables talents to be in line with corporate objectives, is becoming a crucial aspect in solving organisational challenges and a vital source of competitive advantage. Human resource management (HRM) adds value by developing a better competency approach when it fully understands the required competencies for its knowledge workers. The purpose of this article is to understand the overall perspective (required competencies, challenges, and skills gaps) of knowledge workers’ competencies in the modern economy. An expert panel research method was used, as it allows for more complex research that addresses both observed and unobserved determinants of skill and competency requirements. Based on competency management, the result indicates that critical thinking, interpersonal and emotional skills, inspection and monitoring skills, and basic digital skills are the key competencies required. The resulting consequences of the lack of these competencies are also mentioned.