Manufacturing-based economies to knowledge-based economies

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Question

As developing countries transition from manufacturing-based economies to knowledge-based economies, they will be met with an array of challenges. Employees that once thrived in a manufacturing environment may now struggle in one that requires that of service. The workers will need an adaptable skill set that allows them to transition to a service-based role. If they are unable to adapt to the change, they may end up unemployed and struggling to make ends meet. The role transition will require skill-based laborers. This transition will cause economic hardships and social strain. As demand increases for skilled laborers, so will the improvements required for labor standards to secure a stronger workforce. Labor unions can either gain or lose their influence depending on their ability to adapt to the needs of those they serve. Skilled workers will inquire about their wages, benefits, and work-life balance. The government may feel more pressure to adapt to the change and support legislation that allows the skilled workforce to continue their education and further their training by attending additional course offerings.

Reference no: EM133783919

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