As a person puts in years of experience and simultaneously keeps himself retrained in the current developments as explained above, his/her experience becomes that much richer and hence valuable to an organization. This fact is borne by several examples in all fields of employment such as machinists or accountants or front-office executives or management staff etc. Current education is important at all levels since developmental changes occur everywhere all the time - a new machine may have the most up-to-date electronic controls; an accounting software may be upgraded to take care of current laws; a front-office executive may be asked to handle additional tasks; a manager may be slated for a higher post with a significantly changed role, etc. Hence investment in knowledge addition should be considered as adding to the resource base of any organization.
In existing employees, the personal records will reflect the existing skills and the need for additional skills. In new recruits, the selection process through skill tests and interview will determine the candidate’s credentials. In exceptional cases, if one has to trade off experience with current education, preference will be given to experience provided the candidate displays a positive attitude towards skill up gradation.
A management mistake leads to underperformance by a resource – the resource may be an employee, process / procedure or equipment. Common management mistakes can be identified as a) not matching needs with the means b) deploying under-paid and unskilled employees c) insufficient role clarity d) insufficient delegation e) failing to identify skill gaps and training needs f) lack of succession plans etc. These are just a few of many such short comings in management (dummies.com, 2010).
Every organization must have clear cut objectives in both product/service offerings and financial performance. In order