Why Are Some Competencies Valued: Three Key Reasons
Three key reasons why some competencies are valued basis resources (like skills, competencies and knowledge) are valued. This means of valuation is important because it h as changed over the past and will undoubtedly change in the future.
Why are some competencies valued?
Firstly, because they create something that people value: for a resource to be seen to be valuable, it needs to be able to actually create something that others value. This is important because notions of w From the 19th century onwards the value of engineering waned except in some places like Germany where the engineers in the BWW and Mercedes Benz companies are revered and engineering is considered a highly valuable skill to develop. hat is considered most valuable changes over time.
Secondly, because they have something that is rare: resources become valuable because they are rare, and are seen to be rare. Clearly, if everyone has the same competencies and skills and there is a large pool of these talents then they will not command a premium.
World-class football talents are rare and therefore are considered valuable. But it is not just football talents that are rare. At any point in history resources become rare because demand exceeds supply. Skills become in short supply because those already in the occupation are leaving, and/or because the demand for the skill is rising.
Thirdly, because they a re difficult for others to imitate: to be valuable a competency or skill must be difficult for others to imitate – if I have a skill that pretty much anyone can do then it makes it much less valuable in the labour market. I believe that imitation will be increasingly a real challenge for how to choose what in the coming years. physical assets
For example, physical assets found in a restaurant, for example, are chairs, tables, refrigerators and food. Although some physical assets can be inventoried or stored, they may go through depletion, depreciation, deterioration or shrinkage in the
Why are some competencies valued?
Firstly, because they create something that people value: for a resource to be seen to be valuable, it needs to be able to actually create something that others value. This is important because notions of w From the 19th century onwards the value of engineering waned except in some places like Germany where the engineers in the BWW and Mercedes Benz companies are revered and engineering is considered a highly valuable skill to develop. hat is considered most valuable changes over time.
Secondly, because they have something that is rare: resources become valuable because they are rare, and are seen to be rare. Clearly, if everyone has the same competencies and skills and there is a large pool of these talents then they will not command a premium.
World-class football talents are rare and therefore are considered valuable. But it is not just football talents that are rare. At any point in history resources become rare because demand exceeds supply. Skills become in short supply because those already in the occupation are leaving, and/or because the demand for the skill is rising.
Thirdly, because they a re difficult for others to imitate: to be valuable a competency or skill must be difficult for others to imitate – if I have a skill that pretty much anyone can do then it makes it much less valuable in the labour market. I believe that imitation will be increasingly a real challenge for how to choose what in the coming years. physical assets
For example, physical assets found in a restaurant, for example, are chairs, tables, refrigerators and food. Although some physical assets can be inventoried or stored, they may go through depletion, depreciation, deterioration or shrinkage in the