Knowledge Economy in The UK Essay Example | Topics and Well Written Essays - 2250 words

Knowledge Economy in The UK - Essay ExampleKnowledge as a product has acquired legion(predicate) focus executives to research it in a broad spectrum where its governance has become a major continue in building international strategy, innovation and performance. Knowledge as a tool examines the outcomes of knowledge processes, and what we mean by knowledge economy is to make the best out of this tool. Knowledge economy is a product of strategic organisational fields that possess the capability to fulfill human capital inputs by change magnitude number of technologies (Brusoni et al, 2001).At an institutional level knowledge economy defines various levels to which regional or organisational policies be shaped in context with economic regimes. With knowledge comes innovation and a knowledge-enabled organisational environment adopts and implements knowledge strategies and develops knowledge culture in order to sustain competitiveness in the long term. However, the extent to which a knowledge economy is mathematical depends upon the organisations primary levels of knowledge and innovation it can sustain (Hyde & Mitchell, 2000). Under the heading of knowledge economy lies increasing competitive pressures which are the outcomes of deregulation and internalisation.Governing knowledge under strategic management has bee... of knowledge non limited in a specific cultural context, but entails cross-cultural origins where integrating effects deep down and between organisations are managed. Gratton et al (1999) suggests that various research measures on a knowledge economy are dependent upon the influences that are acquired through appropriate use of knowledge with expertise that brings credibility to the HR surgical incision (Gratton et al, 1999 13). Strategic HRM Perspective of the OrganisationThe SHRM focuses on four main perspectives that question existence of the organisation for imagery allocation, in-house limitations governed through market relations, intern al organisation and labor markets and competitive advantage (Foss, 2005 24-25). Though performance management (PM) initiates knowledge management (KM) by controlling and aligning the most competent individuals to deploy other hands in the interests of organisations, but it follows some views to regulate performance. Firstly, it closely monitors employee performance and competencies to specify behaviors, skills and knowledge for employees. Then there are monitoring outputs that allows employers to decentralise control and finally there are high-velocity environments to assess employees percentage in various components of the PM system like goal setting, evaluation, training and development etc (Gratton et al, 1999 61). The resource establish perspective of SHRM is to visualise the capabilities of organisation in the light of a bundle of tangible and intangible resources requisite to sustain in the market competition. It is the management that analyses the accumulated stock of kno wledge, skills and abilities that the organisation possess in price of human resource (Mabey et al, 1998 76). Since KM varies according to spatial