THE integrity of human knowledge capital must be preserved for successful future business practice, said Tim Mazzarol in his key-note address at the recent Asia Pacific IT&T Awards Exposition of Nominations.
Titled Growth Strategies for the 21st Century, Dr Mazzarol’s address touched upon the freedom of initiative among staff and job flexibility as being necessary for entrepreneurial success.
“The IT revolution has created an information intensive society at the expense of knowledge. Future businesses will need to restore the balance,” he said.
“When a staff member leaves, they take with them intellectual capital, which some business operators don’t realise is the most valuable asset they have.”
He warned of the risks of outsourcing or using temporary staff, measures increasingly embraced by WA employers to meet changing demands.
“While expedient short term, in the longer term it risks transferring the knowledge from the business to the consultant,” he said.
Dr Mazzarol said the challenge now for growing small firms is to transfer knowledge from owner to manager.
The winners of the Asia Pacific IT&T Awards will be announced on May 15.
