Some strategies to attract qualified, able, and ambitious people to an industry include offering competitive salaries and benefits, providing opportunities for career advancement, creating a positive and inclusive work environment, and offering challenging and meaningful work. It's also important to have a strong employer brand and to actively promote the industry and its opportunities.

stars icon
Questions and answers
info icon

Other motivational factors for workers can include recognition for their work, opportunities for personal growth and development, a positive work environment, job security, good pay and benefits, and a sense of belonging or team spirit.

There are several theories that emphasize the importance of choosing the right people in business. One of them is the Resource-Based View (RBV) which suggests that a firm's competitive advantage largely depends on its internal resources, including its human capital. Another theory is the Human Capital Theory, which posits that the skills, knowledge, and experience of employees can be treated as capital that can contribute to the economic value of a company. The Social Capital Theory also highlights the importance of relationships and networks within a business, which can be optimized by choosing the right people.

Some other factors that can lead to the decline of an industry include technological changes, regulatory changes, shifts in consumer preferences, increased competition, and economic downturns.

View all questions
stars icon Ask another question
This question was asked on the following resource:

The Essential Drucker

Most of the traditional management theories practiced today can somehow be tied to Peter Drucker. Ma...

View summary
resource preview

Download and customize more than 500 business templates

Start here ⬇️

Go to dashboard to view and download stunning resources