Knowledge Economy in the Retraining Process

Abstract

Abstract The knowledge economy is present in all fields and occupations where human capital is needed. It consists of educating and informing staff, thus helping to improve work performance and create competitive advantage. Where we have human capital, there is also the possibility of retraining staff, also present in all fields and occupations. Retraining of staff may be unavoidable especially following major impact events such as the 2019 pandemic or the Russian-Ukrainian war. The literature provides us with many insights from the field of knowledge economy and shows us that it underpins the development of a company’s staff, regardless of the field. And as staff is the key to a company’s success, this research will be dedicated to staff who have gone through retraining. This paper explores the relationship between knowledge economy and stuff retraining. This paper will study the retraining of personnel in the case of Michelin, the well-known tire manufacturer. The pandemic, or simply the need for change and reinvention, has prompted employees to make a professional change from physical work in the factory to office work, or rather work from home. The study will show the retraining process that Michelin staff go through, we will see what are the differences between physical work for the actual production of tires versus online work. Through this process, we will see the need for the knowledge economy.