Service Economy - Another trend is the continued shift of the US economy to services. Service firms are very dependent on their staff. In the consulting industry for example, the service is the staff. Consulting firms are a wonderful example of how valuable the staff can be. Turnover is not viewed simply as the cost of replacing the individual.
Turnover also means lost revenue.
Job Complexity - As jobs become more complex, the importance of the individuals performing those jobs increases. In the manufacturing sector, firms are implementing technology solutions to automate their procurement, manufacturing and distribution processes. This has resulted in a reduction in total staff and has created jobs that have become more complex. The individuals performing the more complex jobs are more important to the firm. Information Economy - This refers to the increasing importance of information technology to create more tools for firms to improve productivity and to create entirely new ways of doing business.