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The Knowledge Economy

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ING Group Greece - Sidma SA - Telesis Securities

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  1. Introduction
    1. The information paradox
  2. A contextual approach to knowledge economy
  3. Cultural / structural dimensions of knowledge economy
  4. Where does emotional intelligence fit in knowledge economy?
  5. Emotional intelligence and organizational knowledge
  6. Emotional intelligence and organizational performance
  7. Emotional intelligence and leadership
  8. Conclusion
  9. References

Knowledge economy integrates effectively knowledge aiming to enhance organizational performance, competitiveness, and corporate social responsibility. Being a source of innovation and creativity, it attains organizational competence through the proficient and continual exchange of knowledge, it produces agile organizations and it contributes to socio-economic growth. Additionally, it enables countries to realize better results with a finer exploitation of the readily available resources they possess towards the improvement of living standards in terms of health, affluence and future progress. Furthermore, it facilitates the discovery of new opportunities for organizations and the formation of entrepreneurship-oriented societies.
Effective integration of knowledge necessitates the leverage of the major challenge of globalization. Rapid technological changes and information concentration call for heavy investment in information technology. Gathering, processing and evaluating information in the first instance, and converting it into knowledge in the second instance is a strategic goal for organizations. By bringing down interdepartmental barriers and facilitating company-wide availability and distribution of information, knowledge is disseminated within the organization.

[...] Conclusion The growing emphasis on knowledge has its grounds on the recognition that economy is on the production and distribution of knowledge-based products and services rather on manufacturing, or agriculture. This view assists the transition from traditional to knowledge economy. Within this context, knowledge management is concerned with the processes of integrating, managing and sharing knowledge aiming to exploit existing knowledge assets and discover new opportunities. It is a conscious strategy of getting the right knowledge to the right people at the right moment and helps people to improve organizational performance through the exchange of information. [...]

[...] The major challenge for organizations in knowledge economy is to grasp that human capital is their most important asset. Organization's members have to be able to cope with rapid changes and to work together, but this entails the ability to perceive and appreciate the emotional impact of organizational change. Consider this: the most effective employers are those who are capable of sensing how their employees feel about their job situation. Likewise, the most effective employees are those who can sense how their employers feel about them and what are their expectations. [...]

[...] These fundamental differences between the traditional and the knowledge economy enable the latter to exploit the full benefit of organizational intellectual capital. Developing and investing in talent is business's most important task - the sine qua non of competition in knowledge economy (Drucker, 2002). Yet, more than highly educated and skilled individuals, capable of creating, acquiring, using and disseminating knowledge, knowledge economy calls for emotionally intelligent individuals capable of having control on own emotions and recognize the emotional reactions of others without putting organizational effectiveness at stake. [...]

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