Study "The monetary value of competencies: A novel method and case study in smart manufacturing" was published
Technological developments, such as digitization, automation, and cyber-physical systems, will change competency requirements. Our study presents and tests a novel tool for companies to better plan the current and future organizational and employee competencies, and to coordinate their human and financial resources. Employing a budget-allocation approach, our exploratory study is based on a survey of 228 human resource and production managers. Respondents provided monetary valuations of competencies required by mechatronics technicians in the face of new technological challenges of smart manufacturing systems. Results show that managers are willing to allocate a relatively high budget to competencies such as complex problem-solving, analytical thinking, and troubleshooting. In addition, domain-based knowledge remains essential and valuable.