Question 1

Attracting top talent is a challenge for many organizations. In today's economy, knowledge workers typically have multiple possible employment opportunities.

Accepted Answer

In today's economy, top talent usually has multiple job prospects and choices, making it a challenge for employers to attract them.

Question 2

Social capital is based on the network of relationships within a firm, not in the skills and abilities of an individual employee.

Accepted Answer

Social capital refers to the relationships, trust, and cooperation within a network or community, which can offer benefits and resources to its members. In a firm, social capital is typically seen as the collective social connections, norms, and values shared among employees, leaders, and stakeholders, which can enhance the organization's overall performance and resilience. While individual skills and abilities are important for job performance and career success, social capital is not primarily based on any single employee's attributes, but on the dynamics and quality of the social network as a whole.

Question 3

Human capital consists of the "individual capabilities".

Accepted Answer

Human capital refers to the knowledge, skills, abilities, and qualities possessed by individuals that contribute to their ability to perform and succeed in their jobs or roles. Therefore, it consists of individual capabilities.

Question 4

BC Biomedical Laboratory was named one of Canada's "Best Employers" for the third year running.

Accepted Answer

The statement says that BC Biomedical Laboratory was named one of Canada's "Best Employers" for the third year running, which means they have been named as such for three consecutive years. Therefore, the statement is true.

Question 5

Creation of new knowledge typically involves the continual interaction of explicit and tacit knowledge.

Accepted Answer

The creation of new knowledge often involves the interplay of both explicit (codified, written knowledge) and tacit (personal, internalized knowledge) knowledge. This is known as the knowledge creation spiral, in which new knowledge is created through a continuous process of socialization, externalization, combination, and internalization.

Question 6

One possible negative outcome of building social capital in an organization is "groupthink"-a tendency not to question shared beliefs.

Accepted Answer

Building social capital can create a strong group cohesion and a shared sense of identity, which can lead to the development of groupthink. Members of the organization may become reluctant to express dissenting opinions or challenge the group's consensus, which can ultimately lead to flawed decision-making or missed opportunities.

Question 7

Encouraging widespread involvement is one of the important ways of developing human capital.

Accepted Answer

Encouraging widespread involvement can lead to increased learning opportunities and skill development, which ultimately contributes to the development of human capital.

Question 8

Developing social capital is risky for an organization because social capital is specific to individuals and remains with the employee if he or she leaves the organization.

Accepted Answer

Social capital development (the friendships and working relationships among talented individuals) gains importance when key players are free agents because it helps tie knowledge workers to a given firm.

Question 9

The text suggests that talented professionals are typically most concerned about financial rewards. Money is the top reason why such employees take or leave jobs.

Accepted Answer

The text states that "research has shown that talented professionals are not solely motivated by financial rewards." It goes on to explain that factors such as work-life balance, job security, and opportunities for growth and development also play a significant role in their job satisfaction. While money is certainly a factor, it is not the only or even the most important one for many talented professionals.

Question 10

Companies have found that referrals from their own employees are generally an ineffective approach to recruiting top talent.

Accepted Answer

Referrals from employees have been shown to be a effective approach to recruiting top talent as they bring in candidates who are more likely to fit in with the company culture and be a good match for the job requirements.

Question 11

Solectron invests time and resources in training employees annually because technology changes so fast that 20% of an engineer's knowledge becomes obsolete each year.

Accepted Answer

Solectron recognizes the fast pace of technology changes and invests in updating their employees' knowledge with annual training to ensure they stay up-to-date with new technologies and ensure 20% of an engineer's knowledge does not become obsolete.

Question 12

CIBC Canada, in an attempt to retain employees, offers emergency babysitting services to ALL employees across Canada.

Accepted Answer

There is no available evidence to confirm that CIBC Canada offers emergency babysitting services to all employees across Canada.

Question 13

Knowledge workers are more loyal to their companies than traditional workers.

Accepted Answer

There is no clear evidence to support the notion that knowledge workers are more loyal to their companies than traditional workers. In fact, some studies have shown the opposite, with knowledge workers being more likely to job-hop and seek out new opportunities. It ultimately depends on the individual and their specific employment situation.

Question 14

Social capital is found in the knowledge, skills, and abilities of individual employees.

Accepted Answer

Social capital refers to the relationships and networks that exist within an organization or community, not just the individual knowledge, skills, and abilities of employees.

Question 15

Technical skill is a necessary and sufficient condition for hiring an employee.

Accepted Answer

While technical skill is an important factor for hiring, it is not the only factor considered. Other factors like communication skills, teamwork, problem-solving abilities, and attitude are also taken into account.

Question 16

Once a knowledge asset (e.g., software) is developed and paid for, it can be used many times at very low cost as long as it doesn't have to be substantially modified each time.

Accepted Answer

This statement is true. Once a knowledge asset like software is developed and paid for, it can be used many times without significant modification, resulting in low costs.

Question 17

In most effective evaluation and reward systems employees only receive evaluation and feedback from their immediate supervisor.

Accepted Answer

In most effective evaluation and reward systems, employees receive evaluation and feedback from multiple sources, including peers, subordinates, and customers in addition to their immediate supervisor. This is known as 360-degree feedback.

Question 18

Rather than focus solely on financial considerations, many firms offer attractive benefits to entice employees to stay. These may include on-site stores, ATM's and athletic facilities.

Accepted Answer

Many firms offer attractive benefits in addition to financial considerations to retain employees. These may include on-site stores, ATM's and athletic facilities.

Question 19

The most effective method of improving a firm's retention of top talent is to intensify its hiring efforts.

Accepted Answer

While hiring is certainly important, it is not the most effective method of retaining top talent. Other methods such as offering competitive compensation and benefits, providing opportunities for growth and development, creating a positive work culture, and recognizing and rewarding employee contributions can all contribute to higher retention rates.

Question 20

360-degree evaluation and feedback systems address many of the limitations of traditional approaches of evaluating human capital.

Accepted Answer

360-degree evaluation and feedback systems incorporate feedback from multiple sources, including managers, peers, and subordinates, providing a more comprehensive and well-rounded assessment of an individual's performance and potential. It also allows for a more objective evaluation and reduces the impact of bias or subjectivity in traditional approaches.

Quiz 4: Recognizing a Firms Intellectual Assets: Moving Beyond a Firms Tangible Resources