The workforce is essential for economic development, as it drives growth and success in enterprises. A well-educated, healthy workforce with access to education is critical for economic development and government policies should recognize this.
The relationship between labor and economic development lies in the fact that labor is the vehicle that drives economic development. The development ideals that will lead to economic development can be initiated and implemented by the human components in any economy as an economy cannot assert itself in an abstract sense. This link between the workforce and economic development is one reason why the human components in any economy have a direct impact on the level of economic development in that region. Their stock of human capital in terms of knowledge, experience and other related factors such as good health are critical to the development of any economy, which can be demonstrated by contrasting the result of an economy that lacks a well-organized workforce, healthy and educated for that of an economy that has the opposite.
One way to show the link between the workforce and economic development is to show how that workforce is directly related to the success of any enterprise within a reported economy, or even the global economy as a whole. For example, assuming an information technology company is looking for employees to hire, it will naturally look for employees with the most desirable human capital in terms of high degree of skill, experience, and extensive formal education. Given the importance of such a valuable workforce, the company may be willing to expend significant resources, both material and financial, as a means of attracting and retaining this valuable workforce. The growth of such a company will depend on the quality of its employees, something that is repeated in other companies and will also be achieved through the general state of the workforce in that economy.
The connections between the workforce and economic development also serve as criteria for the development and implementation of various government policies that recognize the importance of the workforce in the growth of the economy. Where the workforce is well educated, healthy and has access to a good education, it will pay back on the investments made in their development and by fueling various activities aimed at improving the economy. For example, contributions from the workforce will be applied to different aspects of economic development and development projects, such as the construction of infrastructure to facilitate communication and transportation, and the development of new concepts by innovators.
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