Abstract
Labor force is utterly significant factor through which a product or service is created in any country. Consequently, the quality of the labor force is directly proportional to the entrepreneurial economic development, service standards and steady, dynamic growth as a whole. Proficient workforce has an ability to solve problems and efficiently adapt to changes in an ever-evolving world. It contributes to the development of the country's domestic production, as well as plays an important role in attracting foreign direct investments. The following paper outlines the importance of a qualified and skilled labor force for entrepreneurial economic progress and analyzes its various aspects. Additionally, in this regard, the study delineates current challenges in Georgia and examines the best examples of international practice. Finally, based on multifactorial analysis, the paper presents solutions and recommendations to solve existing problems, for long-term stable economic betterment.
Highlights
Nowadays, the labor force is quite diverse and covers raft of specialties
The quality of the workforce plays a key role in promoting civil liberties, political and economic stability, reducing criminal and corruption risks, developing sustainable investment and economic policies, enlarging entrepreneurship, innovations and general social prosperity of the nation (OECD, 2006)
All research confirms how substantial is a skilled workforce in attracting foreign direct investments to the country (OECD, 2006)
Summary
The labor force is quite diverse and covers raft of specialties. Along with the development of latest technologies, new professions are becoming demandable, and at the same time obsolete ones are being erased. Skilled Labor Force as a Cornerstone of Entrepreneurial Economic Development - International Experience for Georgia
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