Latin American Capital Markets

HUMAN CAPACITY DEVELOPMENT 467• Workforce development This is the level of opportunities provided forworkers/professionals in a given sector to continuously hone their skills,knowledge, and attitudes to keep pace with changes in the sector Ideally, thiswould be implemented using a holistic approach that integrates the developmentof technical, operational, and behavioral competencies such as projectmanagement, decisionmaking, and problem solving.• Workforce mobilization. This is the capacity developed in the system forworkers and professionals to be able to move into different career paths inthe same sector or across sectors, which is facilitated by the continuous skillupgrading that is provided in the workplace.• Sector governance. This refers to the ability of a sector to organize a strongenabling infrastructure in the form of professional associations and human resourcedevelopment institutions that could bring consistency, standards of conduct,a mechanism for continuous information sharing among market professionals,and continuous human capacity development in the sector• Strategic alliances. International agencies, educational institutions, private sectorcorporations, and industry associations can use collaborative strategies toleverage and integrate the investments made in the development of workersand professionals.It is assumed here that, for sectors that are in an embryonic stage of development,workforce development and sector governance would be the first hurdles that needto be cleared in creating a competitive and efficient business environment. As thesesectors become more developed, the elements of workforce mobilization and strategicalliances would become increasingly relevant.The following elements are consideredexogenous to a sector:• Public sector governance. The political infrastructure, the norms and patternsof operations in public service, and the relationship between governmentand private sector collaboration are some of the elements that constitutepublic sector governance.• Education. The education element includes the provisions made at the nationallevel to provide primary, secondary, and post-secondary opportunitiesfor a population to develop the basic skills, knowledge, and attitudes neededto thrive in a given domestic environment.• Cultural harmonization. New and innovative business strategies and governmentpolicies are aligned with the beliefs, traditions, and norms that characterizedifferent ethnic groupings within a country.Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub