Section Oneinvestments constitute the bulk of investments in human
resource investments. Nonetheless, the discussion of U.S.
investments in training, relative to other leading industrial
countries, indicated that the United States is lagging behind
some of its competitors. On-the-job training was examined as
an approach to investment in human resources. Management
development programs also were examined from an investment
perspective with specific attention to job rotational approaches.
Other specific investment approaches also were discussed
including the prevention of skill obsolescence and career
plateauing.
Investments in employment practices also were examined
in relation to the accomplishment of strategic objectives.
Several practices that enhance retention and reduce the
turnover of employees were identified. Costs of layoffs were
discussed along with techniques for avoiding business cycle-
based layoffs, alternatives to layoffs, and employment
guarantees. There also was a discussion of the relationship
between work effort and job insecurity. Additionally,
nontraditional investment approaches were discussed, including
countercyclical hiring, in which employers hire and stockpile
high-quality candidates during economic downturns. Other
nontraditional investments discussed included programs that
help disabled workers return to work and investments in