RESEARCH AND PRACTICE IN HUMAN RESOURCE MANAGEMENT Raub, S. P. & Sthapit, B. (2001). Towards a Taxonomy of Approaches for Measuring Organizational Knowledge, Research and Practice in Human Resource Management, 9(1), 139-155. Towards a Taxonomy of Approach

None. Peter Drucker in ‘Managing in a Time of Great Change ’ lucidly portrays the arrival of the knowledge economy. According to him, knowledge has become the key economic resource and perhaps the only source of competitive advantage in this new environment. The knowledge economy has a dramatic impact on the way in which firms compete today. It affects every aspect of modern business – from a corporation’s strategy to its products, from its processes to its organization and, last but not least, its people. Everyone is grappling to come to terms with the new situation. Many have been carefully mapping out new strategies and business models that make most sense in this new economy that is centered around knowledge. Some smart and agile businesses have been widely successful while some of yesterday’s giants have perished miserably. The new knowledge economy is creating quite a stir around the globe. It is pervasive and it brings a lot of new challenges. Human resource professionals may be uniquely positioned to take advantage of the challenges the knowledge economy brings and to act as pathfinders in the knowledge jungle. In this paper we will argue that a solid understanding of the measurement issue in knowledge management will have a significant impact on both a corporation’s chances of success in the knowledge economy and the human resource profession’s influence o