Akademik Məlumat İdarəetmə Sistemi
2nd International Congress of Finance and Tax, pp.344-346, 2024 (Conference Book)
Well-educated, highly skilled workers play a key role in generating new ideas, quickly adapting to changes in technology and effectively implementing innovative solutions. The quality and composition of human capital, which is considered the main element in implementing the innovation process, depends primarily on the education system. An effective education system that instills critical thinking, creativity and problem-solving skills is essential for developing innovative capabilities. The results of international assessments show that countries with highly effective education systems often rank high in innovation indices. The second indicator is the quality of the workforce’s skills. Research shows that the availability of a skilled workforce, especially in STEM (science, technology, engineering and mathematics) fields, directly affects the development of technological innovation, and that countries with a large number of STEM graduates in their workforce usually demonstrate greater potential for innovation. The third indicator is lifelong learning and retraining, which means the ability of workers to constantly adapt and master new skills in the face of rapid technological change. Countries with strong lifelong learning and professional development systems tend to maintain their innovation advantages (World Economic Forum, 2020).