Meaning ● Skill-Biased Technology, in the context of SMB growth, automation, and implementation, refers to technological advancements that disproportionately favor workers with specific, often advanced, skill sets, leading to increased demand and higher wages for those possessing these skills. Within small and medium-sized businesses, this trend impacts strategic planning, workforce development, and technology adoption strategies. Implementing automation effectively requires SMBs to identify skill gaps and proactively address them through training initiatives or strategic hiring. ● For example, integrating a new CRM system may require enhanced data analytics skills. Subsequently, this influences investment decisions related to technology and human capital. Businesses unable to adapt risk becoming less competitive. Implementing skill-biased technologies demands that SMBs invest in relevant staff training or source personnel to efficiently handle the new technologies, lest they be left at a disadvantage in business.
