The status of women in the workplace has improved dramatically since 1972. More women today have good jobs, the gap between the incomes of men and women has been markedly reduced, and women are reporting far higher levels of job satisfaction.

Ed Lawler and I document that the key to creating good, productive jobs in all industries is to organize work processes and systems in ways that allow employees to contribute significant amounts of "added value" to the products they make and services they provide. When mangers give employees the organizational structure, resources, and authority needed for them to contribute their ideas and efforts, American workers, like those at Harley-Davidson, almost always prove capable of effectively competing against their overseas counterparts.

When we spoke about workplaces in 1972 we mainly were referring to old-line manufacturing firms, on the one hand, and Main St. shops and restaurants, on the other. Both of those categories are now insignificant in terms of employment. Today, the economy is dominated by the rapidly growing Low-Cost Operators - national discount and mall chain stores, fast food franchises and supermarkets - which offer employees low salaries, few benefits and little training.

The status of women in the workplace has improved dramatically since 1972. More women today have good jobs, the gap between the incomes of men and women has been markedly reduced, and women are reporting far higher levels of job satisfaction.

The optimist in me sees corporations in the present era as more open to change than they were in the 1990s. Certainly, because of the relatively poor performance of many corporations in the early part of millennial , there seems to be less arrogance in executive suites, and that usually translates to a willingness to consider alternatives.

Sadly, too many corporate leaders still believe that the way to boost productivity and profits is to continually reduce salaries, benefits, and training expenditures, a strategy that can be taken only so far. At a certain point in a developed society, salaries and benefits can't be slashed further and, in the long term, comparative economic advantage then must be realized through the effective mobilization of an educated, engaged, and loyal workforce.

By all indications, American business leaders are more adept at creating business strategies than they are skilled at human capital management. American entrepreneurs are world-beaters when it comes to creating new businesses, and corporate managers are adept at using the latest marketing, financial, and technological practices.