A great deal of attention has been given in recent years to how business profitability can be increased by investing in developing skills among managers and employees. This is reflected in The Strategy for New Zealand Dairy Farming launched by DairyNZ in 2009, which adopts as its first two aims increasing farm profitability and attracting talented and skilled people to be retained by the industry. This article reports the main results from a study commissioned by DairyNZ to look at connections between farm profitability and the skills of farm managers and employees. The study was between DairyNZ and the Agribusiness and Economic Research Unit at Lincoln University. It was based on a face-to-face survey in 2012 of managers of owner-operated dairy farms in the Waikato and Canterbury regions.