Abstract
The reformation of education has moved towards the fourth industrial revolution (IR 4.0). The development of a nation focuses on the quality of education. Education is seen as a panacea to solve issues relating to human capital development. In Malaysia, human capital development is much emphasized, as a successful human capital development will gear the nation towards being a developed country. Malaysia aims to be one of the developed countries with the aspiration that the human capital will drive the aspiration to be successful. However, there are issues arousing from human capital, where education is said to be the main cause of these issues. Limited research focuses on the issues in human capital development. Thus, this paper aims to discuss the educational theories and issues related to human capital development. The macro, micro and human capital theories are among the important theories to be looked into as they help in guiding the education towards its aim. The issues related to the human capital are a lack of 21st-century skills, a decline in English language proficiency and deteriorating moral and ethical values in employees. Implications and recommendations are also provided to curb those issues. Overall, these educational issues need to be addressed and inhibited for a smooth journey towards being a developed country.
Highlights
The ever-changing world is moving towards the fourth industrial revolution (IR 4.0)
Education is seen as a panacea to solve issues relating to human capital development
This paper aims to discuss the educational theories and issues related to human capital development
Summary
The ever-changing world is moving towards the fourth industrial revolution (IR 4.0). All industries are paving their way to cater to the 21st-century demand in relation to IR 4.0 (Hashim, 2018). Many employers said that most employees or graduates do not have adequate skills for the 21st-century workforce (Malaysian Education Blueprint, 2015). Skills such as critical and creative thinking, problem-solving and social skills are lacking in graduates (Hirsch, 2017). There is the problem of graduates or employees who do not possess moral and ethical values in a working environment (Schooley, 2017) All these problems are related to the educational system, whereby it is said that a good education will be able to produce a good individual for the workforce (Speringer, Goujon, & Jurasszovich, 2018). This paper aims to discuss the educational theories and issues, which affect the human capital development
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