Abstract
This paper explores the meaning and importance of human capital, the basic investment, as well as the earning it returns. In essence, human capital is a crucial factor for management to keep pace with change and disruption. From Adam Smith to Nelson Mandela, education has always been the powerful impetus that has enriched and enabled human potential for effective production. To localize this concept, Human Capital Competiveness indices were explored to map Thailand's status and strength compared to other Asean communities. Most importantly, based on the exemplary teaching of His Majesty King Bhumibol, a model of functional citizenry is constructed to decode this notable concept of human capital and thus put it into actual practice.
Highlights
As businesses are more affected by volatile changes, and technological trends are becoming ever more disruptive, what possibly is the most viable choices for corporate leaders? A simple question that used to be asked by Skandia’s expert, Leif Edvinsson was “When does the future start?”
Based on research done in Japan, he indicated that the future starts in about 14 seconds meaning that by the time the question is posted, the future has arrived or even passed already. Given this incredibly fast speed of change, Edvinsson (1997) prepared a flow in order to identify key capitals that a company need to have; in it human capital is identified as crucial to have in order to handle the future
Edvinsson called this kind of capital as the 'knowledge navigator'
Summary
As businesses are more affected by volatile changes, and technological trends are becoming ever more disruptive, what possibly is the most viable choices for corporate leaders? A simple question that used to be asked by Skandia’s expert, Leif Edvinsson (as cited in Gurteen Knowledge Log, June 2017) was “When does the future start?”. Based on research done in Japan, he indicated that the future starts in about 14 seconds meaning that by the time the question is posted, the future has arrived or even passed already Given this incredibly fast speed of change, Edvinsson (1997) prepared a flow in order to identify key capitals that a company need to have (see Illustration 1); in it human capital is identified as crucial to have in order to handle the future. CFOs should want to be more involved in human capital decisions and see human capital as a key value driver, not merely an expense Of those surveyed, 92% saw human capital as having a major effect on customer satisfaction, and 82% on profitability, 72 % on innovation/product development, 68% on revenue per employee, and 64% on growth. 92% saw human capital as having a major effect on customer satisfaction, and 82% on profitability, 72 % on innovation/product development, 68% on revenue per employee, and 64% on growth. (Amble, 2003)
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