Abstract
The important factor of business sustainability is human capital. In this regard, there is need to estimate human potential, concerning the effectiveness of its management and commercialization probability. The current research problem lays upon the human potential management and the possibility of its commercialization. The paper aims to provide scientific support on human potential and human capital theories, concerning their connection within the system of a sustainable business development. The research methodology is based on theoretical and methodological approaches of Ukrainian and foreign experts from the last ten years, reflecting human capital and human potential concepts, taking into account business needs. The main part of research highlights the special status of human potential, based on its specific characteristics, including network effects, the ability to convert human potential benefits into significant social and economic effects, hybrid and multiplicative. The paper proposes a new methodological approach on technology for human potential commercialization and management. Human potential commercialization measurement is offered as a new model to assess the significance of human potential and its managerial effectiveness estimation. The study results can be used within programs for sustainable and social business development. More extensive study is required to prove the proposed methodological approach effectiveness within different sectors and branches.
Highlights
1.1 Research questionNowadays, our society is under the influence of innovation processes, which require its transformation into an information society
The genesis of this thesis can be traced back to the time the authors became interested in human capital and development, including methodological approach to their estimation
In contrast to the classical formula of the weighted average cost of capital [29], in the proposed version of the formula for the weighted average cost of human capital, it is proposed to apply multipliers of tax rates withheld from the salaries of key employees, part-time employees and those working under civil law contracts
Summary
Our society is under the influence of innovation processes, which require its transformation into an information society. The human capital formation, development and management, along with innovative transformations and human potential support, are playing the strategically decisive role in ensuring economic stabilization and social welfare. Thereby, human potential involvement becomes more substantial, providing an important requirement to meet diverse economic and social needs. This is becoming especially important in the context of the systemic social and economic crisis that is observed in globally and in our country nowadays. This requires fast decision-making, flexibility, efficiency in the enterprise. The current study tends to highlight the tendencies of human potential development within innovative society, considering its systematic management at business level. The genesis of this thesis can be traced back to the time the authors became interested in human capital and development, including methodological approach to their estimation
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