Definition Of Human Capital Research Articles

Modernisation of the definition of human capital of the working population

The article substantiates the relevance of the topic, which is since in the current conditions of uncertainty, unpredictability, and the emergence of new social risks, the issue of preserving human capital is the basis for ensuring the country’s recovery and, accordingly, is one of the key programs of the country’s post-war development. The purpose of the study is to investigate the change in the essence of the definition of "human capital" of the working population under the influence of factors and structural changes of the present. To achieve this goal, the author analyzes information sources on the formation of the concept of "human capital" as an economic category. Accordingly, the emphasis was placed on laying the foundations of the study by foreign experts in social issues. In addition, the author states the relevance of the issue among domestic scholars who have adapted the results of foreign research to domestic realities, taking into account the development of technology, new challenges of a political, institutional, economic, social, and demographic nature, as well as climatic and epidemiological factors faced by society. The author studies the recommendations of international institutions regarding the availability of provisions on the content of the concept of "human capital" and the effectiveness of its development. Accordingly, the author substantiates that the main task is not only to invest in human capital, as was originally envisaged, but also to invest in the mechanisms of accumulation, development, preservation, protection, and enhancement as a driving force for minimizing the risks of income loss, an important condition for ecological, inclusive, and sustainable development. The analysis of the positions of domestic scholars in this area reveals a general statement that the consequences of the pandemic, the war, and its duration are not only the economic decline of the country but also physical losses (both quantitative and qualitative), the manifestations of which will be felt by more than one generation. It is found that the above emphasizes the need to improve the mechanism for restoring, accumulating, and protecting human capital, considering the impact of new social risks. It is argued that the main task of the new social policy, in particular social protection, and social insurance, is to ensure the continuous accumulation, protection, preservation, multiplication, and development of human capital lifelong, considering inclusion, human-centered approach, and the latest technologies.

СУЩНОСТЬ И СТРУКТУРНЫЕ ЭЛЕМЕНТЫ ЧЕЛОВЕЧЕСКОГО КАПИТАЛА

The purpose of this article is to study the concept of human capital, its impact on economic growth, as well as to identify its constituent elements. In the first part of the study, the author examines various approaches to understanding human capital and the peculiarities of the interpretation of the definition of human capital. In the study, the author highlighted that the formation of human capital occurs due to skills and abilities to work. It follows that to increase labor productivity, human capital development is necessary. A person’s interest in developing skills and abilities stimulates him to make additional investments in education, health and the development of spiritual and moral values, which, of course, leads to the evolution of human capital. In the second part of the study, the author examined the elements of human capital in more detail, and also provided arguments for the validity of these elements.

ЧЕЛОВЕЧЕСКИЙ КАПИТАЛ: ОПРЕДЕЛЕНИЕ, ОСОБЕННОСТИ, ПРОЦЕСС ВОСПРОИЗВОДСТВА

The transition of economically developed countries to the post-industrial stage of development is closely related to the process of accumulation and growth of human capital. In the XNUMXst century, the leader will not be the country with more natural resources or fixed assets and even finance, but the one with more and better human capital. Unfortunately, in Russia there is a situation where people lose their value for many statesmen, business leaders, and entrepreneurs. Based on this, the article examines the category of “human capital”: the difference in approaches to the definition of human capital is revealed; generalized and systematized features of human capital; the process of its reproduction is studied.

ЛЮДСЬКИЙ КАПІТАЛ ЯК ФАКТОР ПІДВИЩЕННЯ ЕФЕКТИВНОСТІ ТА КОНКУРЕНТОСПРОМОЖНОСТІ КОМПАНІЇ

The article is aimed at studying human capital in order to create a model for assessing human capital to achieve higher enterprise efficiency and enhance its competitiveness in the market. The results of scientific and thematic studies on the concept, elements and methods of evaluating human capital have been determined and summarized. It has been determined that the approaches of individual authors, companies and analytical institutions are different, and there is a frequent use of simpler indicators that can be calculated based on the financial statements of companies. In particular, Armstrong notes that there is a difference in how human resource management is theoretically described and how it is applied in practice. The mere replacement of the term “personnel management” with the term “human resource management” does not mean that managers actually apply the main components of the philosophy of human resource management in their approach. From the definition of human capital, it follows that its components are knowledge, experience, skills, talent, competencies, etc. These components simultaneously become the main object of effective management in companies and give names to specific types of management, such as knowledge management, talent management, competent management, anti-crisis management, generation management, etc. The resulting model inherently covers separate blocks for assessing human capital efficiency at two levels, summarizing the theoretical starting points. This is the procedural side of evaluating the effectiveness of the LK itself, which is the central part of the complex approach of the MLK, taking into account its specifics, based on their identification, definition and comparison of opinions about this concept described in the professional literature and other sources. It has been proven that the components of human capital are the main objects of effective management in companies that change the strategic vector aimed at achieving the maximum possible profit, towards creating company value, using non-financial categories. The close relationship between the competitiveness of an enterprise with the use of unique human capital resources has substantiated. A model for evaluating the effectiveness of human capital is proposed in order to increase the competitiveness of an enterprise in the market, taking into account external and internal influencing factors. It has been established that the implementation of measures to assess the effectiveness of human capital can lead to the following effects: a decrease in undesirable turnover of personnel with a high level of human capital, in the development of which funds have already been invested; support of labor motivation of employees through a fairly established remuneration; exchange of knowledge and experience directly related to labor activity, which is a potential opportunity for the stable development of the human capital of the enterprise; improving the image of the enterprise through the introduction of new technologies; creation of a new product based on the results of monitoring competitors’ products and in accordance with modern requirements and customer expectations; positioning the company as a sought-after employer, which is a guarantee of obtaining and retaining qualified personnel.

Analysis of Human Capital Effects: A Systematic Review of the Literature

Economic theory presents human capital as playing a driving role in the process of economic and social development in the countries. Indeed, human capital is presented in several research works as a factor that promotes accelerated growth and sustainable development. Microeconomic analyzes also suggest that investments that improve the level of human capital contribute to improving the distribution of income, but also reduce poverty. However, these conclusions seem not to be shared by all researchers. This article aims to enlighten researchers and especially young researchers on the results of the analyzes of human capital’s effects on economic growth, income inequality, poverty and welfare. In order to achieve this objective, we collected information through search engines. This strategy required the definition of four equations with Boolean operators linking the key words of the study, i.e., ‘education’ with ‘economic growth’, ‘income inequality’, ‘poverty’ and ‘welfare’. Based on the results obtained, we note the existence of a consensus around the effects of human capital on poverty and welfare. However, the results obtained for agricultural productivity, economic growth and income inequality remain mixed. One observation made in the literature is the use of education quantity as a proxy of human capital. As the definition of human capital is broader, education quantity cannot be a good proxy. We suggest some avenues for new research based on a more global human capital index, because this one takes into account other dimensions such as stunting, mortality, average number of years of education and education quality,

Gender disparities in wage returns to human capital components: how different are European labour markets?

ABSTRACT The paper investigates the gender wage gap in relation to the multi-dimensional human capital measure, asking which human capital components are most valued in the European labour markets. Relying on the Programme of International Assessment of Adult Competencies (PIAAC) data for seventeen European countries and applying Gelbach (2016) decomposition, we document remarkable cross-country disparities in the returns to different human capital components. The only dimension that consistently and significantly decreases gender wage disparities in all countries is work experience related to a currently occupied position. Numeracy cognitive ability is another strong predictors of the gender wage disparity, while job-specific cognitive and non-cognitive skills reveal weaker than expected association with the gender wage gap. Unlike the studies stressing the decreasing importance of human capital in the gender wage gap assessment, we argue that a narrow definition of human capital may undermine the actual effect of the latter.

Развитие человеческого потенциала в стратегиях российских регионов

Definitions of human capital, human potential and strategic development of a region are given in the article. The author systematizes the goals, objectives and priority areas in terms of human development in the approved regional strategies-in-development for social and economic growth. The use of the main fields of human development in the formation of regional strategies in Russia is the subject of the analysis. The method of OTSW-analysis is described, which allows to determine the factors of internal and external conditions for the development of a region and categorize them. The author uses the methodology of strategizing by Doctor of Economics, Professor V. L. Kvint. Flaws are revealed in the formation of regional strategies that reduce the effectiveness of their implementation. The above analysis showed the absence of a unified methodology necessary for the formation of a strategy. The main provisions are proposed for the advancement of regional strategies in terms of human development in the health sector, including goals, objectives, priority areas, results and main stages of their implementation.

Человеческий капитал как национальное богатство

The subjects of the research are the retrospective and the modern approaches to the definition of human capital. The purpose of the work is to prove the need to include more indicators of human capital in the system of national accounts, as well as characteristics of human capital that are not directly related to its role in economic production. Thanks to the analysis of various approaches of international organizations to the definition of human capital, it has been established that despite the numerous difficulties in assessing human capital as an intangible asset, in the future there will be an expansion of the positions by which human capital will be included in the central structure of the System of National Accounts. It is noted that in domestic studies little attention is paid to the role of households as cells of society in which the production of human capital begins and new generations are socialized. Attention is drawn to the need for wider use of the concept of "human capital reserves", which allows for a more correct comparison of both the characteristics of human capital of different regions and to take into account the impact of migration on human capital. In this regard, the approach of a number of researchers to the assessment of human capital on the basis of its depreciation has been subjected to reasoned criticism. In modern conditions, the quality of human capital in the country is also determined by the policy pursued to identify talents, in which STEM talents occupy a special place. It is concluded that for the Russian society and economy, the formation of human capital and improving its quality should become long-term goals, the achievement of which will help to reduce differences in the level of development of territories.

The Human Capital for Value Creation and Social Impact: The Interpretation of the IR’s HC Definition

The paper aimed at assessing and identifying in a comparative way the potentiality and suitability of the Integrated Reporting (IR)’s definition of human capital (HC) within a selection of companies and social cooperatives. Employing in-depth interviews, the qualitative study analyzed the points of view of a selection of human resources managers to firstly check and test the connection between human capital, value creation, and social impact. The contribution of human capital to value creation is not easily recognized, especially by smaller-sized companies. The results suggested that the HC definition of the IR in the for-profit sector seems to be more applicable to the top management than to the whole workforce, while it appears as “fitting” for the managers of social cooperatives because of its explicit focus on ethical values, loyalty, and motivation. This allowed opening possible channels of dialogue between the profit and not-for-profit sectors. The paper proposed practical recommendations to operationalize the IR’s HC definition.

Management accounting of costs for human capital of the service enterprise

The systematic study, critical assessment of theoretical provisions and current practice of accounting organization of costs for human capital of the service enterprise, improvement of accounting mechanisms for the use of personal human assets and human capital of the enterprise are provided in the article. It is proved that the need to reflect human capital in accounting is due to the following factors: human capital is considered an integral part of national wealth; determining the main role of human knowledge, abilities, qualifications, and education in the process of social production; change of attitude to a person that is the appreciation of its creative potential and intellectual abilities. Characteristic definitions of human capital in aspects of different spheres of its functioning are analyzed. Peculiarities of normative and legal regulation of human capital as an intangible asset under SSAP and IFRS and identification of contradictions in accounting of personnel costs under the current accounting system are considered. The peculiarities of the organization of primary accounting of human capital at the enterprises of the service sphere are considered. It has been proposed to record information on the costs for human capital in terms of the processes of its formation, use, and development in the Employee Data Card (standard form P-2) by introducing an additional Section VI “Costs per employee.” The financial statements of analytics have been improved to Form No.1 of the Balance Sheet (Statement of Financial Condition) by introducing analytics in the first section of liabilities in the item “Additional capital” of information on human capital of the enterprise, which will generate financial statements for full disclosure to stakeholders, especially investors. Suggestions are given for the prospects of further development: research of accounting of costs for personnel of the enterprise depending on the life cycles of personnel and the enterprise, development of theoretical and methodological bases of corporate social reports on human capital, improvement of personnel value assessment methods (especially residual and liquidation value).

MANAGEMENT ACCOUNTING OF COSTS FOR HUMAN CAPITAL OF THE SERVICE ENTERPRISE

The systematic study, critical assessment of theoretical provisions and current practice of accounting organization of costs for human capital of the service enterprise, improvement of accounting mechanisms for the use of personal human assets and human capital of the enterprise are provided in the article. It is proved that the need to reflect human capital in accounting is due to the following factors: human capital is considered an integral part of national wealth; determining the main role of human knowledge, abilities, qualifications, and education in the process of social production; change of attitude to a person that is the appreciation of its creative potential and intellectual abilities. Characteristic definitions of human capital in aspects of different spheres of its functioning are analyzed. Peculiarities of normative and legal regulation of human capital as an intangible asset under SSAP and IFRS and identification of contradictions in accounting of personnel costs under the current accounting system are considered. The peculiarities of the organization of primary accounting of human capital at the enterprises of the service sphere are considered. It has been proposed to record information on the costs for human capital in terms of the processes of its formation, use, and development in the Employee Data Card (standard form P-2) by introducing an additional Section VI “Costs per employee.” The financial statements of analytics have been improved to Form No.1 of the Balance Sheet (Statement of Financial Condition) by introducing analytics in the first section of liabilities in the item “Additional capital” of information on human capital of the enterprise, which will generate financial statements for full disclosure to stakeholders, especially investors. Suggestions are given for the prospects of further development: research of accounting of costs for personnel of the enterprise depending on the life cycles of personnel and the enterprise, development of theoretical and methodological bases of corporate social reports on human capital, improvement of personnel value assessment methods (especially residual and liquidation value).

Determinants of Industry 4.0 Technology Adaption and Human - Robot Collaboration

Abstract Aim of the paper is to analyse specific factors of human-robot collaboration and adoption to Industry 4.0 technologies in relation to working in mixed teams and in virtual work environment. Based on literature review and current findings in unified theory of technology acceptance and use of technology (UTAUT) model and its extensions, new endogenous factors might be included/considered, in a UTAUT model, namely emotional attitude (trust towards technology, perceived threat) and new moderators such as a location of organization and type of workplace-based training in organization. Team identification and self-extension process are intended as drivers for development of positive attitudes in human-robot collaboration and prerequisites of sustainable human-robot interaction. Regarding the findings in human-robot collaboration, the authors suggest including the type of personality and the attitudes towards Human-Robot collaboration among the extended factors of technology adoption within Industry 4.0 strategy. Emotional attachment acts as a relevant factor of successful Human-Robot collaboration that can be maintained by a support of team identification and self-extension process. For the development of positive attitudes in human-robot collaboration, principles of personalized design can be applied, e. g. engaging the workers in designing specific features of the robot. It can be supposed that specific models of technology adoption - as UTAUT/UTAUT2 will require new extensions in a context of work analysis in a virtual work environment, e.g. health and psychological assumptionsIn the paper, subjective assessment of the increase in well-being of the workers after the adoption of Industry 4.0 technologies is identified as one of the new Industry 4.0 outcomes within the human capital definition of Industry 4.0.

Innovative fundamentals of sports industry development in the new economy

The purpose of the research. The purpose of the article is to investigate the problem aspects of the formation of innovative principles of the development of the sports industry in a new economy. Methodology. The theoretical and methodological basis of the study are scientific works of scientists in the field of development of the sports industry. In order to achieve the goal of the following methods of research: generalization and systematization - for the comprehensive characteristics of the analysis of the development of the sports industry in Ukraine; Systemic economic and statistical analysis - for substantiation of the directions of development of the sports industry in Ukraine and generalization and comparison (in the stage of generalization of theoretical provisions and formation of conclusions on this study). Results. The article considers the role of the sports industry in the formation of a new economy. The definition of human capital is considered and its components are determined. Human capital is a system of characteristics that determine a person's ability to work creatively in order to create goods, services, value added, ie the quality of labor of the individual, the total employee of the enterprise, firm, corporation, country, manifested in the process of expanded reproduction. The significance of the innovative approach to creating conditions for the development of the sports industry is determined. The development of a knowledge-based economy is a continuous process of investing in human capital and, consequently, the development of the human personalityOne of the main features of the new economy is its dematerialization. This means a change of emphasis from material goods to intangible (services). Material goods will be consumed, but their share will fall, which is due to changing consumer demand in a new era. The need to study the peculiarities of management of organizations of the sports industry in the conditions of a faster innovative development of physical education and scientific searches in the methodology and the theory of pedagogical management are determined.

Theoretical approaches to the concept of human capital in agriculture

The article deals with the concept of human capital, the fundamental distinctive aspects of human capital, the definition of human capital. Strengthening food security of the country is impossible without identifying imperfections in the systems of labor motivation of economic entities of the second sphere of agriculture. Agricultural production urgently needs to develop a set of such measures, as it is the most vulnerable to crises. In this regard, the analysis of existing methods of stimulating the effective use of labor resources was carried out and new, more advanced methods of improving the efficiency of human capital in agricultural enterprises were developed. The proposed methods of effective use of human capital can be recommended for implementation in agricultural enterprises. They will increase the profitability of production by enhancing human resources and sustainable productivity growth, as well as more efficient use of fixed and current assets.

Valuation of Human Capital and the Gender Wage Gap in Europe

This paper investigates the gender wage gap in relation to the multi-dimensional human capital measure across 17 European countries. To date, the role of cognitive and task-specific skills had a limited empirical evidence in the gender wage gap literature. We narrow this research gap by relying on PIAAC (Program of International Assessment of Adult Competencies) data and applying Gelbach’s (2016) decomposition methodology. The analysis reveals that occupation-/industry-specific work experience and task-specific cognitive and non-cognitive skills are the most rewarding human capital attainments. Work experience largely decreases the gender wage disparity in all analysed countries. Cognitive numeracy skill is another strong predictor of gender wage disparity. The effect of numeracy is rather homogeneous across countries, namely, controlling for numeracy reduces the wage gap. Unlike studies that stress the decreasing importance of human capital in gender wage gap assessments, we argue that a narrow definition of human capital may undermine the actual effect of the latter. Therefore, we conclude that human capital should be viewed as a combination of multiple characteristics and traits, each having specific valuation on the labour market, and thus, a particular role in explaining the gender wage gap.

Human capital formation in the region: process essence and influence factors

The article considers the relationship between the elements of human capital and investment in human capital for his potential development and accumulation. An approach to the human capital definition as established or developed as a result of investments and accumulated for targeted use in the field of social production, to promote the growth of labor productivity, is presented. The necessity of regional programs of economic and social development, their directions in the field of human capital management for the country human potential accumulation as a whole is shown. The following types of investments are highlighted: healthcare; education; professional and other types of training; labor motivation; healthy lifestyle promotion; children’s birth expenses, parenting, person development and self-development. It is proved that through an internal regional labor market formation and development, and with its help, the trajectory of human capital accumulation will be realized. It is recommended to use integrated investments for the human capital accumulation from an enterprise, a state (region) and an individual side. The scheme of regional management of human capital development is presented. The directions of the regional labor market development are determined taking into account economic and social directions. An approach to the feasibility in human capital investing by the example of evaluation by appropriate formulas is generalized. The concept of region’s human capital as a resource of its economic development, which is developed taking into account of the territory needs and characteristics on the basis of appropriate conditions creation: economic, social, infrastructural, ethno-cultural and others, is proposed. It is concluded that there is a close relationship between human capital and region’s socioeconomic potential formation and its role in the system of regional competitiveness formation.

Economic adjustment of the youngest generations and its impact on human capital

The aim of the article is to indicate connections between human capital and economic socialization. Observation was in this case the first-rate research technique. The economic socialization of an individual is carried out throughout her life and determines the process of her striving to get rich. This phenomenon takes place in the context of cognitive and social development of young people. The focus on economic socialization of young people is crucial because it is during puberty that habits concerning, among others, with consumption, spending planning and saving. In addition, the definitions of human capital were added and an attempt was made to outline the relation that may exist between economic education and investment in human capital. Keywords: Economic psychology, entrepreneurship, human capital, saving process.

COMPREHENSIVE METHODOLOGY FOR ASSESSING HUMAN CAPITAL AND PROBLEMS OF ITS ASSESSMENT

The article discusses ways to assess human capital. In recent decades, the urgency of the problems associated with the assessment of human capital and its components has not only faded away, but also increased as the number of companies grew. The interest of economics in human creative abilities, in the ways of their formation and development has sharply increased. Issues of human capital valuation are of interest due to the complexity and versatility of this category, as well as its importance for the effective functioning of the economy. Given the intangible nature of human capital, manifested in the form of knowledge, skills, work and management skills, as well as its continuous accumulation and communication with specific employees, it should be noted that a specific set of criteria is less important than the process of measuring and using the information collected. The systems for evaluating human capital based on certain quantitative criteria are based on value and natural approaches to its definition. Methodological approaches to the economic definition of human capital, based on different models, develop ideas that provide new, more realistic options for evaluating human capital. The formation and development of human capital takes place with the direct participation of the family, the state, enterprises and various public funds. At present, when an employee of an organization must be constantly active in improving his abilities, it is necessary to take into account the fact that learning takes place throughout his life.

CHANGES IN HUMAN CAPITAL RESOURCES IN THE LABOUR MARKET IN POLAND FROM THE PERSPECTIVE OF THE EUROPEAN UNION AND OTHER COUNTRIES

The theoretical part of the paper presents conclusions from the literature review. The empirical part of the paper includes findings of the research carried out by the authors. Amending the human capital definition, based on the new approach from the perspective of equal opportunities, mainly for women, was the main aim and added value of the paper. Based on the previous research, authors hypothesized that the equality of opportunities in the labour market, social life, education and public life generates economic benefits, while the lack of such equality causes losses. To prove that the equality of opportunities enhances the value of human capital, the authors carried out their own research and referred to the findings of other empirical studies, data from the Central Statistical Office, Eurostat and expert opinions from such institutions as the European Institute for Equality of Women and Men in Vilnius (EIGE) and the World Economic Forum, OECD.

BACKGROUND OF HUMAN CAPITAL DEVELOPMENT IN THE CONTEXT OF FORMING THE ECONOMY OF KNOWLEDGE

The general definition of human capital has been given, the most important factors of influence on it regardless of the hierarchical level of the economic system, namely education and health, have been indicated in the article. The stages of the human capital development from the basic to the innovative one have been identified and the important internal human factors that can be influenced from the outside, reinforcing them, which will influence the increase of the level of human capital have been emphasized. The Global Human Capital Report of the World Economic Forum in 2017 has been analyzed in order to identify the place of Ukraine and its determinants, as compared to countries, the highest level of human capital in the world. This allowed identifying the problems of human capital development in Ukraine and the corresponding directions of their overcoming. The main problems include: lowering the welfare and quality of life of the population; departure of highly skilled specialists abroad; the reduction of employment opportunities in the specialty due to the low qualification and inconsistency of the received education with the demanded occupations in the labor market, which are changing on a global scale. To overcome these problems, it is important to create certain preconditions at different hierarchical levels of the economic system in the context of the knowledge economy formation. At macro level, the prerequisites for the human capital development include: implementation of measures to overcome corruption; the revival of morality and the general culture of society; creation of a favorable innovation climate and an innovative culture of the country's population; maintenance of domestic commodity producers; development and implementation of effective intellectual property rights protection instruments at the legislative level. On the meso-level, such preconditions are: the development of higher and special vocational education in the branch directions; development of innovation infrastructure; distribution of clusters for business development; the maintenance of domestic commodity producers. At micro level, the above-mentioned prerequisites include: scientific approach to the organization of work; modern quality and efficient management system and relevant organizational structure and system of labor motivation and stimulation; introduction of innovative approaches, methods, tools in all areas of activity.