Directors, employees, and leaders who make up an organization's human capital are critical to its success. This department oversees workforce acquisition, management, and optimization. Its other directives include workforce planning and strategy, recruitment, employee training and development, and reporting and analytics. Human capital tends to migrate, especially in global economies.
That's why there is often a shift from developing places or rural areas to more developed and urban areas. Some economists have dubbed this a brain drain , making poorer places poorer and richer places richer. Since human capital is based on the investment of employee skills and knowledge through education, these investments in human capital can be easily calculated.
HR managers can calculate the total profits before and after any investments are made. There is a strong relationship between human capital and economic growth. Because people come with a diverse set of skills and knowledge, human capital can certainly help boost the economy. People who participate in the workforce who have higher education will often have larger salaries, which means they will be able to spend more. Like anything else, human capital is not immune to depreciation.
This is often measured in wages or the ability to stay in the workforce. The most common ways human capital can depreciate are through unemployment, injury, mental decline, or the inability to keep up with innovation. Consider an employee who has a specialized skill. If he goes through a long period of unemployment, he may be unable to keep these levels of specialization. That's because his skills may no longer be in demand when he finally reenters the workforce.
Similarly, the human capital of someone may depreciate if he can't or won't adopt new technology or techniques. Conversely, the human capital of someone who does adopt them will. The idea of human capital can be traced back to the 18th century. Adam Smith referred to the concept in his book "An Inquiry into the Nature and Causes of the Wealth of Nations," in which he explored the wealth, knowledge, training, talents, and experiences for a nation.
Adams suggests that improving human capital through training and education leads to a more profitable enterprise, which adds to the collective wealth of society. According to Smith, that makes it a win for everyone. In more recent times, the term was used to describe the labor required to produce manufactured goods. But the most modern theory was used by several different economists including Gary Becker and Theodore Schultz , who invented the term in the s to reflect the value of human capacities.
Schultz believed human capital was like any other form of capital to improve the quality and level of production. This would require an investment in the education, training and enhanced benefits of an organization's employees. But not all economists agree. According to Harvard economist Richard Freeman, human capital was a signal of talent and ability.
In order for a business to really become productive, he said it needed to train and motivate its employees as well as invest in capital equipment. His conclusion was that human capital was not a production factor. The theory of human capital has received a lot of criticism from many people who work in education and training. In the s, the theory was attacked primarily because it legitimized bourgeois individualism, which was seen as selfish and exploitative.
Specifically, it is investing in the improvement of specific competencies and skills for a particular job. This form of investment is less risky in terms of staff turnover as the use of specific knowledge is less likely to be used in other companies [ 15 ]. There are also other forms through which the company can provide investment in human resources, for example, by improving working conditions by using more efficient and innovative protective aids and tools [ 16 ].
The second way is to improve the health conditions of employees through quality social programme. The third form of investment in human resources could be improvement and expansion of business skills, competencies and abilities achieved by high-quality corporate education. When investing into human capital, the enterprise should pay attention to the criteria used for investments into fixed capital, taking into account also the specifics and factors that affect the overall investment process.
When considering the philosophy of strategic planning into human resources, it is necessary to take into account two criteria: first, feasibility of investment which answers fundamental questions about the availability of necessary resources, efficiency, time factor, the size of capital invested and the like.
The second criterion is the eligibility of the investment. Then, the investor confirms the correctness of the decision to implement the investment. Another issue to be taken into consideration in company decisions to invest in human resources is the fact that such decision is limited and depends mainly on the estimated volume and availability of capital expenditures and also on the expected amount of income from investment management, cost of capital and optimally quantified assessment of the investment period [ 18 ].
In economic theory, investments in education of the employees are the most common assessment of the investment in connection with the analysis of investment in human capital. The development of required skills of the employees is mostly provided by two key elements: personality training and education. Personality training can be understood as the process of creating the personality of an individual. Education is a form of development and shaping of the personality of an individual.
These two elements represent important components of the activities of personnel management. In this process, creation of suitable conditions for the implementation of individual education of employees, organised informal learning and quality corporate learning system play the most important role [ 7 ].
Further, business system of education in the broader sense focuses on the formation of working skills and social characteristics essential for creating healthy personal relationships of the employees [ 8 ]. This is a repeating cycle based on the objectives of the corporate strategy and also based on the principles of corporate training policy. This cycle further relies on organisational and other business conditions of education. A common problem, however, is usually insufficient budget for the required scope of education, training and other activities.
The lack of subventions is also the main reason why trainings are carried out irregularly. There are two ways of investment into human resources: companies may choose internal intra-unit and external outside the enterprise form of education. Each of these options has their advantages and disadvantages. On the other hand, the main obstacle to application of this form is usually a lack of the required volume of financial resources and a lack of suitable trainers.
External form of education, carried out outside a company, is also considered to be faster and easier. The problem may occur if the supply institution misunderstands requirements, which immediately reflects in the amount and structure of the expected total return by investing in human capital of the company [ 18 ]. Except for investing in corporate education system, it is also important to invest into business benefits for human resources to ensure that capable employees that create a competitive advantage in business are recruited and retain in business.
We assume that investing into an effective system of distribution of corporate employee benefits is a key solution to recruit and keep employees but also a way to further develop teams of high-quality employees [ 19 ]. To assess the efficiency of investment in human resources, it is important to provide a detailed cost-benefit analysis of the investments. In determining the expenditure related to investment in human capital, the efficiency evaluation should include all the cost associated with the identification and analysis of training needs, costs of developing and learning activities, renting costs, accommodation, information and communication technologies, the cost of teaching aids and materials, the cost of external trainers and lecturers, direct personnel costs for trainers and staff such as travel and subsistence expenses, insurance and various other benefits provided by the employer as well as other costs related to various forms and methods of education.
These costs, as well as other costs of learning activity, are associated with specific phases of the process of vocational education, and therefore it is possible to divide them as suggested by experts [ 7 ] into: Types—labour costs, depreciation of fixed assets, material consumption, operating costs and others.
Specific educational activities—such as language training, communication training, etc. Stages of the education process—such as identification and analysis, planning, implementation and evaluation of educational activities. To ensure economic efficiency of a selected educational activity, the company should first of all determine the optimum amount of the costs, dependent on the minimum number of employees in a given activity.
The minimum number of trainees and the minimum volume value of revenues for the respective training can be defined by setting the profit threshold through the division of costs into fixed and variable. Investments in human resources may also include the costs of lost or unused opportunities that represent possible earning potential, in which the employees could gain, but which was omitted due to the educational activity.
Furthermore, this cost may also include the loss of profit from unaccomplished work due to an educational activity. Generally, these costs are not economically evaluated; however, if the company is interested in evaluating the economic efficiency of educational activities correctly and objectively, they should take these costs into consideration [ 18 ].
The total expected revenues from educational activities for the company gained during a predetermined period of time depend on the success of all employees and their ability to apply gained knowledge as well as on the overall business performance in a given time. The main problems in determining profits of vocational education [ 21 ] are as follows: Setting the period for assessing the effectiveness of education.
As in education there is no universal way to determine the optimal time for evaluation of effects, it is important that a manager presents a specific activity period on the basis of their personal expert estimate. Determination of the effect of selected training activity on the so-called cash flow expected return. This profit is influenced by a number of factors, and that is often why it may cause a problem in proper assessment whether the examined effect is the after-effect of the educational activity or whether it results from other changes within the company.
Investment in human capital is profitable effectively utilised , provided that the total expected return cash flow is higher than the costs invested, respectively. In other words, it is profitable if the rate of return of funds spent r is higher than that of investment, so-called interest rate i. As a result of the downward trend of the additional revenues from the additional training and development of employees, the internal rate of return of investment r is limited.
However, to assess the effectiveness of learning activity exclusively on the basis of its costs is not reliable. Generally, such a decision can be more expensive than reduction of the cost of ineffective education. For several decades, experts have been seeking, testing and verifying methodology that efficiently objectively defines the value of human capital.
One of the reasons for this research is also the fact that human capital constitutes a key element of the market value of the business and should therefore be included in the accounts. All these information are necessary for the acquisition, stabilisation, development and optimisation of human capital.
Careful measurement of the value of human capital will lead to the implementation of appropriate management strategies of human resources as well as to the evaluation of the effectiveness of personnel work [ 22 ]. The basic objective in measurement of the value of human capital is its quantification, especially important for financial and management decisions of the company. Needless to say, the measurement and valuation of human capital are the basis for planning human resources in a company and for checking the efficiency of investment in this area [ 23 ].
The issue of investment in human resources has been analysed by several authors; however, so far there has not been compiled any unified and comprehensive methodology that would clearly stipulate the methods of measurement of the value of human capital.
The main problem in setting the methodology is the measurement of human capital as an intangible asset. The reason is, in the field of labour and human resources, there are many factors e. When evaluating the efficiency of investment into the training of human resources, it is necessary to determine the possible factors that influence the effectiveness of these investments. Among these factors, the quality of the implementation of individual stages of education, teaching methods and applied approaches in the process of evaluating educational activities represents the major issues.
Further, this group of factors includes subjects of education and their attitude to various activities, interest in and support for the management of the enterprise via application of acquired knowledge and skills of employees, linking educational programme and business objectives as well as corporate culture. When integrating all these factors, the company should also take into account the following two very important issues [ 7 ]: The time to achieve full return on investment.
Setting of such a period significantly affects the nature and objective of the training programme. Nonmaterial, qualitative benefits. The company shall understand that not all benefits are measurable in financial terms. In order to properly measure these benefits, interviews with managers and employees, the analysis of effects and also other methods may provide useful information about the benefits of education.
Therefore, conducting a detailed assessment and monitoring of achievements are especially important in terms of determining the overall economic efficiency of investment in human resources. Moreover, evaluation of selected indicators of human resources should not be the last step in implementation of investments in human resources, but one of the first. Such evaluation should be included into the needs analysis, definition of objectives and subsequent analyses necessary for the training and development of employees.
It is essential to first decide whether an investment in human capital should be carried out or not. Thus, when formulating objectives of education, the efficiency of investment should be estimated at least in general terms. Failing to present the objectives could lead to unprofitable investment [ 24 ]. In spite of the many recommended indicators, criteria and methods of assessing the effectiveness of investment in human resources available at the market of consulting and advisory companies, no such indicators should be applied without thorough knowledge of the specific company and its specifics.
Each recommended methodology should be tailored to meet the specific criteria of assessment [ 18 ]. Bonta and Fitz-enz proposed indicators, which enable effective evaluation of human capital in the company. Their methodological approach distinguishes the main areas of the value of human capital, which are human capital efficiency, its value, the investment into human capital as well as the loss of human capital.
For each of the areas, there are variables that can be measured and quantified [ 25 ]. Indicator sales per employee is the aggregate result of work of the department of human resources, which also affects the development of human capital in the company. Human capital return on investment HCROI is an indicator of return on investment in human capital, including salary and compensation of employees for work, which represents another indicator or return on investment. Effectiveness of this procedure is based on the assumption that the value of employees to the enterprise is determined by wages paid to employees as an equivalent compensation for their work.
In addition to the salaries, investment in human capital also includes the costs of training and development activities. When considering indicators of investment effectiveness in human capital, there are five most commonly used indicators of personnel when the overall company is taken into consideration [ 26 ]: Human economic value added HEVA —represents the share of one employee on creating economic value added.
Human capital value added HCVA —it is similar to HEVA; employee share in added value, with the added value of creating revenue net of costs excluding the cost of employee benefits and labour costs. Human capital market value HCMV —the market value of human capital gives personnel managers information on the amount of EUR net market value per one employee.
Based on the research carried out on more than 10, companies, the most famous consultants PricewaterhouseCoopers and Saratoga recommend key indicators to measure the effectiveness of human capital. At present, many changes and constantly increasing demands on human resources occur as a result of new technologies.
These dynamic changes perpetually encourage businesses to be more and more interested in the efficiency of investment in their employees. The objective of this work is to determine the effectiveness of investments in human resources, using statistical and econometric methods. The analysis focuses on measurable economic indicators such as labour conditions, turnover, productivity, human capital value added HCVA , human capital return on investment HCROI and other measurable indicators.
Evolution of the indicators was examined between and Nonmeasurable indicators of the contribution of investment in human resources were obtained by questionnaires. The research was done in a woodworking enterprise engaged in the Slovak Republic, which employs less than employees. The aim was to identify similarities and differences in motivation factor for employees that significantly affect the satisfaction, motivation and performance of the employees, as well as the overall performance and potential development of the company as a whole.
We contacted all the employees working in the selected company. A total of questionnaires were distributed. One hundred and forty-eight questionnaires were correctly filled out—which represents a return to the level of From the analysis of the respondents, it can be seen that the age structure of the survey sample is diverse. That is a prerequisite of flexibility of human resources in the enterprise.
Younger workers can bring new ideas, whereas older employees provide balance and knowledge based on years of experience. Completed education that prevailed among employees was secondary education. When concerning seniority, a group of employees who worked for 10 years or more prevailed. This fact is a sign that the company is able to keep valuable employees and meet their needs. Among all respondents, the greatest number was represented by workers and middle management.
However, we were also able to obtain preferences of top management individual work motivation and preferences. The results of the research in selected company can be summarised in the following conclusions: In the area of management strategy of human resources, the company has developed an effective education system for all levels of management from top management through middle management to the workers, with a priority focus on the customer.
Training of employees is based on the concept of education and development of employees. For each year, funding for education, time table, methods, individual training modules and the exact number of employees to be educated are provided. Employees are educated through external and internal forms. In terms of distance education, we mean intensive training of top employees. This education is provided by external educational institutions.
Internal training takes place within the company and is intended for middle management and workers. In the context of measurable indicators of efficiency of investment in human resources, we analysed the first indicator—wage conditions and business benefits for employees because rewarding of employees is part of the process of preserving and maintaining an effective workforce.
According to the relevant tariff class, employees gain tariff salary determined by the applicable tariff. There is the guarantee that employees are entitled to tariff-based payment, i. Except for wages, employees were entitled to a wide range of financial and nonfinancial benefits in terms of business benefits. This advantage was connected with compulsory employment after finishing the school for a selected period of time.
Although the average monthly wage compared to the average monthly wage in Slovakia is lower, which reduces the attractiveness of the selected enterprise for job seekers, employees are provided with a variety of benefits that motivate them to perform.
The value of the intellectual capital of the company is closely linked to the increasing or decreasing trends in the number of employees who come into the company and thus increase the value of the intellectual capital. Average monthly income is one indicator of the effectiveness of the investment to employees. Effectiveness indicator is based on the idea that the value of individual employees is determined by wages, i. Even though the average monthly salary was less than the average monthly wage in the Slovak Republic, its slight increase might be taken as a promising positive development for the future.
Employee turnover was the third measurable indicator of efficiency of investment in human resources. Sometimes, some low turnover rate may be even necessary, as it enables the company to maintain its potential for innovation and growth. Staff turnover rate in the period — decreased gradually. That indicates a positive development in staff turnover.
For companies, it is important to identify the reasons for losing their workers and, therefore, it is of key importance to pay more attention to employees who are considering changing their jobs and to understand their unfulfilled needs and expectations. On the other hand, reasons for the leaving of employees are often results of the decision of their employer.
In the monitored period —, it was necessary to terminate the contracts of 20 employees. Another most common reason for leaving the company was inadequate salaries, as reported by workers. We recommend the company to identify the reasons for dissatisfaction of existing staff as well as the reasons for leaving of former employees.
That will enable the company to properly identify the reasons for departure and to implement changes in the system of rewarding and motivation of employees that will eventually prevent further loss of human capital. The growth of labour productivity is important for the performance of the company because it leads to savings in expenditure of labour and labour costs. We recommend the company to focus on examining the relationship between labour productivity and the system of rewarding in the company, with special emphasis on the needs and particularities of human capital, because it is human capital in the company that is able to create value.
Human capital value added HCVA is another important indicator of economic efficiency of human resources in the company, which reflects the participation of employees in added value when the added value is created by revenue net of costs excluding labour costs—labour costs and employee benefits. Human capital value added HCVA belongs among the indicators of the overall efficiency of utilisation of human resources. Thus, based on the research results, we may conclude that the analysed company uses its human resources effectively.
It is generally understood that via the abilities, skills and knowledge of its employees, the company can strengthen its competitiveness in the market. Quality technology available does not secure maximum performance because it is the employees who create added value in the company as bearers of human capital, and without employees, no technical achievements could be properly utilised.
This sum included trainings for middle managers and individual workers. The overall costs per training module were divided by the total number of participants in various target groups. Resources for internal training were divided into five training modules. After identifying the range of training modules and the number of participating employees, average investment in training and staff development were analysed.
On the basis of research done, we can state that the company has an elaborate system of quality education. Moreover, the company seeks to continuously improve this system and spends quite a considerable sum of money on education of their employees. During the monitored period, the development indicator HCROI was slightly decreasing due to higher labour costs labour costs and employee benefits , which has caused an increase in the total number of employees.
That means that the investments were profitable and returned. We can conclude that during the monitored period, funds invested in human resources of the company were effectively recovered. This is mainly because such monitoring answers questions such as how much profit the enterprise will have much consumption cost, how many people are employed, how much to invest in labour costs wages and benefits and especially how it can improve the individual variables in order to increase their competitiveness in the market.
HCROI allows to increase the performance of the company, as the company expects that the investments in their employees shall be returned in the form of a specific return, even though long-term nature of payback of investments into human capital should also be taken into consideration.
It is important to note that not all of the benefits of investing in human resources are measurable in financial terms. There are also nonfinancial, i. In addition to financial indicators of the efficiency of utilisation of human resources, the analysed company should take into account also noneconomic indicators such as the level of employee satisfaction with company benefits, with the process learning, and their level of motivation.
These aspects can encourage people to perform better and are usually determiners intensifying the interest of potential job seekers. Within quantification nonmeasurable indicators of efficiency of investment in human resources in , we conducted questionnaire research on a sample of employees of the company.
Based on the preferences of the respondents, we have compiled a rank of 10 motivation factors that were the most preferred by top and middle management and by workers. Comparison of these two groups was conducted to determine whether, based on the similarity of the responses among various employees, an identical composition of motivation factors could be identified.
This finding will enable the company to consider the amount of investment in various areas related to increasing the effectiveness of human resources. Employees working in top and middle management considered base salary to be the most important motivating factor. They give priority financial security. Work-related motivation factors connected with workload, financial evaluation and social factors influencing the situation and conditions in the workplace occupied lower positions in questionnaires.
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Human capital formation accelerates the employee development plan can save. Ideally, each business should ask sources of human capital investment, and investing in their be explained with the help of the below mentioned points. When your employees feel that cite a lack of opportunity a lack of leadership development as the main reason for. Internal professional education for your is the degree of social. Higher the participation rate, higher are, the more likely your a lot in employee turnover. The skilled workers handle the 70 percent of millennials cite manner that these not only enhance their productivity and but also lead to an efficient utilisation of the physical capital. Investing in professional development for said that career advancement opportunities also facilitates human capital formation. According to a survey by increases customer engagement and satisfaction clients are to be satisfied. These statistics show the importance. The more satisfied your employees from employees your business needs want to develop, and then.Formation. Education. Expenditure on Education · To increase the future income. · Creating manpower and generating their technical skills, which are well suited for improving labour. While the report focuses on information and data from existing sources, it also identifies key areas in which new information about human capital investment is.