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Human capital or human assets is a concept used by economists to designate personal attributes considered useful in the production process. It encompasses employee knowledge, skills, know-how, good health, and education. [1] Human capital has a substantial impact on individual earnings. [2]
Human capital is the stock of knowledge, habits and social and personality attributes. Its market value (discounted value) of future labour income (a measure of human capital) is greater than the total market value of traded assets. Human capital is also the nontraded asset that is most importable across time.
Human Capital Theory states that the knowledge, experience and skills of employees are developed through processes of advanced education, training and development and job changes (Tharenou, 1997). Human capital acquisition through learning and job satisfaction increases the ability of a workforce to perform effectively (Michael et al., 2000 ...
Individual capital, the economic view of talent, comprises inalienable or personal traits of persons, tied to their bodies and available only through their own free will, such as skill, creativity, enterprise, courage, capacity for moral example, non-communicable wisdom, invention or empathy, non-transferable personal trust and leadership.
In contrast, many economists today consider "human capital" (skills and education) as the fourth factor of production, with entrepreneurship as a form of human capital. Yet others refer to intellectual capital. More recently, many have begun to see "social capital" as a factor, as contributing to production of goods and services.
Human resources (HR) is the set of people who make up the workforce of an organization, business sector, industry, or economy. [1] [2] A narrower concept is human capital, the knowledge and skills which the individuals command. [3] Similar terms include manpower, labor, labor-power, or personnel.
Talent management (TM) is the anticipation of required human capital for an organization and the planning to meet those needs. [1] The field has been growing in significance and gaining interest among practitioners as well as in the scholarly debate over the past 10 years as of 2020, [2] particularly after McKinsey's 1997 research [3] and the 2001 book on The War for Talent.
Most of the empirical results from the literature attempt to decompose the geographical wage differentials according to human capital characteristics. Areas with more skilled workers will tend to have higher mean wages. Though, average wages may differ among different areas because they offer different levels of amenities.