What is the basis of human capital. Human capital: development, basic principles, theory and problems. Broad definition of HC

13.07.2020

At the present stage, the economy in developed countries has become technotronic, which is reflected in the unity of "man - computer - automated means of production." That is why socio-economic development in the second half of the last century and at the beginning of the present is characterized by the growing role of the human factor. Under such conditions, a person, who is the main productive force, must be armed with the means of production and knowledge, that is, be sufficiently educated. Information Support is a well-known method of transmission and helps a person in the implementation of expedient labor actions, but does not perform them instead of him. At present, intellectual work that generates knowledge is gaining more and more value. That is why in modern economy human resources play a decisive role in achieving competitive advantage and ensuring qualitative parameters of economic growth.

Building intellectual strength is the key to success. In formed economic conditions the development of the intellectual factor is more effective than, for example, the capital-intensive improvement of the organization of the use of various outdated technologies. According to Peter Drucker, “No matter what material resources a system has, they do not multiply by themselves. Both the state and the firm are developed by the energy and intellect of the people who make them up.

Now the labor resources of the enterprise are increasingly considered as human capital. It should be noted that the concepts of "labor resources" and "human capital" are not synonymous. Labor resources can be converted into capital, but for this it is necessary to create conditions that provide the opportunity to realize human potential in the results of the organization's activities. That is, if a person is engaged in social production, and labor resources bring real income and create wealth, then they can be called capital.
The effectiveness of the development of an enterprise and the economy of states as a whole to a large extent depends on how much money and at what point in time they are directed to the development of human capital. This type of investment brings a significant in volume, long-term and integral in nature economic and social effect, therefore it is the most beneficial from the point of view of a person, an enterprise and the whole society as a whole. Thus, in the United States, according to some estimates, part of investment in human capital is more than 15% of GDP, which exceeds gross investment in houses, equipment and warehouses.

According to the website auditfin.com, in developed countries, 60% of the increase in national income is due to the increase in knowledge and education of society. American scientists have calculated the value of GDP produced by workers with a duration of education of 10.5; 12.5 and over 14 years: it turned out that it is the third group (with education over 14 years) that provides more than half of GDP. Similar studies were carried out several years ago in Russia. According to " Russian newspaper» The results were similar: college-educated people, who make up a quarter of workers, generated 56% of the value of national income.

Currently, considerable attention is paid to the problem of formation, development and use of human capital. Such Ukrainian scientists as E.A. Grishnova, A.M. Kolot, V.N. Petyukh, V.M. Danyuk, V.I. Kutsenko, G.I. Evtushenko, T.I. Shparaga, Ya.M. Dutkevich, V.P. Antonyuk, I.N. Lashchenko, Yu.B. Skazhenik, A.V. Lokhmach and many others explore the essence of human capital and the specifics of its formation in Ukraine.

The emergence of the theory of human capital is associated with scientific works William Patty, Adam Smith, Alfred Marshall. The final formation of the theory of human capital refers to 50-60 years. XX century. The theoretical foundations were formulated by the American economist Theodor Schultz, and the basic theoretical model was developed by Gary Becker. Becker was the first to carry out a statistically objective calculation economic efficiency education process, defining the return on investment in education as the ratio of income to expenses. According to G. Becker, the efficiency is 12-14% of the annual profit.

According to the author, to determine income from higher education it is necessary to compare the incomes of people who graduated from college and those who graduated only high school. At the same time, it is possible to include in the costs of education, along with direct costs, the lost income by students during the years of study, which is measured by the value of the time they spent on education. Despite the presence of a large number of opponents, the theory of human capital is one of the main ones in the field of research on human resources.

One of the controversial issues is the formation of human capital. The definition of which is an important aspect in considering the entire system of human capital recovery. The formation of human capital should be studied as a process of searching, renewing and improving high-quality productive characteristics of a person with which he acts in social production. The factors on which the formation of human capital depends can be combined into the following groups: socio-demographic, institutional, integration, socio-mental, environmental, economic, production, demographic, socio-economic (Fig. 1) .

Fig.1: Groups of factors that form human capital

From this we can conclude that the category of human capital is a complex structurally systemic object of socio-economic research. O.A. Grishnova believes that human capital is an economic category that characterizes the totality of productive abilities formed and developed as a result of investment, personal traits and motivations of individuals that are owned by them, are used in economic activity, contribute to the growth of labor productivity and, due to this, influence the growth of incomes (earnings) of their owner and national income.

Thus, human capital should be considered at the national, regional, sectoral levels, as well as at the level of an enterprise and an individual. At the macroeconomic level, human capital includes the contribution of a region, a country to the level of education, training and competence, health, and so on. This level consists of the total human capital of the entire population of a region or country. At the level of an enterprise, human capital represents the combined skills and productive abilities of all its employees. At the individual level, human capital is knowledge, skills, accumulated experience and other production characteristics acquired by a person in the process of study, training, practical experience with which he can earn income.
The American scientist J. Kendrick distinguishes between real and intangible forms of human capital. To the material capital embodied in people, he refers the costs necessary for the physical formation of a person, that is, the costs of raising children (excluding the costs of their education). J. Kendrick refers to intangible human capital the accumulated expenses for general education and special training, part of the accumulated health care and labor relocation costs. He believes that the concept of "human capital" reflects not only a quantitative assessment of the qualification and educational potential, but also expands the boundaries of the concept of "capital", displaying all those working in the role of entrepreneurs who have property that makes a profit. In this interpretation, each worker who has a certain, growing level of education and practical experience becomes the owner of "individual capital", contributions to which increase his future income. With this approach, the fundamental line between social classes is erased, only differences remain in the scale of entrepreneurial property, and not in the absence of such among workers. In this case, the role of entrepreneurship is constantly decreasing, and workers become the owners of an increasing part of the capital.

MM. Kritsky believes that human capital is carried out as an enrichment of the life of a person and society, based on the saving of direct labor. The basic law of the movement of human capital expresses the unity of saving labor and enriching this life activity. Human capital is the self-enrichment of people's life activity, which is realized as their life quality.

Understanding human capital as a set of socially expedient production knowledge, skills, abilities gives grounds for such important generalizations:

human capital is a combination of natural abilities and human energy with acquired general educational and professional knowledge. Such unity occurs in the process of forming human capital through all types of acquiring new knowledge on the basis of certain investments;
human capital should be considered at three levels: macroeconomic, enterprise level and individual level;
human capital is divided into real and intangible forms. The material form of human capital is the cost of the physical formation of a person, and the non-material form includes the cost of education, health care and the movement of labor.

There is no unity in the views of researchers on the problem of the relationship between human capital and physical capital. One of the main problems of the present time is the distinction between the concepts of "human capital" and "labor force". Some consider these two concepts to be synonymous, others give definitions that are similar in content. According to O.F. Liskov, in order to form a labor force - a product that is put up for sale, an individual must select the necessary elements of human capital that are part of the labor force, that is, the labor force consists of some necessary elements of human capital.

Most of these features of physical and human capital, formulated by S.A. Woodpecker, fair:

human capital takes the form of variable capital and interacts with physical capital as part of the total productive capital;
both capitals must correspond to each other, that is, complex and expensive equipment must be managed by highly qualified specialists, who in turn are highly paid;
the formation of both requires significant expenditures and the diversion of funds from current consumption;
investments in both physical and human capital can lead to accumulation;
human and physical capital have a monetary value.

There are a number of analogies between human and physical capital. For example, both bring income to the owner, both are integral components of economic growth. Investment decisions and their consequences are analyzed in the same way for both physical and human capital.

Russian economist A.F. Lyskov notes that the most important property of human capital is its dynamic nature. Elements are constantly added to human capital under the influence of certain circumstances, and the value of existing ones decreases, increases or is completely removed. This is how the value of human capital itself changes. Often, only positive dynamics of human capital is considered, but negative dynamics also have an impact on the production process and on the success of the enterprise as a whole. Another feature of human capital is the nature of the risk that an entrepreneur takes on when buying labor.

Other Russian scientists believe that human capital has a dual character. In a broad sense, it should be considered as a socio-economic form of the existing quality of human potential on the scale of a particular society. In a narrow sense, this is that part of it that is productively used by entrepreneurs to make a profit and bears the signs of K. Marx's variable capital. The theory of human capital divides it into two types: general and specific. The total capital consists of general training an employee, allowing him to work in different profiles at many enterprises, paid by himself. Specific capital is training that is directly related to the activities of a particular enterprise and is paid for by it.

When an employee is released, both parties suffer losses: the company wasted money on training, and the employee will not be able to transfer the acquired knowledge to another organization. It is important for an employee to stay at the enterprise, because when changing jobs, he will have to master specific training from scratch. The enterprise, in turn, clings to the employee, because there is no such specific resource in the labor market. A striking example of specific human capital are workers in a knowledge-intensive industry, such as nuclear and aircraft manufacturing. Therefore, the closure of such an industry leads to the depreciation of specific human capital.

Human capital is also classified into forms:

living capital contains knowledge, health, embodied in a person;
non-living capital, which is created in cases of the embodiment of knowledge in physical and material forms;
institutional capital is institutions that contribute to the effective use of all types of human capital.

Human capital, being part of total capital, represents the accumulated costs of general education, special training, health care, and the movement of labor.

There is a classification by types of expenses, investments in human capital. I.V. Ilyinsky identifies a classification by type of expenditure and investment in human capital, divided into the following components: education capital, health capital and culture capital. Health capital is an investment in a person, carried out with the aim of forming, maintaining, improving and strengthening his health and performance. It is the basis for human capital in general. Educational capital consists of the costs of a person's education, starting with general secondary education and continuing with studies during labor activity. Cultural capital refers to the costs of constantly raising the cultural level of a person.

There are two types of capital according to the form of consumption:

consumer - created by the flow of services consumed directly (creative and educational activities);
productive, consumption, which contributes to social utility (creation of means of production, technologies, production services and products).

It should also be borne in mind that in the theory of human capital the concept of “capital” is interpreted differently than in the methodology of K. Marx, who wrote that “capital is not a thing, but a certain, social production relation belonging to a certain historical formation of society, which represented in a thing and gives this thing a specific social character. In Marxist theory, this concept is considered on the basis of social class positions, as a relationship of ownership and control over the means of production. In classical English political economy, the concept of capital combined two aspects: firstly, control over the factors of production and, secondly, the right to receive future income. Neoclassical theory associates the concept of capital with the ability to generate income.

The relationship between human capital and capital can be traced through the concepts of labor force and variable capital, which is directed by the entrepreneur to acquire labor force. The labor force is that part of human capital that an individual is ready to sell to an entrepreneur in order to receive from the latter the means of subsistence for himself and his family in the form wages. K. Marx believed that "becoming a commodity, labor power, like any other commodity, has two properties: value and use value." The first is interesting for the worker, because this is the price of labor power, which is equal to the value of his wages. The second is of interest to the employer, since it is with the help of the productive consumption of labor that the added value is created, which is appropriated by the entrepreneur.
Proponents of the theory of human capital on the example of education justify the growing cost of capital: if an increase in the educational level of an employee entails additional earnings that exceed the cost of training, then the cost of education is characterized as an investment in human capital. Critics of the theory of human capital believe that there is no self-growing value, that is, capital. This is justified by the fact that necessary condition increasing the cost of qualification is the work of the worker itself, it does not grow by itself.

At present, the role of science and education is growing, the importance of intellectual activity in all spheres of production is increasing. Intellectual labor, which is the activity of people in the production, assimilation and practical application knowledge gained a dominant position. This process manifests itself in two ways: the role of such industries is growing social sphere as education and science; the importance of intellectual activity within other branches of the national economy is growing. These trends contribute to the formation and improvement of the educational, professional, scientific, spiritual potential of society and are the most important factors in socio-economic progress. At the beginning of the 20th century, according to A. Marshall, the number of manual workers was five times higher than the number of those employed in intellectual labor. Now in developed countries, more than 60% of the economically active population is employed mental labor, and in the USA - 75%.
Very convincing factual data on cardinal shifts in the proportions of capital investments that have occurred over the past centuries are cited in V. Shchetinin's article "Human capital and the ambiguity of its interpretation." If in the XVII-XVIII centuries. in total mass capital specific gravity human capital did not exceed 10%, then by 1913 it had risen to almost 33%. But even these proportions changed dramatically in the second half of the 20th century. and especially in the last two decades in connection with the information revolution. In Western countries, the share of accumulated investments in human capital in the total fund of their capitalized development expenditures rose, according to minimal estimates, to 56-57% in 1973 and 67-69% (in the USA to 74-76%) in 1997-1998 gg. (Table 1).

Table 1 - Change in the structure of total capital in Western countries.

The undoubted merit of human capital theorists is the recognition of the primary role of man in social production. This is due to the strengthening of the role of education, which is becoming the main resource and source for the formation of a highly developed workforce. It should be noted that domestic enterprises currently have at their disposal a fairly high potential of human capital. In 2002, 25.5% of all workers in Ukraine graduated from universities of I-II levels of accreditation, another 22.6% graduated from universities of III-IV levels of accreditation, in industry the proportion of such workers was 25 and 15.1%, respectively.
The theory of human capital can be applied as an analytical tool in identifying the economic efficiency of education. Proponents of this theory have clearly defined its individual economic effect for the individual. The main result of the economic return of education is an increase in the income of an employee due to an increase in his educational and professional level. Human capital theorists are based on the fact that differences in earnings reflect differences in labor productivity. Educational income is calculated as the difference in lifetime earnings of those who have unequal education. In addition to direct expenses, education expenses also include lost income. This is the potential earnings that a person could receive if he worked, and did not study.

The theory of human capital has gained significant public distribution and recognition in world scientific thought. Scientific research is constantly carried out and many scientific publications are published on these issues. Unfortunately, today the issues related to the study of the problems of formation, preservation and improvement of the efficiency of the use of the human capital of Ukraine are among the most unexplored in the general structure of economic science.

There is now a need for a comprehensive lifelong learning strategy consisting of early childhood education, primary education, an improved school-to-work transition system with closer links between education and the labor market, and effective learning systems that provide lifelong learning opportunities. However, in order for this to become feasible, constant investment in human capital is needed, both at the individual level and at the level of the enterprise and the state.

The division of investment in human capital at the individual level, at the level of the enterprise and the state is also advisable due to the fact that the degree of underinvestment at these levels is different. By nature, a person is, on the one hand, a physical being, and on the other hand, a social being. Because of this, he acts as a carrier of both certain natural individual abilities and talents that he possesses from birth and that nature has endowed him with, and the accumulated knowledge, skills, skills acquired in the process of social life and due to the costs of certain physical, material and financial resources.

Human natural abilities and acquired social qualities similar in their economic role natural resources and physical capital. This is manifested in the fact that in its original state, a person, like natural resources, does not bring any economic effect. But after the implementation of certain expenses and preparation, an individual human capital and a set of individual competencies are formed, which can subsequently potentially generate income, like physical capital.
Individual human capital will generate income only if a person has the opportunity to engage himself in social production by organizing his own activities or selling his labor force to an entrepreneur. This justifies the expediency of using individual human capital. For the transformation of individual human capital into production, it is necessary to determine the conditions that would ensure the realization of human potential in the results of its activities.
Getting an education and starting a job is the initial stage in the formation of individual human capital. The next stage is longer. It is based on the acquisition professional qualifications and life experience. Human capital is intangible durable goods that are accumulated and realized as a result of production activities people in time. The most important feature of capital is that it is itself a product of production. Human capital as a product of production is the knowledge, skills and abilities accumulated in the process of training and work. Human capital, like any other, can accumulate. The accumulation of human capital begins with preschool education and continues throughout social activities.

The main tool for the formation of human capital, both at the individual level and at the level of the enterprise and the state, is investing in a person. Investments in human capital are all types of investments in a person that can be valued in monetary or other form and are expedient, that is, they contribute to the growth of labor productivity and income at all three levels. Current expenditures are carried out with the expectation that they will be repeatedly compensated by higher income levels in the future.

Of all the types of investment in human capital, the most important are investments in health care and education, as well as in continuing vocational training. Health care spending, which includes health care, lifestyle improvements, and others, creates conditions for improving the quality and efficiency of human capital use. A feature of such investments is that they contribute to a better perception of knowledge, skills and abilities and, accordingly, contribute to an increase in human productivity. General and professional education, in turn, improves the quality and level of human knowledge, and, consequently, improves the quality of human capital in general.

In comparison with investments in other forms of capital, investments in human capital are the most beneficial from the point of view of both an individual and society as a whole, since they bring a fairly significant in volume, long-term and integral economic and social effect.

Investment is an important prerequisite for the formation of human capital, but is not yet development. The development of human capital occurs both in the process of initial investment and subsequent investment, which occurs in the process practical activities person. That is, the development of human capital is the process of creating human productive abilities through investment in specific processes his activities.

It should be especially noted that personal motivation is a very important and necessary condition for the process of circulation of human capital (Fig. 2) to be complete. Thanks to this process, a qualitative renewal of human capital occurs through the emergence of new market needs for the production of goods that are constantly growing and require new competencies, in which the increase in the level of knowledge and practical skills of people is accompanied by the development of opportunities for their practical implementation. Due to this, individual incomes increase, and the national income of the country grows.

Effective career management requires the availability of the necessary information about what happens to employees at different stages of their career. For this, special studies can be carried out at the enterprise, the results of which are drawn up in the form of a career chart, which makes it possible to track the work biography of the employee.

Each stage of an employee's career is connected not only with the level of the position, but also with a certain stage in life. Scientists distinguish such stages of a working career: previous, formation, promotion, preservation, completion and retirement.

The previous stage (up to 25 years) is associated with obtaining a secondary or higher education, a profession. During this period, a person can change several activities in search of the most suitable one that would satisfy all his needs. If such activity is defined, the process of self-affirmation of the employee as a person begins.

Formation (25-30 years) is the period of mastering the acquired profession, acquiring experience and skills. At this stage, qualifications are formed, the need for independence arises, a family is created that stimulates the employee to increase income.

Promotion stage (30-45 years). During this period, there is a process of growth, promotion, the process of self-expression begins, the need for self-affirmation, the achievement of a higher status and level of remuneration grows.

The conservation stage (45-60 years) is characterized by actions to consolidate the results achieved, highest level improvement of qualifications, knowledge, skills, experience, mastery, the beginning of respect, the need for self-expression is growing. A person reaches the heights of independence and self-affirmation.

The final stage (60-65 years) is the search for a replacement, the transfer of knowledge and skills to young people, and preparation for retirement. Self-expression stabilizes, respect grows, interest in other sources of income increases.

Retirement stage (after 65 years) - retirement, preparation and maintenance of a new type of activity, self-expression in new sphere activities, stabilization of respect, health care, the size of the pension.

Let us analyze the stages of the labor career of an employee of our enterprise, Table. 2.

Table 2 - Career of the head of the financial and economic department of our enterprise

date of receipt	Working hours	Position	Age, years	Company name
	2 months, 1 day	car mechanic		Donetsk section of transport mechanization "Donbassantekhmontazh"
	4 years, 11 months			Donetsk Polytechnic Institute
	1 month 8 days	miner's apprentice		Mine administration. newspaper "Socialist Donbass"
		Drifter's Apprentice		Mine them. A.B. Batova
		Drifter 5th category		Mine them. A.B. Batova
	5 months, 13 days
		loan inspector		Donetsk branch of Joint Stock Bank "INKO"
		And about. Head of Economic Analysis Department		Donetsk branch of Joint Stock Bank "INKO"
	8 months, 20 days	Head of Consolidated Economic Reporting Department		Donetsk branch of Joint Stock Bank "INKO"
	5 months, 11 days	Economist-head of the credit department		CB "Privatbank"
		Leading economist		CB "Privatbank"
	1 year, 9 months, 18 days	Head of Correspondent Relations Department		CB "Privatbank"
	1 year, 3 months, 17 days	legal adviser		CJSC "Valentin"
	2 years, 7 months, 5 days	Head of Natural Gas Supply Department		CJSC "Valentin"
	4 months, 18 days	And about. director of economics		State enterprise "Luganskugol"
	1 month, 28 days	Economics and Marketing Director		Association "Ukrogneupor"
	1 year, 5 months, 10 days	Deputy Director for Economics		State enterprise "Donteplomash"
	2 years, 9 months, 17 days	Head of Financial Department		Our enterprise
	1 year, 9 months	Head of Financial and Economic Department		Our enterprise

A career chart is a career management tool that is a graphical description of what should happen or happens to people at different stages of a career.

Based work book of an employee of our enterprise, it was found that his labor career is a model of a "springboard" within a certain enterprise. Figure 3 allows us to conclude that the main reason for demotion at certain stages of labor activity is the transition to other enterprises.

The period of a working career is the first before the start of studies at the institute and the employment of low-paid professions is due to the young age of the worker, industrial adaptation, secondary education and insufficient knowledge and skills in work. Work in such positions as a miner's apprentice, a drifter of the 5th category is due to training at the Donetsk Polytechnic Institute and the internship for workers. The position of acting head of the economic analysis department, which the employee has held since the age of 23, characterizes the beginning of self-assertion and the process of completing production adaptation. Since the employee holds the position of head of the financial and economic department at the age of 38, it can be judged that this is not yet the highest possible level of his professional development. Until the age of 45, he has the opportunity to grow up to the position of director through the ranks.

As shown in fig. 4, the employee whose career we are analyzing, before taking the position of the head of the financial and economic department of our enterprise, changed several positions and enterprises. Ukrainian scientists offer an indicator to reflect the promotions received by an employee within a particular enterprise. In view of the fact that the number of promotions in itself does not indicate anything, it is worth correlating it with the time during which a person works. We get the following expression for this indicator:

where Р is an indicator of the rate of increases that the employee received;
m - the number of promotions that the employee received at the enterprise;
t is the time during which the employee is engaged in labor activity at this enterprise, years.

Consequently, the employee whose career is being analyzed has changed eleven enterprises during his career. At some, he did not receive a single increase, therefore, the indicator for other enterprises should be calculated using the above formula (Table 3).

Table 3 - Calculation of the rate of promotions that the employee received

Thus, the calculations show that the most effective labor career in terms of the speed of advancement this employee is observed at the enterprise Donetsk branch of Joint-Stock Bank "INKO", where the calculated increase rate is the highest in comparison with others and is equal to 1.28. However, the figure shows that from the point of view of the achieved social status of the director for economics and marketing, and, consequently, the level of wages, a labor career at the Association "Ukrogneupor" is more effective. Therefore, when calculating the effectiveness of a career, it is necessary to take into account various factors, such as the level of wages, the social status of the employee, the employee's own life value orientations, and his worldview. This is due to the fact that the employee compares his career not only with career advancement, but also with life goals for the future.

Vocational training of employees is a multifunctional process that affects all components of an enterprise's activities. Directly on the scale, course and results of training depend on:

current and future results of the enterprise;
current and future costs associated with the activities of the enterprise;
the level of risk of incompetent actions of personnel during the work of the enterprise.

The result of the activity of the vocational training system is not unambiguous, therefore, it is necessary to assess the economic efficiency of vocational training of employees. Possible goals for calculating the economic efficiency of the vocational training process are:

definition optimal size training costs as part of total production costs;
making decisions regarding the forms and methods of teaching;
comparison of different options for technologies and instrumental base of training;
comparison of the economic efficiency of training with the economic efficiency of other possible investments of the enterprise's funds, which provide a commensurate increase in the efficiency of the main production.

The economic efficiency of any vocational training activities can be determined by the ratio between indicators that describe the result of the enterprise's activities after the start of the activities, and indicators that characterize the full costs associated with the activities of the enterprise for the same period.

Cost indicators in assessing economic efficiency in practice are selected so that they can be summarized, that is, reduced to one point in time and adjusted for the share of the analyzed activity in the total costs. In this case, the indicator of the economic efficiency of the measure is the difference between the value of its contribution to the increase in the result of the enterprise's activity and the value of expenses. The economic efficiency of vocational training is determined by the ratio between the total costs of organizing and conducting the educational process and the financial results of training, expressed by an increase in the results of the enterprise, an increase in its potential, a decrease in the costs of ensuring the functioning of the enterprise, and a decrease in the risk level of its functioning.

The relationship between the learning process and the change in the performance of the enterprise is expressed by a number of factors that reflect the change in motivation, functional behavior and social relationships of employees who have been trained. The results of the implementation of the personnel training system can include:

increase in the volume of services provided as a result of meeting the additional need for workers in professional and qualification sections;
reduction in the cost of work performed;
improving the quality of services provided;
reduction in the level of staff turnover as a result of professional training of personnel;
the effect of the introduction of inventions and rationalization proposals of employees who have been trained according to the curriculum;
increasing the speed of work of trained workers;
reducing the duration of the analysis and assessment of the situation;
expanding horizons, increasing the number of options considered when making decisions by managers and specialists, which affects the optimality of decisions made;
reduction of losses from inaccurate assessment of the situation and incorrect actions of employees, which is associated with the consolidation of skills in more competent management of technical systems in the learning process;
prevention of loss from the unforeseen occurrence of undesirable events and situations, limiting the spread of so-called "chains of undesirable developments";
reducing the likelihood of accidents and breakdowns of equipment, threats to life and health of people;
strengthening the corporate consciousness of employees, convergence of personal interests of employees with the interests of the enterprise;
exchange of information between employees different enterprises who are learning together, disseminating best practices and other innovations;
increased likelihood of coordinated conscious joint activities and decision making.

Improvement in the quality of work can be assessed:

reduction in the number of erroneous actions of one employee during the year, associated with learning outcomes;
the costs of eliminating the consequences of the employee's erroneous actions.

The increase in the number of action options is estimated by the change in the number of action options for one employee, which is associated with the passage of training and the average contribution from the implementation of each option to the result (income) of the training system.

The overall effect of all groups of factors is measured by the increase in the result of the enterprise's activity (income).

Thus, the evaluation of the economic efficiency of professional training of the personnel of our enterprise was carried out using the net present value method.
The discounting method is used to bring income and expenses to one moment of labor. The calculation of income from investments in human capital provides for their progressive discounting, comparing them with current costs. Because the incomes that will be obtained in the future are always of less value to people compared to those that are obtained today.

Net present value is considered a criterion for the feasibility of an investment project in human capital and is calculated by the formula:

where NPV is the net present value of human capital, UAH;
Bt – income from investments in human capital in period t, thousand UAH;
Сt - the amount of expenses in the period t, thousand hryvnias;
n is the number of periods;
і - interest rate index, or discount rate.

An investment in human capital is profitable if the net present value of capital is greater than or equal to zero. If NPV=0, the investor only recovers his expenses. The higher the net present value of human capital relative to zero, the more efficient the investment is.

Let's consider investments in human capital, which were invested by our company in 2007 and 2008 and planned for 2009 (Table 4).

Table 4 - Indicators of economic efficiency of professional training of the personnel of our enterprise for 2007-2009.

Indicator
Expenses for study, thousand hryvnias
The period of influence of studies on the economic results of the enterprise, years
Income from investments in studies in the first year, thousand UAH.
Income from investments in studies in the second year, thousand UAH.
Income from investments in studies in the third year, thousand UAH.
Discount rate %
Discount for the cost, thousand UAH.

Difficulty in practice this method is the choice of the percentage level - the discount factor. In a market economy, this value is determined based on the deposit interest on deposits. In practice, it is taken higher than this value due to inflation and the risk associated with investments.

In our case, the discount rate was 10%, which is considered fair for equity. Therefore, we trace the dependence of the net present value on the size of the established interest rate. To do this, we perform the calculation of the net present value at different values of the discount rate, Table. 5 .

Table 5 - The cost of human capital and the interest rate of our enterprise in 2007 and 2008

Based on the calculations given in Table 5, a graph of the dependence of the net present value on the discount rate was constructed, fig. 5.

Therefore, as the graph shows, investment projects in the human capital of our company, which were implemented in 2007 and 2008 and planned for 2009, are minimally profitable at a discount rate of 90%, that is, at such a rate percent, the efficiency of projects reaches its limit, and the company only reimburses its costs from staff training. If the discount rate exceeds 90%, from investment projects in vocational training it would be advisable to refuse.

Summarizing the above, the following conclusions can be drawn:

Human capital is a combination of natural abilities, acquired knowledge, skills in the process of production activities, as well as mobility, motivation and physical condition of a person. In other words, human capital is such a set of competencies that is expediently used by a person in one or another area of social reproduction and contributes to the growth of labor productivity and production efficiency.
The development of human capital occurs throughout the entire social activity of a person through constant investment both at the individual level and at the level of the enterprise and the state.
Investments in human capital are the most profitable, in comparison with other forms of capital, since they bring a fairly significant in volume and long-term economic and social effect.

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HR Policy and HR Strategies

Keywords:

1 -1

Human capital- assessment of the potential ability embodied in the individual to bring income. Includes innate abilities and talents, as well as education and acquired qualifications. The concept of human capital was developed by American scientists, Nobel Prize winners in economics Gary Becker and Theodor Schultz. They showed that investing in human capital can give a high economic effect and that in recent decades they have increasingly determined the development of the economy, especially in industrialized countries.

Human capital- a set of knowledge, abilities, skills used to meet the diverse needs of a person and society as a whole. The term was first used by Theodor Schultz, and his follower, Gary Becker, developed this idea by substantiating the effectiveness of investments in human capital and formulating an economic approach to human behavior.

Initially, human capital was understood only as a set of investments in a person that increases his ability to work - education and professional skills. In the future, the concept of human capital has expanded significantly. The latest calculations made by the World Bank experts include consumer spending - the cost of families for food, clothing, housing, education, health care, culture, as well as government spending for these purposes.

Human capital in a broad sense, it is an intensive productive factor of economic development, the development of society and the family, including the educated part of the labor force, knowledge, the tools of intellectual and managerial work, the environment and labor activity that ensure the effective and rational functioning of human capital as a productive development factor.

Briefly: Human capital- this is intelligence, health, knowledge, high-quality and productive work and quality of life.

Human capital - main factor formation and development of innovation economy and knowledge economy as the next highest stage of development.

One of the conditions for the development and improvement of the quality of human capital is a high index of economic freedom.

The classification of human capital is used:

1. Individual human capital.

2. The human capital of the firm.

3. National human capital.

In the national wealth, human capital in developed countries is from 70 to 80%. In Russia, about 50%.

The concept of human capital is a natural development and generalization of the concepts of the human factor and human resource, however, human capital is a broader economic category. The founders of the theory of human capital (HC) gave it a narrow definition, which has expanded over time and continues to expand, including all new components of HC. As a result, human capital has become a complex intensive factor in the development of the modern economy - the knowledge economy.

Currently, on the basis of the theory and practice of human capital, a successful paradigm for the development of the United States and leading European countries is being formed and improved. Based on the theory of the Cheka, which was lagging behind, Sweden modernized its economy and returned its leadership position in the world economy in the 2000s. Finland, in a historically short period of time, has managed to move from a predominantly resource-based economy to an innovative economy. And to create their own competitive high technologies, without giving up the deepest processing of their main natural wealth - the forest. Managed to reach the first place in the world in terms of the competitiveness of the economy as a whole. Moreover, the Finns created their innovative technologies and products on the income from timber processing into goods with high added value.

All this took place not because the theory and practice of human capital realized a kind of magic wand, but because it became the answer of economic theory and practice to the challenges of the time, to the challenges of the innovative economy (knowledge economy) emerging in the second half of the 20th century and venture science. -technical business.

The development of science, the formation of the information society to the fore as components of a complex intensive development factor - human capital - have brought forward knowledge, education, health, the quality of life of the population and the leading specialists themselves, who determine the creativity and innovation of national economies.

In the context of the globalization of the world economy, in the conditions of free flow of any capital, including HC, from country to country, from region to region, from city to city in the conditions of intense international competition, the accelerated development of high technologies.

And huge advantages in creating stable conditions for the growth of the quality of life, the creation and development of the knowledge economy, the information society, the development of civil society have countries with accumulated high-quality human capital. That is, countries with an educated, healthy and optimistic population, competitive world-class professionals in all types of economic activity, in education, science, management and other areas.

Understanding and choosing human capital as the main development factor literally dictates a systematic and integrated approach in developing a development concept or strategy and linking all other private strategies and programs with them. This dictate follows from the essence of the national Cheka as a multicomponent development factor. Moreover, this diktat emphasizes the conditions of life, work and the quality of the tools of specialists that determine the creativity and creative energy of the country.

The core of the Cheka, of course, was and remains a man, but now he is an educated, creative and enterprising person, with a high level of professionalism. Human capital itself determines in the modern economy the main share of the national wealth of countries, regions, municipalities and organizations. At the same time, the share of unskilled labor in the GDP of developed and developing countries, including Russia, is getting smaller, and in technologically advanced countries it is already vanishingly small.

Therefore, the division of labor into unskilled labor and labor requiring education, special skills and knowledge is gradually losing its original meaning and economic content when defining human capital, which the founders of the human capital theory identified with educated people and their accumulated knowledge and experience. The concept of human capital as an economic category is constantly expanding along with the development of the global information community and the knowledge economy.

Human capital, broadly defined, is the intensive productiveeconomic development factor, society and family, including the educated part of the labor force, knowledge, tools for intellectual and managerial work, the environment and labor activity that ensure the effective and rational functioning of the human capital as a productive development factor.

Human capital is formed through investments in improving the level and quality of life of the population, in intellectual activity. Including - in upbringing, education, health, knowledge (science), entrepreneurial ability and climate, in the information support of labor, in the formation of an effective elite, in the security of citizens and business and economic freedom, as well as in culture, art and other components. The Cheka is also formed due to the influx from other countries. Or it decreases due to its outflow, which is observed so far in Russia.

AT composition of human capital includes investments and returns from them in the tools of intellectual and managerial work, as well as investments in the environment for the functioning of the human capital, ensuring its effectiveness.

In modern theory, there are three main elements in the human factor:

1) human capital, which corresponds to the income on this capital;

2) natural abilities, to which the rent on these abilities corresponds;

3) pure labor.

All elements together characterize labor in the generally accepted sense, and the first two - human capital.

The economic category "human capital" was formed gradually, and at the first stage it was limited by the knowledge and ability of a person to work. Moreover, for a long time, human capital was considered only a social factor of development, that is, a costly factor, from the point of view of economic theory. It was believed that investments in upbringing, in education, are unproductive and costly. In the second half of the 20th century, the attitude towards human capital and education gradually changed dramatically.

The economic literature provides the following definitions of human capital:

According to G. Becker, “ human capital" is a set of innate abilities and acquired knowledge, skills and motivations, the appropriate use of which contributes to an increase in income (at the level of an individual, enterprise or society).

S. Fischer gave the following definition: “ Human capital is a measure of the ability to generate income embodied in a person. HC includes innate ability and talent, as well as education and acquired qualifications».

M. Blaug believed that human capital is the present value of past investment in people's skills, not the value of people per se.

From the point of view of W. Bowen, human capital consists of acquired knowledge, skills, motivations and energy that human beings are endowed with and that can be used over a period of time to produce goods and services. F. Machlup wrote that unimproved labor may differ from improved, which has become more productive, thanks to investments that increase the physical and mental abilities of a person. Such improvements constitute human capital.

B.M. Genkin considers human capital as a set of qualities that determine productivity and can become sources of income for a person, family, enterprise and society. As a rule, such qualities are usually considered health, natural abilities, education, professionalism, mobility.

From the point of view of A.N. Dobrynina and S.A. Dyatlov, " Human capital is a form of manifestation of the productive forces of a person in a market economy ..., an adequate form of organization of the productive forces of a person included in the system of a socially oriented market economy as a leading, creative factor in social reproduction". Analysis of the content and conditions of capitalization of human capital allows A.N. Dobrynin and S.A. Dyatlov to develop a generalized definition of human capital as an economic category of the modern information and innovation society. Human capital is a certain stock of health, knowledge, skills, abilities, motivations formed as a result of investments and accumulated by a person, which are expediently used in the labor process, contributing to the growth of its productivity and earnings..

T.G. Myasoedova presents human capital as a combination of natural abilities, health, acquired knowledge, professional skills, motivations for work and continuous development, a common culture that includes knowledge and observance of norms, rules, laws of human communication, moral values.

The relationship between human potential and human capital is shown in Figure 10.1

Figure 10.1 - Relationship between human potential and human capital

Features of human capital

Unlike physical capital, human capital is not transferred, it is directly related to the person - its carrier. The owner of human capital in a free society can only be the person himself.

This form of capital can also depreciate in a special way if, for example, its owner falls ill, and completely disappears when the owner dies. This makes investing in human capital much riskier than investing in physical capital.

The impossibility of "transferring" it is also associated with the inherent dependence of human capital on the desires of its owner. Based on your tastes life values or preferences, a person can use the capital contained in it with varying degrees of productivity. The productivity of the amount of human capital available (if it can be measured at all) will vary depending on the propensity of the individual to use it. In reality, there may be a large discrepancy between the stock of human capital that the population has and its amount used in the labor market.

The size of investment in human capital is very difficult, if not impossible, to estimate. Unlike physical capital, the value of which can be calculated directly, human capital is estimated indirectly - by the value of future income. How to estimate these future returns and, accordingly, calculate the real cost of investing in human capital is a serious empirical problem. It is also difficult, almost impossible, to determine the exact amount of human capital.

Unlike physical capital, which is usually invested only for the development of production, funds invested in human capital can be partly used unproductively. Thus, the cost of it cannot be fully attributed to investments. For example, most students studying history, fine arts and literature do this not only and not so much in order to increase the productivity of their work. All this makes it difficult to calculate the cost and return on investment in human capital.

Features of human capital can be represented in Figure 10.2

Figure 10.2 - Features of human capital

The similarities and differences between human and physical capital can be summarized in a table

Table 10.1 - Similarities and differences between human and physical capital

similarity	Differences
are factors of social reproduction included in total capital have the ability to accumulate have the ability to generate income the result of use can have both monetary and non-monetary value exposure wear and tear	ch.k. intangible in nature the value of the c.c. and its changes cannot be accurately measured ch.k. not subject to wear and tear ch.k. cannot be transferred

Types of human capital presented in table 10.2

Table 10.2 - Types of human capital

Type of human capital	Characteristic
biological capital	The value level of physical abilities to perform labor operations, the level of public health. Physical strength, endurance, performance, immunity to disease, a long period of employment. It consists of two parts: one part is hereditary, the other is acquired
Labor capital	Knowledge, professional ability of a person to perform a specific job. The more difficult the work, the higher the requirements for qualifications, skills and experience of the employee
intellectual capital	Products of creative activity, inventions, utility models used for a long time can serve as a source of income.
Organizational and entrepreneurial capital	Ability to develop fruitful business ideas, entrepreneurial spirit, determination, organizational talent, possession of trade secrets
Cultural and moral capital	It is important both for the individual himself and for any company and society as a whole. Everyone is interested in the formation and enhancement of human capital; spend resources both on maintaining health, and on the development of culture, and on promoting entrepreneurship

The most important component of human capital is labor, its quality and productivity. The quality of labor, in turn, is determined by the mentality of the population and the quality of life.

Human capital according to the degree of efficiency, as a productive factor, can be divided negative (destructive) and positive (creative) human capital. Between these extreme states and the components of total human capital, there are states and components of capital that are intermediate in efficiency.

Negative human capital- this is a part of the accumulated human capital, which does not give any useful return on investment in it for society, the economy and hinders the growth of the quality of life of the population, the development of society and the individual. Not every investment in upbringing and education is useful and increases HC. An incorrigible criminal, a hired killer is an investment in them lost for society and family. A significant contribution to the accumulated negative HC is made by corrupt officials, criminals, drug addicts, and excessive drinkers. And just loafers, loafers and thieving people. And, on the contrary, a significant share of the positive part of the Cheka is made by workaholics, professionals, world-class specialists. Negative accumulated human capital is formed on the basis of negative aspects the mentality of the nation, on the low culture of the population, including its market components (in particular, the ethics of work and entrepreneurship). Contribute to it are the negative traditions of the state structure and the functioning of state institutions on the basis of lack of freedom and underdevelopment of civil society, on the basis of investments in pseudo-education, pseudo-education and pseudo-knowledge, in pseudo-science and pseudo-culture. A particularly significant contribution to the negative accumulated human capital can be made by the active part of the nation - its elite, since it is she who determines the policy and strategy of the country's development, leads the nation along the path of either progress, or stagnation (stagnation) or even regression. Negative human capital requires additional investment in human capital to change the essence of knowledge and experience. To change the educational process, to change the innovation and investment potential, to change in better side the mentality of the population and improve its culture. In this case, additional investments are required to compensate for the negative capital accumulated in the past.

Positive human capital(creative or innovative) are defined as the accumulated human capital that provides a useful return on investment in it in the development and growth processes. In particular, from investments in improving and maintaining the quality of life of the population, in the growth of innovative potential and institutional capacity. In the development of the education system, the growth of knowledge, the development of science, the improvement of public health. To improve the quality and availability of information. Cheka is an inertial productive factor. Investments in it give a return only after a while. The value and quality of human capital depend primarily on the mentality, education, knowledge and health of the population. In a historically short period of time, one can get a significant return on investment in education, knowledge, health, but not in the mentality that has been formed over the centuries. At the same time, the mentality of the population can significantly reduce the transformation coefficients of investments in HC and even make investments in HC completely inefficient.

Passive human capital- human capital, which does not contribute to the country's development processes, to the innovative economy, aimed mainly at its own consumption of material goods.

The elements of human capital are shown in Figure 10.3

Forms of investment in human capital

Typical forms of investment in human capital are the following activities:

Education. It may consist of obtaining a formal higher education, and in its subsequent continuation, and attending evening courses to improve, for example, computer literacy. Education in its various forms is the main activity for investing in human capital, since it requires a significant investment of time and money. Education increases the level of human knowledge, and, consequently, increases the volume and quality of human capital. The education level index is a characterizing indicator for the level of investment in educational training. Accumulation occurs in the process of consuming knowledge, as well as acquiring skills and experience in the process of labor activity. Reflects the level of education of individuals throughout their lives, their qualifications, professional experience, achievements and growth.

Education. It can be professional, that is, aimed at acquiring knowledge and skills in the field of professional activity, or special, aimed at acquiring special skills. It can be carried out both in the process of work (apprenticeship), and in isolation from it - in special courses. Training can also be divided into general (literacy) and special (skills for a specific job or institution). Training also makes up a large part of the investment in human capital.

Culture. The importance of the cultural and moral qualities of the population for normal economic activity was repeatedly emphasized by the classics of science. The accumulation of characteristic qualities occurs in the process of education, consumption of knowledge, services of institutions of the socio-cultural sphere.

Sport. Accumulation occurs in the process of education of physical culture. It is characterized by the potential for the upcoming activity of life, in a healthy way life, personal sporting achievements, including championships and the Olympic Games.

Migration and job search. Labor migration is viewed as an investment in human capital, since moving from a place with low wages to an area where they are high leads not only to higher wages, but also to a better use of human skills. Finding a job is considered an investment because it requires significant effort and certain costs to collect information about the labor market.

Health and nutrition. Various types of health and nutrition services are also an investment, as they increase the return on work by reducing morbidity and mortality and help maintain health.

There are six main stages in the life cycle of human capital:

Origin (the period from the birth of a child to kindergarten).

Elementary development (kindergarten).

Basic development (school).

Professionalization of knowledge (university).

Practical activity (work).

Aging (retirement).

At the present stage, the economy in developed countries has become technotronic, which is reflected in the unity of "man - computer - automated means of production." That is why socio-economic development in the second half of the last century and at the beginning of the present is characterized by the growing role of the human factor. Under such conditions, a person, who is the main productive force, must be armed with the means of production and knowledge, that is, be sufficiently educated. Information support is a well-known method of transmission and helps a person in the implementation of expedient labor actions, but does not perform them instead of him. At present, intellectual work that generates knowledge is gaining more and more value. That is why in the modern economy human resources play a decisive role in achieving competitive advantages and ensuring the qualitative parameters of economic growth.

Building intellectual strength is the key to success. In the current economic conditions, the development of the intellectual factor is more effective than, for example, capital-intensive improvement in the organization of the use of various outdated technologies. According to Peter Drucker, “No matter what material resources a system has, they do not multiply by themselves. Both the state and the firm are developed by the energy and intellect of the people who make them up.

According to the website auditfin.com, in developed countries, 60% of the increase in national income is due to the increase in knowledge and education of society. American scientists have calculated the value of GDP produced by workers with a duration of education of 10.5; 12.5 and over 14 years: it turned out that it is the third group (with education over 14 years) that provides more than half of GDP. Similar studies were carried out several years ago in Russia. According to Rossiyskaya Gazeta, the results were similar: people with higher education, who make up a quarter of the workforce, produced 56% of the value of the national income.

The emergence of the theory of human capital is associated with the scientific works of William Patty, Adam Smith, Alfred Marshall. The final formation of the theory of human capital refers to 50-60 years. XX century. The theoretical foundations were formulated by the American economist Theodor Schultz, and the basic theoretical model was developed by Gary Becker. Becker was the first to carry out a statistically objective calculation of the economic efficiency of the education process, defining the return on investment in education as the ratio of income to expenses. According to G. Becker, the efficiency is 12-14% of the annual profit.

According to the author, in order to determine the income from higher education, it is necessary to compare the incomes of people who graduated from college and those who graduated only from high school. At the same time, it is possible to include in the costs of education, along with direct costs, the lost income by students during the years of study, which is measured by the value of the time they spent on education. Despite the presence of a large number of opponents, the theory of human capital is one of the main ones in the field of research on human resources.

Fig.1: Groups of factors that form human capital

From this we can conclude that the category of human capital is a complex structurally systemic object of socio-economic research. O.A. Grishnova believes that human capital is an economic category that characterizes the totality of productive abilities formed and developed as a result of investments, personal traits and motivations of individuals that are owned by them, are used in economic activity, contribute to the growth of labor productivity and, due to this, influence growth. income (earnings) of its owner and national income.

Thus, human capital should be considered at the national, regional, sectoral levels, as well as at the level of an enterprise and an individual. At the macroeconomic level, human capital includes the contribution of a region, a country to the level of education, training and competence, health, and so on. This level consists of the total human capital of the entire population of a region or country. At the level of an enterprise, human capital represents the combined skills and productive abilities of all its employees. At the individual level, human capital is knowledge, skills, accumulated experience and other production characteristics acquired by a person in the process of study, training, practical experience with which he can earn income.
The American scientist J. Kendrick distinguishes between real and intangible forms of human capital. To the material capital embodied in people, he refers the costs necessary for the physical formation of a person, that is, the costs of raising children (excluding the costs of their education). J. Kendrick refers to the intangible human capital the accumulated expenses for general education and special training, part of the accumulated expenses for health protection and the expenses for the movement of labor. He believes that the concept of "human capital" reflects not only a quantitative assessment of the qualification and educational potential, but also expands the boundaries of the concept of "capital", displaying all those working in the role of entrepreneurs who have property that makes a profit. In this interpretation, each worker who has a certain, growing level of education and practical experience becomes the owner of "individual capital", contributions to which increase his future income. With this approach, the fundamental line between social classes is erased, only differences remain in the scale of entrepreneurial property, and not in the absence of such among workers. In this case, the role of entrepreneurship is constantly decreasing, and workers become the owners of an increasing part of the capital.

Understanding human capital as a set of socially expedient production knowledge, skills, abilities gives grounds for such important generalizations:

human capital is a combination of natural abilities and human energy with acquired general educational and professional knowledge. Such unity occurs in the process of forming human capital through all types of acquiring new knowledge on the basis of certain investments;
human capital should be considered at three levels: macroeconomic, enterprise level and individual level;
human capital is divided into real and intangible forms. The material form of human capital is the cost of the physical formation of a person, and the non-material form includes the cost of education, health care and the movement of labor.

Most of these features of physical and human capital, formulated by S.A. Woodpecker, fair:

human capital takes the form of variable capital and interacts with physical capital as part of the total productive capital;
both capitals must correspond to each other, that is, complex and expensive equipment must be managed by highly qualified specialists, who in turn are highly paid;
the formation of both requires significant expenditures and the diversion of funds from current consumption;
investments in both physical and human capital can lead to accumulation;
human and physical capital have a monetary value.

Other Russian scientists believe that human capital has a dual character. In a broad sense, it should be considered as a socio-economic form of the existing quality of human potential on the scale of a particular society. In a narrow sense, this is that part of it that is productively used by entrepreneurs to make a profit and bears the signs of K. Marx's variable capital. The theory of human capital divides it into two types: general and specific. The general capital consists of the general training of the worker, allowing him to work in different profiles in many enterprises, paid by himself. Specific capital is training that is directly related to the activities of a particular enterprise and is paid for by it.

Human capital is also classified into forms:

living capital contains knowledge, health, embodied in a person;
non-living capital, which is created in cases of the embodiment of knowledge in physical and material forms;
institutional capital is institutions that contribute to the effective use of all types of human capital.

Human capital, being part of total capital, represents the accumulated costs of general education, special training, health care, and the movement of labor.

There is a classification by types of expenses, investments in human capital. I.V. Ilyinsky identifies a classification by type of expenditure and investment in human capital, divided into the following components: education capital, health capital and culture capital. Health capital is an investment in a person, carried out with the aim of forming, maintaining, improving and strengthening his health and performance. It is the basis for human capital in general. Educational capital consists of the cost of a person's education, starting with general secondary education and continuing with work-based learning. Cultural capital refers to the costs of constantly raising the cultural level of a person.

There are two types of capital according to the form of consumption:

consumer - created by the flow of services consumed directly (creative and educational activities);
productive, consumption, which contributes to social utility (creation of means of production, technologies, production services and products).

The relationship between human capital and capital can be traced through the concepts of labor force and variable capital, which is directed by the entrepreneur to acquire labor force. The labor force is that part of human capital that an individual is willing to sell to an entrepreneur in order to receive from the latter the means of subsistence for himself and his family in the form of wages. K. Marx believed that "becoming a commodity, labor power, like any other commodity, has two properties: value and use value." The first is interesting for the worker, because this is the price of labor power, which is equal to the value of his wages. The second is of interest to the employer, since it is with the help of the productive consumption of labor that the added value is created, which is appropriated by the entrepreneur.
Proponents of the theory of human capital on the example of education justify the growing cost of capital: if an increase in the educational level of an employee entails additional earnings that exceed the cost of training, then the cost of education is characterized as an investment in human capital. Critics of the theory of human capital believe that there is no self-growing value, that is, capital. This is justified by the fact that a necessary condition for increasing the cost of qualification is the work of the employee himself, it does not grow by itself.

At present, the role of science and education is growing, the importance of intellectual activity in all spheres of production is increasing. Intellectual labor, which is the activity of people in the production, assimilation and practical application of knowledge, has gained a dominant position. This process manifests itself in two ways: the role of such branches of the social sphere as education and science is growing; the importance of intellectual activity within other branches of the national economy is growing. These trends contribute to the formation and improvement of the educational, professional, scientific, spiritual potential of society and are the most important factors in socio-economic progress. At the beginning of the 20th century, according to A. Marshall, the number of manual workers was five times higher than the number of those employed in intellectual labor. Now in developed countries, more than 60% of the economically active population is engaged in mental work, and in the USA - 75%.
Very convincing factual data on cardinal shifts in the proportions of capital investments that have occurred over the past centuries are cited in V. Shchetinin's article "Human capital and the ambiguity of its interpretation." If in the XVII-XVIII centuries. in the total mass of capital, the share of human capital did not exceed 10%, then by 1913 it had risen to almost 33%. But even these proportions changed dramatically in the second half of the 20th century. and especially in the last two decades in connection with the information revolution. In Western countries, the share of accumulated investments in human capital in the total fund of their capitalized development expenditures rose, according to minimal estimates, to 56-57% in 1973 and 67-69% (in the USA to 74-76%) in 1997-1998 gg. (Table 1).

Table 1 - Change in the structure of total capital in Western countries.

There is now a need for a comprehensive lifelong learning strategy consisting of early childhood education, primary education, an improved school-to-work transition system with stronger links between education and the labor market, and effective learning systems, which provide the opportunity to stay in the field of education throughout life. However, in order for this to become feasible, constant investment in human capital is needed, both at the individual level and at the level of the enterprise and the state.

The natural abilities of a person and acquired social qualities are similar in their economic role to natural resources and physical capital. This is manifested in the fact that in its original state, a person, like natural resources, does not bring any economic effect. But after the implementation of certain expenses and preparation, an individual human capital and a set of individual competencies are formed, which can subsequently potentially generate income, like physical capital.
Individual human capital will generate income only if a person has the opportunity to engage himself in social production by organizing his own activities or selling his labor force to an entrepreneur. This justifies the expediency of using individual human capital. For the transformation of individual human capital into production, it is necessary to determine the conditions that would ensure the realization of human potential in the results of its activities.
Getting an education and starting a job is the initial stage in the formation of individual human capital. The next stage is longer. It is based on the acquisition of professional qualifications and life experience. Human capital is non-material durable goods that are accumulated and realized as a result of the production activities of people over time. The most important feature of capital is that it is itself a product of production. Human capital as a product of production is the knowledge, skills and abilities accumulated in the process of training and work. Human capital, like any other, can accumulate. The accumulation of human capital begins with preschool education and continues throughout social activity.

Of all the types of investment in human capital, the most important are investments in health care and education, as well as in continuing vocational training. Health care spending, which includes health care, lifestyle improvements, and others, creates conditions for improving the quality and efficiency of human capital use. A feature of such investments is that they contribute to a better perception of knowledge, skills and abilities and, accordingly, contribute to an increase in human productivity. General and vocational education, in turn, improves the quality and level of human knowledge, and, consequently, improves the quality of human capital in general.

Investment is an important prerequisite for the formation of human capital, but is not yet development. The development of human capital occurs both in the process of initial investment and subsequent investment, which occurs in the process of practical human activity. That is, the development of human capital is the process of creating a person's productive abilities with the help of investments in specific processes of his activity.

The preservation stage (45-60 years) is characterized by the actions of consolidating the achieved results, the highest level of improvement of qualifications, knowledge, skills, experience, mastery comes, the beginning of respect, the need for self-expression grows. A person reaches the heights of independence and self-affirmation.

Retirement stage (after 65 years) - retirement, preparation and conduct of a new type of activity, self-expression in a new field of activity, stabilization of respect, health care, pension amount.

Let us analyze the stages of the labor career of an employee of our enterprise, Table. 2.

Table 2 - Career of the head of the financial and economic department of our enterprise

date of receipt	Working hours	Position	Age, years	Company name
	2 months, 1 day	car mechanic		Donetsk section of transport mechanization "Donbassantekhmontazh"
	4 years, 11 months			Donetsk Polytechnic Institute
	1 month 8 days	miner's apprentice		Mine administration. newspaper "Socialist Donbass"
		Drifter's Apprentice		Mine them. A.B. Batova
		Drifter 5th category		Mine them. A.B. Batova
	5 months, 13 days
		loan inspector		Donetsk branch of Joint Stock Bank "INKO"
		And about. Head of Economic Analysis Department		Donetsk branch of Joint Stock Bank "INKO"
	8 months, 20 days	Head of Consolidated Economic Reporting Department		Donetsk branch of Joint Stock Bank "INKO"
	5 months, 11 days	Economist-head of the credit department		CB "Privatbank"
		Leading economist		CB "Privatbank"
	1 year, 9 months, 18 days	Head of Correspondent Relations Department		CB "Privatbank"
	1 year, 3 months, 17 days	legal adviser		CJSC "Valentin"
	2 years, 7 months, 5 days	Head of Natural Gas Supply Department		CJSC "Valentin"
	4 months, 18 days	And about. director of economics		State enterprise "Luganskugol"
	1 month, 28 days	Economics and Marketing Director		Association "Ukrogneupor"
	1 year, 5 months, 10 days	Deputy Director for Economics		State enterprise "Donteplomash"
	2 years, 9 months, 17 days	Head of Financial Department		Our enterprise
	1 year, 9 months	Head of Financial and Economic Department		Our enterprise

A career chart is a career management tool that is a graphical description of what should happen or happens to people at different stages of a career.

Based on the work book of an employee of our enterprise, it has been established that his labor career is a model of a "springboard" within a certain enterprise. Figure 3 allows us to conclude that the main reason for demotion at certain stages of labor activity is the transition to other enterprises.

Table 3 - Calculation of the rate of promotions that the employee received

Thus, the calculations show that the most effective career in terms of the speed of advancement of this employee is observed at the enterprise Donetsk branch of the Joint Stock Bank "INKO", where the calculated increase rate is the highest in comparison with others and is equal to 1.28. However, the figure shows that from the point of view of the achieved social status of the director for economics and marketing, and, consequently, the level of wages, a labor career at the Association "Ukrogneupor" is more effective. Therefore, when calculating the effectiveness of a career, it is necessary to take into account various factors, such as the level of wages, the social status of the employee, the employee's own life value orientations, and his worldview. This is due to the fact that the employee compares his career not only with career advancement, but also with life goals for the future.

Vocational training of employees is a multifunctional process that affects all components of an enterprise's activities. Directly on the scale, course and results of training depend on:

current and future results of the enterprise;
current and future costs associated with the activities of the enterprise;
the level of risk of incompetent actions of personnel during the work of the enterprise.

determination of the optimal amount of training costs as part of the total production costs;
making decisions regarding the forms and methods of teaching;
comparison of different options for technologies and instrumental base of training;
comparison of the economic efficiency of training with the economic efficiency of other possible investments of the enterprise's funds, which provide a commensurate increase in the efficiency of the main production.

increase in the volume of services provided as a result of meeting the additional need for workers in professional and qualification sections;
reduction in the cost of work performed;
improving the quality of services provided;
reduction in the level of staff turnover as a result of professional training of personnel;
the effect of the introduction of inventions and rationalization proposals of employees who have been trained according to the curriculum;
increasing the speed of work of trained workers;
reducing the duration of the analysis and assessment of the situation;
expanding horizons, increasing the number of options considered when making decisions by managers and specialists, which affects the optimality of decisions made;
reduction of losses from inaccurate assessment of the situation and incorrect actions of employees, which is associated with the consolidation of skills in more competent management of technical systems in the learning process;
prevention of loss from the unforeseen occurrence of undesirable events and situations, limiting the spread of so-called "chains of undesirable developments";
reducing the likelihood of accidents and breakdowns of equipment, threats to life and health of people;
strengthening the corporate consciousness of employees, convergence of personal interests of employees with the interests of the enterprise;
exchange of information between employees of different enterprises who are trained together, dissemination of best practices and other innovations;
increasing the likelihood of coordinated conscious joint activity and decision making.

Improvement in the quality of work can be assessed:

reduction in the number of erroneous actions of one employee during the year, associated with learning outcomes;
the costs of eliminating the consequences of the employee's erroneous actions.

The overall effect of all groups of factors is measured by the increase in the result of the enterprise's activity (income).

Net present value is considered a criterion for the feasibility of an investment project in human capital and is calculated by the formula:

Let's consider investments in human capital, which were invested by our company in 2007 and 2008 and planned for 2009 (Table 4).

Table 4 - Indicators of economic efficiency of professional training of the personnel of our enterprise for 2007-2009.

Indicator
Expenses for study, thousand hryvnias
The period of influence of studies on the economic results of the enterprise, years
Income from investments in studies in the first year, thousand UAH.
Income from investments in studies in the second year, thousand UAH.
Income from investments in studies in the third year, thousand UAH.
Discount rate %
Discount for the cost, thousand UAH.

The difficulty of applying this method in practice is the choice of the percentage level - the discount factor. In a market economy, this value is determined based on the deposit interest on deposits. In practice, it is taken higher than this value due to inflation and the risk associated with investments.

Table 5 - The cost of human capital and the interest rate of our enterprise in 2007 and 2008

Based on the calculations given in Table 5, a graph of the dependence of the net present value on the discount rate was constructed, fig. 5.

Therefore, as the graph shows, investment projects in the human capital of our company, which were implemented in 2007 and 2008 and planned for 2009, are minimally profitable at a discount rate of 90%, that is, at such a rate percent, the efficiency of projects reaches its limit, and the company only reimburses its costs from staff training. Under the conditions, if the discount rate exceeds 90%, it would be advisable to refuse investment projects in vocational training.

Summarizing the above, the following conclusions can be drawn:

Human capital is a combination of natural abilities, acquired knowledge, skills in the process of production activities, as well as mobility, motivation and physical condition of a person. In other words, human capital is such a set of competencies that is expediently used by a person in one or another area of social reproduction and contributes to the growth of labor productivity and production efficiency.
The development of human capital occurs throughout the entire social activity of a person through constant investment both at the individual level and at the level of the enterprise and the state.
Investments in human capital are the most profitable, in comparison with other forms of capital, since they bring a fairly significant in volume and long-term economic and social effect.

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HR Policy and HR Strategies

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