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Human capital is inherent in people and cannot be owned by an organization. Therefore, human capital leaves an organization when people leave. Human capital also encompasses how effectively an organization uses its people resources as measured by creativity and innovation. A company's reputation as an employer affects the human capital it draws.
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 ]
Human resource metrics are measurements used to determine the value and effectiveness of human resources (HR) initiatives, typically including such areas as turnover, training, return on human capital, costs of labor, and expenses per employee.
Human asset management is an evolution from the old terms like human resource management and human capital management. Many organization defined people as ‘resources’. In HAM, employees are not regarded or managed as a ‘disposable resource’. [6] The importance of relating with an employer was highlighted by Quelch and Jocz. [7]
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.
In economics, labor or human resources refers to the human work in the production of goods and rendering of services. Human resources can be defined in terms of skills, energy, talent, abilities, or knowledge. [4] In a project management context, human resources are those employees responsible for undertaking the activities defined in the ...