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In the 1960s, the term human capital was made popular by two American economists, Gary Becker and Jacob Mincer, who used it to describe the mixture of skills, knowledge, experience, habits and personality in each of us that can be put to productive use. At that time people did not know what is human capital or if there's any capital by that name.
Section 2.2 provides a set of priorities for policy interventions for broadening the human capital framework to encompass safety nets, education and training, and health to support economic growth revival in the short term (1-2 years), while making sure that no one is left behind.
How Human Capital Works. Better skills can increase an employee's value in the workplace, and an employer that obtains highly skilled employees can therefore gain a significant competitive advantage via human capital. Human capital is largely responsible for innovation, which can also be a tremendous competitive advantage for companies.
Human capital metrics include workforce profile, pay, benefits, careers, hiring, retention, productivity, wellbeing and culture. Governance and ethical metrics related to human capital include whistle-blower policies, unethical behavior tied to monetary losses, dismissal and incentives against excessive risk-taking.
Many HR departments make the case that talent drives results to the C-suite, and some findings show that employees are worth investing in. High- performing organizations approach their human capital management in specific ways, including: 1. Drive workforce strategy at the C-level.
For example, the Human Capital Management Coalition (HCMC), representing 26 institutional investors, has been instrumental in petitioning the SEC to move in the direction of requiring human capital metric reporting.
The World Economic Forum, in collaboration with Willis Towers Watson, has published a new white paper, Human Capital as an Asset: An Accounting Framework for to Reset the Value of Talent in the New World of Work, to provide organizations with a model to reshape human capital accounting. The framework will enable a company to monitor and assess the return on its investments in its employees ...
If properly integrated into an organization’s decision-making process, this framework and its underlying principles will help a company manage the return on its investment in human capital in much the same way it measures returns on financial capital, while building resilience and a more equitable relationship with all its stakeholders.
Recalibrating the perception of human capital allows companies to recognize and account for the invaluable assets that walk through their doors every day – people. In essence, this shift can help redefine corporate valuation and be at the forefront of a movement that acknowledges and celebrates the true worth of human capital, thus putting ...
The World Economic Forum is an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas. Incorporated as a not-for-profit foundation in 1971, and headquartered in Geneva, Switzerland, the Forum is tied to no political, partisan or national interests.