Investment in human capital. Investment in the number of human resources Effectiveness of investment in the human resources of the organization
The concept of "human capital" is currently gaining great importance not only for economists, but also for individual firms.
The interest of economic science in human abilities, in the ways of their formation and development, has sharply increased. Most companies are beginning to attach great importance to the accumulation of human capital, as the most valuable of all types of capital. One of the ways to accumulate human capital is to invest in a person, in his health and education. Today, the study of the problems of increasing the efficiency of the use of productive forces, which are realized in modern conditions in the form of human capital, is not only relevant, but is put forward as a priority in the structure of socio-economic research. This involves conducting in-depth scientific research on this problem.
The concept of human capital is considered in a broad and narrow sense. In a narrow sense, “one of the forms of capital is education. It was called human because this form becomes part of a person, and capital is due to the fact that it is a source of future satisfactions or future earnings, or both. In a broad sense, human capital is formed by investment (long-term capital investment) in a person in the form of costs for education and training of the labor force in production, health care, migration and the search for information on prices and incomes.
From the point of view of the nature of promoting the economic well-being of society, consumer and productive human capital are distinguished.
Consumer capital creates a flow of directly consumed services and thus contributes to social utility. It can be creative and educational activity. The result of such activities is expressed in the provision of such consumer services to the consumer that lead to the emergence of new ways to meet needs or increase the effectiveness of existing methods.
Productive capital creates a flow of services whose consumption contributes to social utility. In this case, we mean scientific and educational activities that have direct practical application in production (creation of means of production, technologies, production services and products).
According to the form of employee training at the workplace, special human capital and general human capital can be distinguished. Special human capital includes skills and knowledge acquired as a result of special training and of interest only to the firm where they were obtained. Unlike special human capital, general human capital is knowledge that can be in demand in various areas of human activity.
Investment in human capital refers to any measure taken to increase productivity. Thus, investments in human capital include the costs of maintaining health, receiving general and special education; costs associated with finding a job, vocational training at work, migration, giving birth and raising children, searching for economically significant information on prices and earnings.
There is a division of investments in human capital into tangible and intangible. The former include all the costs necessary for the physical formation and development of a person (the costs of giving birth and raising children); to the second - the accumulated costs of general education and special training, part of the accumulated costs of health care and the movement of labor.
Of all types of investment in human capital, the most important are investments in health and education. General and special education improve the quality, increase the level and stock of human knowledge, thereby increasing the volume and quality of human capital. Investments in higher education contribute to the formation of highly qualified specialists, whose highly qualified work has the greatest impact on economic growth rates.
Today, one of the most important components of investment in human capital in all countries is the cost of on-the-job training. In any training project, up to 80% of knowledge comes from self-study. This is especially true for the professions of specialists - researchers, teachers, engineers, computer experts, etc., who are designed to continuously update their qualifications through individual study of the literature, the use of independent training programs, learning from the activities, experience and assessments (opinions) of other people. .
Next to education, investment in health is the most important. This leads to a reduction in diseases and mortality, prolongation of the working life of a person, and therefore, the time of functioning of human capital. The state of a person's health is his natural capital, part of which is hereditary, and the other part is acquired as a result of the costs of the person himself and society. During a person's life, human capital is depreciated. Health-related investments can slow down this process.
The source of investments in human capital can be the state (government), non-state public funds and organizations, regions, individual firms, households (individuals), international funds and organizations, as well as educational institutions.
At present, the role of the state in this area is quite large.
The state resorts to both coercive and incentive measures in this area. Compulsory ones include formal education in the volume of secondary school, compulsory for all, compulsory medical preventive measures (vaccinations), etc. However, incentive measures are the main measures.
The role of the state is especially great in the most important areas of the formation of human capital - in the field of education and healthcare.
The role of individual companies (firms) is significant in creating human capital assets. They are often the most efficient producers of this capital because they know the conditions under which training can be given to meet current needs, and they also have information about the most promising areas for investing in education and training. However, firms make investments as long as these investments generate a net income.
By investing in their employees, firms seek to increase their labor productivity, increase labor productivity, reduce lost working hours and thereby strengthen their competitiveness. The funds are invested in the organization of professional training and retraining courses, are used to pay employees' expenses for treatment and preventive measures, for the construction of sports and health centers, preschool institutions, etc. In terms of costs, in-house training in developed countries is comparable to other training sectors.
Investments in human capital at the family level are also very important, since all components of human capital are acquired and increased through investments that the family invests in their child, not even from his birth, but from the decision to have children. On the one hand, children for parents are a source of satisfaction, but on the other hand, raising children is a source of considerable costs, both explicit and implicit (primarily the time of parents).
Human capital is the most valuable resource of modern society, more important than natural resources or accumulated wealth. The need to develop a quantitative assessment of human capital directly followed from the interpretation of a person as fixed capital.
A correct assessment of human capital provides an objective assessment of the entire capital of the company, as well as the well-being of the entire society as a whole.
The modern personnel policy of firms ensures the most efficient use of the company's human capital, makes its employees interested in this type of activity. An analysis of the effectiveness of investing in people shows how significant it becomes for firms to spend huge amounts of money on the health and education of workers, since in the future it provides more income for the entire company.
Economic assessments of human capital have become widely used both at the microeconomic and macroeconomic levels to determine the amount of national wealth, the losses of society from wars, diseases and natural disasters, in the field of life insurance, the profitability of investments in education, healthcare, migration and for many other purposes.
http://www.creativeconomy.ru/articles/21709/
Kamenev Ivan Georgievich, Postgraduate Student, Lecturer, Department of Human Resource Management, Moscow State University of Economics, Statistics and Informatics, Russia
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1. Korchagin Yu.A. Human capital is an intensive socio-economic factor in the development of the individual, economy, society and statehood. – M.: NRU HSE, 2011.
2. Modern problems of management in the context of the challenges of the XXI century / Collective monograph. – M.: URAIT, 2013.
3. Social innovations of human resource management in the modern information society / Ed. L.N. Ivanova-Shvets, A.A. Korsakova. – M.: Yurayt, 2014.
4. Schumpeter J. Theory of economic development. Capitalism, socialism and democracy. – M.: EKSMO, 2007.
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Introduction
The concept of "human capital" is currently gaining great importance not only for economists - theorists, but also for individual firms. The interest of economic science in human creative abilities, in the ways of their formation and development, has sharply increased. Most companies are beginning to attach great importance to the accumulation of human capital, as the most valuable of all types of capital. One of the ways to accumulate human capital is to invest in a person, in his health and education. Today, the study of the problems of increasing the efficiency of using the productive forces of people, which are realized in modern conditions in the form of human capital, is not only relevant, but is put forward as a priority in the structure of socio-economic research. This involves conducting in-depth scientific research on this problem.
The main distinguishing feature of Russia is that most of the country's citizens live close to the level of biological survival. Most citizens cannot afford to buy books or go to theaters. Many are not able to spend money on maintaining their own health, except for the forced spending on medicine. The structure of investment in human capital is extremely heterogeneous and has an individual character.
Scientists - demographers have long noted the pattern that life expectancy directly depends on the level of education and intelligence of a person. Citizens with higher education live longer than citizens without higher education. From this we can conclude that intelligence allows a person to form an effective structure of investment in human capital, that is, in himself. Investing in human capital is an investment in longevity and quality of life. Before the age of 30, investment in quality education should be a priority investment in human capital
The purpose of this course work: to show the features of investment in human capital.
The objective of this course work is to consider the features of human capital, the importance of investing in human capital, and also to show the importance of assessing human capital and the effectiveness of investments in human capital.
The first chapter of this course work discusses the essence of human capital, its types and features, considers the concept of investment in human capital and methods for assessing human capital
The second chapter deals with investments in human capital, their types and the effectiveness of investments in human capital.
The third chapter deals with investments in human capital in JSC "Tatenergo".
1. The concept of human capital and its role in the economic process
1.1 Human capital and its place in the economic system
The theory of human capital began to be dealt with in the 19th century. Then it became one of the promising directions in the development of economic science. Since the second half of the twentieth century. it became the main achievement, first of all, of the economics of education and labor.
In the economic literature, the concept of human capital is considered in a broad and narrow sense. In a narrow sense, “one of the forms of capital is education. It was called human because this form becomes part of a person, and capital is due to the fact that it is a source of future satisfactions or future earnings, or both together. In a broad sense, human capital is formed by investment (long-term capital investment) in a person in the form of costs for education and training of the labor force in production, health care, migration and the search for information on prices and incomes.
In the "Economic Encyclopedia" human capital is defined as "a special type of investment, a set of costs for the development of a person's reproductive potential, improving the quality and improving the functioning of the labor force. The composition of human capital objects usually includes knowledge of a general educational and special nature, skills, accumulated experience.
For a more complete and detailed description of human capital, a functional approach is used. The principle of definition functionality characterizes the phenomenon not only from the point of view of its internal structure, but from the point of view of its functional purpose, the final intended use. Therefore, human capital is not just a set of skills, knowledge, and abilities that a person possesses. First, it is the accumulated stock of skills, knowledge, and abilities. Secondly, it is such a stock of skills, knowledge, and abilities that is expediently used by a person in a particular area of social reproduction and contributes to the growth of labor productivity and production. Thirdly, the expedient use of this reserve in the form of highly productive activities naturally leads to an increase in the earnings (income) of the employee. And, fourthly, an increase in income stimulates, interests a person through investments that may relate to health, education, etc., increase, accumulate a new stock of skills, knowledge and motivation in order to apply it again effectively in the future.
Features of human capital:
- in modern conditions, human capital is the main value of society and the main factor in economic growth;
- the formation of human capital requires significant costs from the person himself and the whole society;
- human capital in the form of skills and abilities is a certain reserve, i.e. may be cumulative;
- human capital can physically wear out, economically change its value and depreciate;
- human capital differs from physical capital in terms of the degree of liquidity;
- human capital is inseparable from its carrier - a living human person;
- regardless of the sources of formation, which can be state, family, private, etc., the use of human capital and the receipt of direct income is controlled by the person himself.
In the economic literature, there are several approaches to the classification of types of human capital. Types of human capital can be classified according to the elements of costs, investments in human capital. For example, the following components are distinguished: education capital, health capital and cultural capital.
From the point of view of the nature of promoting the economic well-being of society, consumer and productive human capital are distinguished. Consumer capital creates a flow of directly consumed services and thus contributes to social utility. It can be creative and educational activity. The result of such activity is expressed in the provision to the consumer of such consumer services that lead to the emergence of new ways of satisfying needs or increasing the efficiency of existing ways of satisfying them. Productive capital creates a stream of services, the consumption of which contributes to social utility. In this case, we mean scientific and educational activities that have direct practical application in production (creation of means of production, technologies, production services and products).
The next criterion for classifying the types of human capital is the difference between the forms in which it is embodied.
1. Living capital includes knowledge embodied in a person.
2. Non-living capital is created when knowledge is embodied in physical, material forms.
3. Institutional capital consists of living and non-living capital associated with the production of services that meet the collective needs of society. It includes all governmental and non-governmental institutions that promote the efficient use of the two types of capital.
1.2 P inputs to the formation of human capital
Organizations are beginning to place increasing importance on the intangible characteristics of their employees, such as loyalty, customer relationship building ability and willingness to take risks, and are also looking for ways to formally evaluate them. And realizing how valuable the potential of such human qualities is, companies transform them into something more concrete - human capital.
Modern modernization has stimulated investment in the "quality" of workers as an "intangible" asset, turning their development into an "intellectual, creative revolution" in production today.
As the expression "human capital" enters the corporate lexicon, many companies freely use this concept without making any attempt to measure or manage the assets they talk about. As a result, it is very difficult to establish a connection between the thoughts of employees and the financial results obtained by the company.
In today's labor market, professionals have enormous freedom to choose their employers. The main reason why employees leave the company is that they do not feel they are in demand or do not see prospects for the full development of their capabilities. Human capital management helps to effectively use the experience and knowledge of employees to help them reach their full potential.
Proponents of the concept of human capital management believe that by measuring the broad impact that employees have on the financial performance of an organization, companies can select, manage, evaluate and develop the capabilities of their employees in such a way as to transform their human qualities into significant financial performance of the company. Although this approach involves finding ways to quantify what was previously considered intangible assets, specialists implementing such methods note that similar approaches are already being used in the business market. The sharp increase in the value of the shares of JSC "Tatenergo", for example, reflects not only the financial condition of the company, but also the potential, which is made up of the knowledge, skills and ability to find new solutions for its employees.
However, many CEOs are reluctant to invest in human capital development programs (such as employee training in an organization) because they recognize the difficulty in measuring the return on such investment. Many executives and analysts insist that human capital denies any measurement whatsoever, and argue that companies actually devalue employees when they try to treat them as financial assets.
Indeed, measurements of human capital are usually imprecise, but the measurement process itself is extremely important. Precise quantification is impossible, and not particularly needed. But organizations are slowly realizing the important link between human capital and a company's financial performance—a link that traditional accounting methods fail to account for.
Companies understand that the link may or may not show up in specific metrics or numbers that express the value of human capital. But by trying to quantify it, they can understand what each employee contributes to the company, how committed they are to their work, what they think of the company, and how likely they are to quit. Often, in the process of assessing human capital, companies gain useful insights into their organizations and acquire important information for their work.
More and more supporters are gaining the point of view that human capital is the most valuable resource not only for an individual company, but for society as a whole, much more important than natural resources or accumulated wealth. It is human capital, and not plants, equipment and production reserves, that are today an indicator of competitiveness, economic growth and efficiency.
1.3 Basic methods for assessing human capital
Human capital as a complex economic category has qualitative and quantitative characteristics. Within the framework of the modern theory of human capital, not only the volume of investments in human capital is estimated, but also the volume of human capital accumulated by an individual. At the same time, the cost of the total volume of human capital is calculated both for one individual and for the whole country.
The economic literature uses a wide variety of approaches and methods for assessing human capital. When determining the value of human capital, both cost (monetary) and in-kind valuations are used.
One of the simplest methods is the method using in-kind (temporary) estimates, measurements of human capital (namely education) in person-years of education. The more time spent on a person's education, the higher the level of education, the more human capital he possesses. This takes into account the unequal duration of the academic year during the analyzed period, the unevenness of the year of study at different levels of education (for example, secondary education at school and higher education at the university).
A common method for measuring human capital is the principle of capitalization of future income, based on the so-called “time preference for goods”. The essence of the method: people tend to value a certain amount of money or a set of goods higher in the present than the same amount or set of goods in the future.
Each person can be considered as a combination of one unit of simple labor and a certain amount of human capital embodied in it. Consequently, the wages that any worker receives can also be considered as a combination of the market price of his “flesh” and the rental income from the human capital invested in this “flesh”.
Human capital as a component of property generates income, which can be represented as a discounted wage received by an employee during the entire working life period. The income that an individual receives from the use of human capital, as the weighted average of annual earnings expected for the entire working period of life, is the “permanent” (permanent, continuous) income of the individual, which brings him human capital as a component of property.
In domestic economic literature, for a long time, instead of the concept of "human capital", the concept of "education fund" was used, which is a cost estimate of the knowledge, skills, abilities and experience accumulated by employees.
When evaluating the education fund, two main approaches are used:
1. The actual expenditures on education carried out over a given long period of time are calculated. During this period, separating the time of obtaining education from the moment of counting, the level of education itself is consistently increasing, as well as the cost of education. Taking into account the appropriate adjustments for the age turnover of the labor force and the mortality of the population, it is possible to build a series of indicators of the education fund, which is the cumulative sum of all past actual costs minus the funds spent on training people who have already left the labor force by the time they were calculated.
2. An assessment is made of the real productive value of the stock of knowledge, skills, abilities, experience that the labor force has in a certain period of time.
For modern companies, a number of fundamental approaches can be proposed for assessing their human capital.
Methods for calculating the cost of a company's human capital:
1. Method for calculating direct personnel costs. The easiest way for company managers to calculate the total economic costs incurred by the company on its staff, including an estimate of the cost of staff salaries, related taxes, security and improvement of working conditions, training and skills development costs. The advantage of this method is simplicity. Disadvantages - an incomplete assessment of the real value of human capital. Some of it may simply not be used in the enterprise.
2. Method of competitive assessment of the value of human capital. This method is based on the sum of the estimated costs and potential damage to the company if an employee leaves it:
- total personnel costs incurred by the leading competitor (taking into account comparable production capacities);
- individual bonuses to each employee of the company (obtained on the basis of qualified expert assessments) that a competing company could pay for his transfer to them;
- additional company costs required to find an equivalent replacement for an employee in the event of his transfer to another company, the cost of an independent search, recruiting agencies, press ads;
- economic damage that the company will suffer during the period of searching for a replacement, a decrease in the volume of products or services, the cost of training a new employee, deterioration in product quality when replacing an employee with a new one;
- loss of unique intellectual products, skills, potential that the employee will take with him to the competitor's company;
- the possibility of losing a part of the market, increasing sales of a competitor and strengthening its influence on the market;
- changes in the systemic effects of synergy and emergence (increasing mutual influence and the emergence of qualitatively new properties) of the members of the group in which the employee was located.
The structure of the above assessment of human capital shows that the real value of human capital is 3–500 times higher than the nominal value today in most Russian companies, depending on the level of intelligence and qualifications of the employee. This is the minimum estimate for low-skilled labor, but even here it is higher than the estimate of a simple wage, since the worker's experience and the complex system of his interaction with other workers are lost. The rating is maximum for the "golden collars", the most qualified employees of the company in the field of management, information systems, and innovative intellectual processes.
This method is more complicated, but it provides a much more efficient estimate of the true value of a firm's human capital. The experience of mass relocation abroad and the transition of many Russian workers to foreign firms shows that many workers who, in Russian conditions, had a monthly salary of 17,000–15,000 rubles. got a job abroad with a salary of more than $15,000 per month.
3. The method of the prospective cost of human capital.
In addition to the competitive cost method, it takes into account the assessment of the dynamics of the cost of human capital in the future for 3, 5, 10 and 25 years. This assessment is primarily necessary for companies involved in the development of large and long-term projects, for example, conducting research in the field of creating innovations or building large high-tech facilities, since the cost of a number of employees changes unevenly, rising sharply when they achieve the most important results after a sufficiently long period of time and approaching them to obtain the expected final results, when the possible departure of part of the staff from the company is associated with large economic losses.
4. Estimation of the value of human capital based on tests in the business environment. This estimate can be obtained based on two approaches:
- according to the specific results obtained by the employee, based on the profit that he brought to the company, or on the increase in its assets, including intellectual ones. This assessment is widely used in business, as it is the most simple. But at the same time it is the most rigid and often erroneous. According to one of the leading Russian businessmen, if a manager fails business once, he loses 50% of his image, if the second time, he completely loses his reputation. However, many top managers of the world's leading corporations do not fit into the framework of this approach, who repeatedly failed, but rose again and created an even more effective business. In addition, in many cases, the failure of a business can be caused by a completely unpredictable global crisis or an occasional major fluctuation in the market. As a result, a manager will be “written off” who has great potential, talent and prospects, but who has become a victim of two major crises. However, one cannot ignore the fact that evaluation by the final result, and not by the abundance of diplomas, reviews, opinions, connections (which is most typical for Russian conditions) is the most accurate and correct approach. Therefore, a different approach is proposed, based on a concept that allows you to get an assessment based on the final results, but, figuratively speaking, with a “human attitude to human capital”: which it brought to the company, or by increasing its assets, including intellectual ones.
– assessment of human capital based on the system of Business Teachings on management, economics and marketing based on high information technologies. This concept is based on the forecast of the results of the manager's work in a business environment that is as close as possible to his real environment. As market conditions became more difficult, entrepreneurs quickly realized that every dollar invested in management training has the highest return in the economy. In order to attract managers who ensure the company's breakthrough in the market and the transition from the zone of losses to the zone of profits, companies are ready to spend amounts measured in tens of millions of dollars. It is not surprising that the most highly paid job in market conditions is the work of a manager, whose qualifications and talent determine prosperity or ruin in the market.
Looking at the countries of the world, it is estimated that the largest amount of human capital is located in the United States and is approximately three-fourths of the entire national wealth of the United States. Investment in the human factor was the main reason for the steady economic development of the United States at the end of the twentieth century.
2. And investment in human capital
2.1 Investments in human capital and their types
Investment in human capital refers to any measure taken to increase productivity. Thus, investments in human capital include the costs of maintaining health, receiving general and special education; costs associated with finding a job, vocational training at work, migration, giving birth and raising children, searching for economically significant information on prices and earnings.
Economists distinguish three types of investment in human capital:
– expenditures on education, including general and special, formal and non-formal, on-the-job training;
- health care costs, consisting of the costs of disease prevention, medical care, dietary nutrition, improvement of living conditions;
– Mobility costs that move workers away from places of relatively low productivity.
There is also a division of investment in human capital into tangible and intangible. The former include all the costs necessary for the physical formation and development of a person (the costs of giving birth and raising children); to the second - the accumulated costs of general education and special training, part of the accumulated costs of health care and the movement of labor.
Of all types of investment in human capital, the most important are investments in health and education. General and special education improve the quality, increase the level and stock of human knowledge, thereby increasing the volume and quality of human capital. Investments in higher education contribute to the formation of highly qualified specialists, whose highly qualified work has the greatest impact on economic growth rates.
Today, one of the most important components of investment in human capital in all countries is the cost of on-the-job training. In any training project, up to 80% of knowledge comes from self-study. This is especially true for the professions of specialists - researchers, teachers, engineers, computer experts, etc., who are called upon to continuously update their qualifications through individual study of the literature, the use of independent training programs, learning from the activities, experience and assessments (opinions) of other people. .
Investments in education are usually divided into formal and informal according to their content. Formal investments are the acquisition of secondary, specialized and higher education, as well as other education, vocational training in the workplace, various courses, master's, postgraduate, doctoral studies, etc. Informal investments are self-education of the individual, this type includes reading developing literature, improvement in various types of art, professional sports, etc.
Next to education, investment in health is the most important. This leads to a reduction in diseases and mortality, prolonging the working life of a person, and, consequently, the time of functioning of human capital. The state of a person's health is his natural capital, part of which is hereditary, and the other part is acquired as a result of the costs of the person himself and society. During a person's life, human capital is depreciated. Health-related investments can slow down this process.
Investments in human capital have a number of features that distinguish them from other types of investments.
1. The return on investment in human capital directly depends on the life span of its carrier (on the length of the working period). The earlier investments are made in a person, the faster they begin to give returns.
2. Human capital is not only subject to physical and moral wear and tear, but is also capable of accumulating and multiplying.
3. As human capital accumulates, its profitability increases to a certain limit, limited by the upper limit of active labor activity (active working age), and then sharply decreases.
4. Not all investments in a person can be called investments in human capital. For example, the costs associated with criminal activity are not investments in human capital, since they are socially inappropriate and harmful to society.
5. The nature and types of investments in a person are determined by historical, national, cultural characteristics and traditions.
6. Compared to investments in various other forms of capital, investments in human capital are the most beneficial both from the point of view of the individual and from the point of view of the whole society.
The source of investments in human capital can be the state (government), non-state public funds and organizations, regions, individual firms, households (individuals), international funds and organizations, as well as educational institutions.
At present, the role of the state in this area is quite large. The state resorts to both coercive and incentive measures in this area. Compulsory ones include formal education in the volume of secondary school, compulsory for all, compulsory medical preventive measures (vaccinations), etc. However, incentive measures are the main measures. The government has two effective ways to change the amount of private investment in human made automatically through the market: it can influence the income of those who do (through a system of taxes and subsidies), and it can control the price of acquiring human capital (by adjusting prices resources used). The role of the state is especially great in the most important areas of human capital formation - in education and healthcare.
The role of individual companies (firms) is significant in creating human capital assets. They are often the most efficient producers of this capital because they know the conditions under which training can be given to meet current needs, and they also have information about the most promising areas for investing in education and training. However, firms make investments as long as these investments generate a net income.
By investing in their employees, firms seek to increase their labor productivity, increase labor productivity, reduce lost working hours and thereby strengthen their competitiveness. The funds are invested in the organization of professional training and retraining courses, are used to pay employees' expenses for treatment and preventive measures, for the construction of sports and health centers, preschool institutions, etc. In terms of costs, in-house training in developed countries is comparable to other training sectors.
Investments in human capital at the family level are also very important, since all components of human capital are acquired and increased through investments that the family invests in their child, not even from his birth, but from the decision to have children. On the one hand, children for parents are a source of satisfaction, but on the other hand, raising children is a source of considerable costs, both explicit and implicit (primarily the time of parents).
The accumulation of intellectual and psycho-physiological abilities of a person in a family is the foundation for further development and continuous improvement of the human capital of an individual. Investments in the development of the human capital of children are not only the basis of their own development, but also serve as the basis for the formation of the total human capital of future generations. As a result of upbringing and education in families, various types of human capital are formed, basic psycho-physiological mental abilities are created, and personality is formed.
2.2 P indicators of the effectiveness of investments in human capital
When investing financial resources in human capital, the management of the enterprise has a number of questions related to the effectiveness of investments:
- whether the invested funds will pay off (what are the types of effect from investing in human capital);
- in what terms can you expect a result from the investment;
- How much money will need to be invested?
– what are the possible investment options;
– how to assess the feasibility of investing in the development of human capital.
Fitz-enz Yak., conducting research, as the simplest calculation of the return on investment in human capital, divided income by the number of employees. This was the first indicator to appear in the Human Resource Performance Report. He also proposed a return on investment in human capital.
Return on investment in human capital = [Profit - (Expenses - [Salaries + Benefits])]: Salaries + Benefits, i.e. HCROI = Re Venue - (Expenses - ) / (Pay + Benefits)
One of the indicators of the economic efficiency of human capital is the level of intellectuality of production (or the qualification capacity of production). It is calculated as the ratio of the education fund (intellectual capital) to the gross national product and shows how many monetary units accumulated in the educational fund account for each cost unit of output:
UI = FD / GNP where GNP is the gross national product;
FD - monetary value of the general fund of education.
According to the methodology of T. Schulz, the value of the total education fund is equal to the cost of one year of education at each level (including lost earnings), multiplied by the number of person-years of education (adjusted for unequal duration of the academic year) accumulated by the population of the country at a particular point in time . J. Kendrick determined the value of FD with the help of specially developed price indices and taking into account the depreciation of knowledge and skills.
As already noted, the main factor in the existence and development of human capital is investing in intellectual capital.
Vaganyan O.G. offers the following methodology for evaluating the effectiveness of investments in the intellectual capital of commercial organizations. Due to the fact that the interaction of individual elements of intellectual capital is non-linear, only the integral efficiency of investments is evaluated. In this case, the general approach to the assessment will be as follows. Two values are correlated: X (the difference between the organization's capitalization and the replacement price of its real assets, minus liabilities) and Y (investment in intangible assets). The coefficient of efficiency of investment in intellectual capital is calculated as the ratio of the difference between the value of X at the beginning and end of the period and the value of investment Y during this period. In this case, all values are taken in a discounted form, taking into account inflation. As a result, the coefficient of efficiency of investments in the intellectual capital of commercial organizations is obtained, i.e. the following formula is calculated:
Z is the coefficient of investment efficiency;
X2 - the value of intellectual capital at the end of the period;
X1 is the value of intellectual capital at the beginning of the period;
Y - investment in the intellectual capital of the organization.
To calculate the value of Y, it is recommended to take into account the following components: the cost of research and development (research and development); the cost of education, advanced training, improving the health of workers, social investment; costs for information technology, information, hardware and software, for the formation and development of the brand; to create a corporate portal, website; for marketing; for the acquisition, distribution, storage of information; for the development of distribution; on the development of corporate culture; for the acquisition of know-how, patents, and other types of intellectual property.
where Yn is the earnings of a person with n years of education;
Ho - earnings of a person with zero education;
R is the current rate of return on investment in education;
Sp is the amount of investment during n years of study.
After the procedure for determining the costs of education and the benefits from its receipt, the benefits are compared with the costs, reduced to one point in time by discounting. The difference between the discounted benefits and costs gives the net present value of acquiring education.
Here it is necessary to take into account the fact that the value of the present value of lifetime earnings depends very much on the chosen discount factor (norm). The selection of the desired discount rate is a rather laborious process. There are various methods for calculating the rate of return on education. The most commonly used method is to calculate the corresponding net benefits for each time period from 0 to n, and then select a discount rate at which the total discounted net benefits become zero. This rate of discount is called the internal rate of return. Another method for estimating the rate of return is based on the analysis of statistical relationships between the level of an employee's earnings and his level of education.
The internal rate of return is the rate of interest at which the present value of the future benefits of training is equal to the present value of its costs.
The higher the internal rate of return, the more profitable the investment in education. Taking into account the absolute value of net income and the time of its receipt.
In an approximate form, this indicator can be calculated as follows:
r = (DB - Dc) / Co, where
DB - lifetime earnings of people with higher education;
Dc - lifetime earnings of persons with secondary education;
Co is the difference in the sum of expenses for higher and secondary education. .
G. Psacharopoulos provides data on the dynamics of social return on investment in education in terms of per capita incomes of countries. In most of the poorest developing countries with low per capita income, the social return of primary education is 23%, secondary 15%, and tertiary 11%. In the most developed countries of the world with a high level of income, the social return of primary education is 14%, secondary - 10%, higher - 8%.
It should be noted that when developing state policy in the field of education, a number of government structures in these countries are beginning to use explicit or estimated discount rates that are below 8% when evaluating projects in the field of public education.
Studies that compared academic, or general, and technical, or vocational, secondary education have shown that, on average, the return of the first is 16%, and the second - 11%. And here the decisive factor is the cost: vocational training is more expensive than general academic education.
3. AND business investment in human capital
3.1 Personnel policy and level l human capital of JSC "Tatenergo"
The personnel policy of the Holding Company JSC "Tatenergo" is based on the concept of human resource management, from the point of view of which it is essential to increase the efficiency of investments in the company's human capital in order to ensure continuous professional growth and high efficiency of the personnel. Thus, the personnel policy of the company is focused primarily on the development of personnel, and not only on bringing its numerical composition in line with the availability of jobs. Energy company personnel management is an organized, purposeful and continuous impact on personnel, as well as systematic monitoring of their activities in order to most effectively use human resources (human resources) in the interests of the company while maintaining the professional performance and health of employees.
The main principle on which the personnel policy of JSC "Tatenergo" is based is "Social partnership as a balance of interests of employees and the Company. Human capital is the most valuable resource of the Holding.”
Implementing the principle of the personnel policy of the Holding Company JSC "Tatenergo", the management of the Holding pays considerable attention in working with personnel to the solution of the following issues:
– creation of conditions for increasing professional growth and self-realization of employees (increasing the level of professional competence of personnel) by developing a system of professional training, retraining and advanced training of the Holding’s personnel,
– formation of a personnel reserve based on an assessment of the level of professional training (knowledge, skills) and business qualities of employees,
– managing the organizational development of the Holding in terms of implementing organizational and staffing changes and planning the number of personnel, taking into account the requirements of production and the strategic business goals of the company,
– increasing labor productivity by improving the system of material and non-material incentives and social security for employees, as well as ensuring safe working conditions.
In general, the list number of employees of the holding company, taking into account dependent companies, is 18,583 people.
The average age of the holding's employees is 41 years.
Youth and middle-aged workers make up 57% of the total number of employees, and 4,887 people (31% of the total number of employees) are young people under 35 years old. For this category of UTS employees, there are special conditions for granting targeted loans to improve housing conditions (repayable loans in the amount of 30% of the amount of funds needed to improve housing conditions for 10 years at 6% per annum).
Currently, the holding's enterprises employ 344 old-age pensioners. Slightly less than half of the total number of the holding's personnel (41%) are people of mature age. More than half of the workers in this category (65.5%), who have 10 years or less before retirement, being members of the National Non-State Pension Fund, receive additional funds transferred by JSC "Tatenergo" to their individual accounts. In 2007, about 96.84 million rubles were transferred to the NNPF.
The number of employees who joined the NNPF at their own expense increased - by the end of 2007, there were 7,809 such fund participants, i.е. 67.3% of the total number of employees who could transfer funds to the NNPF under this scheme (for comparison, in 2006 this figure was 66.2%).
The Holding's management welcomes the desire of employees to improve the level of professional competence and invests heavily in the professional development of personnel in order to increase the value of the company's human capital.
As of the end of 2007, more than 30% of employees (more than 70% of managers, about 70% of specialists, almost 30% of employees and more than 10% of workers) have higher professional education. More than 40% (44.4%) of workers and employees have primary or secondary vocational education. 1105 employees (7% of the total number) are students of higher and secondary educational institutions.
In 2007, 4 more people successfully defended dissertations and received a Ph.D. Thus, as of the end of 2007, 24 people have an academic degree, of which 26 people are candidates of science, 2 people are doctors of science. 22 employees continue their postgraduate studies and work on their dissertations.
24.2% of the holding's employees have a specialized education (energy), with 66% of them graduating from higher educational institutions, and 34% from secondary vocational schools. We are talking about workers of various specialties, whose education is applied to the energy sector (including economists who graduated from KSEU). 492 and 30 employees continue their education at KSPEU and KET, respectively.
Career in the Holding
Life in the company does not stand still. There is a constant movement: new methods of work, production technologies are being introduced, access to the wholesale electricity market is being carried out, the transition to international financial reporting standards, the introduction of modern automated management systems for the economic and economic activities of the company.
The pace of production development, the active introduction of information technologies and the economic situation put forward more stringent requirements for the level of professional training of personnel and the level of development of professionally significant personal qualities of employees.
It is very important to choose from a large number of candidates who are on the labor market and are interested in employment in JSC "Tatenergo" the most appropriate to these requirements.
The personnel selection system is based on assessing the level of professional knowledge and skills, as well as on assessing the potential abilities and professionally important personal qualities of the applicant, and the decision is made collectively.
The professional selection procedure consists of:
evaluation of the candidate by psychodiagnostic examination (testing), professional testing, professional interview.
After the candidate passes the preliminary tests (testing and interviews), the results obtained, a decision is made on the possibility of employment.
Regardless of the position, all employees (ITR) of JSC "Tatenergo" are subject to the following requirements:
– High level of general cultural development,
– Professional competence (baggage of knowledge, skills, abilities),
- Analytic skills,
- Active life position,
- Interest in professional development
– Learnability (willingness to learn new professionally important knowledge and methods of work, including in related specialties),
- Willingness to make independent decisions
- Ability to work in a team
- Responsibility.
3.2 Investment in human capital in JSC "Tatenergo"
The costs of professional training (education) of the holding's personnel in 2007 amounted to 58.6 million rubles, which is almost 10 million rubles. more than was spent on training and advanced training of employees in 2006.
In 2007, 10,106 people completed vocational training, which is almost 2 times more than in the previous year. About 90% of managers, more than 60% of specialists and employees improved their professional competence (in total, 4,611 engineers), mastered secondary and related specialties, and also improved their qualifications about 60% of workers (5,495 people).
About 50% of employees who completed professional training in 2007 were trained under the programs “First Aid Skills”, “Occupational Health and Safety”, “Fire and Technical Minimum”, the development of which is a condition for allowing employees to perform direct official duties (mandatory types learning). The personnel training plan for these programs was completed in full.
Significant funds have been spent on training senior and middle managers. To date, 48 senior and middle managers already have a Master of Business Administration degree, of which 12 people completed their studies in 2007. 22 people continue their education under the MBA program.
Diploma of professional retraining of the Intersectoral Institute for Advanced Studies and Retraining of Managers and Specialists at the Russian Academy of Economics. G.V. Plekhanov (MIPK REA named after G.V. Plekhanov) in 2007 received 12 people. Thus, 39 managers and specialists have already mastered an additional specialty in this educational institution. In September 2007, for the purpose of professional retraining at the MIPK REA im. G.V. Plekhanov sent another 22 workers.
In connection with the new tasks in terms of personnel management of the Holding, much more attention is paid to improving the competence of managers and specialists of personnel services in this area, in connection with which in 2007 in the MIPK REA named after. G.V. Plekhanov was sent for retraining in the direction of "Personnel Management" 6 people.
Social payments
In 2007, all assumed obligations of the Industry Tariff Agreement were fulfilled. The total amount of social payments in accordance with the OTC amounted to 246.707 million rubles, based on one employee - 15 thousand 803 rubles.
Conclusion
In conclusion, the following can be noted: the well-being and sustainable development of any nation depends on human capital, therefore, a well-thought-out and consistent policy in the field of human resource development and balanced investment in human capital is needed, both at the level of an individual company and at the state level as a whole.
The concept of human capital has been intensively used by world science, which has appreciated the role of intellectual activity, and found out the necessity and high efficiency of investments in human capital. The concept of human capital plays a central role in modern economic analysis.
The value of human capital is determined by the conditions of its formation and development. Therefore, investments in human capital at the family level are of great importance, where the accumulation of the intellectual and psychophysiological abilities of a person takes place, which are the foundation for the further development and continuous improvement of the human capital of the individual.
The modern personnel policy of JSC "Tatenergo" ensures the most efficient use of the company's human capital, makes its employees interested in this type of activity. An analysis of the effectiveness of investing in people shows how significant it becomes for firms to spend huge amounts of money on the health and education of workers, since in the future it provides more income for the entire company.
Economic assessments of human capital have become widely used both at the microeconomic and macroeconomic levels to determine the amount of national wealth, the losses of society from wars, diseases and natural disasters, in the field of life insurance, the profitability of investments in education, healthcare, migration and for many other purposes.
Bibliography
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11. Psacharopoulos G. Returns to Investment in Education – Policy Research Working Paper 1067. January 2008.
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Apukhtin Anton Sergeevich,
Fedorova Ksenia Andreevna
South Ural State
Humanitarian Pedagogical University,
[email protected]
Annotation: this article reveals the importance of the investment strategy in the development of labor potential, as a factor in the efficiency of the company.
Keywords: labor potential, investment strategy, human capital.
One of the achievements of the scientific world of the twentieth century was the theory of "human capital". From the 70s. In the twentieth century, the cost of education began to be seen as a profitable investment. In accordance with this theory, the knowledge and qualifications of employees are considered as their own and income-generating capital, and the time and money spent on acquiring this knowledge and skills is an investment in it. Under "human capital" in economic theory is understood as a measure of the ability to generate income embodied in a person. It includes both innate (inherited) abilities and talents, physical strength and health, as well as knowledge, skills and experience acquired throughout life. The work of an educated and professionally trained person is more productive than the work of an untrained person. If this is true, then one must agree with the statement that investment in education creates "human capital", just as spending on buildings and equipment creates physical capital. Back in the 18th century, Adam Smith wrote: “... A person who has studied, with greater labor and time, any of those professions that require extreme dexterity and art, can be compared with ... an expensive car. It is to be expected that the labor in which he is trained will compensate him, in addition to the usual wages for labor, for all the expenses spent on training, with at least the usual return on capital equal to this amount of expenses.
Human capital can be defined as a set of creative abilities, knowledge, skills, motivations and personal qualities of individuals accumulated through investments used over a certain period of time in order to receive future income (in real and non-real forms) and promote growth. national wealth. It is considered as a production and investment resource, the reproduction of which is primarily determined by how satisfied its material, social, spiritual, intellectual, etc. needs are. The approach to human capital as a factor of production, on the one hand, and investment resource, on the other, - reflect in a new way the role of investments in the formation of competitive human capital.
In our opinion, it is wrong to reduce labor potential to labor resources. Labor resources have labor potential. Both labor resources and labor potential have their own quantitative and qualitative certainties. But labor potential is the main property of labor resources, because it characterizes them mainly from a qualitative point of view. Labor resources basically have a labor force, which, as you know, is a person’s ability to work, and labor potential, in our opinion, is that ready-made force that turns a person’s abilities into forces that are higher in degree and level than labor force. Labor resources are transformed into human productive power through labor potential.
Thus, these two economic categories (labor resources and labor potential) are in complex interaction. A change in the labor potential is not always associated with a change in the size of the able-bodied population, and in a post-industrial society it is a ubiquitous phenomenon. Even with a stable number of labor resources, an increase in labor potential can occur by increasing its qualitative characteristics: the growth of educational and vocational qualifications, cultural level, improved health, etc. Increasing the labor potential by improving the qualitative characteristics of the employed population with its stable number means the intensification of production.
At present, issues related to investment activity are becoming more and more relevant, which is mainly due to the desire to increase the competitiveness of Russian enterprises in the world market. With the development of the market system, the investment strategy has become one of the most important types of enterprise strategies, providing all the main directions for the development of its investment activities and investment relations by forming long-term investment goals, choosing the most effective ways to achieve them, adequately adjusting the directions for the formation and use of investment resources in changing environmental conditions. In the system of this management, there are usually three main types - corporate strategy, functional strategies and strategies of individual economic units (business units).
The functional strategies of the enterprise are formed, as a rule, according to the main types of its activities in the context of the most important functional divisions of the enterprise. Functional strategies are aimed at detailing the corporate strategy (implementation of its main goals) and at providing resources for the strategies of individual business units.
The investment strategy is one of the functional strategies of the enterprise.
Investment strategy- this is a set of long-term goals in the field of capital investments and investments in financial assets, development of production, formation of an optimal investment structure, as well as a set of actions to achieve them.
In general, the investment strategy is implemented in the development of a plan and program for its implementation at this stage of enterprise development; is formed taking into account existing sources and forms of investment, their availability and potential efficiency of use.
A prerequisite for the formation of an investment strategy is the general strategy for the economic development of an enterprise, in relation to which the investment strategy is subordinate. Management of investment activities, i.e. the investment strategy receives its further concretization in the process of tactical management of this activity by forming the company's investment portfolio. This formation refers to medium-term management, which ends with the implementation of individual investment programs and projects. Thus, the development of an investment strategy is only the first stage in the process of managing a company's investment activities.
The formation of the investment strategy of a company (firm) is a rather complex creative process that requires highly qualified performers. First of all, the formation of a strategy is based on forecasting certain conditions for the implementation of investment activities (investment climate) and the investment market situation both in general and in the context of its individual segments. In addition, it requires periodic adjustment to take into account changing external conditions and new growth opportunities for the company.
From the point of view of strategic management, an investment strategy has the following characteristics:
- covers all main directions of development of investment activity and investment relations of the enterprise;
- contributes to the formation of specific investment goals for the long-term development of the enterprise;
- takes into account the changing conditions of the external environment in the process of investment development of the enterprise and adequately responds to these changes;
- determines the direction of formation and use of investment resources of the enterprise.
At the same time, the investment strategy, according to researchers, should include the following components: the strategy of real investment of the enterprise (the formation of general directions for investing the enterprise in a strategic perspective), the strategy of financial investment of the enterprise (the choice of the type of portfolio of financial investments), the strategy for the formation of investment resources of the enterprise (financial support of investment activities of the enterprise in the coming period), a strategy for improving the quality of investment management.
The study and analysis of the practice of working with the personnel of large companies showed that the most widely used methods used in the formation of labor potential in both domestic and foreign corporations are:
- an adaptation system for newly hired employees (75% of the considered domestic and foreign corporations use this method);
- attracting personnel with the help of the recruiting department of the HR service of the company itself (65%);
- attracting staff through recruitment agencies (61%);
- cooperation with universities (52%).
The data obtained indicate that corporations in most cases are trying to find ready-made specialists. Only in 9% of the cases considered, organizations train newly hired employees, which requires additional time and material costs. This method is justified when special equipment is used, special knowledge and skills are required that employees could not get while working in other companies.
The presented material allows us to determine that the labor potential is one of the main factors in the efficiency of the company's activities and investments in this category will improve the company's activities. However, real practice shows that investment infusions into labor potential are focused on attracting a ready-made specialist who, without significant financial costs, is ready to perform the tasks at a sufficient level. This practice is not far-sighted, since it does not allow developing the labor potential of its employees in the direction that is a priori necessary for the effective operation of the company.
Bibliographic list
- Anoshina V.V. INVESTMENT STRATEGY OF THE COMPANY // Proceedings of the VII International Student Electronic Scientific Conference "Student Scientific Forum".
- Saralinova D.S. Investments in human capital as a basis for the development of labor potential // Issues of structuring the economy. 2006. No. 1 P. 60-61.
- Fedorova, K.A., Apukhtin, A.S. Labor resources and labor potential of single-industry towns / K.A. Fedorova, A.S. Apukhtin // Professional project: ideas, technologies, results: scientific. magazine. - Moscow - Chelyabinsk: ANO REC "Co-Action", 2015. - No. 2 (19). – 88 p.
Apukhtin AS, Fedorova KA
South Ural State University of Humanities and Education,
Chelyabinsk, Russia
Investing in the development of labor potentialAbstract: This article reveals the importance of the investment strategy in the development of labor potential, as a factor in the effectiveness of the company.
keywords: labor potential, investment strategy, human capital
Organizations are beginning to place increasing importance on the intangible characteristics of their employees, such as loyalty, customer relationship building ability and willingness to take risks, and are also looking for ways to formally evaluate them. And realizing how valuable the potential of such human qualities is, companies transform them into something more concrete - human capital.
Modern modernization has stimulated investment in the "quality" of workers as an "intangible" asset, turning their development today into an "intellectual, creative revolution" in production.
As the expression "human capital" enters the corporate lexicon, many companies freely use this concept without making any attempt to measure or manage the assets they talk about. As a result, it is very difficult to establish a connection between the thoughts of employees and the financial results obtained by the company.
In today's labor market, professionals have enormous freedom to choose their employers. The main reason why employees leave the company is that they do not feel they are in demand or do not see prospects for the full development of their capabilities. Human capital management helps to effectively use the experience and knowledge of employees to help them reach their full potential.
Proponents of the concept of human capital management believe that by measuring the broad impact that employees have on the financial performance of an organization, companies can select, manage, evaluate and develop the capabilities of their employees in such a way as to transform their human qualities into significant financial performance of the company. Although this approach involves finding ways to quantify what was previously considered intangible assets, specialists implementing such methods note that similar approaches are already being used in the business market. The sharp rise in the value of Yahoo's shares, for example, reflects not only the financial condition of the company, but also the potential that is made up of the knowledge, skills and ability to find new solutions for its employees.
However, many CEOs are reluctant to invest in human capital development programs (such as employee training in an organization) because they recognize the difficulty in measuring the return on such investment. Many executives and analysts insist that human capital denies any measurement whatsoever, and argue that companies actually devalue employees when they try to treat them as financial assets.
Indeed, measurements of human capital are usually imprecise, but the measurement process itself is extremely important. Precise quantification is impossible, and not particularly needed. But organizations are slowly realizing the important link between human capital and a company's financial performance—a link that traditional accounting methods fail to account for.
Companies understand that the link may or may not show up in specific metrics or numbers that express the value of human capital. But by trying to quantify it, they can understand what each employee contributes to the company, how committed they are to their work, what they think of the company, and how likely they are to quit. Often, in the process of assessing human capital, companies gain useful insights into their organizations and acquire important information for their work. I will give one example.
In the early 1990s, Michael Warren, Alagasco's chairman and CEO, began looking for ways to improve the company's employee experience. The study found that organizations that are considered the best to work for are also the most successful in their industries. Alagasco has launched a series of programs designed to improve the work experience of its employees. For example, the company implemented the Temporary Reassignment Program (lit.: a temporary reassignment program for a new position), allowing employees to try out for positions with a scope of duties that are fundamentally different from those they usually have to perform. The goal of the program is to give employees the opportunity to gain new skills as well as expand their experience. When employees play roles that they could not even dream of in light of their traditional responsibilities, it not only gives them confidence in their own abilities, but also allows them to gain recognition and respect from managers and colleagues.
Although the company's performance has received very favorable press coverage, Warren acknowledges that "the value of one employee and the level of their participation is very difficult to measure." The impact of employee satisfaction isn't easy to translate into dollar terms, but Warren insists it's the foundation of a company's success nonetheless.
More and more supporters are gaining the point of view that human capital is the most valuable resource not only for an individual company, but for society as a whole, much more important than natural resources or accumulated wealth. It is human capital, and not plants, equipment and production reserves, that are today an indicator of competitiveness, economic growth and efficiency.
2.2. Firm investment in training employees
Companies are now spending more and more of their money on improving the skills of their employees. The expansion of the role of training reflects the fact that "the rules of economic competition have changed" . It is no longer enough to simply be effective. Survival and prosperity of firms today require speed and flexibility, meeting the needs of customers in terms of product quality, assortment, customs conditions, convenience and timeliness. To meet these standards it is not enough to be just a technically trained worker, it is necessary to have the ability to analyze and solve problems related to work, to work productively in a team, and also to switch from one type of activity to another.
The professional development of the company's employees is divided into general and special. The cost of general training increases the productivity of the worker to the same extent in the firms that produce it, and in all others, training at the place of work, associated with an increase in productivity in the firms representing it, is special. The resources a firm expends in familiarizing new employees with its internal organization and in acquiring knowledge is also a type of special training, because productivity is increased in the companies themselves than elsewhere.
General training can be useful in many firms beyond the one in which it is received. Therefore, rationally operating firms in a competitive market do not participate in paying the costs of general training. Persons receiving general training pay for it themselves, since it increases their future wages. Even though firms do not benefit from general training, they nevertheless provide it to workers. Companies have an incentive to do so when the demand price of training is at least equal to the cost of training.
The costs of special training are borne by the firms, and the returns from such training in the form of higher profits due to increased productivity will also be received by the firms themselves. The return will be at least no more than the cost. With special training, the wages that a worker may expect elsewhere will have nothing to do with the training he has received. Also, this training will not directly affect wages in firms. In this case, firms will be forced to take over the training, since no rational worker will pay for it if he does not receive any benefit. Therefore, the companies themselves will benefit from this training.
If we talk about the turnover of the workforce of firms, then the least they will worry about is the turnover of workers with general training that a worker can get everywhere. Firms will be concerned with labor turnover with specialized training; and to such workers - to reduce turnover - they will offer higher wages, since the payment of the costs of special training falls on the firm itself. Thus, turnover rates will be lowest for workers with highly specialized training, and highest for workers with training so general that it enhances their productivity in training firms even less than outside them (for example, formal education).
Human capital is the basis for the efficiency of the company. Financing the education of personnel, the creation of training centers are becoming one of the main objects of attention of companies in many countries of the world. However, unfortunately many firms still save on training. While IBM, Xerox, Motorola, and others spend between 5% and 10% of the payroll on education, most firms spend less than 2% of the payroll on education. But, nevertheless, it is the training of employees that comes to one of the first places in the list of means of increasing the competitiveness of firms.
2.3. Personnel policy.
Entrepreneurship and business are, first of all, the relationship between people who organize and carry out this activity. New forms of management, reality itself caused profound changes in the use and management of the personnel potential of an enterprise (firm), gave new importance to personnel management and personnel marketing. Personnel management issues have become of paramount importance.
In connection with these objective factors, there is an increasing need to formulate and solve a number of key problems of personnel management: the development of a flexible and continuous system of training, selection and redistribution of personnel; search and attraction of HR managers to long-term cooperation; creating a "comfortable climate" in the team.
It is very important to create an atmosphere in which continuous professional development, self-education and creative initiative become duties and needs of each employee of the enterprise. The quality of human resources, their high intellectual and production potential is the most important condition for the competitiveness and efficiency of any production. New technologies, goods and services are born only where the potential of workers is high.
A large number of enterprises are faced with such a problem as “brain drain” (when both the funds invested in the training of a specialist and the specialist himself are lost, since the training of a specialist often speeds up his departure from the company). To avoid this problem, a system of paying for the training of employees and their children (in higher and secondary educational institutions), in which the company provides a loan for training, can be recommended. A prerequisite for taking a loan is the continuation of work in the company after graduation (the term, as a rule, does not exceed four years, after which the employee is considered free from obligations to repay the loan). It has been established that the quality of knowledge assimilation increases if the employee partially pays for training from his salary. It is especially important to prepare a reserve of leading personnel.
Ideally, an enterprise operating with calculated, commercial success is a holistic, balanced mechanism that performs certain functions. The challenge is to ensure the effective performance of these functions by qualified personnel.
The personnel structure of a modern enterprise can be represented as a four-level pyramid, at the base of which are specialists (first level), and then managers (second level) and administrators (third level) are located vertically, and thinkers (fourth level) are at the top. In addition, the structure horizontally considers the coordinated activities of personnel in the following areas: "New Technologies", "Security and Control", "Commerce" and "Man and Production".
The task of the personnel manager is to ensure that in each cell of the structure there is an employee with a sociotype corresponding to the official position and a level of hierarchical specialization. There is a clear relationship between a person's place in the organizational hierarchy and personal level of development and capabilities. In this regard, there are four levels of personality development ("Man - 1", "Man - 2", "Man - 3", "Man - 4").
This table will help to understand human characters and abilities, if necessary, to carry out a conflict-free redistribution of personnel in accordance with the goals of the enterprise.
If there is no one to fill in any cells of the “pyramid” (structure) and they remain important, then it is necessary to find the right employee “on the side”, this can be difficult to do. First of all, you should decide what kind of person you should look for; formulate the job functions of the new employee; establish the level of authority and responsibility, the degree of qualification and the procedure for interaction vertically and horizontally; write a detailed description of the vacant position and identify requirements for the applicant. For this, an interview is conducted with a new employee.
The interview, as a rule, is conducted by a person who knows the company and the psychology of communication, who has undergone special training and has received the appropriate authority. The interview allows you to evaluate the competence, enterprise, self-organization, personal parameters, potential usefulness for the company of a new employee. The wrong choice can cause significant damage to the enterprise and be a disaster for the hired.
An example of an effective management model is the Japanese "lifetime employment" system. This model assumes that employees work in one company all their lives, from the moment they enter the company until they retire. Since the employed are hired for a long time, the recruitment of new personnel is of paramount importance. Usually, large companies negotiate with universities, secondary technical schools and schools and select employees among schoolchildren long before graduation. Candidates attend special elective courses taught by leading employees of the company. These courses introduce future employees to the history of the company, the specifics of production and management.
In most large companies, newcomers are accepted conditionally and enrolled in the state after passing a probationary period, which can last 1-3 years. Beginners participate in interviews, in which the focus is on finding out the personal qualities of the candidate, his character, inclinations, individual career goals. The main task of these interviews is to find out the compatibility of the candidate with the company's team, to determine where and in what position it is more appropriate to use him.
Having joined the “factory family”, the employed person, as it were, concludes an agreement with the company, which guarantees him work for a long period (“for life”) and the corresponding remuneration.
The vast majority of those employed retire at 55, with the exception of senior managers, who sometimes work well into old age. The pensioner receives a one-time allowance equal to approximately two annual salaries, more precisely, for each year worked, he receives a monthly salary.
The “lifetime employment” system does not cover all employees, but only those who belong to the “Honko” category. This category includes employees who came to the company immediately after graduation, without working anywhere.
"Lifetime employment" is, first of all, a real system of functional, in its essence, connections, in which the determining factor is the "belonging" of the employed to a given enterprise. The staff is stubbornly instilled that belonging to a family - a clan of an industrial enterprise - is a great honor, which not only imposes a high responsibility on him, but also distinguishes him, elevates him above the workers of "foreign" enterprises. Clan patriotism, which is purposefully nurtured, widely promoted and supported by entrepreneurs in every way, is so developed that for the Japanese, in characterizing a person, it is not so much the profession, occupation, but the place of work that is of great importance.
This example shows the importance of training that takes place in Japanese enterprises long before they are hired. Japanese corporations create their own special human capital to ensure the “lifetime employment” of an employee in a given firm. And it brings its economic efficiency to companies.
2.4. Main indicators of the effectiveness of investments in human capital
To assess the effectiveness of investment in human capital, a number of criteria and indicators are used. In the economic literature, the following criteria, or indicators, of the effectiveness of investments in human capital are used:
1. Maximization of the difference between profit and costs.
2. Payback period (return) of investments.
3. Net current (present) value.
4. The ratio of costs and profits.
5. The ratio of the marginal revenue difference to the marginal cost difference.
6. Annual net income
7. Internal rate of return.
The payback period is the ratio of the total costs C to the constant marginal income b (calculated over a given period of time, month or year). Under certain conditions, the reciprocal of the payback period is equal to the expected internal rate of return. For this to happen, it is necessary that all costs fall on the initial period of time, and incomes are constant.
This measure links costs and benefits, and by and by means of it various investment programs can be approximated in terms of their relative effectiveness. The criterion is the choice of an investment project with the shortest payback period.
A more general formula for the payback period, with the help of which calculations are carried out for non-permanent income and costs, is
where b and c are marginal revenues and costs, t is the number of the time period (minimized).
However, the payback criterion has a number of disadvantages:
1. It does not take into account the fact that the costs and incomes of competitive alternative investment projects are separated in time and have different time characteristics. To make different indicators of time costs and profits comparable, it is necessary to carry out discounting.
2. The absolute volume of net income in alternative projects may be different. The payback period does not take this into account.
3. This criterion cannot be used at all when alternative investment projects are mutually exclusive.
The most common investment criteria are net present value, cost-benefit ratio, and internal rate of return. They can give the same results, but under certain conditions:
Capital markets are perfectly competitive markets;
All available projects are absolutely conditioned from each other;
There is no mutual dependence between them;
All net income can be reinvested at the same internal rates of return up to the end date of the longest project.
An indicator of net present value. Given these assumptions and the given interest rate at which discounting is performed, any investment project can be approved. If there are multiple funds to invest, then the project with the next highest present value is accepted, and so on until the funds run out or there are no projects left with a positive or zero net present value.
The mathematical equation for such a situation is as follows:
where is the net present value; i - interest rate used for discounting; - the amount of income.
This formula takes into account the fact that costs may not necessarily arise at the very beginning of the income stream. If conditions are expected to change that affect the value of the interest rate in the time span of the income stream, different values for the interest rate can be used at those points.
The criterion of the ratio of profits and costs can be useful when a decision is made to invest in those projects for which the ratio of the current value of income to the current value of costs is greater than one. The equation for this criterion has the form
A variant of the cost-benefit ratio is the ratio of marginal cost measurement between two alternative projects. Algebraically, this relationship can be expressed as follows:
where b - marginal income; c - marginal costs; i is the interest rate used for discounting; t is the number of the time period; indices and are the corresponding projects.
This criterion shows that as long as the ratio of the change in net present value to the change in net present value is greater than one, additional public funds should be invested in project x, not project y.
An internal rate of return is a percentage that is compared to a rate of interest that represents the acceptable rate of return on public or private educational investment. The internal rate of return is the rate at which the present value of costs equals the present value of income. For this indicator, the following condition must be met:
where r is the internal rate of return; b - income in a certain period of time; c - costs in a certain period of time.
To determine the effectiveness of a project related to investment in education, it is necessary to compare the costs of education with the benefits of receiving it. If the benefits outweigh the costs, then it is beneficial for the individual to continue learning.
Also, to assess the effectiveness of investments in human capital (education), one can use the indicator of the internal rate of return of education, at which the present value of future income is equal to the current value of the costs incurred. It represents the rate of return that can be expected from the implementation of this investment project.
In connection with the fact that there are a large number of indicators of the effectiveness of investments in human capital, it should be noted that there are no absolutely perfect criteria. In each specific case, it is necessary to study specific conditions, to determine the best investment criterion, which can be successfully applied only in a system of interrelated criteria.
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