What is the human capital of an enterprise expressed in? Human capital: concept and types. Formation of human capital. Factors of human capital development

Human capital is a special economic category, the main problem of research of which is the specific nature of human capital, determined by the totality of a person’s physical and mental abilities that determine his ability to work.

The most common definition of the concept of human capital is:

Human capital is a set of knowledge, skills and abilities used to meet the diverse needs of an individual and society as a whole.

This approach reflects the main components of human capital, which are intelligence, health, knowledge, high-quality and productive work and quality of life.

Can be interpreted as special capital in the form of intellectual abilities and practical skills acquired in the process of education and practical activities person. This interpretation points to the fact that the presence of human capital means the ability of people to participate in production.

Specific features of the concept of human capital are presented in Figure 1.

Figure 1 – Concept of human capital

The ability of people to participate in production determines the interest in the concept of human capital on the part of enterprises, since the effective use of human capital ensures economic growth, i.e. an increase in the volume of created utilities, therefore, an increase in the level economic activity enterprises.

The concept of human capital is defined within several concepts, including economic theory, personnel management, which in turn distinguishes between human resource management and human capital management. Thus, human capital manifests itself directly as capital and as a special resource. From the point of view of the essential content of the nature of human capital, this concept covers a wide range of categories in the science of people management.

The difference in terminology is due to the inclusion in the concepts of “people management” and “personnel management” of two interrelated concepts of human capital and human resources. The philosophy and applied aspects of personnel management are decisive for both human capital and human resources, while the managerial impact in the theory of people management is aimed at building systems for managing human resources and human capital.

The relationship between these aspects is presented in Figure 2.

Figure 2 – Relationship between aspects of people management

The theory of human capital was developed by economists, among whom the greatest contribution to the development was made by T. Schultz and his follower G. Becker. They laid the methodological foundations and basic elements of the theory of human capital.

The table shows several definitions of the concept of human capital by foreign authors.

The concept of human capital

		Definition of "human capital"
		All human resources and abilities are either innate or acquired. Each person is born with an individual set of genes that determines his innate human potential. We call the valuable qualities acquired by a person, which can be strengthened by appropriate investments, human capital. View all human abilities as either innate or acquired. Attributes that are valuable and can be developed with appropriate investments will be human capital.
		Human capital represents the human factor in an organization; it is the combined intelligence, skills and specialized knowledge that give the organization its distinctive character.
	Scarborough and Elias	The concept of human capital is most often viewed as a bridging concept, that is, the connection between human resource practices and the quality of a company's performance in terms of assets rather than business processes. Human capital is a non-standardized, tacit, dynamic, context-specific and unique resource embodied in people.
	Davenport	Human capital is the knowledge, skills and abilities of people who create value. People have innate abilities, behavior and personal energy, and these elements form human capital. The owners of human capital are workers, not their employers.
		Human capital creates the added value that people provide to an organization. Therefore, human capital is a condition for competitive advantage.

Schultz argued that “the well-being of men does not depend on land, technology, or their efforts, but rather on knowledge.” It was this qualitative aspect of the economy that he defined as “human capital.” Its foreign apologists adhered to a similar approach, gradually expanding the interpretation of human capital.

In general, human capital is the main factor in the formation and development of the innovative economy and the knowledge economy, as the next stage of social economic development.

Human capital is the result of various types of human activity: education, upbringing, labor skills. The costs of acquiring knowledge are regarded as investments that form capital, which will subsequently bring regular profits to its owner in the form of higher earnings, prestigious and interesting work, increased social status, etc.

The role of human capital is manifested through social institutions, which makes it possible to analyze not only social parameters, but also to study the influence of social factors on a market economy.

Human capital theory

Human capital theory emphasizes the added value that people can create for an organization. She views people as a valuable asset and emphasizes that an organization's investment in people generates returns that are worth the cost. Sustainable competitive advantage can only be achieved when a firm has a stock of human resources that its competitors cannot imitate or duplicate by hiring workers with competitively valuable knowledge and skills, many of which are difficult to articulate.

For an employer, investing in personnel training and development is a means of attracting and retaining human capital, as well as a way to obtain higher returns from these investments. These gains are expected to result from improved performance, flexibility and the ability to innovate as a result of increased knowledge and competence. Thus, the theory of human capital allows us to objectively state the following:

Knowledge, skills and abilities are key factors determining the success of an individual company and the country's economy as a whole.

At the same time, there is a point of view that rejects the approach to human capital as a kind of asset, by analogy with financial and fixed capital. Michael Armstrong in his book "The Politics of Human Resource Management" pointed out the following aspect. “Employees, especially qualified ones, consider themselves independent agents who have the right to choose how to manage their talents, time and energy. In this regard, companies cannot manage, let alone own, human capital. However, companies have certain opportunities to effectively use human capital using organizational and economic methods."

The essence of the theory of human capital is that the main form of wealth is the knowledge materialized in a person and his ability to work effectively.

Human capital theory puts the following into this concept:

• a person’s acquired set of skills, abilities and possession of certain knowledge in various fields;
• income growth leads to a person’s interest in further investments in human capital;
• the feasibility of using human knowledge in various types activities to increase labor productivity and production efficiency;
• the use of human capital leads to an increase in a person’s income due to his labor earnings in the future by abandoning some current needs;
• all abilities, knowledge, skills and abilities are an inseparable part of the person himself;
• a necessary condition for the formation, accumulation and use of human capital is human motivation.

The main provision of the theory of human capital is the statement that the ability of an employee or group of employees to achieve best result leads to an increase in them wages. To accumulate and use human capital, expenditures are required on health care, education, vocational and technical training and other activities that help improve productivity and quality of labor.

G. Becker introduced the term “special human capital”. Special capital refers to only certain skills that a person can use in a specific activity. In particular, special capital includes all professional skills of a person. Thus, “special or specific human capital is knowledge, skills, abilities that can only be used in a specific workplace, only in a specific company.” This implies the need for special professional training, i.e. obtaining knowledge, acquiring skills and abilities that increase special human capital.

According to the theory of human capital, the process of its reproduction has three stages:

Stages of human capital reproduction

		Description
	Formation	At the first stage, a person receives an education. This is the basic stage for human capital, during which knowledge, skills and abilities are acquired. The future type of activity, place in society and level of income of a person will depend on this. Education is the main investment in human capital, since there is a high correlation between the cost of education received and the value of human capital.
	Accumulation	Further accumulation of human capital occurs in the process of work, enriching a person with professional skills and abilities that will help improve the efficiency of his work activity and increase income. At this stage, special human capital grows.
	Usage	The use of human capital is expressed through human participation in production, for which he receives compensation in the form of wages. At the same time, the size of human capital directly affects the level of income.

The theory of human capital indicates that this process is continuous and with the reward received a person can make additional investments in his capital through further professional training, improving his qualifications, etc. This will increase the level of income, which is the main incentive for the constant increase in human capital.

The structure of human capital depends on the nature of a person’s activity, his specialization, including industry, the dynamics of labor income, etc. It should be noted that the structure of human capital specific person may undergo changes over time. This happens depending on the actions a person takes, expanding his knowledge and skills, or, conversely, specializing in one area.

The value of human capital is defined as the present value of all future labor income of a person, including income that will be paid pension funds. “The value of human capital is influenced by the age (work horizon) of a person, his income, possible variability of income, taxes, the rate of indexation of wages for inflation, the size of upcoming pension payments, as well as the discount rate of income, which is partly determined by the type of human capital (or rather, related with him risks)".

Thus, in the theory of human capital, this concept acts as a product of production, represents knowledge, skills, abilities that a person acquires in the process of training and work, and like any other type of capital, has the ability to accumulate.

As a rule, the process of accumulation of human capital is longer than the process of accumulation of physical capital. These are processes: training at school, university, at work, advanced training, self-education, that is, continuous processes. If the accumulation of physical capital lasts, as a rule, 1–5 years, then the process of accumulation into human capital lasts 12–20 years.

The accumulation of scientific and educational potential, which underlies human capital, has significant differences from the accumulation of material resources. At the initial stage, human capital due to the gradual accumulation production experience has low value, which does not decrease, but accumulates (unlike physical capital). The process of increasing the value of intellectual capital is the opposite of the process of depreciating physical capital.

Human capital concept

Given the character economic activity modern companies, it can be noted that for them human capital is of particular importance, since it is through its use that companies can carry out innovative activities, in whatever form. Production, commercial, management and general economic projects lead to the creation and implementation of organizational and economic advantages that the company already has.

It is based on the position that human capital is a fundamentally significant asset for enterprises, since the development and implementation of innovations without its presence is not possible in modern socio-economic conditions. Taken together, human capital appears to be a key asset of an organization, without which it cannot exist in the conditions modern development national economic system.

Thus, according to the concept of human capital, for a modern company this asset is of particular importance, since it allows for the effective implementation of innovations in practice, their implementation in production, commercial, and management activities, as well as the creation of organizational and economic advantages.

Human capital reflects the potential available to ensure growth in the intensity, efficiency and rationalization of human professional activity. The presence of human capital presupposes the ability of people to participate in production.

Human capital concept considers this phenomenon as a special economic category, which is a set of intellectual abilities, acquired knowledge, professional skills, abilities that a person receives as a result of training, experience and practical activity.

At the same time, human capital, being a factor in the development of a person’s existing potential, leads to a direct and indirect increase in labor productivity at existing enterprises, as well as an increase in the efficiency of their activities through the use of existing human capital. In fact, human capital is a priority factor in the innovative type of economic development, since enterprises are able to achieve great success in their economic activities, developing it through the use of human capital.

In the holistic concept of human capital, approaches to its assessment are based on various organizational and managerial models that use qualitative and quantitative parameters for assessment. At the same time, the capabilities of an enterprise assessing human capital are usually limited by its ability to create an assessment system that would make it possible to objectively determine the available human capital; in addition, assessment needs may differ among different enterprises. It should be noted that the most formalized approaches are those based on quantitative parameters and cost indicators for assessing human capital, while purely management models do not allow an enterprise to evaluate it accurately enough, since they operate only with qualitative or natural characteristics. Hence, human capital concept operates with the qualitative and quantitative characteristics of a given asset.

Factors of human capital development

Human capital development factors include the following combinations of individual and production activities:

1. The combination of natural abilities and physical energy acquired as a result of training and life with their demand in production with subsequent optimal costs.
2. The combination of knowledge and experience used by man in the field of social reproduction with increased labor productivity and increased production efficiency.
3. The stock of knowledge, abilities and skills accumulates in the process of an appropriate combination of production activities and appropriate motivation of the employee.
4. An increase in individual income is combined with the reproduction of human capital in a broad sense (additional education and professional retraining are reinvested in production activities).

A circular process occurs: human capital itself contributes to production efficiency, efficient production invests in the development of human capital. Consequently, the factors of human capital development and their actual influence on the development of capital have the nature of a cyclically repeating process. This process is endless, since the desire to increase individual and national wealth has no upper limit.

Factors in the development of human capital determine the algorithm on which the development of human capital is based; this algorithm is shown in Figure 3.

Figure 3 – Development of human capital

The process of human capital development is organizationally complex in nature. Renewal of human capital is accompanied by the development of the individual's capabilities and abilities with their subsequent implementation. Therefore, the motives influencing this process can be both material and spiritual.

It can be rightly stated that the main motives for the development of human capital are the following:

• physiological motives,
• security motives,
• social motives,
• motives of respect,
• motives of self-esteem.

Due to the increase in individual incomes of the owners of human capital, economic growth of the country's economy occurs - this is how one can characterize the influence of human capital on economic growth.

The individual skills and experience that an individual is endowed with can lead him to make informed human rights decisions - such is the impact of security needs on human capital development. Reasonable rational decisions of the majority of people create an atmosphere of safety in society.

By increasing individual labor productivity, a person is able to perform work that has great social value - this is how social motives influence the development of human capital.

New ideas and scientific developments introduced into practice increase respect for the people who proposed and implemented them - such is the influence of the motive of respect on the development of human capital.

The development of intelligence and the generation of new technical and technological ideas lead a person to self-esteem.

The role of human capital for economic growth and enterprise development

The value of capital invested in material resources is reduced. Efficiency Agriculture, the food industry is less and less determined by material assets: the size of land ownership, production buildings, machinery, equipment; To a greater extent, the value of enterprises is formed by “intangible resources” - ideas, entrepreneurship and creativity of staff, strategic and intellectual association of partners, etc. The main thing that resources are spent on is generating ideas, searching for information, processing it, and quickly applying it in practice to produce products and make profits.

Indeed, in order to realize the desire to accelerate economic growth, eliminate poverty and move to an innovative type of development, it is necessary today to begin creating a system that would stimulate investment in human capital. The accumulation of human capital and its subsequent use will make it possible to solve the problems of economic growth at the level of the national economic system.

Among the features of accumulation and financial injections into human capital in Russia, it is necessary to note the positive trends towards an increase in the number of workers increasing their human capital through advanced training and the acquisition of new professional skills. This is definitely a plus. At the same time, the general low culture among workers and employers regarding the refinancing of human capital is a limiting condition for intensive economic growth. In modern conditions, human capital in Russia is the main factor in intensifying economic growth.

Human capital, which itself is a factor in the development of enterprises (Figure 4), can act as an integrative basis for the growth of enterprises in modern conditions.

Figure 4 – Human capital as a factor in the growth and development of enterprises

Thus, a system of interconnected elements can be traced: the development of the economy and social factors in society makes it possible to “involve” factors in the development of human capital, leading to an increase in labor productivity in enterprises, an increase in the efficiency of enterprises through the introduction of new technologies and investment in personnel. Consequently, the importance of human capital for an enterprise is manifested in its ability to ensure economic development. An economic entity achieves success by developing its production and commercial activities taking into account human capital.

Among the typical problems associated with the use of human capital in enterprises are the following:

Firstly, the low level of development of the human capital assessment system, which is often limited to the traditional approach.

Secondly, the low degree of use of the enterprise’s human capital leads to a decrease in the efficiency and productivity of labor and the use of working time.

Thirdly, there is often an insufficiently thought-out policy for the use of labor resources and human capital in general, or this policy is absent altogether.

Consequently, in modern conditions it is necessary to implement measures at enterprises aimed at eliminating typical problems and shortcomings and forming objective approaches to the system of assessment, development and use of human capital.

conclusions

Human capital is a combination of the following factors:

1. qualities that a person brings to his work: intelligence, energy, positivity, reliability, dedication;
2. a person’s ability to learn: talent, imagination, creative personality, ingenuity (“how to do things”);
3. encouraging a person to share information and knowledge: team spirit and goal orientation.

Despite the fact that knowledge has always been one of the most important conditions for the development of production, the uniqueness of the modern stage lies precisely in the accumulation by humanity of knowledge in such quantities that it has transformed into a new quality, becoming the main factor of production.

Literature

1. Schultz T. Investments in human capital. – M.: HSE Publishing House, 2003.
2. Becker G. Human behavior: an economic approach. – M.: HSE Publishing House, 2003.
3. Management / ed. V.E. Lankin. – Taganrog: TRTU, 2006.
4. Avdulova T.P. Management. – M.: GEOTAR-Media, 2013.
5. Alaverdov A.A. Organizational human resource management. – M.: Synergy, 2012.
6. Bazarov T.Yu. Personnel Management. – M.: Yurayt, 2014.
7. Vesnin V.R. Human resource management. – M.: Prospekt, 2014.
8. Golovanova E.N. Investments in the human capital of the enterprise. – M.: Infra-M, 2011.
9. Gruzkov I.V. Reproduction of human capital in the conditions of formation of the innovative economy of Russia. Theory, methodology, management. – M.: Economics, 2013.
10. Mau V.A. Development of human capital. – M.: Delo, 2013.
11. Hugheslid M. How to manage human capital to implement a strategy. – St. Petersburg: Peter, 2012.

Capital structure of the national economy

Human capital	Non-financial capital			Financial capital
Physiological: longevity; health; disability. Intellectual: qualification; knowledge and professional skills. Organizational: capabilities; management.	Reproducible assets	Non-reproducible assets		gold; currency; securities; loans; stock; insurance reserves; investments.
	fixed and working capital; intangible fixed capital; stocks.	Material: Earth; bosom; water.	Intangible: patents; contracts; communications;

Human capital characterized by a system of indicators reflecting the processes of population reproduction, their possibilities(capabilities) in meeting needs under current living conditions, taking into account health, safety and environmental conditions.

Human capital is often compared to produced resources. To some extent, the abilities that people have that enable them to earn high incomes are manufactured, not inherited at birth or simply acquired by chance.

At the same time, the category of “capabilities” is a more neutral concept and, therefore, may be the most appropriate term to characterize human capital. To the main opportunities person can be classified as: physiological, intellectual, organizational, financial (monetary), property and others.

Non-financial capital reflects not only property and property, land, stocks and Natural resources, but also intangible resources.

Financial capital(cash) includes all financial assets and liabilities, currency and deposits, securities and shares, monetary gold and insurance reserves, accounts receivable and accounts payable, investments, share capital, loans and borrowings.

At the end of the twentieth century, the World Bank (WB) proposed a new concept for measuring the national wealth (capital) of a country, including human, natural and reproducible capital. Let us present the calculation of the amount of capital proposed by the World Bank (Table 1.1).

Table 1.1 National wealth (capital)

In contrast to traditional indicators of national wealth, the new concept of a country’s capital makes it possible to judge the scale of accumulation of other elements against the background of the overall aggregate.

TO human capital(potential) can be attributed indicators that ensure the well-being and comfort of life of the population. Significant funds are spent annually on the reproduction of human capital, including costs for the functioning of the system of upbringing, education, promotion of health and other factors for increasing the working capacity of people, increasing the working period and other aspects of the conditions for favorable life activity. This, in turn, leads to increased productivity of social labor and an increase in the standard of living of the population.

The World Bank prioritizes accounting, or human capital, as the most important element and factor. To assess this factor, it is proposed to determine total costs in the life support industry: including in education, qualifications, health, improvement of living conditions, increase and expansion of the middle class in it.

Natural capital includes proven reserves and produced natural resources in the country. Its value per capita ranges from 6 thousand US dollars in countries Western Europe up to 58 thousand dollars in the Middle East and up to 160 thousand dollars in Russia.

By security reproducible capital gaps in indicators range from $27 thousand in the Middle East to $62 thousand in the USA and Canada, leaving Russia in the middle of these parameters. In Russia, security constitutes a tenth of the total volume of national wealth, and in other countries the share of this element is approximately twice as high.

Thus, the total volume of global national wealth is over 550 trillion. US dollars or 90 thousand dollars per capita. The undoubted advantage of new estimates of national wealth is the use of uniform principles for taking into account all elements in all countries of the world. This allows us to determine the scale of real accumulation as the basis for expanded reproduction.

Measuring Human Capital

Theory and methodology for measuring capital and government regulation of socio-economic processes, developed by J.M. Keynes, V.V. Leontiev, R. Stone and other scientists of the world, entered our daily life. The main conceptual approaches are enshrined in the framework, which Russia and many countries of the world have already mastered seriously and for a long time.

The authorities have learned to use official accounting methods to measure the quantity and condition of fixed capital (funds) and financial capital (money). However, it is not yet possible to accurately measure the state of human potential, although it, like funds and money, is constantly being worn out. A generally accepted theory of human capital and criteria for assessing the most important resource of any state have not yet been created. There is no unity of views among scientists on the principles and methods of accounting when characterizing the value of labor and knowledge of a particular individual or household.

The main contradictions among scientists when formulating the concept of “human potential” lie, in our opinion, in the fundamentals of a purely political-economic and ideological nature: in assessing a person’s activity by labor or by the capital he has; in state regulation of socio-economic processes or their liberalization; in the socialization or capitalization of human capital.

problem socio-economic Scientists around the world have tried to reveal measurements of ideal wealth for several centuries(A. Smith, J. Say, K. Marx, A. Marshall, etc.). Even then, the idea of ​​human potential was used for a variety of purposes: determining the economic benefits of human migration and protecting their health, to measuring the total losses of a nation as a result of wars and natural disasters, as well as calculating the economic value of human life.

In the 20th century, Russian scientists S. Strumilin, L. Gavrishev and others played a major role in the development of the idea of ​​human capital. However, the individual approaches of the theory they developed were poorly connected with each other and did not represent a holistic and organized scientific system of knowledge.

On February 7, 2008, the President of the Russian Federation approved the “Strategy for the development of the information society in Russian Federation“, where it is noted that “the increase in added value (GDP) in the economy occurs today largely due to intellectual activity,” i.e. development of human potential.

Existing system of official statistics has numerous methods for measuring various SNA indicators (GDP, GRP, profit, standard of living, poverty, unemployment, etc.). At the same time, the contribution of human capital to the creation of gross domestic product is not yet measured accurately enough. For example, the value of labor and knowledge of hired workers and the share of human capital in the national wealth of the country are not fully reflected.

The most important resource - the worker - often falls out of the scope of measurement in the process of economic management.

Therefore, the UN recommended that all countries of the world conduct calculations (HDI) within the framework of basic human conditions and capabilities - to live long, gain knowledge and have a decent standard of living. Three indicators were selected to reflect and measure these aspects: life expectancy, educational level and income.

For measuring "wear and tear" of human resources it is proposed to apply UN standards, according to which a person, like fixed assets, wears out during his life. The moral (moral, natural-physiological) deterioration of a person depends on the living conditions that, according to the Constitution of the Russian Federation (Article 7), the state is obliged to create for the population. However, constant stress and difficulties in life reduce human life expectancy.

It is also necessary to take into account the degree of depreciation of human potential, which can be determined annually by the rate of increase in the value of human capital and the level of consumption of this capital (or depreciation). These funds are necessary for health improvement, education, creation of working and living conditions, safety, etc.

In Russia Scientific research to find reliable methods of reflecting human potential in reality conducted by statisticians and economists, physiologists and psychologists, managers and team management specialists.

Physiologists they measure: how much and what a person emits when working, how his body temperature changes, etc. Psychologists They develop various tests, trying to reflect a person’s personal qualities and his suitability for a particular activity. Personnel officers and personnel management specialists draw up job descriptions, tests for knowledge of functional responsibilities and personnel compatibility, motivation and responsibility systems. Managers and managers endlessly formalize business processes to optimize labor and production intensity.

All this is done with one goal - to increase labor efficiency and the growth of human potential. For this purpose, scientifically based observations and measurements of all resources are organized, various systems of indicators are created that characterize certain aspects of the human capital of households and enterprises.

The system of indicators characterizing human capital should include the following information:

1. Quality of life of the population and living conditions:
   • human physiology: longevity, health, morbidity, disability, injuries;
   • intelligence: education, qualifications, knowledge and professional experience;
   • organizational skills: management, communications, relationships, etc.;
2. Possibilities of the population:
   • ownership of financial capital: cash and currency, investments, securities, loans, shares and other assets;
   • ownership of non-financial capital: land, fixed capital, intangible resources (patents, name, goodwill) and inventories, etc.;
   • investment costs and the value of past expenditures in human capital;
3. Efficient use of human, financial and non-financial potential;
4. Intensity of use of human, financial and non-financial capital.

The proposed system of indicators helps to improve the efficiency of work with personnel and economic management. It must be completely transferred to a unified methodology of the system of national accounts, which will require the creation of automated databases that comply with international norms and standards.

This requires the modernization of statistics and management as the foundations of management activities, in the improvement and expansion of observations and methods for measuring not only resources and costs, but also human capital, or rather the employee. A system of indicators must appear that reflects its physiological and socio-economic essence, commensurate with the assessment of financial and non-financial capital.

At the present stage, the economy in developed countries ah has become technotronic, which is reflected in the unity “man – computer – automated means of production”. That is why socio-economic development in the second half of the last century and at the beginning of the current one is characterized by the growing role of the human factor. In such conditions, a person, who is the main productive force, must be armed with the means of production and knowledge, that is, be sufficiently educated. Information Support is a well-known method of transmission and helps a person in carrying out appropriate work actions, but does not perform them instead of him. Currently, intellectual work that generates knowledge is becoming increasingly valuable. That is why in the modern economy human resources play a decisive role in achieving competitive advantages and ensuring quality parameters of economic growth.

Building your intellectual edge is the key to success. In the current economic conditions, the development of the intellectual factor is more effective than, for example, capital-intensive improvement of the organization of the use of various outdated technologies. According to Peter Drucker, “no matter what material resources a system has, they do not multiply on their own. Both the state and the company are developed by the energy and intelligence of the people who make them up.”

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

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

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

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

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

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

Fig.1: Groups of factors that form human capital

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

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

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

Understanding human capital as a set of socially expedient production knowledge, skills, and abilities provides the basis for the following important generalizations:

• human capital is a combination of natural abilities and human energy with acquired general educational and professional knowledge. Such unification occurs in the process of forming human capital through all types of acquisition of new knowledge based on certain investments;
• human capital should be considered at three levels: macroeconomic, enterprise level and individual level;
• human capital is divided into tangible and intangible forms. The tangible form of human capital is the costs of the physical formation of a person, and the intangible form includes expenses for education, health care and the movement of labor.

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

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

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

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

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

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

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

Human capital is also classified according to its forms:

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

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

There is a classification by type of expenses and investments in human capital. I.V. Ilyinsky identifies a classification according to the types of expenses and investments in human capital, divided into the following components: education capital, health capital and cultural capital. Health capital is an investment in a person made with the aim of forming, supporting, improving and strengthening his health and performance. It is the basis for human capital in general. Educational capital consists of expenses for a person’s education, starting with general secondary education and continuing with studies during working life. Cultural capital includes expenses for the constant improvement of a person’s cultural level.

There are two types of capital based on the form of consumption:

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

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

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

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

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

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

The theory of human capital has gained significant public dissemination and recognition in world scientific thought. Scientific research is constantly being conducted and many scientific publications are published on these issues. Unfortunately, today issues related to the study of the problems of forming, preserving and increasing the efficiency of using human capital in Ukraine are among the most unexplored in the general structure of economic science.

There is now a need for a comprehensive lifelong learning strategy consisting of early childhood learning, primary education, improved school-to-work transition with closer links between education and the labor market, and effective systems training that provides the opportunity to stay in education throughout life. However, in order for this to become feasible, constant investments in human capital are required, both at the individual level and at the level of the enterprise and the state.

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

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

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

Of all types of investments in human capital, the most important are investments in health and education, as well as in ongoing vocational training. Health care expenditures, which include health care, lifestyle improvements, and others, create conditions for improving the quality and efficiency of human capital use. The peculiarity of such investments is that they contribute to a better perception of knowledge, skills and abilities and, accordingly, contribute to an increase in human productivity. General and professional education, in turn, improves the quality and level of human knowledge, and, consequently, improves the quality of human capital as a whole.

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

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

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

Effective career management involves having the necessary information about what happens to employees at different stages of their careers. To do this, the enterprise can conduct special research, the results of which are presented in the form of a career chart, which makes it possible to track the employee’s work history.

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

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

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

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

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

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

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

Let's analyze the stages of the working career of an employee of our enterprise, table. 2.

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

date of receipt	Working hours	Job title	Age, years	Company name
	2 months, 1 day	Car mechanic		Donetsk section of transport mechanization "Donbassantekhmontazh"
	4 years, 11 months			Donetsk Polytechnic Institute
	1 month 8 days	Miner's Apprentice		Mine management named after newspapers "Socialist Donbass"
		Miner's Apprentice		Mine named after A.B. Batova
		Passenger 5th category		Mine named after A.B. Batova
	5 months, 13 days
		Loan officer		Donetsk branch of Joint Stock Bank "INKO"
		And about. Head of Economic Analysis Department		Donetsk branch of Joint Stock Bank "INKO"
	8 months, 20 days	Head of Consolidated Economic Reporting Department		Donetsk branch of Joint Stock Bank "INKO"
	5 months, 11 days	Economist-Head of Credit Department		CB "Privatbank"
		Lead Economist		CB "Privatbank"
	1 year, 9 months, 18 days.	Head of Correspondent Relations Department		CB "Privatbank"
	1 year, 3 months, 17 days.	Legal Advisor		JSC "Valentin"
	2 years, 7 months, 5 days.	Head of Natural Gas Supply Department		JSC "Valentin"
	4 months, 18 days	And about. Director of Economics		State enterprise "Luganskugol"
	1 month, 28 days	Director of Economics and Marketing		Association "Ukrogneupor"
	1 year, 5 months, 10 days.	Deputy Director for Economics		State Enterprise "Donteplomash"
	2 years, 9 months, 17 days.	Head of Financial Department		Our enterprise
	1 year, 9 months	Head of Financial and Economic Department		Our enterprise

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

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

The period of a working career is the first before the start of university studies and the employment of low-paid professions is determined by the young age of the worker, industrial adaptation, secondary education and insufficient knowledge and skills at work. Work in positions such as apprentice miner, 5th grade tunneler is conditioned by training at the Donetsk Polytechnic Institute and practical training by workers. The position of acting head of the economic analysis department, which the employee held from the age of 23, characterizes the beginning of self-affirmation and the process of completing production adaptation. Since the employee holds the position of head of the financial and economic department at the age of 38, one can judge that this is not yet the maximum possible level of his professional development. Until the age of 45, he has the opportunity to rise to the position of director through the ranks.

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

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

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

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

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

Professional training of employees is a multifunctional process that affects all components of the enterprise. The following directly depend on the scale, progress and results of training:

• current and future performance of the enterprise;
• current and future expenses associated with the activities of the enterprise;
• the level of risk of incompetent actions of personnel during the operation of the enterprise.

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

• determination optimal size training costs as part of total production costs;
• making decisions regarding forms and methods of training;
• comparison of different technology options and training tools;
• comparison of the cost-effectiveness of training with the cost-effectiveness of other possible investments Money enterprises that provide a commensurate increase in the efficiency of the main production.

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

In practice, cost indicators when assessing economic efficiency are selected so that they can be summed up, that is, reduced to one point in time and adjusted for the share of the analyzed event in total costs. In this case, the indicator of the economic efficiency of an event is the difference between the amount of its contribution to the increase in the result of the enterprise’s activities and the amount of expenses. The economic efficiency of vocational training is determined by the ratio between the total costs of organizing and conducting the educational process and the financial results of training, expressed by an increase in the results of the enterprise’s activities, an increase in its potential, a reduction in the costs of ensuring the functioning of the enterprise, and a reduction in the level of risk of its functioning.

The connection between the training process and changes in enterprise performance indicators is expressed by a number of factors that reflect changes in motivation, functional behavior and social relationships of employees who have undergone training. The results of implementing a personnel training system may include:

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

Improving the quality of work can be assessed:

• a decrease in the number of erroneous actions of one employee throughout the year associated with training results;
• expenses to eliminate the consequences of the employee’s erroneous actions.

An increase in the number of action options is assessed by a change in the number of action options per employee, which is associated with the completion of training and the average contribution from the implementation of each option to the result (income) of the training system.

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

Thus, the economic efficiency of professional training for our company’s personnel was assessed using the net present value method.
The discounting method is used to reduce income and expenses to one moment of labor. Calculation of income from investments in human capital involves their progressive discounting and comparison with current expenses. Because income received in the future always has less value for people compared to those received today.

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

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

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

Let's consider investments in human capital that were made by our enterprise in 2007 and 2008 and planned for 2009 (Table 4).

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

Index
Study expenses, thousand UAH.
Duration of influence of study on the economic results of the enterprise, years
Income from investments in studies in the first year, thousand UAH.
Income from investments in studies in the second year, thousand UAH.
Income from investments in studies in the third year, thousand UAH.
Discount rate %
Discount on cost, thousand UAH.

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

In our case, the discount rate was 10%, which is considered fair for equity. Consequently, we will trace the dependence of the value of the net present value on the size of the established interest rate. To do this, we will calculate the net present value for different values ​​of the discount rate, table. 5 .

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

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

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

By summarizing the above, the following conclusions can be drawn:

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

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• Personnel Policy and HR Strategies

10.1 The emergence and development of the theory of human capital

10.2 Concept of human capital

10.3 Human capital assessment

10.4 Motivation and its impact on the formation of human capital

10.1 The emergence and development of the theory of human capital

Elements of the theory of human capital have existed since ancient times, when the first knowledge and education system were formed. The first attempt to evaluate human capital was made by one of the founders of Western political economy, U. Petit, in his work “Political Arithmetic” (1690). He noted that the wealth of society depends on the nature of people's activities, distinguishing between useless activities and activities that improve people's skills and dispose them to one or another type of activity, which in itself is of great importance. V. Petty also saw great benefits in public education. His point of view was that “schools and universities should be so organized as to prevent the ambitions of privileged parents from swamping these institutions with dullards, and so that the truly able may be selected as pupils.

A. Smith, in his “Inquiry into the Nature and Causes of the Wealth of Nations” (1776), considered the productive qualities of a worker as the main engine of economic progress. A. Smith wrote that increasing the productivity of useful labor depends entirely on increasing the dexterity and skill of the worker, and then on improving the machines and tools with which he worked. A. Smith believed that fixed capital consists of machines and other instruments of labor, buildings, land, and the acquired and useful abilities of all residents and members of society. He drew attention to the fact that the acquisition of such abilities, including also the maintenance of their owner during his upbringing, training or apprenticeship, always requires real costs, which represent fixed capital, as if realized in his personality. The main idea of ​​his research, which is one of the key ones in the theory of human capital, is that costs associated with productive investments in people contribute to increased productivity and are recovered along with profits.

At the end of the XIX – XX centuries. such economists as J. McCulloch, J.B. Say, J. Mill, N. Senior believed that the ability to work acquired by a person should be considered as capital in its “human” form. Thus, back in 1870, J.R. McCulloch clearly defined man as capital. In his opinion, instead of capital being understood as a part of the production of industry, unnatural to man, which could be made useful to support it and contribute to production, there does not seem to be any justifiable reason why man himself should not be considered as such, and there are many reasons why it can be considered as a formable part of the national wealth.

An important contribution to understanding this problem was made by Zh.B. Say. He argued that professional skills and abilities acquired through expenditure lead to increased productivity and can therefore be considered capital. Assuming that human abilities can accumulate, Zh.B. Say called them capital.

John Stuart Mill wrote: “Man himself... I do not regard as wealth. But his acquired abilities, which exist only as a means and are generated by labor, with good reason, I believe, fall into this category. And further: “The skill, energy and perseverance of the workers of a country are considered as much its wealth as their tools and machines.”

The founder of the neoclassical direction in economic theory, A. Marshall (1842-1924), in his scientific work “Principles of Economic Science” (1890), drew attention to the fact that “the motives that encourage a person to accumulate personal capital in the form of investments in education are similar to those that encourage the accumulation of material capital.”

At the end of the 30s. XX century Nassau Senior assumed that a person could be successfully treated as capital. In most of his discussions on this topic, he took skill and acquired abilities in this capacity, but not the person himself. Nevertheless, he treated the person himself as capital with maintenance costs invested in the person with the expectation of receiving benefits in the future. Apart from the terminology used by the author, his reasoning very closely echoes the theory of the reproduction of labor force by K. Marx. The key component of the definition of the concept of “labor power” for Marx and the theorists of human capital is the same component - human abilities. K. Marx repeatedly spoke about their development and overall effectiveness, emphasizing the need for the development of the “individual”.

Scientific research by the classics of world economic thought and the development of the practice of market economy allowed the theory of human capital to form into an independent section of economic analysis at the turn of the 50-60s of the 20th century.

Prerequisites for the emergence of the theory of human capital (Human Capital)

The growing importance of the human factor in production, modern conditions of globalization of the world economy, informatization of production processes in the conditions of the scientific and technological revolution contributed to the emergence and expansion at the turn of the 60s of the twentieth century. theories of human capital. The theory of human capital is a theory that unites different views, ideas, provisions on the process of formation, use of knowledge, skills, and abilities of a person as a source of future income and appropriation of economic benefits. The theory of human capital is based on the achievements of institutional theory, neoclassical theory, neo-Keynesianism and other particular economic theories.

The emergence of this theory in the late 1950s - early 1960s. was associated with the need to provide an adequate understanding of the nature of the unusually high growth of the economies of developed countries of the world, which is not explained by the quantitative increase in the factors of production used - labor and capital, as well as with the impossibility of offering a universal interpretation of the phenomenon of income inequality, relying on the use of the existing conceptual apparatus. Analysis of the real processes of development and growth in modern conditions led to the approval of human capital as the main productive and social factor in the development of the modern economy and society.

The very birth of the theory occurred in October 1962, when the Journal of Political Economy published an additional issue entitled “Investing in People.”

Founders of the theory of human capital

The theory of human capital was developed by American economists Theodore Schultz and Gary Becker, supporters of free competition and pricing in Western political economy. For creating the foundations of the theory of human capital they were awarded Nobel Prizes in economics - Theodore Schultz in 1979, Gary Becker in 1992. Among the researchers who made the greatest contribution to the development of the theory of human capital are also M. Blaug, M. Grossman, J. Mintzer, M. Perlman, L. Thurow , F. Welch, B. Chiswick, J. Kendrick, R. Solow, R. Lucas, Ts. Griliches, S. Fabrikant, I. Fisher, E. Denison and other economists, sociologists and historians. A native of Russia, Simon (Semyon) Kuznets, who received the Nobel Prize in Economics for 1971, also made a significant contribution to the creation of the theory. Among modern domestic researchers of human capital problems, one can note S.A. Dyatlova, R.I. Kapelyushnikov, M.M. Kritsky, S.A. Kurgansky and others.

The concept of “human capital” is based on two independent theories:

1) The theory of “investment in people” was the first of Western economists' ideas about the reproduction of human productive abilities. Its authors are F. Machlup (Princeton University), B. Weisbrod (University of Wisconsin), R. Wikstra (University of Colorado), S. Bowles (Harvard University), M. Blaug (University of London), B. Fleischer (Ohio State University ), R. Campbell and B. Siegel (University of Oregon), etc. Economists of this movement proceed from the Keynesian postulate of the omnipotence of investment. The subject of research of the concept under consideration is both the internal structure of “human capital” itself and the specific processes of its formation and development.

M. Blaug believed that human capital is the present value of past investments in people's skills, and not the value of people themselves. From W. Bowen's point of view, human capital consists of the acquired knowledge, skills, motivations and energy that human beings are endowed with and which can be used over a certain period of time to produce goods and services. F. Makhlup wrote that unimproved labor can differ from improved labor, which has become more productive due to investments that increase a person’s physical and mental ability. Such improvements constitute human capital.

2) By the authorstheory of “human capital production” are Theodore Schultz and Yorem Ben-Poret (University of Chicago), Gary Becker and Jacob Mintzer (Columbia University), L. Turow (Massachusetts Institute of Technology), Richard Palmman (University of Wisconsin), Zvi Griliches (Harvard University), and others. This theory considered fundamental to Western economic thought.

Theodore William Schultz (1902-1998) - American economist, Nobel Prize laureate (1979). Born near Arlington (South Dakota, USA). He studied at college and graduate school at the University of Wisconsin, where in 1930 he received a doctorate in agricultural economics. He began his teaching career at Iowa State College. Four years later he headed the department of economic sociology. Since 1943 and for almost forty years, he has been a professor of economics at the University of Chicago. The teacher's activities were combined with active research work. In 1945, he prepared a collection of materials from the “Food for the World” conference, in which special attention is paid to food supply factors, issues of structure and migration of agricultural labor, professional qualifications of farmers, agricultural production technology and the direction of investment in farming. In Agriculture in an Unstable Economy (1945), he argued against poor land use because it led to soil erosion and other negative consequences for the agricultural economy.

In 1949-1967 T.-V. Schultz is a member of the board of directors of the US National Bureau of Economic Research, then an economic consultant to the International Bank for Reconstruction and Development, the Food and Agriculture Organization of the United Nations (FAO), and several government departments and organizations.

Among his most famous works are "Production and well-being of agriculture", "Transformation of traditional agriculture" (1964), "Investing in people: the economics of population quality" (1981) and etc.

The American Economic Association awarded T.-V. Schultz medal named after F. Volker. He is professor emeritus of the University of Chicago; he has been awarded honorary degrees by the Universities of Illinois, Wisconsin, Dijon, Michigan, North Carolina and the Universidad Católica de Chile.

According to the theory of human capital, two factors interact in production - physical capital (means of production) and human capital (acquired knowledge, skills, energy that can be used in the production of goods and services). People spend money not only on fleeting pleasures, but also on monetary and non-monetary income in the future. Investments are made in human capital. These are the costs of maintaining health, getting an education, costs associated with finding a job, obtaining the necessary information, migration, and professional training in production. The value of human capital is assessed by the potential income that it can provide.

T.-V. Schultz argued thathuman capital is a form of capital because it serves as a source of future earnings or future satisfaction, or both. And he becomes human because he is an integral part of man.

According to the scientist, human resources are similar, on the one hand, to natural resources, and on the other, to material capital. Immediately after birth, a person, like natural resources, does not produce any effect. Only after appropriate “processing” does a person acquire the qualities of capital. That is, with increasing costs for improving the quality of the labor force, labor as a primary factor is gradually transformed into human capital. T.-V. Schultz is convinced that, given the contribution of labor to output, human productive capabilities are greater than all other forms of wealth combined. The peculiarity of this capital, according to the scientist, is that regardless of the sources of formation (own, public or private), its use is controlled by the owners themselves.

The microeconomic foundation of the theory of human capital was laid by G.-S. Becker.

Becker Harry-Stanley (born 1930) is an American economist, Nobel Prize laureate (1992). Born in Pottsville (Pennsylvania, USA). In 1948 he studied at the G. Madison High School in New York. In 1951 he graduated from Princeton University. His scientific career associated with Columbia (1957-1969) and the University of Chicago. In 1957 he defended his doctoral dissertation and became a professor.

Since 1970 G.-S. Becker served as chair of the department of social sciences and sociology at the University of Chicago. He taught at the Hoover Institution at Stanford University. Collaborated with the weekly magazine Business Week.

He is an active supporter of market economics. His legacy includes many works: “The Economic Theory of Discrimination” (1957), “Treatise on the Family” (1985), “The Theory of Rational Expectations” (1988), “Human Capital” (1990), “Rational Expectations and the Effect of Consumption Prices” ( 1991), “Fertility and the Economy” (1992), “Training, Labor, Labor Quality and the Economy” (1992), etc.

The overarching idea of ​​the scientist’s works is that when making decisions in his daily life, a person is guided by economic reasoning, although he is not always aware of it. He argues that the market of ideas and motives functions according to the same laws as the market of goods: supply and demand, competition. This also applies to issues such as getting married, starting a family, studying, and choosing a profession. In his opinion, many psychological phenomena are also amenable to economic assessment and measurement, such as satisfaction and dissatisfaction with one’s financial situation, the manifestation of envy, altruism, selfishness, etc.

Opponents G.-S. Becker argues that by focusing on economic calculations, he downplays the importance of moral factors. However, the scientist has an answer to this: moral values ​​differ from person to person, and it will take a long time before they become the same, if such a thing is ever possible. A person with any morality and intellectual level strives to obtain personal economic benefit.

In 1987 G.-S. Becker was elected president of the American Economic Association. He is a member of the American Academy of Arts and Sciences, the US National Academy of Sciences, the US National Academy of Education, national and international societies, an editor of economic journals, and honorary doctorates from Stanford, the University of Chicago, the University of Illinois, and the Hebrew University.

The starting point for G.-S. Becker had the idea that when investing in vocational training and education, students and their parents act rationally, taking into account all the benefits and costs. Like “ordinary” entrepreneurs, they compare the expected marginal rate of return from such investments with the return on alternative investments (interest on bank deposits, dividends from valuable papers). Depending on what is more economically feasible, they make a decision: to continue education or stop it. Rates of return regulate the distribution of investments between different types and levels of education, as well as between the education system and the rest of the economy. High rates of return indicate underinvestment, low rates indicate overinvestment.

G.-S. Becker carried out a practical calculation of the economic efficiency of education. For example, income from higher education is defined as the difference in lifetime earnings between those who complete college and those who do not. high school. Among the costs of training, the main element was considered to be “lost earnings,” that is, earnings lost by students during the years of study. (Essentially, lost earnings measure the value of students' time spent building their human capital.) A comparison of the benefits and costs of education made it possible to determine the return on investment in a person.

G.-S. Becker believed that a low-skilled worker does not become a capitalist due to the diffusion (dispersion) of ownership of corporate shares (although this point of view is popular). This happens through the acquisition of knowledge and qualifications that have economic value. The scientist was convinced thatLack of education is the most serious factor that holds back economic growth.

The scientist insists on the difference between special and general investments in humans (and more broadly, between general and specific resources in general). Special training gives the employee knowledge and skills that increase the future productivity of its recipient only in the company that trains him (various forms of rotation programs, familiarization of newcomers with the structure and internal routine of the enterprise). In the process of general training, the employee acquires knowledge and skills that increase the recipient's productivity, regardless of the company for which he works (personal computer training).

According to G.-S. Becker, investments in the education of citizens, in medical care, in particular in children’s care, in social programs aimed at retaining, supporting, and replenishing personnel, are equivalent to investing in the creation or acquisition of new equipment or technologies, which in the future is returned with the same profits. This means, according to his theory, support by entrepreneurs for schools and universities is not charity, but concern for the future of the state

According to G.-S. Becker, general training is paid for in a certain way by the employees themselves. In an effort to improve their qualifications, they accept lower wages during the training period and later have income from general training. After all, if companies financed training, then every time such workers were fired, they would get rid of their investments in them. Conversely, special training is paid for by firms, and they also receive income from it. In case of dismissal at the initiative of the company, the costs would be borne by the employees. As a result, general human capital, as a rule, is developed by special “firms” (schools, colleges), and special human capital is formed directly in the workplace.

The term “special human capital” helped to understand why workers with a long tenure in one place are less likely to change jobs, and why vacancies are filled in firms primarily through internal career moves rather than through hiring on the external market.

Having studied the problems of human capital, G.-S. Becker became one of the founders of new sections of economic theory - the economics of discrimination, the economics of external management, the economics of crime, etc. He built a “bridge” from economics to sociology, demography, criminology; was the first to introduce the principle of rational and optimal behavior in those industries where, as researchers previously believed, habits and irrationality dominated.

Criticism of human capital theory

Ukrainian scientist S. Mocherny considers the main shortcomings of the theory of human capital to be an amorphous interpretation of the essence of capital, which includes not only everything that surrounds a person, but also individual features of the person himself; ignoring the fact that the costs of developing education and acquiring qualifications form only the ability to work, a labor force of appropriate quality, and not the capital itself; the fallacy of the opinion that such capital is inseparable from the person himself; a number of provisions of the theory on the structure of human capital have not been weighed, in particular, it is not correct to classify the search for necessary information on the value of prices and income as elements of this category, since such a search is not always successful, as evidenced by significant unemployment in most countries; the position that in order to transform the acquired knowledge, experience, creative abilities and other elements of a human worker into future income and the appropriation of economic benefits, an employee must constantly work, which means that the source of such income is not the level of education and qualifications itself, but the labor of a person. The biggest drawback of the theory of human capital, according to opponents, is its ideological orientation.

Although the theory is better suited to analyze some aspects of the labor market than neoclassical economics, both are inherently based on the assumption that there is “ideal” information about the possibilities of investment in human capital, both at a given moment and in the future. The theory assumes that the individual correctly estimates investment costs and expected returns in the form of future earnings. This assumption does not take into account the many economic and even political factors that can affect the earning potential of certain skills and occupations.

Another issue concerns the empirical relevance of human capital theory. Some studies have shown that human capital investments such as education account for only a small portion of the variation in people's earnings. Failure to consider factors such as background and motivation may result in an overestimation of future payback when investing in human capital.

The pressing question is whether forms of investment such as education and training in particular can actually increase productivity. In this regard, it is interesting to note Michael Spence's remark that training does not improve a person's productivity, it only reveals his innate abilities and indicates his potential productivity to a potential employer

The importance of human capital theory

Despite the fact that for a long time many scientists and even supporters of the theory of human capital considered it as unsuitable for practical use, in recent years scientists and managers in many countries have been making attempts to implement its provisions. Several aspects contribute to this:

1.G.-S. Becker obtained quantitative estimates of the profitability of investments in people and compared them with the actual profitability of most US firms, which helped to clarify and expand the understanding of the economic efficiency of investments in human capital. The emergence of a large number of private educational institutions, the intensification of the activities of consulting firms conducting short-term seminars and specialized courses indicate that the profitability in the private sector of educational activities is not lower than in other areas of business. For example, in the USA in the 60s of the twentieth century. the profitability of educational activities was 10-15 % higher than the profitability of other types of commercial activities.

2. The theory of human capital explained the structure of the distribution of personal income, the secular dynamics of earnings, and inequality in pay for male and female labor. Thanks to her, the attitude of politicians towards the costs of education has also changed. Educational investment has come to be seen as a source of economic growth, as important as “regular” investment.

The concept of national wealth acquires a broader interpretation. Today it covers, together with the material elements of capital (value assessments of land, buildings, structures, equipment, inventory items), financial assets and materialized knowledge and people’s abilities for productive work. Accumulated scientific knowledge, in particular, materialized in new technologies, investments in human health began to be taken into account in macroeconomic statistics as elements of national wealth that have an intangible form.

A new interpretation of “human” investments in ensuring socio-economic development and social progress has been recognized by international organizations. The situation in the fields of education, health care and other factors characterizing the level of development of human resources and the quality of life of the population have become the main objects of attention of international statistics. As integral indicators of social development of society and the state of human resources, in particular, the human potential development index (social development index) is used; index of intellectual potential of society; an indicator of the amount of human capital per capita; population vitality coefficient, etc.

Since 1995, human development reports have been prepared in Ukraine. Thus, reports for 1995-1999, published by the United Nations Development Program (UNDP), became the basis for justifying human development as a means and goal of national development. Based on these reports, the National Academy of Sciences of Ukraine reviewed and adopted the UNDP Human Development Index. Today, this index has become an important indicator of human development, monitored by the State Statistics Committee on a regular basis.

3.Theory G.-S. Becker justified the economic need for large investments (public and private) in the “human factor”. This approach is implemented in practice. In particular, the human capital index per capita (expresses the level of spending by the state, firms and citizens on education, health care and other sectors of the social sphere per capita), used by the US Bureau of Labor Statistics, increased in the post-war years by 0.25 % in year. In the 60s, growth stopped, which was primarily due to the demographic characteristics of the period, and in the 80s it accelerated - by almost 0.5 % annually.

4. The theory of human capital proposed a unified analytical framework for explaining such seemingly different phenomena as the contribution of education to economic growth, the demand for educational and medical services, age-related dynamics of earnings, differences in pay for male and female labor, and the transmission of economic inequality from generation to generation. generation and much more.

5. The ideas contained in human capital theory have had a serious impact on economic policy states. Thanks to her, society’s attitude towards investing in people has changed. They have learned to see investments that provide a production effect that is long-term in nature. This provided the theoretical basis for the accelerated development of the education and training system in many countries around the world.

6. Under the influence of the theory of human capital, in which education is assigned the role of the “great equalizer,” a certain reorientation of social policy has occurred. In particular, training programs came to be seen as an effective tool in the fight against poverty, perhaps preferable to direct income redistribution.

7. Human capital theory created a unified analytical framework for studying the funds invested in education and training, and also explained the differences between countries in the structure of those employed in the economy. After all, differences in the supply of human capital in different countries more significant than differences in the supply of real capital. Among the problems in solving which the theory of human capital may be appropriate, T.-V. Schultz called the phenomenon when countries rich in capital, in particular created material assets, export predominantly labor-intensive rather than capital-intensive products.

The main social conclusion of the theory of human capital is that in modern conditions, improving the quality of the labor force is more important than increasing the supply of labor resources. Control over production passes from the hands of owners of monopolies on material capital into the hands of those who possess knowledge. This theory opens up the possibility of assessing the contribution to economic growth of an educational fund (by analogy with assessing the contribution of fixed property funds), as well as the possibility of managing investment processes based on a comparison of the return on investments in property funds and an educational fund.

Figure - the influence of human capital on economic development

Human capital is divided into general and specific.
General human capital can be realized in different jobs, in different companies.
Specific human capital can only be used in a specific workplace, only in a specific company.
Human capital is acquired not only in the process of receiving education at school or institute, but also during subsequent professional training (formal or informal, sometimes directly at the workplace).
The model of a company's investment in human capital assumes that there are two periods: the first - when investments are made in employee training, the second - when training is completed and begins to bring returns.
If a firm provides a worker with general vocational training (Fig. 5.5a), then in order to compensate for its costs of education, it must, in the period after training, pay the worker a salary below his marginal product, but then the worker will leave, since the vocational training has increased his total human capital. capital and he can receive a salary in another company equal to his marginal product. Therefore, after training, the firm will have to pay wages equal to the marginal product, and it is not profitable for it to provide general training to workers. If the company does this, then the employee’s salary during the training period is set less than his marginal product, i.e. The costs of general education are borne by the employee himself.

a) General training b) Specific training
Rice. 5.5. Model of a firm's investment in human capital
If MP* and w* are the marginal product and wages without
training (MP = w), MP2 and W2 - marginal product and wage
pay after training (МР2 = \\2), МРі and wi are the marginal product and wages during the training period (МР] lt; МР, since the employee’s productivity decreases slightly during the training period), ti is the duration of training, and Н is the costs training, then for the employer the benefit of general professional training will be determined by the condition:
^MPlt-MP*t ^MP2t-MP*t ^ Ht ^
2nd 2nd (l 2nd
(l + r)‘
T w2t - W*t
(l + r)‘
(l + r)‘
z-
wlt - W t
0 (l + r)‘
Since MP2 = w2 and MP* = w*, then
(l + r)‘
gt;y Ht
(l + r)‘ V(l + r)1’
those. The current value of wages must be reduced during training by the current value of training costs.

If a company provides a worker with specific professional training (Figure 5.56), then the worker will not be able to realize his specific human capital obtained as a result of this training in another workplace. Therefore, the company in the period after training can pay the employee a wage higher than it was before training, but lower than his marginal product after training (the employee, having quit, will not receive a higher salary at another company). Thus, with specific professional training, the company can compensate all or part of the training costs. The conditions for the profitability of investments for the company and the employee are the same, but MP2gt; w2. A situation is created when the company and the employee share the costs of training; the current cost of reducing the employee’s wages for the period of training is less than the current cost of training costs. The proportion of such division will depend, among other things, on the degree of specificity of human capital acquired during professional training.

Source: R.P. Kolosova, G.G. Melikyan. Employment, labor market and social and labor relations / Educational manual: workshop. - M.: Faculty of Economics of Moscow State University, TEIS. - 458 p.. 2008(original)