Assessment On Human Capital
The world’s globalization changed its economy. Globalization means moving from country to country for jobs (whether yours or you looking for one), while advance civilization are changing how it works and the type of work that we do. The value of skilled, creative yet complex work is increasingly relied on the human capital. The human capital theory is a theory where one possesses skills, experience, and knowledge that affect their level of work productivity. An individual who have more human capital will acquire more skills and knowledge that are relevant to their past education, work, and training. In a broader meaning, a human capital is a mix of the meaning of both human and capital. The capital here refers to ‘factors of production used to create goods or services that are not themselves in the production process’ (Boldizzoni, 2008)
This theory is an essential theory to those who work in R&D activities or those who are involved in an ever changing industry such as high – tech industries (smartphones, ISP, gadgets, etc.). It is as complex as it is easy to adapt to every level of positions in industries. Prof. Dr. Kwon, Dae- Bong a professor in Korea University stated that the success depends on the people with higher level of competence which make them valuable assets which can be viewed as an investment through education and training (Kwon, 2009). In short, it is the skills and knowledge that makes the attribute that embodied of an individual which create the personal, social, and economic well being and become a key element that gives an advantage over others in the societies.
The human capital is not the only theory that creates the societies per se; there is a theory where the role of others such as families, friends, and acquaintances are assets that one can use to their advantage. This theory is widely known as the social capital. The interactions with others are important for innovation though personal skills and creativity are essential, interactions
This theory is an essential theory to those who work in R&D activities or those who are involved in an ever changing industry such as high – tech industries (smartphones, ISP, gadgets, etc.). It is as complex as it is easy to adapt to every level of positions in industries. Prof. Dr. Kwon, Dae- Bong a professor in Korea University stated that the success depends on the people with higher level of competence which make them valuable assets which can be viewed as an investment through education and training (Kwon, 2009). In short, it is the skills and knowledge that makes the attribute that embodied of an individual which create the personal, social, and economic well being and become a key element that gives an advantage over others in the societies.
The human capital is not the only theory that creates the societies per se; there is a theory where the role of others such as families, friends, and acquaintances are assets that one can use to their advantage. This theory is widely known as the social capital. The interactions with others are important for innovation though personal skills and creativity are essential, interactions
References: Boldizzoni, F., 2008. Means and ends: The idea of capital in the West, 1500-1970. New York: Palgrave Macmilan. Kwon, D. B., 2009. The Organisation for Economic Co-operation and Development. [Online] Available at: http://www.oecd.org/site/progresskorea/44111355.pdf [Accessed 2 December 2013]. The Organisation for Economic Co-operation and Development, 2007. Human Capital. s.l.:OECD Publishing. Wong, P. K., 2005. Human and Social Capital Explanations for R&D Outcomes. IEEE Transactions on Engineering Management, 52(1), p. 59.