Human capital affects economic growth and can help to develop an economy by expanding the knowledge and skills of its people. Human capital refers to the knowledge, skill sets, and experience that workers have in an economy. The skills provide economic value since a knowledgeable workforce can lead to increased productivity.
The concept of human capital is the realization that not everyone has the same skill sets or knowledge. Also, the quality of work can be improved by investing in people's education. Economic growth is an increase in an economy's ability, compared to past periods, to produce goods and services. GDP is a representation of the total output of goods and services for an economy. For example, if a country has a GDP rate of 2. In order to determine how human capital impacts growth, we must first look at two key drivers of economic growth in an economy.
It's estimated that consumers are responsible for more than two-thirds of the economic growth in the U. All of that spending creates a positive ripple effect leading to improved employment in various industries such as retail, auto manufacturers, technology stores, and home builders, to name a few. The spending also leads to higher GDP growth throughout the economy. The increased GDP growth from consumer spending leads to improvements in business conditions.
As companies become more profitable, they tend to invest more money into their businesses to create future growth. Business investment can include new equipment and technology purchases. The investments businesses make are called capital investments. Capital investments, which require large outlays of capital or cash, are designed to boost a company's productivity and profits in the long term.
In a growing economy, companies also take on additional borrowing from banks to expand production due to higher consumer demand. The loan proceeds are usually used for large purchases of assets such as manufacturing plants and equipment. The added production also leads to higher wages and increased employment as more workers are needed for the increase in consumer demand for a company's products.
As companies look to hire workers to help with the increase in sales, it leads to new job openings in various types of employment. However, if the labor market becomes too tight, due to an expanding economy, companies are forced to train workers for the skillsets needed since there aren't enough available skilled workers.
As a result of business investment, companies are more productive, while GDP growth rises since business investment is a key component of growth. Both consumer spending and business investment, not only lead to more economic growth, but also play a prominent role in determining the level training and development of workers. Human capital is positively correlated to economic growth since investment tends to boost productivity. The process of educating a workforce is a type of investment, but instead of capital investment such as equipment, the investment is in human capital.
The role of governments is key to expanding the skillsets and education levels of a country's population. Some governments are actively involved in improving human capital by offering higher education to people at no cost. These governments realize that the knowledge people gain through education helps develop an economy and boost economic growth. Workers with more education or better skills tend to have higher earnings, which, in turn, increases economic growth through additional consumer spending.
Companies also invest in human capital to boost profits and productivity. The company pays for a portion of the tuition for higher education. If the worker remains at the company after the training has been completed, she may develop new ideas and new products for the company. The employee might also leave the company later in her career and use the knowledge she learned to start a new company.
Human Capital refers to the know-how, capabilities, skills and expertise of the members of an organisation Dzinkowski, It seems that Human Capital is even more relevant to members of the business community in than it was upon its initial conception over forty years ago.
Becker, Nobel Prize winner for economics, pioneered the debate about Human Capital in the s, concentrating on Human Capital largely in terms of investments in on-the-job training and education. Why then, are organisations showing a heightened interest in promoting and managing human capital? Theory and research suggest that Human Capital influences organisational performance both indirectly and directly, making the topic of relevance to anyone who has a vested interest in understanding what makes a firm perform.
Practices that enhance Human Capital can affect organisational performance indirectly by shaping the skills, attitudes and behaviours of employees. A recent Accenture survey  revealed that although business executives firmly believe that people are their most important asset, most executives are at a loss to prove that investments in people lead to improved business results.
This quest for empirical evidence is complicated by the fact that Human Capital is an intangible asset that is not easily captured in financial statements but is nevertheless incorporated into market value. Indicators for measuring the levels of Human Capital within an organisation include reputation of company employees with head-hunters, years of experience in the profession, employee satisfaction, proportion of employees making suggestions that are implemented and value added per employee Dzinkowski, But these indicators are insufficient since they do not place an estimate on the bottom-line value of Human Capital.
Champions of Human Capital in organisations, such as Human Resources directors, are in need of this empirical evidence to justify to board members, CEOs and ultimately shareholders why financial investments aimed at enhancing Human Capital should be increased or at least maintained. Support through concrete figures is particularly vital to gain credibility in firms where shareholder value is still the dominant mentality over and above a more pluralistic and exclusive stakeholder approach.
Human Capital has evolved into a particularly pertinent subject for knowledge and technology-based societies, such as those found in Western Europe, North America and South East Asia. For companies to gain desired productivity increases from the introduction of advanced and complex technologies, they require a workforce with the necessary skills and knowledge to use them.
Thus the value of formal education, technical schooling and on the job training has increased in societies where significant economic growth has been achieved through major advances in technical knowledge Becker, This is not to say that Human Capital is not important for developing countries and emerging economies.
On the contrary, returns to education, particularly for elementary schooling have been found to be even higher in developing countries Jones, Companies realised from the s onwards that the Human Capital within their organisations could be utilised as source of competitive advantage that adds economic value to the firm. The potential economic significance of HRM has been increased by strategically fitting HRM practices with business strategy.
The research question posed in this thesis takes on the challenge to find empirical evidence that investment in human capital has a positive impact on intermediate as well as accounting and share-value economic bottom-line indicators of organisational performance, both directly and indirectly.
This literature review summarises, integrates and evaluates research published between and pertaining to the impact of Human Resources on indicators of employee and firm performance. The term intellectual capital is often used synonymously with intellectual property, intellectual assets and knowledge assets.
Dzinowski refers to intellectual capital as the total stock or knowledge-base equity that a company possesses. Know-how, education, vocational qualifications, work-related knowledge and competencies, entrepreneurial activity, innovativeness, proactive and reactive abilities and changeability are included within the scope of Human Capital in Edvinnson et al. The model positions Human Capital as a building block for organisational structural capital. Human capital and organisational capital interact to generate customer capital and value is created by the interaction of the three sub-components of intellectual capital.
According to Dzinkowski , the practices for managing Human Capital tend to have been drawn from the field of HRM management, indicating the conceptual similarity between Human Capital and Human Resources. Rylatt discusses Human Capital as a type of know-how, on par with, rather than a subcomponent of, intellectual capital as well as customer and relationship capital. Indicators of Human Capital include but are not limited to: average years of service, employee satisfaction, hours and monetary investment into training employees, expert turnover, level and type of education, literacy levels, staff morale percentage of employees which indicate concern with existing culture and climate and staff turnover , succession planning percentage of key positions with at least one fully qualified person ready to over into a leadership position and so on.
High levels of enthusiasm and commitment in the workplace are indicative that the Human Capital is working in the favour of the organisation Rylatt, Human Capital can be increased through recruiting by selecting those employees who demonstrate high ability and the potential to develop their abilities further. Once employees join the organisation their current levels of knowledge and skills can be enhanced through formal and informal training and development activities.
Feedback on performance through formal appraisal systems enables employees and supervisors to identify areas for improvement and to set realistic, individually specific developmental goals, which facilitate further skill acquisition. Changes in work design, such as increasing an employee's responsibilities, shifting from individual to team-based work can provide an opportunity for employees to increase their technical and interpersonal knowledge and skills.
Companies that are characterised by functional flexibility, where employees have the opportunity to be transferred to a different function, department or subsidiary, enable employees to develop in their changed work settings whilst retaining their general and company specific expertise within the organisation. Human Capital processes consist of practices that lead to robust and effective human capital capabilities and include core HR processes e.
To summarise Human Capital has been conceptualised in a variety of ways in the management literature. It has been conceptualised as a sub-component of intellectual capital managed by traditional HRM practices; a type of know-how; employee knowledge and skills that are enhanced through HR practices and as a combination of core HR practices in combination with learning and knowledge management.
This literature review forms part of a larger academic collaboration to investigate the impact of Human Capital on economic indicators of firm success. The indirect relationship between soft psychological factors and hard economic indicators is mediated or moderated by performance-related behaviours, such as employee performance, turnover and absenteeism see Table 2 for full list of performance-related variables.
Economic indicators are rarely reported in psychological research, thus it is necessary to also investigate performance related behaviours, which are more often discussed within the context of psychological variables. The Human Capital project hypothesises the model shown in Figure 1 to describe the relationship between psychological factors, performance—related behaviours and economic indicators.
Human Resources is the psychological variables used to operationalise Human Capital in this thesis. None of the perspectives in the management literature explicitly treat Human Capital and Human Resources as synonymous concepts. In their model, Human Capital is operationalised by the cognitive and methodological outcomes of investing in HR, which increase knowledge and skills, rather than by the HR practices and processes themselves.
The operationalisation used here is useful because the issue of Human Resources is of practical relevance to organisations and Human Resources are measured anyway as part of the normal functioning of an HR department. The purpose of the following section is to provide an explanation of contemporary theoretical perspectives on HR and employee and firm performance and the mechanisms through which HR practices impact upon performance.
In their summary of research in the field, Ostroff and Bowen complain of a macro-micro split with little regard given to the integration of other levels of abstraction. Micro-level research has looked at the effect of Human Resources practices on individual-level variables such as ability, motivation, performance and attitudes. Macro-level research, has attempted to deepen understanding of organisational contextual variables such as structure, strategy, culture and effectiveness.
Traditional research has gathered data from within one firm, and has made organisational-level inferences based on data collected from an exclusively individual. To conclude their survey of the research to date on the HR-organisational performance, Ostroff and Bowen , p. Ostroff and Bowen present their Multi-level Model in Figure 2 in order to satisfy this need. HR practices shape employee attributes through perceptions of what the organisation is like psychological climate and mutual expectations about the exchange between employee and employers psychological contracts at the individual level.
Thus the inter-level premise proposes that attitudes, behaviours and Human Capital collectively influence organisational effectiveness through organisational climate and normative contracts at the organisational level. Ostroff and Bowen identify three types of contributions that Human Resources make to organisational performance.
Firstly, Human Resources that are intended to enhance employee flexibility and that have a monitoring and control function effect organisational performance directly by improving operational efficiency. Human Resources contribute to human capital development through selection and training which has an effect on organisational performance. Thirdly, Human Resources serve as a signalling and messaging function. The selection and combination of Human Resources practices sends out a signal to employees through work climates and normative contracts about the beliefs, attitudes and behaviours that employees are expected to hold or demonstrate in order for the organisation to achieve its strategic goals.
To summarise, research in this area began on the micro-level and macro-level designs were introduced later. Both research paradigms are problematic, micro-level research tends to neglect organisational context and macro-level research does not afford sufficient attention to human processes. Only a few researchers have adopted a multi-level perspective, which looks at individual and organisational variables and the relationships between them. Based on pre literature it is difficult to draw many conclusions.
For this reason, the most recent literature is reviewed here to see if we can more decisively and confidently reach conclusions about the HR-organisational performance relationship. Ostroff and Bowen discuss the four major theoretical perspectives available in the literature for explaining why and how Human Resources affect organisational performance: the resource-based view and the universalistic, configural and contingency approaches.
These four perspectives form the theoretical background for the empirical research that currently exists into the relationship between HR practices and organisational performance. According to the resource-based view, HR practices, such as training, are an investment in Human Capital that contribute to firm performance because they ensure that employees have the necessary skills and abilities required to achieve organisational goals.
HR practices also elicit valuable behaviours. The universalistic approach asserts that some HR practices are appropriate for all firms. Ostroff and Bowen regard this as an incomplete assumption that leads to erroneous conclusions, arguing that HR practices are interrelated and interact to achieve their effects on organisational performance. The configural approach postulates that HR practices should be considered as systems and those systems that are comprised of internally consistent, coherent and well-integrated practices produce synergies that lead to better financial results Arther, , MacDuffie, , Huselid, , Pfeffer, , cited in Valle et al.
Ichniowski and Shaw , cited in Ichniowski et al. However, researchers are far from in agreement over which practices are included in the bundle of best practices, and there is considerable discrepancy over the role of pay, variable pay in particular. Researchers often select their bundle of practices in an ad hoc matter rather than allowing bundles to emerge from the data. The variable success of TQM programmes tends to hinge on variability in the levels of employee involvement and empowerment Ichniowski et al.
Most studies position strategic fit as an interaction effect between HRM policies and business strategy in regression models used to predict variation in organisational performance. One of the primary problems is that diverse typologies are used to classify generic business strategy making comparisons between results difficult.
Firms can use multiple strategies simultaneously such as acquisition or development of expertise and cost-leadership or differentiation, which suggests that they are not necessarily mutually exclusive. For example, cost-defender firms may predominantly utilise HR practices that promote a control and monitoring-oriented but they might also value a stable work climate and so use practices that promote coordination, communication and citizenship.
Ostroff and Bowen state that different patterns of HR practices lead to different performance outcomes but identifying the most appropriate HR systems for different strategies is a research question that remains unanswered. The model identifies individual, organisational and cross-level variables and proposes the mechanisms through which these variables interact and reciprocally influence one another. This comprehensive model serves as an excellent framework in which to place the recent literature on the HR-Organisational performance link.
The model serves as a tool to guide the processes of evaluating and integrating the current literature. Findings can be discussed with reference to the assertions posed by the model, enabling analysis of recent research within the scope of a comprehensive multi-level model. Based on a review of the vast research conducted in this areas, Ostroff and Bowen predict which HR practices should have a direct impact on different employee attributes; such as knowledge and skills Human Capital , attitudes satisfaction, organisational identification and commitment, motivation as well as workforce flexibility and control and monitoring.
This impact is moderated by cognitive and perceptual processes, which manifest as contracts and climates on the individual and collective levels. Table 2 provides an overview of which HR practices foster which employee attributes and work processes.
The theoretical extrapolation of these findings, that the total knowledge and skills of the workforce are positively related to organisational performance, is yet to be explicitly tested. The model predicts that HR has a direct link to the development of Human Capital through recruiting, selection, performance appraisal and training activities. The Multi-level Model also addresses the debate on the relative merits of fostering general and specific Human Capital within a firm, proposing that investment in both general and specific Human Capital will have the greatest competitive advantage, reflected by superior firm performance.
Investing in general Human Capital means that employees will posses skills that are transferable across technologies, affording the firm functional flexibility, which enables the firm to respond quickly to change by transferring employees within and between departments, as demand requires. Nurturing specific Human Capital enhances productivity since the firm develops unique skills in the workforce. The necessary HR practices to promote collective perceptions that generate a desired work climate as well as the relevant organisational effectiveness criteria for three generic business strategies are presented in Table 1.
Thus, strength of the HR system will be associated with how effectively HR practices communicate the strategic focus of the organisation. The Multi-level Model predicts that strength is a function of visibility, clarity, acceptability, consistency, validity and intensity of the HR system. Strong HR systems reduce variability in perceptions about the attitudes and behaviours valued by the organisation.
When the HR systems is weak, variability in perceptions about what the organisation is like and about the exchange relationships is greater. This heterogeneity inhibits the development of shared meanings and reduces the influential power of work climate and normative contracts on employee performance-related attitudes and behaviours.
Ichniowksi, Kochan, Levine, Olson and Strauss review features of the research methods employed in studies on workplace innovations. This review of methodological issues serves as a framework for evaluating the studies that follow. It also familiarises the reader with the typical methodological issues that are frequently addressed in the literature on Human Resources and organisational performance.
Methodological problems can increase the probability of researchers committing type I and type II errors. A type I error is when the researcher falsely rejects the null hypothesis and finds a significant effect when there truly is none. A type II error is when the researcher falsely accepts the null hypothesis and does not find a significant effect when there truly is one.
Ichniowski et al. The ideal study would have high internal and external validity. However, one type of validity is often improved at the expense of the other and researchers often end up having to make a compromise. High internal validity is where explanations for an observed correlation, other than those being investigated, could be ruled out.
High external validity means that the results can be generalised to infer the impact of HR practices if they were introduced outside of the sample studies. The ideal design for achieving high internal validity is an experimental design with random assignment of HR practices to ensure that the treatment and control groups do not differ in terms of other organisational characteristics affecting performance Ichniowski et al.
Thus the mean difference in performance between the two groups will on average reflect the impact of the HR practices in question. External validity of a research design could be enhanced by randomly assigning an HR system or programme to half of a sample of workplaces in a single industry or in a single firm whilst leaving the other half unaffected.
The benefit of random assignment in an experimental study is that HR practices are uncorrelated with other worker and organisational variables that affect performance. In field studies, where random assignment is not possible, omitted variables can be controlled for by keeping the study within a single industry or technology.
Many studies measure and statistically control for other variables, particularly in longitudinal studies, that are hypothesised to affect performance and confound the effect of the work practices. It is more difficult to rule out the possibility of omitted variables in cross-sectional designs. This brings us on to the issue of self-selection. Firms may adopt high performance and innovative work practices because they are in trouble or may not adopt them because they are unwilling to deviate from the existing practices which the attribute to their success March, cited in Ichniowski et al.
Self-selection can thus lead to either upwards or downwards bias of estimates of effect size. For example, companies that are under-performing at the time of adopting new work practices may report a downwards-biased effect size because of their pre-existing financial climate. In some industries early adopters will be high-performing firms whilst in other industries they will be poor-performers.
Therefore upward and downward biases may cancel each other out on average. It is important to try to ascertain how the sample of respondents differs from non-respondents in a study. Many of the studies reviewed here conducted analysis to check the representativeness of the responding firms of the wider population, in virtually all cases no distinct characteristics were found.
Since participation in research is done on a voluntary basis, it is possible that firms which experience above-average success with their workplace innovations are more likely to participate than those whose implementation of practices has been less successful Ichniowski et al. Response bias is an even greater concern in longitudinal research. Researchers have to not only consider if the first wave of respondents represents a random sample of the population but there is also the added complication that attrition rates between data collection points might be influenced by performance since poorly performing firms almost always refrain from participating in the second wave of data collection Ichniowski et al.
Measurement is a broad category with a whole host of potential methodological limitations that can increase measurement error. First of all differences in the units of observation can distort estimates of organisational performance. Lack of a sizeable financial outcome is still likely when a fairly effective innovative work practice affects only a small group of workers while performance is measured over a broader sample of workers Ichniowski et al.
Thus, researchers should be hesitant to accept the null hypothesis that HR practices have no effect on organisational performance when the unit of observation for the performance measure differs substantially from the treatment HR variable unit. Many of the constructs central to the HR-firm performance relationship research are based on perceptual rather than objective measures. The error that arises from these subjective measures is exacerbated in longitudinal measurements of a practice to try and establish how the magnitude of adoption or effectiveness has changed, since it introduces further error with each measurement.
Intra-industry studies are useful because they reduce error that arises from confounding organisational and worker variable by reducing the variance in these variables. However, the generalisability of these studies to other industries is unclear. The extensive plant visits and multiple respondents that characterise this sub-set of studies makes them expense and intensive to conduct and researchers typically have to settle for smaller sample sizes.
However, improving some methodological features and the expense of sample size is counter-productive because it increases the chance of falsely accepting the null hypothesis as it will be more difficult to detect the interaction effects of combining practices with a smaller sample. In cross-industry studies it is more difficult to identify whether the HR variables explain the greater variation in performance, or whether omitted confounding variables explain a greater proportion.
Identifying which bundles of HR practices are effective is complicated for several reasons. Bundles are difficult to measure and there is not one uniform approach for doing so. Some researchers rely on theory to identify indices of work place practices by using ad hoc indices or confirmatory factor analysis. However, these theory-driven methods are flawed in that they assume that HR practices are substitutes rather than complements Ichniowski et al.
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