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Human capital represents the knowledge, skills and abilities that make it possible for people to do their jobs, while human capital development is about recruiting, supporting and investing in people, using a variety of means, which includes education, training, coaching, mentoring, internships, organizational development and human resources management for its eventual realization.
Human capital is an intangible business asset, therefore businesses need to formulate plans to accumulate human capital in terms of on-the-job experience, life experience, training programmes to empower individuals, promote self development and skill development to strengthen individual and team abilities and capabilities.
For any business organization to have a sustainable business policy where the human development is given priority, such business is organized when specific performance solutions are deployed from the capital structure to a performance domain to be utilized to utilized to produce a specific result in the structure.
The performance domain is defined by a result identifier and a solution identifier and as managed in the performance structure to generate business performance transactions and to capture the costs and effectiveness of utilization of the solution to produce the result.
To achieve global efficient vibrant business economy attractive to investors, there is need to enhance adequately the human capital through education. As a matter of fact, education development is a prerequisite for efficient business environment and solid business policy. It is the foundation for corporate management capacities. And where there is no corporate management capacity, there is no way a nation and organizations can manage their resources effectively.
The 21st century management style involves managing the human resources that is, motivating the labour force through attempts to satisfy the needs of the different categories of people in the organization. This implies also, that for an efficient business policy, there is need to identify the needs of members of the organization and being able to design work environment, conditions of service and remuneration that satisfy those needs.
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Source by Chidozie Obasi