Human capital What is it and what is its importance?
Human capital management
The administration or management of human capital is based both on the tasks performed by the human resources sector and on the investment in terms of training and qualification by the workers. In this way the principles are established for a continuous improvement about productivity and efficiency and the quality of the results.
Human Resources participate actively in the administration of human capital, starting from the tasks of this sector they must be performed constantly and during the development of processes. Furthermore, the panorama of him extends, from the individual, to the collective. The analysis of these two contexts, contextual to the verification of the productive tasks, guarantees the proper functioning and disposition of the human capital.
On the other hand, a correct management of human capital also concerns the study of its results, with respect to time and its influence on economic growth. Together with human resources, those factors which influence the economic and social development of the organization are also identified.
The study of the results, in terms of quality and income, as well as the contribution of human capital to growth in all corporate aspects, makes it possible to plan new strategies and adopt measures that favor constant development. In turn, it also generates investment in human capital in education and training.
This last point is also related to continuous improvement, since the knowledge of workers is one of the main parts that make up human capital. In the acquisition and learning of new skills, techniques and in the provision of information and educational materials, lays the foundations for progress in all areasbecause when capabilities expand, the field in which the company can operate also expands.
The environment and the evolution of new technologies It is one of the aspects to take into consideration when investing in training. The knowledge of innovative techniques, technologies that facilitate the manufacture of certain products and even theories that can be put into practice, makes the investment in training an effective operation, since a parallel development of the company is established with the evolution of new technologies , which means a competitive advantage.
Finally, there are three factors whose evaluation corresponds to human resources and goes hand in hand with the constant observation of human capital during its production processes. These factors are:
- Pay book: The financial recording of employee salaries and their corresponding settlement is one of the elements to be taken into account in the administration of human capital. Its nature is strictly financial and responds to the need to keep an account of the amount of wages to be paid and its relationship with the number of workers.
- Vacation: The goal of keeping track of this is to ensure workers take breaks at set times, and plan ahead for employee vacation workflows so that productivity is constant.
- Absenteeism, disability and permits: the recurrence of these aspects directly affects the productivity of the company, so its registration is necessary to study those cases whose justifications are valid as well as those who are not.