ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -What Is Human Capital? The term human capital refers to the economic value of a worker’s experience and skills. Human capital includes assets like education, training, intelligence, skills, health, and other things employers value such as loyalty and punctuality.

Detailed explanation-2: -Human capital management (HCM) is concerned with obtaining, analysing and reporting on data that informs the direction of value-adding people management, strategic investment and operational decisions at corporate level and at the level of front line management.

Detailed explanation-3: -Human capital consists of the knowledge, skills, and health that people invest in and accumulate throughout their lives, enabling them to realize their potential as productive members of society.

Detailed explanation-4: -Definition. The human capital approach is a method to estimate the indirect cost due to productivity loss. The value of the human capital is approximated by the value of an average individual’s future earning. The entire period of absence from work due to illness is considered and valued by the achievable gross income.

Detailed explanation-5: -The types of human capital You can separate human capital into three types: knowledge capital, social capital, and emotional capital.