Importance Of Human Capital In An Organization
In today’s business world, Human capital is a key factor in the achievement of organizational goals. As a result, organizations look for different ways of managing their capital, in order for them to give their best to the organization.
Human Capital is the lifeline of an organization in the sense that they are the individuals who spend most of their day working towards the success of an organization. Human capital plays a crucial role in the success of the organization and therefore is its most crucial resource.
Human capital is defined as the collective stock of skills, attributes, knowledge, and expertise of employees which further plays an integral role in increasing the productivity of the organization. (MSG Experts, 2016)
According to Armstrong (2006), “human capital is all human abilities whether innate or acquired attributes whose value could be augmented by appropriate development investments.”
According to Chatzkel (2004), ‘human capital is the differentiator for organizations and the actual basis for competitive advantage’.
The word “Human Capital” was introduced by A. W. Lewis in “Economic Development with Unlimited Supplies of Labor”.
It is therefore important to manage this crucial resource that the organization has in order to maximize it and in turn achieve the organizational goal and objective. Any organization that wants to achieve great success must find it necessary to practice human capital management. Human Capital is the greatest asset that an
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