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Theoretical Framework Of Human Capital Theory

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Theoretical Framework for Human Capital Theory The concept of human capital has been traced as far back as the 17th Century. Some of the early contributors the literature on human capital economics among which were Adam smith (1776), Jean Bapitste say 1821, John Stuart Mill 1909, suggested that human beings are an investment which yield a return.Till date there is no consensus definition of Human Capital (Alika and Aibieyi 2014). Noe 2000 states that human capital is the sum of the characteristics, life experiences, creativity, knowledge, energy, passion employees of companies invest in their work. Chen (2014) defined Human capital as the intangible resource of skills, effort, and time that workers bring to invest in their work. Gratton and …show more content…

Human capital is such a valuable resource that it is one of the most vital determinants whether the organization can be successful in today’s fiercely competitive market. All the literatures reviewed on the concept of human capital emphasize that there is need for more investment in workforce education and training for organizations to succeed in the global marketplace. Therefore investment on employee’s education, skills, values, etc. will enhance job satisfaction, employee and organizational …show more content…

It is sometimes carried out at a designated on-site training area. It is premised on the principle of learning by doing and is usually executed by colleagues, supervisors, managers or mentors to equip employees with pre-determined job related skills. It may also include individual or group assignments and projects. The work itself is an essential part of the training provided (Milhem et al 2014). And through this process particular skills the organization requires are impacted. The individuals involved work, learn and develop expertise at the same time. (Armstrong 1995 as cited in Chris obisi paper) On-the-job training has been found to have a significant impact on job satisfaction, employee motivation and commitment. The disadvantages on the job training has is that the value of the knowledge imparted is determined by the quality of the guidance and coaching provided , also the instructions may not be sufficient and the learner maybe distracted by the same environment and find it difficult to acquire basic skills quickly. To remedy these disadvantages train the trainers programs should be instituted to further develop the skills of in house trainers and supervisors (Obisi

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