CIPDI LEARN

Human Capital is a measure of the skills, education, capacity and attributes of labor which influence their productive capacity and earning potential.

According to the OECD, human capital is defined as:

“the knowledge, skills, competencies and other attributes embodied in individuals or groups of individuals acquired during their life and used to produce goods, services or ideas in market circumstances”.

Factors that determine human capital

  • Skills and qualifications
  • Education levels
  • Work experience
  • Social skills – communication
  • Intelligence
  • Emotional intelligence
  • Judgement
  • Personality – hard working, harmonious in an office
  • Habits and personality traits
  • Creativity. Ability to innovate new working practices/products.
  • Fame and brand image of an individual. e.g. celebrities paid to endorse a product.
  • Geography – Social peer pressure of local environment can affect expectations and attitudes.
GLOBAL CONTEXT

HUMAN CAPITAL DEVELOPMENT

Human Capital is a measure of the skills, education, capacity and attributes of labor which influence their productive capacity and earning potential.

“the knowledge, skills, competencies and other attributes embodied in individuals or groups of individuals acquired during their life and used to produce goods, services or ideas in market circumstances”.

Factors that determine human capital

  • Skills and qualifications
  • Education levels
  • Work experience
  • Social skills – communication
  • Intelligence
  • Emotional intelligence
  • Judgement
  • Personality – hard working, harmonious in an office
  • Habits and personality traits
  • Creativity. Ability to innovate new working practices/products.
  • Fame and brand image of an individual. e.g. celebrities paid to endorse a product.
  • Geography – Social peer pressure of local environment can affect expectations and attitudes.

1

ECONOMIC DEVELOPMENT

Economic development is the development of economic wealth of countries, regions or communities for the well-being of their inhabitants. From a policy perspective, economic development can be defined as efforts that seek to improve the economic well-being and quality of life for a community by creating and/or retaining jobs and supporting or growing incomes and the tax base.

Broad-based economic growth is essential to sustainable, long-term development.It creates the opportunities impoverished households need to raise their living standards, provides countries with the resources to expand access to basic services, and—most important of all—enables citizens to chart their own prosperous futures. Roughly half the world’s population still lives on the equivalent of about US$2 a day with global unemployment rates of 5.7% and having a job doesn’t guarantee the ability to escape from poverty in many places. This slow and uneven progress requires us to rethink and retool our economic and social policies aimed at eradicating poverty.

A continued lack of decent work opportunities, insufficient investments and under-consumption lead to an erosion of the basic social contract underlying democratic societies: that all must share in progress. Even though the average annual growth rate of real GDP per capita worldwide is increasing year on year, there are still many countries in the developing world that are decelerating in their growth rates and moving farther from the 7% growth rate target set for 2030. As labor productivity decreases and unemployment rates rise, standards of living begin to decline due to lower wages.

We cannot talk about Economic growth and development without implement or pursuing a robust Human Capital Development program and policies as well as leveling the playing field for all people and countries.

We cannot talk about Economic Development and growth of a nation without addressing Human Capital Development . A nations economic growth is tied to her Human capital development initiatives and policies. Show me a nation with a robust economy and I will show you the Human innovation, ingenuity, creativity, and leadership behind their economic success. I will show you the investments put into developing skills, talents, knowledge, creativity, innovation by that nation. Our greatest assets are us, our women, our men, our boys, and our girls. Nobody is left out, for each has something to contribute to the society when given the right tools and platforms.

Any nation where the creativity and innovation of her populace is stiffened , cannot make much progress economically. Human Capital is not just about labor, it is also about strategic vision planning, Financial and Business Management Education and skills, Leadership and Problem solving, designing solutions for tomorrow’s challenges today’ finding cure for diseases and creating an eco-system with the right civic space and value chain.

No nation or community can claim economic growth without a robust People Capital, which is the recognition that people in organizations, businesses and communities are an important and essential asset; who contribute to development and growth, in a similar way as physical assets such as machines and money.

The collective attitudes, skills and abilities of people contribute to organizational performance and productivity. Any expenditure in training, development, health and support is an investment, not just an expense. The collective skills, knowledge, or other intangible assets of individuals that can be used to create economic value for the individuals, their employers, or their community.

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