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on the question of the structure of investment in human resources

Kamenev I.G.

annotation

The author considers different kinds investment in human resources. Historical approaches are explored, a division of investments in the number of human resources, human and social capital, and human potential is proposed. The qualitative differences between these four categories of investments are indicated.

Human resources themselves are an object of investment, but four independent structural elements can be distinguished in it. This is the quantitative side (number), the qualities of the people themselves ( human capital), the relationship between people (social capital) and the potential for the reproduction of human capital (human potential). It is important to consider the features of investing in each of them.

Research in the field of investment in human resources is becoming more relevant as the transition to a knowledge economy and the growth of the service sector. The purpose of this study is to identify the internal heterogeneity of this category, the designation of differences associated with the object of investment. The approach to investment in human resources that has developed in the scientific literature will be considered, as well as the features of investment in the number, human capital and potential, social capital of a social organization.

human capital investment resource

The evolution of the scientific approach to human capital

The theory of human capital and investment in it has received the greatest development in the scientific literature. The theory of human capital has been developed in world economic and managerial science since the 1950s. It develops the concepts already existing in the works of the classics. political economy the idea of a person as a carrier of a special factor of production - labor, which cannot be removed from a person, and with the modern organization of society that excludes slavery, it is impossible to acquire ownership. Karl Marx and Friedrich Engels absolutized labor as a factor in the formation of a “fair” value, at the same time excluding from it such an important variety as the work of an entrepreneur, and not taking into account the production value of information, the bearer of which can also be a person. At the same time, they contrasted labor with capital (means of production), absolutizing the latter as a factor of production and linking the position of a person in society not with his abilities, but with the presence in his possession, use and disposal of the means of production.

However, already in the middle of the XX century. it became clear that man himself is the most important factor of production. And, at the same time, the maintenance of existence and the development of knowledge, skills and abilities of a person requires certain costs. That final consumption, which was previously considered exclusively as expenses, began to be considered as an investment in a person that forms human capital. "People spend resources on themselves in various ways - not only to meet current needs, but also for the sake of future monetary and non-monetary incomes".

A person invests in himself, expecting to receive more in the future high interest from human capital (in the form of wages, entrepreneurial profits, etc.). Organizations interested in higher labor productivity of employees can also invest in human capital. With the development of a new institutional theory a primary econometric toolkit was also created for studying human behavior, focused on increasing the value of human capital in the long term.

"Under capital in general view is understood as an accumulated economic resource, which is included in the processes of reproduction and increase in value through the mutual conversion of its various forms.

Human capital is the stock of knowledge, skills, abilities and physical forces of the body that each person has. Investments in it are education, the accumulation of industrial experience, health protection, geographical mobility, information search, etc. AT modern theory There are three main elements in the human factor:

1) human capital, which corresponds to the income on this capital;

2) natural abilities, to which the rent on these abilities corresponds;

3) pure labor.

“Individual human capital is the accumulated stock of special and special knowledge, professional skills of an individual, allowing him to receive additional income and other benefits compared to a person without them.

Human capital characterizes the available human resources from a qualitative point of view. The main characteristics of human capital, taking into account the position of various researchers, include indicators of: a) knowledge; b) skills; c) skills; d) inclinations and abilities; e) health.

All these characteristics can be grouped into various competencies that characterize a person's ability to carry out a particular activity.

The main feature of human capital is its connection with a specific person-carrier. As a consequence, the arrival or departure of people to the organization affects its human capital. Although an employee who leaves the organization also loses a specific component of human capital, however, specific human capital is not owned by the organization. However, this feature, usually associated in the scientific literature not only with human capital, but with human resources in general, is not inherent in any investment in human resources. In the following, we will consider various types of investment in human resources and note the specifics of each of them.

Investment in human resources

The number of human resources is the most familiar category of investment, since the task of attracting labor arose immediately after the division of labor (whether it was the attraction of slaves, serfs, apprentices or hired workers). The return on investment in headcount is the introduction of new employees into the organization.

First of all, all variable (that is, depending on the number of employees involved) costs of hiring personnel should be attributed to investments in the number of human resources. So, for example, the working time of recruiters in most cases is not a variable cost, since the specialist receives a salary regardless of how many employees were selected. On the contrary, payments to the recruiting agency for filling a vacancy and the working hours of the head of the line unit spent on interviews with potential candidates relate specifically to variable expenses.

In addition, investments in the number of human resources should include variable costs to retain employees, i.e. wage retention in the narrow sense, including only cash payments. If the organization does not pay this money to the employee, then he will quit and, therefore, it will be necessary to attract new employees to this vacancy.

It should be emphasized that the variable costs of attracting and retaining employees are made given the current state of the organization's infrastructure. So, wage retention depends on the moral and psychological climate in the team, career prospects and other parameters of the personnel management system.

Investments in attracting and retaining employees are in the full sense of the word supportive, without an innovative component. They can be compared to the depreciation of equipment. The specificity of investments in the number of human resources is precisely this supporting role. What distinguishes them from investments in the reproduction of human resources is, first of all, the lack of innovation and inevitability. The firm is forced to attract labor up to the amounts provided by the state if it does not curtail its activities; all other investments in human resources directly or indirectly affect the efficiency of the use of these resources, but not the very existence of a social organization. In view of these features, investment in human resources should be singled out separately, although in many cases they are carried out in a coordinated manner with investments in human capital and potential. When analyzing social innovations this category eliminated naturally.

Considering the productivity and efficiency of investments in the number of human resources, it is necessary to build on the indicators of staffing and working hours. These investments should be aimed at achieving the organization's desired state of the state, in which the number of employees corresponds to the regular one, and their working hours are close to normal.

Investment in human capital

The above-mentioned changes in the infrastructure of the organization, on the contrary, require the implementation of not variable, but fixed or one-time costs and allow for an innovative approach. Expansion of the staff of the recruitment service, development of new technologies for personnel assessment, etc. are not directly related to the number of employed workers, but their implementation directly affects the quality of the human capital of workers hired in the external labor market. Accordingly, they represent an investment in the human capital of the organization.

Finally, investments in career planning for employees, the formation of a personnel reserve, the development of criteria for promoting employees to leadership positions, etc. increase the quality of human capital in internal recruitment due to a higher quality of selection, similar to selection in external recruitment. This category of investments also has significant innovative potential.

We should also highlight the training of employees aimed at acquiring knowledge, skills, and also providing employees with the necessary physiological and medical care. Investments in these programs increase the human capital of the organization at the expense of the employees already in the organization.

Thus, the human capital of an organization is formed not only by investing in the properties of employees, but also by investing in internal and external recruitment technologies.

Characteristics of human capital can be measured within the framework of a system of competencies linked to the worker's activity, or by assessing the five groups of worker properties mentioned above. At the same time, the system of competencies does not give an idea of all human capital, but only of those of its characteristics that are distinguished by the employer as significant for a given position or system of positions.

Investment in social capital

One of the main features of human capital, which for a long time remained unnoticed in scientific and scientific-practical research on this topic and stood out only in the process of developing the theory of social capital, is that the human capital in an organization cannot always be used by it. . Moreover, it can not always be used by the person himself. An analogy can be drawn to a company-owned high-tech machine that cannot be used unless a skilled worker is available to operate the machine. Similarly, human capital needs a special social organization for its disclosure. An employee cannot exercise his competences if his position does not imply their use. Moreover, subjective relationships with other employees and his own motivation can also limit the realization of his competencies.

Social capital includes the established relationships between people in a social organization. It cannot be identified with human capital or included in it either at the level of social organization or at the level of society (national economy). He participates in the formation of human capital (development of the human personality), and in its implementation. The bearer of social capital is not an individual employee and not a firm as entity but the entire labor collective of a social organization. It cannot be legally acquired into the property of the company, but it is the company that actually disposes of it.

Investments in social capital can have completely different directions. Among the social objects (subsystems) that have already been relatively studied in management theory, in the development of which a company can invest, we can single out:

Line management system (investments in management, management innovations);

Knowledge management system (represented not only by specialized information systems but also specific social practices).

Quality management system;

Corporate communications system.

This list by no means claims to be exhaustive, however, it includes the most detailed social subsystems studied in management theory. General principle applicable to all investments in these and other components of social capital - any such investments should be aimed at improving the efficiency of the organization's use of human resources. It is useless to expect them to increase human capital itself. Thus, a knowledge management system will not be able to help an organization whose employees are incompetent and not only do not generate any new knowledge, but also do not know their profession. And at the same time, organizations with a relatively high quality of human capital are in dire need of social capital, which allows them to reveal the competencies of employees.

Investment in human potential

It is necessary to distinguish between human capital as a factor of production that converts into company profits, and human potential as a predictive assessment of a person's capabilities in given conditions. This concept takes into account not only those abilities, the bearer of which is a person, but also various social conditions that contribute to or hinder the development or efficient use of human capital.

Human potential, therefore, is a predictive assessment of the development of human capital in specific socio-historical conditions, taking into account the impact of various macro-environment factors.

However, this forecast depends not only on the properties of a person, but also to a greater extent on his social environment (social capital), as well as on the components of the organizational infrastructure that are directly owned by the company. An example of such an infrastructure can be training programs, working conditions and other objects of the material environment, i.e. part of physical, not human capital, which is acquired by the firm not for use in the production process, but as an investment in personnel. It is this type of investment, located at the intersection of human and social capital, that is proposed to be designated as investment in human potential.

Having considered the various types of investments of the organization in human resources, we can generalize the differences between them, which determine the expediency of distinguishing different classes of investments in this area. Investing in human resources allows the organization to staff according to the existing social organization. Investments in human capital ensure the quality of human resources through properties that are an integral and inalienable part of the workers themselves. Investing in social capital allows you to establish social practices that best reveal the human capital available to the organization. Finally, investment in human potential forms the material capital that an organization needs to build its human capital.

Investing in human resources should be purposeful, with an awareness of indicators that reflect the commercial return on investment for the organization. Each class of considered investments has its own indicators, which should not be confused with indicators of other classes.

Sources

1. Korchagin Yu.A. Human capital is an intensive socio-economic factor in the development of the individual, economy, society and statehood. - M.: NRU HSE, 2011.

2. Contemporary Issues management in the context of the challenges of the XXI century / Collective monograph. - M.: URAIT, 2013.

3. Social innovations of human resource management in modern information society/ Ed. L.N. Ivanova-Shvets, A.A. Korsakova. - M.: Yurayt, 2014.

4. Schumpeter J. Theory economic development. Capitalism, socialism and democracy. - M.: EKSMO, 2007.

5. Blaug M. Methodology economics// Issues of Economics. - 2004.

6. Koritsky A.V. Origins and main provisions of the theory of human capital // Creative Economy. - 2007. - No. 5.

7. Radaev V.V. The concept of capital, forms of capital and their conversion. // Economic sociology. Electronic journal. - 2002.- No. 4. - T. 3.

8. Raznodezhina E.N. Human resources: their role and significance // Management economic systems. - 2011. - №1.

9. Ivanova-Shvets L.N., Korsakova A.A., Tarasova S.L. Personnel Management. - M.: EAOI, 2008.

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3.1 Key performance indicators of investment in human capital

When evaluating the effectiveness of investments in human capital, the same tools are used as in general for assessing the return real investment. The main indicators are:

* net present value (NPV);

* internal norm return (IRR);

* rate of return of human capital (ROR).

Net present value (NPV) is calculated as the sum of all discounted cash flows generated from the use of human capital compared to investment costs. Its value must be positive; the higher the NPV value, the higher the efficiency of investing in human capital.

Formula 1.

E - net increase in earnings;

r - discount rate;

n is the number of years the individual has been paid.

Investment in education is only viable if the net present value exceeds zero, i.e. NPV must be positive.

This can also be represented graphically.

It is necessary to compare costs (1, 2) and benefits (3) when making a decision to invest in education. If total earnings exceed costs, then education is profitable.

Another method of comparing the costs and benefits of investing in education, which is proposed by human capital theorists, is the calculation of internal rate of return (IRR). It is known that IRR is the discount rate at which NPV goes to zero. Therefore, the above equation can be written as follows:

Formula 2.

If the internal rate of return exceeds the market rate of interest r, then education is profitable. It is necessary to invest in the event that IRR?r.

The complexity of calculating IRR is due to the fact that it is difficult to qualitatively determine such factors as job satisfaction, job security, non-monetary benefits for the individual as a whole. The costs for the formation and improvement of human capital in different periods are very heterogeneous, which affects its quality and return, and in the theory itself they proceed from the homogeneity of these costs. J. Mintzer, for example, showed that returns in the form of earnings reach their peak when a person has worked for 33.75 years, and then begins to decline. As a rule, based on the use of NPV and IRR, a number of conclusions are drawn:

1. The longer the expected working life, the more likely it is that the net present value of investment in human capital will be positive. This explains the participation of young people in various training programs.

2. The lower the costs (both direct and indirect), the higher the NPV value.

3. The greater the pay gap between workers with different levels of education, the more individuals will invest in education.

Human capital rate of return (ROR) is calculated as the ratio of the total cash flow and investment costs. Those skilled in the art identify a number of problems in estimating ROR. In particular, M. Blaug believes that it is wrong to consider all expenditures on education as investments. He argues that learning "involves both consumer and investment aspects", and since consumption is not taken into account, the ROR estimate will be underestimated. ROR calculations can also be incorrect due to the fact that the model does not take into account non-monetary components. The ROR value may be overestimated due to the fact that it is very difficult to isolate elements in wage growth that are not related to education. The value of ROR will be overestimated even in the case when the increased natural abilities of a person are not taken into account, which allow him to better, more rationally and more profitably navigate the labor market. In this regard, the problem of determining the unit of measure for the amount of capital arises. When considering investment in education, the number of years of study is usually taken into account. According to experts, this indicator is not adequate, because. there are fluctuations in the quality of education, which is not reflected in the measurement of the volume of human capital and its effectiveness. Important factors affecting the return of human capital, which have not yet been properly assessed in studies, are the religious factor, as well as morality, careerism, and vanity. Some authors, when assessing the effectiveness of human capital, distinguish:

* individual;

* public;

rates of return on investment in human capital. If the individual rate of return assumes the effectiveness of investments in the volume and quality of human capital for its bearer, then the social rate - for the whole society. The state bears various types of expenses for the education system, health care, labor market, regulation of relations between employers and employees. In turn, the effect of such investments is expressed in a decrease in unemployment, wage growth, an increase in tax revenues, a decrease in crime, in the formation of more favorable and comfortable conditions for the younger generation and, accordingly, a higher quality of human capital.

Using such an indicator as the social rate of return of human capital, economists justify the need to create public funds, increase public spending on education, health care, labor mobility. So, K. McConnell and S. Brew argue that the amount of state subsidies for the education system should be determined on the basis of the magnitude of social benefits.

Another researcher of this problem, M. Blaug, concluded that the state should increase investment in human capital when the social rate of return exceeds the individual one. In the US, the social rate of return has been calculated since 1939, and the individual rate of return has been calculated since 1970. He also came up with the idea of introducing educational vouchers for low-income families.

As a result of research on comparative analysis social and individual rates of return on investing in human capital, the following patterns were identified:

* the social rate of return is always lower than the individual;

* public and individual norms returns to primary education are higher than those to secondary and higher education;

* rate of return on investment in education in developing countries higher than in developed ones.

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Organizations are beginning to place increasing importance on the intangible characteristics of their employees, such as loyalty, customer relationship building ability and willingness to take risks, and are looking for ways to formally evaluate them. And realizing how valuable the potential of such human qualities is, companies transform them into something more concrete - human capital.

Modern modernization has stimulated investment in the "quality" of workers as an "intangible" asset, turning their development today into an "intellectual, creative revolution" in production.

As the expression "human capital" enters the corporate lexicon, many companies freely use this concept without making any attempt to measure or manage the assets they talk about. As a result, it is very difficult to establish a connection between the thoughts of employees and financial results received by the company.

On the modern market Labor professionals have tremendous freedom to choose their employers. The main reason why employees leave the company is that they do not feel they are in demand or do not see prospects for the full development of their capabilities. Human capital management helps to effectively use the experience and knowledge of employees to help them reach their full potential.

Proponents of the concept of human capital management believe that by measuring the broad impact that employees have on financial indicators organizations, companies can select, manage, evaluate and develop the capabilities of their employees in such a way as to transform their human qualities into significant financial performance of the company. Although this approach involves finding ways to quantify what was previously considered intangible assets, experts implementing such techniques note that similar approaches are already being used in the business market. The sharp rise in the value of Yahoo's shares, for example, reflects not only the financial condition of the company, but also the potential that is made up of the knowledge, skills and ability to find new solutions for its employees.

However, many CEOs are reluctant to invest in human capital development programs (such as employee training in an organization) because they recognize the difficulty in measuring the return on such investment. Many executives and analysts insist that human capital denies any measurement whatsoever, and argue that companies actually devalue employees when they try to treat them as financial assets.

Indeed, measurements of human capital are usually imprecise, but the measurement process itself is extremely important. Accurate quantification impossible, and not particularly necessary. But organizations are slowly realizing the important link between human capital and a company's financial performance—a link that traditional accounting methods fail to account for.

Companies understand that the link may or may not show up in specific metrics or numbers that express the value of human capital. But by trying to quantify it, they can understand what each employee contributes to the company, how committed they are to their work, what they think of the company, and how likely they are to quit. Often, in the process of assessing human capital, companies gain useful insights into their organizations and acquire important information for their work. I will give one example.

In the early 1990s, Michael Warren, Alagasco's chairman and CEO, began looking for ways to improve the company's employee experience. The study found that organizations that are considered the best to work for are also the most successful in their industries. Alagasco has launched a series of programs designed to improve the work experience of its employees. For example, the company implemented the Temporary Reassignment Program (lit.: a temporary reassignment program for a new position), allowing employees to try themselves in positions with a scope of duties that are fundamentally different from those they usually have to perform. The goal of the program is to give employees the opportunity to gain new skills as well as expand their experience. When employees play roles that they could not even dream of in light of their traditional responsibilities, it not only gives them confidence in their own abilities, but also allows them to gain recognition and respect from managers and colleagues.

Although the company's performance has received very favorable press coverage, Warren acknowledges that "the value of one employee and the level of their participation is very difficult to measure." The impact of employee satisfaction isn't easy to translate into dollar terms, but Warren insists it's the foundation of a company's success nonetheless.

More and more supporters are gaining the point of view that human capital is the most valuable resource not only for an individual company, but for society as a whole, much more important than Natural resources or accumulated wealth. It is human capital, and not factories, equipment and productive reserves are today an indicator of competitiveness, economic growth and efficiency.

2.2. Firm investment in training employees

Companies are now spending more and more of their money on improving the skills of their employees. The expansion of the role of training reflects the fact that "the rules of economic competition have changed" . It is no longer enough to simply be effective. Survival and prosperity of firms today require speed and flexibility, meeting the needs of customers in terms of product quality, assortment, customs conditions, convenience and timeliness. To meet these standards, it is not enough to be just a technically trained worker, it is necessary to have the ability to analyze and solve problems related to work, to work productively in a team, and also to switch from one type of activity to another.

The professional development of the company's employees is divided into general and special. Costs for general training increase the productivity of the worker to the same extent both in the firms producing it and in all others, training at the place of work, associated with an increase in productivity in the firms representing it, is special. The resources a firm expends in familiarizing new employees with its internal organization and in acquiring knowledge is also a type of special training, because productivity is increased in the companies themselves than elsewhere.

General training can be useful in many firms beyond the one in which it is received. Therefore, rationally operating firms in a competitive market do not participate in paying the costs of general training. Persons receiving general training pay for it themselves, since it increases their future wages. Even though firms do not benefit from general training, they nevertheless provide it to workers. Companies have an incentive to do so when the demand price of training is at least equal to the cost of training.

The costs of special training are borne by the firms, and the returns from this kind of training in the form of higher profits due to increased productivity will also be received by the firms themselves. The return will be at least no more costs. With special training, the wages that a worker may expect elsewhere will have nothing to do with the training he has received. Also, this training will not directly affect wages in firms. In this case, firms will be forced to take over the training, since no rational worker will pay for it if he does not receive any benefit. Therefore, the companies themselves will benefit from this training.

If we talk about the turnover of the workforce of firms, then the least they will worry about is the turnover of workers with general training that a worker can get everywhere. Firms will be concerned with labor turnover with specialized training; and to such workers - to reduce turnover - they will offer higher wages, since the payment of the costs of special training falls on the firm itself. Thus, turnover rates will be lowest for workers with highly specialized training, and highest for workers with training so general that it enhances their productivity in training firms even less than outside them (for example, formal education).

Human capital is the basis for the efficiency of the company. Financing the education of personnel, the creation of training centers are becoming one of the main objects of attention of companies in many countries of the world. However, unfortunately many firms still save on training. While IBM, Xerox, Motorola, and others spend between 5% and 10% of the payroll on education, most firms spend less than 2% of the payroll on education. But, nevertheless, it is the training of employees that comes to one of the first places in the list of means of increasing the competitiveness of firms.

2.3. Personnel policy.

Entrepreneurship and business are, first of all, the relationship between people who organize and carry out this activity. New forms of management, reality itself caused profound changes in the use and management of the personnel potential of an enterprise (firm), gave new importance to personnel management and personnel marketing. Personnel management issues have become of paramount importance.

In connection with these objective factors, there is an increasing need to formulate and solve a number of key problems of personnel management: the development of a flexible and continuous system of training, selection and redistribution of personnel; search and attraction of HR managers to long-term cooperation; creating a "comfortable climate" in the team.

It is very important to create an atmosphere in which continuous professional development, self-education and creative initiative become official duties and the needs of each employee of the enterprise. The quality of human resources, their high intellectual and production potential is the most important condition for the competitiveness and efficiency of any production. New technologies, goods and services are born only where the potential of workers is high.

A large number of enterprises are faced with such a problem as “brain drain” (when both the funds invested in the training of a specialist and the specialist himself are lost, since the training of a specialist often speeds up his departure from the company). To avoid this problem, a system of paying for the training of employees and their children (in higher and secondary educational institutions), in which the company provides a loan for training, can be recommended. A prerequisite taking a loan is the continuation of work in the company after graduation (the term, as a rule, does not exceed four years, after which the employee is considered free from obligations to repay the loan). It has been established that the quality of knowledge assimilation increases if the employee partially pays for training from his salary. It is especially important to prepare a reserve of leading personnel.

Ideally, an enterprise operating with calculated, commercial success is a holistic, balanced mechanism that performs certain functions. The challenge is to ensure the effective performance of these functions by qualified personnel.

The personnel structure of a modern enterprise can be represented as a four-level pyramid, at the base of which are specialists (first level), and then managers (second level) and administrators (third level) are located vertically, and thinkers (fourth level) are at the top. In addition, the structure horizontally considers the coordinated activities of personnel in the following areas: "New Technologies", "Security and Control", "Commerce" and "Man and Production".

The task of the personnel manager is to ensure that in each cell of the structure there is an employee with a sociotype corresponding to the official position and a level of hierarchical specialization. There is a clear relationship between a person's place in the organizational hierarchy and personal level of development and capabilities. In this regard, there are four levels of personality development ("Man - 1", "Man - 2", "Man - 3", "Man - 4").

This table will help to understand human characters and abilities, if necessary, to carry out a conflict-free redistribution of personnel in accordance with the goals of the enterprise.

If there is no one to fill in any cells of the “pyramid” (structure) and they remain important, then it is necessary to find the right employee “on the side”, this can be difficult to do. First of all, you should decide what kind of person you should look for; formulate the job functions of the new employee; establish the level of authority and responsibility, the degree of qualification and the procedure for interaction vertically and horizontally; compose detailed description vacant position and identify requirements for the applicant. For this, an interview is conducted with a new employee.

The interview, as a rule, is conducted by a person who knows the company and the psychology of communication, who has undergone special training and has received the appropriate authority. The interview allows you to evaluate the competence, enterprise, self-organization, personal parameters, potential usefulness for the company of a new employee. The wrong choice can cause significant damage to the enterprise and be a disaster for the hired.

An example of an effective management model is the Japanese "lifetime employment" system. This model assumes that employees work in one company all their lives, from the moment they enter the company until they retire. Since the employed are hired long term, then the recruitment of new personnel becomes of paramount importance. Usually large companies negotiate with universities, secondary technical educational institutions and schools and select workers among schoolchildren long before graduation. Candidates attend special elective courses taught by leading employees of the company. These courses introduce future employees to the history of the company, the specifics of production and management.

Most large companies newcomers are accepted conditionally and enrolled in the state after passing a probationary period, which can last 1-3 years. Beginners participate in interviews, in which the focus is on finding out the personal qualities of the candidate, his character, inclinations, individual career goals. The main task of these interviews is to find out the compatibility of the candidate with the company's team, to determine where and in what position it is more appropriate to use him.

Having joined the “factory family”, the employed person, as it were, concludes an agreement with the company, which guarantees him work for a long period (“for life”) and the corresponding remuneration.

The vast majority of those employed retire at 55, with the exception of senior managers, who sometimes work well into old age. The pensioner receives lump sum approximately equal to two annual salaries, more precisely, for each year worked, he receives a monthly salary.

The “lifetime employment” system does not cover all employees, but only those who belong to the “Honko” category. This category includes employees who came to the company immediately after graduation, without working anywhere.

"Lifetime employment" is, first of all, a real system of functional, in its essence, connections, in which the determining factor is the "belonging" of the employed to a given enterprise. The staff is stubbornly told that belonging to a family - a clan of an industrial enterprise - is a great honor, which not only imposes a high responsibility on him, but also distinguishes him, elevates him above the workers of "foreign" enterprises. Clan patriotism, which is purposefully nurtured, widely promoted and supported by entrepreneurs in every way, is so developed that for the Japanese, in characterizing a person, it is not so much the profession, occupation, but the place of work that is of great importance.

This example shows the importance of training that takes place in Japanese enterprises long before they are hired. Japanese corporations create their own special human capital to ensure the “lifetime employment” of an employee in a given firm. And it brings its economic efficiency companies.

2.4. Main indicators of the effectiveness of investments in human capital

To assess the effectiveness of investment in human capital, a number of criteria and indicators are used. In the economic literature, the following criteria, or indicators, of the effectiveness of investments in human capital are used:

1. Maximization of the difference between profit and costs.

2. Payback period (return) of investments.

3. Net current (present) value.

4. The ratio of costs and profits.

5. The ratio of the marginal revenue difference to the marginal cost difference.

6. Annual net income

7. Internal rate of return.

The payback period is the ratio of the total costs C to the constant marginal income b (calculated over a given period of time, month or year). Under certain conditions, the reciprocal of the payback period is equal to the expected internal rate of return. For this to happen, it is necessary that all costs fall on the initial period of time, and incomes are constant.

This measure links costs and benefits, and by and by means of it various investment programs can be approximated in terms of their relative effectiveness. The selection criterion is investment project with the shortest payback period.

More general formula the payback period, with the help of which calculations are carried out for non-permanent incomes and costs, has the form

where b and c are marginal revenues and costs, t is the number of the time period (minimized).

However, the payback criterion has a number of disadvantages:

1. It does not take into account the fact that the costs and incomes of competitive alternative investment projects are separated in time and have different time characteristics. To make different indicators of time costs and profits comparable, it is necessary to carry out discounting.

2. The absolute volume of net income in alternative projects may be different. The payback period does not take this into account.

3. This criterion cannot be used at all when alternative investment projects are mutually exclusive.

The most common investment criteria are net present value, cost-benefit ratio, and internal rate of return. They can give the same results, but under certain conditions:

Capital markets are perfectly competitive markets;

All available projects are absolutely conditioned from each other;

There is no mutual dependence between them;

All net income can be reinvested at the same internal rates of return before the end date of the longest project.

An indicator of net present value. Given these assumptions and the given interest rate at which discounting is performed, any investment project can be approved. If there are multiple funds to invest, then the project with the next highest present value is accepted, and so on until the funds run out or there are no projects left with a positive or zero net present value.

The mathematical equation for such a situation is as follows:

where is the net present value; i - interest rate used for discounting; - the amount of income.

This formula takes into account the fact that costs may not necessarily arise at the very beginning of the income stream. If conditions are expected to change that affect the value of the interest rate in the time span of the income stream, different values for the interest rate can be used at those points.

The criterion of the ratio of profits and costs can be useful when a decision is made to invest in those projects for which the ratio of the current value of income to the current value of costs is greater than one. The equation for this criterion has the form

A variant of the cost-benefit ratio is the ratio of marginal cost measurement between two alternative projects. Algebraically, this relationship can be expressed as follows:

where b - marginal income; c - marginal costs; i is the interest rate used for discounting; t is the number of the time period; indices and are the corresponding projects.

This criterion shows that as long as the ratio of the change in net present value to the change in net present value is greater than one, additional public funds should be invested in project x, not project y.

An internal rate of return is a percentage that is compared to a rate of interest that represents the acceptable rate of return on public or private educational investment. Internal rate of return - interest rate, at which the present value of costs is equal to the present value of income. For this indicator condition must be met:

where r is the internal rate of return; b - income in certain period time; c - costs in a certain period of time.

To determine the effectiveness of a project related to investment in education, it is necessary to compare the costs of education with the benefits of receiving it. If the benefits outweigh the costs, then it is beneficial for the individual to continue learning.

Also, to assess the effectiveness of investments in human capital (education), one can use the indicator of the internal rate of return of education, at which present value future income is equal to the present value of the costs incurred. It represents the rate of return that can be expected from the implementation of this investment project.

In connection with the fact that there are a large number of indicators of the effectiveness of investments in human capital, it should be noted that there are no absolutely perfect criteria. In each specific case, it is necessary to study specific conditions, to determine the best investment criterion, which can be successfully applied only in a system of interrelated criteria.

12. Managing the development of the company's human capital.- http://www.cinfo.ru/ OB/OB_basic.htm

13. Shchetinin V. Human capital and the ambiguity of its interpretation// World economy and international relations.- M., 2001.- No. 12.-S.42-49.

14. Yankovskiy A. Entrepreneurial activity and human capital // Marketing. - M., 2000. - No. 1 - P. 100-112.

Analyzed key factors implementation of human capital at the enterprises of the production sector, the structure and composition of the participants in the intra-organizational process of investing in human capital have been clarified, the principles of the effectiveness of investment management for the renewal and implementation of human resources have been substantiated. Three classes of investment process efficiency factors are systematized: managed, weakly managed, unmanaged. The possibilities of assessing the return on investment in human capital for employers are considered: trend analysis of the dynamics of indicators based on the results of the project, expert assessment of the impact educational programs on dynamics economic indicators, calculation of the level of effect achieved for enterprises as a whole based on the results of implementation investment program, calculation of the amount of return on investment.

human capital

principles of effective investment management

human resource implementation factors

1. Apina A.M. Improving the efficiency of personnel labor based on optimizing investments in human capital. Vestnik SGEU. 2014. No. 1(50). S.4-10.

2. Kovalchuk K.F., Freeman I.M. Management of investments in the development of human capital as a factor in increasing the competitiveness of an industrial enterprise // Journal of Economic Problems. 2011. No. 3.

3. Korkina T. Principles of managing investments in the human capital of an enterprise // Personnel management. 2009. No. 9. P.30-33.

4. Lobanova T. Investments in personnel: pros and cons // Handbook of personnel management. 2009. No. 8. P.22-30.

5. Zhukov Yu. "Golden section" of investments // Handbook of personnel management. 2009. No. 8. P.8-10.

6. Turchaeva R.Yu., Rybalkina Z.M. Factors of efficient use of human resources in the construction industry. M .: Bulletin of the university " State University management”, 2014, No. 6, pp. 207-218.

7. Erfurt K.A. Features of investing in human capital and their reflection in the personnel policy of the enterprise // Management in Russia and abroad. 2009. No. 3. P.132-138.

The current stage of economic development is characterized by high activity in the field of technical progress and the use of information technologies which requires the renewal of human resources employed in production, through timely investment in order to motivate their potential to effectively master innovations and ensure the competitiveness of any socio-economic system. The investment process aimed at the development and realization of human potential is becoming an important factor formation and build-up of such a fundamental resource for the economic success of enterprises as human capital. Efficiency investment investments in human capital can only be ensured under the condition of a well-functioning investment management system, the existence of a sound strategy for the development of production units, taking into account the key factors of capital return of the investment object.

Main material

No matter how the time and economic conditions for doing business change, the main focus of entrepreneurs and managers industrial enterprises for profit maximization is maintained. The indisputability of the leading role of the employees of the enterprise in the process of creating added value draws attention to the importance personnel policy based on investing in human resources in order to multiply them into the capital of the company. These are investments, the task of which is to increase the amount of profit created by personnel, by realizing the motivated potential.

Human resources are understood as a set of physical and mental abilities of people intended for the production of material goods and services, taking into account their own goals and needs. Taking into account the human factor in this concept fixes attention on the active role of a person in building the life of an enterprise. This is most relevant for a social situation characterized by insufficient efficient use living labor. On the one hand, the presentation of a set of people as human resources means actually equating them to material factors of production, such as technology, raw materials, energy, finance, etc. On the other hand, with this approach, people are considered not only as objects of control, but also as conscious subjects. economic activity.

In turn, human capital is commonly understood as a capitalized stock of personal qualities formed by investing, the implementation of which leads to both economic and non-economic income in the production and non-production spheres of human life.

Thus, the investment process is not only a factor of formation, but also a factor in the realization of human potential (PE). Realized human potential becomes capital only through the presence of the object of investment and their further application in practical activities of the relevant competencies.

All of the above confirms the relevance of our scientific interest aimed at identifying and substantiating the reserves for the development of a system for managing investments in human capital in modern enterprises.

The purpose of this scientific review is to substantiate the problem that we started, the study, by analyzing the main aspects of the implementation of the process of investing in human capital and systematizing the main socio-economic factors for the effectiveness of managing this process.

The process of investing in human capital takes place in many stages, where the volume, frequency and sufficiency of investments are determined by the employer acting as an investor. Employees are also active participants in this process, since it is they who master the investments, purposefully using them to maintain, update, and capitalize their personal qualities.

The structural and logical scheme of the investment process is shown in the figure.

Structural and logical scheme of the investment process

Effective investment management involves the development of an enterprise development strategy. This strategy identifies specific areas of activity of the enterprise in which the accumulated human capital should be used to the maximum and where there is a need for investment in creating conditions for the realization of human potential, taking into account the opportunities for training, advanced training, maintaining the health of its owners.

The effectiveness of the investment process requires an inventory by employers and staff of the key factors for the realization of human potential that provide the basis for investment management (table) .

Investment Process Efficiency Factors

Managed

Weakly managed

Unmanaged

1.Level of education

2. Position held

3. The level of technical equipment of the workplace

4. Degree of independence of decisions

5. Duration and quality of investment

1.Personal interests

2.Production status

3. Degree of diligence

4. Level of culture

5.Health status

6. Duration of employment

1. Gender specifics

2. Purposefulness

3. Age characteristics

4.Life span

5. Natural abilities

In the course of the implementation of human capital, it is important to take into account the voluntary and proactive choice on the part of the employee of a set of factors that contribute to increasing the efficiency of his labor productivity. The investment limiter is the specificity of the return of human capital, determined by the personal qualities of the employee, his natural abilities. The labor productivity of each individual also depends on the duration of his labor activity.

Each stage of investment implies subjective consistency of tasks and goals in terms of setting them and the method of achieving them, which allows the investor to redistribute his investments in human capital between the subjects of the investment process, determine the volume and direction of investments depending on the completeness of the human potential formed at the previous stage. The goal of the investor is to identify the most significant direction of investment, taking into account the current level of its capital return.

It should not be forgotten that in a sense, employees are also investors, as they spend their energy, time, and abilities on assimilating and retaining new knowledge. Therefore, the targeting of the distribution of investments directly depends on the focus of both the bearer of human capital and the investor to invest their capital in precisely those areas where the return for each will be higher. It is no secret that everyone strives to increase their well-being. Maybe that's why the participants in the investment process do not always choose the directions of their investments?!

To evaluate the return or return on investment in the development of human capital, a plan should be drawn up, which includes: defining criteria for evaluating the results of investments; data collection methodology (analysis of managerial activity; sociological monitoring of participants in investment programs); the timing of the assessment, the list of persons responsible for the collection and processing of data necessary for the assessment. In accordance with the chosen methodology, data is collected (before, during and after the events) on the development of key personnel - for an objective assessment of the dynamics of economic indicators. For the "purity" of the assessment without taking into account the impact external factors you can use the trend analysis of indicators of previous periods, establishing trends in their values before development activities and following the results of the project. The difference between the trend and the actual result is attributed to the impact of the investment. Can be used expert assessment the impact of educational programs on the dynamics of the analyzed indicators, which is carried out by enterprise managers, outside observers and, possibly, other project participants.

At the final stage of the assessment, the level of the effect achieved for the enterprise as a whole should be calculated: the change in the economic indicators of the enterprise (the level of staff turnover, related costs, the number of internal promotions) is determined.

Finally, the amount of return on investment is calculated, i.e. compared economic results investment program with the costs associated with its implementation. The return on investment in human capital (HRI) is calculated using a standard formula that determines efficiency, i.e. as the ratio of the income from the implementation of the project (Pr) to the cost of this project (Cr), taking into account that the value of HCI should be positive.

Comparing the return on the program with the costs of its implementation allows one to quantify the level of improvement in efficiency and quality of work that has occurred after the implementation of projects that include investments in human capital. Measuring the rate of return on investment in human capital reveals the benefits of a particular program.

A significant factor in the investment process is the observance of the relationship between investment in human capital and investment in creating conditions for its implementation.

KOchk \u003d f (f (Ichk) + f (Iur)),

where KOchk - capital productivity,

HIC - investment in human capital,

Iur - investment in the conditions for the implementation of human capital.

The effectiveness of managing investments in human capital can be improved by following certain principles by management that take into account the characteristics of the potential carrier and allow ensuring the planned level of staff development.

One of the fundamental, in our opinion, is the principle of balancing the motives and incentives of participants in the process of investing in human capital. When determining the types, volumes, rates of investments, the interests and individual assessments of the target result obtained by all project participants should be taken into account. Incentives must be selected according to the criteria of expediency and adequacy of participants' motives. investment activity. The implementation of this principle encourages employees to develop their potential for innovation, while effectively using their own and borrowed resources. Pilot studies based on the results of a survey of managers at all levels of a number of industrial enterprises in the Penza region showed that in the structure of the motives of employees of these enterprises, salary and the prospect of stable work are still priority interests, no matter how trite it sounds. Satisfaction from the realization of these basic needs distinguishes only 20% of the staff. However, the development of the professional potential of employees is carried out under the condition of high importance for the working needs of a higher order: reputation, career growth, overall success. Today they are ranked sixth or eighth in priority for Penza residents. Therefore, effective investment in human capital requires the development of measures to stimulate higher-order needs.

The principle of co-investment in the human capital of both the enterprise and its employees is important. A positive decision on the implementation of an investment project for the development of human capital should be made subject to equity participation in the investments of all participants in this process, because and the employee himself can be both an object and a subject of investment activity. In one case, he acts as a resource, in the second case, the employee seeks to fulfill himself, increase his demand, as well as current income. As an object of investment, the employee is exposed to the influence of investors, as a subject, participates in investing in human capital. This principle defines the mutually beneficial and mutually responsible participation of stakeholders.

No less significant in the management of investments in the human capital of an enterprise is the principle of assessing and adjusting the directions of development of employees. When choosing areas of investment, it is necessary to accelerate and support the processes of self-development of employees, except for the options for inconsistency of their development strategy with the goals of the enterprise.

Self-development of employees is based on awareness of their present and future position. With the coincidence of the directions of development of personnel and the enterprise, a synergistic effect is achieved. However, in the case when the direction of the employee's self-development is not consistent with the development goals of the enterprise, there is a significant decrease in the effectiveness of interaction between the organization and its personnel. Then there is a need to correct the directions of self-development of personnel.

Another methodological principle of managing investments in human capital is the targeting of investments. Investments should be directed to a specific employee or group, purposefully and concentrated in those elements of their human capital that require development in order to implement the planned innovations. This principle allows for a differentiated approach in the choice of investment areas and elements of human capital, the quality of which hinders the development of the enterprise.

The principle of targeting in investment management specifies the volume of investments and increases the control possibilities of using human capital in the given parameters.

The implementation of these principles can be carried out in various forms, but the complexity of their use can provide a higher efficiency of investment management.

Conclusion

Summing up our observations, we can say that in order to achieve long-term competitiveness of an enterprise in the current economic conditions, it is necessary to continuously improve the quality characteristics of personnel, which requires appropriate investments. From the standpoint of the investment approach, personnel is considered as human capital, that is, the potential ability embodied in employees to provide a beneficial effect, which is characterized by certain qualities. To achieve a return on investment in human capital, it is necessary to effectively manage the investment process. The effectiveness of investment management in personnel is ensured through preliminary planning of investment volumes, strategic selection of areas and units of the investment object, successful implementation of human capital development projects, as well as regular assessment of the degree of economic return on investment in personnel.

When counting on the return on capital, one should not forget that investing in improving the quality of human capital is quite expensive and its expediency must be thought out and evaluated in advance.

Reviewers:

Baronin S.A., Doctor of Economics, professor, lecturer of the department. "Expertise and management of real estate" PGUAS, Penza;

Khrustalev B.B., Doctor of Economics, Professor of the Department of Economics, Organization and Management of Production, IEiM, PGUAS, Penza.

Competence here is considered the possession of knowledge, skills that allow solving the tasks set, which is a consequence of the education received.

Bibliographic link

Turchaeva R.Yu. INTRA-ORGANIZATIONAL FACTORS AND PRINCIPLES OF THE EFFICIENCY OF MANAGEMENT OF INVESTMENTS IN HUMAN CAPITAL // Modern problems of science and education. - 2015. - No. 1-1 .;
URL: http://science-education.ru/ru/article/view?id=17698 (date of access: 11/24/2019). We bring to your attention the journals published by the publishing house "Academy of Natural History"

In addition, investment in the number of human resources must include variable costs for retaining employees, i.e. wage retention in the narrow sense, including only cash payments. If the organization does not pay this money to the employee, then he will quit and, therefore, it will be necessary to attract new employees to this vacancy.

It should be emphasized that the variable costs of attracting and retaining employees are made given the current state of the organization's infrastructure. Thus, retention wages depend on the moral and psychological climate in the team, career prospects and other parameters of the personnel management system.

Investments in attracting and retaining employees are in the full sense of the word supportive, without an innovative component. They can be compared to the depreciation of equipment. The specificity of investments in the number of human resources is precisely this supporting role. What distinguishes them from investments in the reproduction of human resources is, first of all, the lack of innovation and inevitability. The firm is forced to attract labor up to the amounts provided by the state if it does not curtail its activities; all other investments in human resources directly or indirectly affect the efficiency of the use of these resources, but not the very existence of a social organization. In view of these features, investment in human resources should be singled out separately, although in many cases they are carried out in a coordinated manner with investments in human capital and potential. In the analysis of social innovations, this category is naturally eliminated.