Two Essential Elements of Human Capital Development
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Assist with your professional experience and reply to the following questions.
A. Discuss and apply real-world examples, two essential elements of human capital development.
B. Develop and discuss two metrics to evaluate a company's existing and needed skills sets.
C. Critique a best practice in human capital development.
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Solution Summary
The solution discusses two essential elements of human capital development. The solution develops and discusses two metrics to evaluate a company's existing and needed skills sets.
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A.
First let's define some essential elements of human capital development. The seminal author on human capital is the Nobel prize winning economist Gary Becker. We can use his original 1964 article (published by the Journal of Political Economy) and the current (1993) edition of his book Human Capital: A Theoretical and Empirical Analysis as sources. In short, these sources tell us that general and specific training are the fundamental elements of human capital development, but that there are also some less "traditional" ways to invest in human capital, such as improving one's health.
Here are some real world examples of each (with commentary). Because of the way the problem is worded I'm going to be writing in the first person.
1. General training:
Investment in college education is the most notable form of general training I have encountered. Because of increase returns to education in the U.S. since 1940, a bachelor's degree is today what a high school diploma was in previous generations. In other words, a college degree is the most broad human capital distinction. I have seen that those in my peer group who did not proceed to college unable to earn a wage that is high enough to support a family, unless they invested in a large amount of ...
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