Human Capital, also known as Human Resource is the backbone of any nation. These human resources mainly consist of students who gradually turn into accountants, engineers or doctors. These students depending on their efficiency and capability become a Human Assets for the country. Let us look at the sources of Human Capital.
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The process for increasing and acquiring the number of candidates who are best fitted according to their skills, educational qualification and professional experience which is crucial for the political and economic development of the country.
G.M. Meier defines Human Capital Formation as “human capital formation is the process of acquiring and increasing the number of persons who have education and experience which is essential for the economic and political development of a country”.
One of the most important sources of Human Capital Formation is investment done in education. There are many other sources like on-the-job training, investment in health, information and migration are the other sources of the human capital formation. Let’s discuss the sources:
The most effective way of enhancing and enlarging the productive workforce in the country is the expenditure done on strengthening the education system. It is considered as the best source of human capital formation. The objective of nation and individuals behind investment in education
Another important source of human capital formation is Health. A worker who is not well will certainly affect the productivity. Various forms of health expenditures are, making available clean and safe drinking water, preventive and curative medicines etc.
People migrate from their native place to another place to find better jobs in order to gain the advantage of location and earn higher salaries. Migration from a rural area to urban area is prime most. Rural areas don’t have sectors to provide good employment, so people migrate, whereas technically qualified professionals migrate from one country to another.
To enhance labour productivity many organizations provide on-the-job training. This is another source of human capital which sometimes becomes very costly. Firms incur huge expenditure on giving on-the-job training. Various forms can be like, training under a skilled supervisor, off-campus training or in-house training.
Information related to the labour market and other markets like education, health can be attained by paying to acquire information. For example, information regarding salaries is available for different markets.
Ans:There are two types of Human Resource Capitals. They are:
