The role of human capital in ensuring the competitiveness of modern companies

Abstract

One of the key performance indicators process of forming Russia’s new economy, «knowledge economy» is the level of human capital accumulation. Unfortunately Russia’s positions in the international ranking of countries on the Human Development Index are not high. The insufficient efficiency of human capital using is part of the reason the low value of this indicator. It should be noted that this inefficiency manifests at the level of the national economy, and at the level of individual companies. This article describes different approaches to the interpretation of the notion of «human capital» and highlights its structural elements. The features of human capital and the specific features that distinguish it from physical capital are defined. It shows the effect the quality of human capital as a major factor for competitiveness personnel has on economic development indicators and competitiveness of business. Main directions in the area of raising and development of human capital, which will be a key factor in improving the competitiveness of Russian companies and the national economy in general, are suggested in conclusion.