STRATEGIJSKI ZNAČAJ HUMANOG KAPITALA
THE STRATEGIC IMPORTANCE OF HUMAN CAPITAL

Author(s): Stefan Blagojević
Subject(s): Business Economy / Management, Management and complex organizations, Human Resources in Economy
Published by: Finrar d.o.o Banja Luka
Keywords: human capital; employee knowledge; knowledge-based economy; competitive advantage; innovation;
Summary/Abstract: Human capital refers to the specific knowledge and skills of employees and is a key factor in the success of organizations. Achieving good business results and sustainable competitive advantage is determined by a number of different factors. Unlike traditional business conditions, in which material and physical resources and money were the key success factors, achieving good organizational performance in modern business conditions is significantly determined by intangible resources, where one of the most important components is human capital. Understood as a set of knowledge and skills of workers, human capital refers to motivation, creativity, innovation, responsibility, loyalty to the organization and flexibility of workers, which appear as a result of their education and experience, and which enable the achievement of enviable business results that will differentiate the given organization from others. The central component of human capital is the knowledge of employees, which they bring with them to the organization, develop and improve during work, but which they also take away when they leave their work place, which is why the goal of management is to attract, improve and retain valuable human capital. In the text, we pointed out the strategic management of human resources, which implies the involvement of human resources in all activities and functions within the organization, according to which employees represent the most important asset resource that should be carefully managed. We devoted attention to the identification of human capital as one of the three components of intellectual capital, which is crucial for creating a knowledge-based economy, as well as for achieving competitive advantage and innovation.

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