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Human resource management
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Puru BhatnagarTop Contributor
Business Analyst, Entrepreneur, Business developer, Marketer

Human capital is a term given to workforce that are qualified to work in an organisation.

But in a broader sense, the human capital comprises of those labour which are capable of doing work and are critical to economic and social health of the world's nation.

So we can say that human capital is the concoction of knowledge, skills and experience and qualities which are socially acceptable and are capable to produce economic value to the nation.

Human capital is an effort to quantify the true value of an investment in human capital and is closely related to the field of human resources.

Human capital is more than just labour they work for an organisation and bring qualities and skills that are essential for  wrking of an organisation more efficiently.

Investing in human capital involves process like training program s and apprenticeship programs, educational bonuses, family assistance and in some cases funding college scholarships.

Human capital theory holds that it is possible to quantify the value of these investments to employess, employers, and society as a whole.

According to human capital theory, an adequate investment in people will result in growing economy.

 

JOB ENLARGEMENT - 

It refers to incriment in the tasks of an employee. Basically, an employee in an organisation has to complete various tasks and they are mostly of a same nature so they might get bored while performing these tasks all the time. So , to decrease the monotony of the single task, few tasks are added to their existing job, which means they have to finish the new task and also have to complete the existing one too. It is done horizonally as the extra work is given with previous one. No additional skills are required for this. It is a quantitative concept as quantity of tasks are increased. Its outcome may or may not be positive.

JOB ENRICHMENT - 

It refers to a job design strategy which helps the employees for their motivation. Here, extra responsibilities are added to the job to make more rewarding for the employees. Overall, there is upgradation in the quality of the job to make it more exciting and challenging and creative. it is done vertically as the job position is upgraded. Additional skills are required as the responsibilities have been increased. It is a qualititaitve concept as quality of job is increased. Its outcome is always positive.