Question

What is the difference between 'human resource' and 'human capital'.

Answer 1

HumanResourcesand HumanCapitalDefinedIncreasingly, companies are investing in human capital and elevating the role of thehuman capital professional to a seat at theboard room table. Why is this? Well, let’s first start with a look at the terms humanresourcesand humancapitalto better understand. As defined,resourcesare the total means available or an available supply that can be drawn on when needed.Resources, quite simply, can be drawn on until exhausted.Capital, however, is defined as any form of wealth employed orcapable of being employed in the production of more wealth. Capital can grow with investment to produce more capital.Trends in Human Capital and Human ResourcesTrends in human capital are likely consistent with economic and labor trends. Consider that it takes more resources (time and money) to hire and train people then to retain them. With tightening budgets and greater demand forefficiency, losing a high performing employee can significantly impact the bottom line. When an organization loses an employee, resources are spent to find a replacement, time is transferred away from other activities to train him or her, and productivity is lost while he or she ‘gets up to speed.’ It takes, on average, 6 months for a new employee to be fully ingrained in his or her new position.Given the costs associated with losing a high performing employee, it makes better sense to invest in human capital than to expend human resources.Another important trend is the labor market. It is a fact that the labor market in the United States is getting old. According to a Population Bulletin published by the Population Reference Bureau, “the aging ofbaby boomers and the fact that women’s labor force participation has already peaked are expected to slow labor force growth in the near future.” Additionally, “over the next 50 years, the labor force is projected to grow even more slowly (at about 0.6 percent per year) as baby boomers retire.”Compounding this scenario are the changes occurring in “solopreneurship.” According to the Kauffman Foundation for Entrepreneurship, solo entrepreneurship (in which an individual starts his/her own business but does not bring on any employees) is thriving in virtually all population groups. Four generations of professionals are increasingly choosing self-employment over traditional employment, which directly impacts the available labor pool.I hope this answer is helpful to you

Answer 2

A Human Resource Is a single person or employee within your organization. Human Resources is also the organizational function that deals with the people and issues related to people such as compensation, hiring, performance management, and training.

Human capital - the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organ.

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