neo-human-capital

2 Pages
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Department
Sociology
Course Code
SOC227H5
Professor
Gregory Bird

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Description
Definition of Neo-Human Capital Theory Neo-capital is an umbrella term which is used to describe the various types of value creation drivers which are embedded in orgaizational processes. Human Capital is one of them. Human Capital is defined as Stock of individual knowledge, capability, and skills that are economically usable.It is a mixture of the process of developing individual knowledge, skills, or abilities and the process of improving the relationships between various types of neo-capital. It is in organisations and businesses are important and essential asset who contribute to development and growth, in a similar way as physical assets such as machines and money.There are mainly six types of Neo-capital drivers. E.g. 1. Structural Capital 2. Intellectual Capital 3. Social Capital 4. Human Capital 5. Cultural Capital 6. Relational Capital. There are various thoughts delivered by many literatures. Few of them are as follows: Neo-capital is central to performance in todays economic environment (Swanson & Holton III, 1997; Nonaka & Takeuchi, 1995; Nooteboom, 2002; Nahapiet & Goshal, 1998). Neo-capital is increasingly viewed as the primary driver of value creation in today s knowledge economy (Blair & Kochan, 2000; Nooteboom, 2002; Shapiro & Varian, 2003). These various types of neo-capital work together to transform human capital into organizational output (Nakamura, 2003; Van de Ven, Polley, Garud, & Venkataraman, 2001; Nooteboom, 2002). Significance of human capital Any success or failure of orgaizational processes depends mainly on people
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