Management of Human Capital Investment for the Innovative Development of the Economy

Аннотация

Human capital becomes a valuable and demanding issue for the economist and policymakers of a country because of its potential to create economic value by investing in the diverse sectors of the economy for the further production of innovative products and services for the better of the country. Investment in human capital is a long-term process, and that gives long-term outcomes. The trends of human capital growth over time, but, on the other hand, one may say that the human capital can be aging. The management of human capital investment and its development issues are interdisciplinary challenges and require a complex solution. Interchanging opinions and theories, technologies, and economics become significant issues for this developing system. Developed and developing countries emphasize more on human capital development towards stimulating economic growth. Thus, economists and policymakers weigh human capital development as one of the fundamental solutions to enter the international arena. It observes that the human capital formation process is affected by demographic, socio-demographic, economic, organizational - economic and ecological factors. Such indicators as the natural growth of the population and life expectancy, changes in people's income or health status, the level of economic development, the demand for labor, and other features influence the human capital formation. This research paper examines the Management of Human Capital Investment for the Innovative Development of the Economy, considering a wide range of different components associated with knowledge, experience, competence, health, and other issues. It is essential to concentrate on all these elements' incorporation to accumulate more human capital and emphasizes innovation and development in the economic growth of the countries.