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IMPACT OF HUMAN CAPITAL DEVELOPMENT ON BUSINESS SUCCESSES

IMPACT OF HUMAN CAPITAL DEVELOPMENT ON BUSINESS SUCCESSES

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IMPACT OF HUMAN CAPITAL DEVELOPMENT ON BUSINESS SUCCESSES

Chapter one

INTRODUCTION

Background of the study.
A commercial enterprise or organisation has a number of significant aspects that allow it to thrive and expand. Beginning with the location of the business and progressing to the demand and supply of goods and services

the focus of this research is on the quality of goods and services delivered to customers or consumers. A business owner, especially in a competitive atmosphere and season, must keep in mind that other business owners in the same industry are also looking for a profit.

To stay ahead of the competition, one must examine the quality of goods and services provided to customers. In light of this, the welfare of employees or workers is critical. Every company’s workforce is no longer defined as “human capital”.

Human capital is a factor that either causes a company enterprise to generate profit in abundance or causes it to operate at a loss. This study, therefore, focuses on the benefits (effect) of human capital development as a panacea for any successful firm.

It will also consider strategies to improve human capital development programmes. An organization’s human capital is made up of the people who work for it, and success is increasingly linked to the existence of material skills.

Skilled workers might earn a higher compensation during times of increased economic activity. Worldwide, unemployment remains high, and organisations are having trouble filling openings that require specific expertise.

Companies in today’s global market are made up of rivals from many industries. To gain a competitive advantage, enterprises must truly harness the workforce as a competitive weapon.

A strategy for increasing staff productivity in order to generate more value for businesses has emerged as a priority. Firms attempt to optimise their staff through comprehensive human capital development initiatives, not just to meet corporate objectives, but also to ensure long-term existence and sustainability.

To achieve this goal, businesses will need to invest resources in ensuring that people have the knowledge, skills, and competences required to perform effectively in a rapidly changing and complicated environment.

In reaction to the changes, most businesses have accepted the idea that human capital provides a significant competitive advantage that will lead to improved performance. Human capital development becomes an integral aspect of a larger endeavour to attain cost-effectiveness and firm performance.

As a result, businesses need to understand human capital in order to improve employee satisfaction and performance. Although it is often assumed that human capital has a beneficial impact on company performance, the concept of performance for human capital remains completely unproven.

As a result, this study investigates the relationship between human capital and company performance in the context of development economics. To lead our investigation, we use the following research question: To what extent does human capital affect corporate performance?

While much of the literature discusses aspects that contribute to success, this research focuses on one of them, namely human capital. Firm performance is a common concern in Malaysian organisations, particularly in the modern era of globalisation, when competitiveness and innovativeness are norms associated with performance.

This literature-based paper begins by defining the terms human capital and corporate performance. It then delves into the human capital theory and the relationship between human capital and business performance.

In the third section, we refine the model and discuss the importance of human capital as a pillar in future analyses of company performance.

According to Sullivan and Steven (2003), human capital development entails recruiting, supporting, and investing in people through education, training, coaching, mentoring, internships, organisational growth, and human resource management.

Human capital development recognises that the development and progress of people in organisations and businesses is a critical asset to the organization’s long-term success.

Healthfield (2011) described human capital development as a framework for assisting employees in developing their personal and organisational skills, knowledge, and abilities. According to her, human capital development involves opportunity for staff training, employee.

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