Some aspects of theoretical approaches to problematization of human capital measurement: expenditures or investments

Human capital includes the characteristics of individuals who are active participants in the labor market. A different approach considers human capital at the level of companies (or other business units) as a set of professional abilities and characteristics of employees. At the individual level, any actions that increase the value of human capital are personal investments of an individual, while the costs of companies in professional development, formation and development of new skills and competencies of employees in the scientific literature are considered as costs and as investments. The difference in approaches is due to the time context: if a company plans to use human capital in the short term, then the payback period for investments in its increase is too small. However, if we are talking about the long-term use of human capital, then such a period covers the costs of its development and ensures an increase in profits from its use. Therefore, for companies striving for sustainable development and long-term competitiveness, human capital is a factor of production and an object of investment.