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Investing in Your Company’s Human Capital: Strategies to Avoid Spending Too Little—or Too Much by Ph.D. Jack J. Phillips

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Chapter . Introduction

The Expanded Role of Human Capital

The press is exploding with coverage of human capital. The number of documents produced containing the term “human capital” increased from almost 700 in 1993 to over 8,000 in 2003. This growth coverage underscores the importance of human capital in the management of organizations. While the term human capital is commonplace in organizations, management’s role in this important resource is often unclear. This lack of clarity lends to the mystery of human capital investment. Investment in this resource now commands much executive time and attention—requiring a concerted pursuit for the optimum investment level.

The concept of human capital is not new. It has been used by economists as far back ...

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