- List of Figures
- List of Tables
- Foreword by Gary S. Becker
- List of Contributors
- An Economic Perspective on the Notion of ‘Human Capital’
- A Social Perspective: Exploring the Links between Human Capital and Social Capital
- Global Culture Capital and Cosmopolitan Human Capital: The Effects of Global Mindset and Organizational Routines on Cultural Intelligence and International Experience
- Cognition and Human Capital: The Dynamic Interrelationship between Knowledge and Behavior
- A Capital-Based Approach to the Firm: Reflections on the Nature and Scope of the Concept of Capital and its Extension to Intangibles
- Human Capital and Transaction Cost Economics
- Human Capital and Agency Theory
- Human Capital in the Resource-Based View
- Human Capital, Entrepreneurship, and the Theory of the Firm
- The Firm, Human Capital, and Knowledge Creation
- Human Capital, HR Strategy, and Organizational Effectiveness
- How Organizations Obtain the Human Capital they Need
- Aligning Human Capital with Organizational Needs
- Maximizing Value from Human Capital
- Accounting for Human Capital and Organizational Effectiveness
- Interdependencies between People in Organizations
- Understanding Interdependencies between Human Capital and Structural Capital: Some Directions from Kantian Pragmatism
- The Distributed and Dynamic Dimensions of Human Capital
- Human Capital and the Organization–Accommodation Relationship
- Interdependencies between People and Information Systems in Organizations
- Human Capital, Capabilities, and the Firm: Literati, Numerati, and Entrepreneurs in the Twenty-First-Century Enterprise
- Looking to the Future: Bringing Organizations Deeper into Human Capital Theory
- Human Capital Formation Regimes: States, Markets, and Human Capital in an Era of Globalization
- Human Capital in Developing Countries: The Significance of the Asian Experience
- The Future of Human Capital: An Employment Relations Perspective
Abstract and Keywords
This article assesses the future of human capital (HC) in organizations from an industrial-relations perspective. It notes that, paradoxically, while HC has grown in importance in the shift to a knowledge-based economy, the externalization of work that has accompanied this shift and the consequent weakening of labour market institutions has reduced incentives and pressures on firms to invest in people. The article suggests that this is a case of market failure. Resolving this paradox requires firms as well as unions, professional associations, staffing agencies, and the state to work together. The employment relationship thus becomes their unit of analysis, and this article explores the variety of institutional support which is necessary to rebuild and sustain that relationship in the future economy.
Thomas A. Kochan is the George M. Bunker Professor of Work and Employment Relations at MIT’s Sloan School of Management, Co-Director of the MIT Institute for Work and Employment Research, and Chair of the MIT Faculty. He received his Ph.D. in Industrial Relations from the University of Wisconsin in 1973. He is past President of the Industrial Relations Research Association and the International Industrial Relations Association.
Adam Seth Litwin is Assistant Professor and a founding member of the faculty at the Carey Business School at Johns Hopkins University. His research focuses on the interplay of employment practices and workplace technological change. His dissertation, completed at the MIT Sloan School of Management, examined the influence of the employment relationship on the adoption, diffusion, and effective deployment of health IT. Aside from his broad interests in employment relations and strategic HRM, he has recently focused on the effects of employee involvement programs in the healthcare industry as well as on the issue of employment practices in small business.
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