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A Quantitative Model of Individual Human Capital

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The Establishment and Application 33 The current issue and full text archive of this journal is available on WSP Insight at: http://www.wsp-publishing.com/Enhome/Periodical/plist/pid2/258 JCHRM The Establishment and Application of Talent Evaluation ， 12 1 System: A Quantitative Model of Individual Human Capital Suning Zhang（MBA，FRSA） Deputy Director of Human Resource Management Professional Committee of China 18 Management Science Society Chief Management Scientist of Shanghai Junhuang Enterprise Management Consulting Center Abstract Based on the analysis of the current research status of human capital quantification, this paper innovatively puts forward the concept of individual human capital quantification -- the Talent Valuation Model. It summarizes the twelve key assessment factors that affect talent valuation, named“Junhuang Elements”and established the relationship between“Junhuang Elements”and the talent value of the individual. The establishment of the talent valuation model provides the possibility and tools for the quantitative research and application of individual human capital. On this basis, the author also constructed an individual human capital assessment system including three modules of Talent Inherent Price module, Talent Market Price module and Human Capital Stock Exchange Price module. And designed application scenarios for the system in both macro and micro dimensions, including Precise Salary for Company, Performance Quantitative Assessment, Human Capital Tracking and Tracing System, Human Capital Assessment Certification System, Human Capital Value-Added System, Human Capital Finance and Human Capital Bank, Human Capital Stock Exchange, etc. The study of talent valuation model and Talent Evaluation System will lead to the birth of two brand-new“trillion-level”industries: human capital finance & human capital bank, talent exchange, which will help macroeconomic development and social employment. Keywords Individual Human Capital；Individual Human Capital Measurement；Talent Assessment；Talent value；Human Capital Stock Exchange；Human Capital Finance；Human Capital Bank；Precise Salary；Precise Performance Assessment 1. INTRODUCTION This is a big problem that has always plagued entrepreneurs and human resource professions，which how to accurately and reasonably assessed individual talents’value. It is a topic of individual human capital measurement. Traditionally, the research on human capital in academia is mainly based on countries, regions, organizations, etc., and few scholars are involved in the field of quantitative research on individual human capital. In addition, the subject requires high theoretical and practical experience for researchers, so it is extremely rare to see the research results of individual human capital measurement. This paper focuses on the individual human capital measurement, using quantitative methods to establish a model for estimating the value and price of individual human capital. And based on the module to build a Talent Evaluation System and to make it be used widely in real scenes. According to the author’s forty years of practical experience and research in human resource management, the concept, structure, and application scenarios of the“ Talent Valuation Model ”are proposed for the first time. 2. Literature Review 2.1 Human Capital In the field of human resource management, human capital can be defined as the stock of habits, knowledge, social and personality attributes (including creativity) embodied in the ability to perform labor so as to produce economic value.”(Goldin 2016) [1]“Human Capital”, the words, was created in the 1960s by Prof. Theodore Schultz, the winner of the 1979 Nobel Memorial Prize in Economic Sciences (Schultz 1961) [2] In general, human capital is a collection of a series of activities, that is, all the knowledge, talent， Journal of Chinese Human Resource Management skills, experience, intelligence, training, abilities judgment, and wisdom possessed by individuals and Vol. 12 No. 1, 2021 pp. 18‑33 groups in a population. This represents a form of wealth that can be used to achieve national or regional © World Scientific Publishing House 2040‑8005 goals. Human capital is divided into three types: knowledge capital, social capital, and emotional capital. DOI: 10.47297/wspchrm WSP2040‑800502.20211201 The characteristics of Human capital are the innovative, creative, and effective allocation of resources, adjustment of corporate development strategies, and other market response capabilities, etc. The The generally accepted view in the industry is that the original idea of“human capital”comes from Establishment Adam Smith, the“father of modern economics”in the 18th century. He defines“human capital”as one and Application of four types of fixed capital:“the acquired and useful abilities of all the inhabitants or members of the society.”He believes that the talents acquired by members of society and residents through education, apprenticeships, and internships can become wealth for him and the society or organization to which he 19 belongs.“The acquired and useful abilities of all the inhabitants or members of the society. The acquisition of such talents, by the maintenance of the acquirer during his education, study, or apprenticeship, always costs a real expense, which is a capital fixed and realized, as it were, in his person. Those talents, as they make a part of his fortune, so do they likewise that of the society to which he belongs.”[3] The modern“human capital”theory was founded by Gary Becker, an economist and winner of the 1992 Nobel Memorial Prize in Economic Sciences, Jacob Mincer, a father of modern labor economics, and Theodore Schultz, an American economist and winner of the 1979 Nobel Memorial Prize in Economic Sciences. Becker (1993) believes that human capital is a means of production that can be repaid through investment. Investing in human capital will improve the employee’s productivity and earnings. A person can invest in human capital through education and training, etc., and obtain a certain degree of return [4]. In the 1990s, the concept of human capital was extended to include natural abilities, physical fitness, and healthiness, which are crucial for an individual’s success in acquiring knowledge and skills (Caves 2004) [5]. Nowotny (1981) is commonly cited for coining the term be Emotional capital (Gillies 2006; Relay 2004) [6] [7]. Gendron argued that emotional capital is the set of resources (the personal and social emotional competencies) that is inherent to the person, useful for personal, professional, and organizational development, and participates in social cohesion and has personal, economic, and social returns (Gendron, 2004) [8]. Cottingham used emotional capital to refer to one’s trans-situational, emotion-based knowledge, emotion management skills, and feeling capacities, which are both socially emergent and critical to the maintenance of power (Cottingham, 2016) [9]. Gendron B. also stated that emotional capital is a catalyzer, potentionalizing –boostering capital more than a simple additional capital as it is essential for utilizing effectively social and human capital. (Gendron B. 2006) [10]. For ideological reason, social capital has no set and commonly agreed upon definition. So social capital does not have a clear, undisputed meaning.“A resource that actors derive from specific social structures and then use to pursue their interests; it is created by changes in the relationship among actors”(Baker 1990) [11].“Made up of social obligations (’connections’), which is convertible, in certain conditions, into economic capital and may be institutionalized in the form of a title of nobility”(Bourdieu 1986) [12]. “The existence of a certain set of informal values or norms shared among members of a group that permit cooperation among them”(Fukuyama 1997) [13]. The commonalities of most definitions of social capital are that they focus on social relations that have productive benefits. 2.2 Firm Specific Human Capital Vs. General Human Capital Regarding the situation of employees being employed by an enterprise, the concept of Firm-Specific Human Capital (FSHC) has been introduced. In general, firm-specific human capital refers to skills or knowledge that is useful only to a single employer or industry, whereas general human capital is useful to all employers (Becker 1993) [4]. Following Becker, the human capital literature often distinguishes between“specific”and“general”human capital (Becker 1993) [4]. Many scholars pointed those resources and capabilities may take the form of FSHC (Coff, 1997; Hatch&Dyer, 2004; Kor&Leblebici, 2005) [14] [15] [16] —knowledge, skills, and abilities that have limited value outside of a given firm. As a whole would appear to increase the importance of specific training and the incentive for firms to invest in human capital (Becker 1993) [4]. Economists view firm- specific human capital as risky because it cannot be transferred. Barney JB (1991) suggested one type of Human Capital by firm-specific invested, which needs to be realized through the willingness and ability of employees and it is usually regarded as general human JCHRM capital that employees can freely control. Such as: teamwork training, learning how to coordinate 12，1 resources, learning to meet the needs of different customers, learning to use company resources to innovate, etc. It is not hard to see these capabilities are valuable to almost all companies (Barney, 1991) [17]. As long as labor markets are reasonably
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