1.4 Ways to assess human capital

The world around us, with all its diversity, is arranged in such a way that the processes and phenomena in nature and society obey certain rules. In other words, there are typical, established, repeatedly repeated, universal relationships, connections, both between the processes themselves and between the indicators that characterize them. These can be relationships of a cause-and-effect nature (a given cause always generates a given effect), stable dependencies between simultaneously manifesting different sides of the same process, or repeatedly manifesting the same type of results of the interaction of different phenomena. Universal universal ways of "behavior" of everything that exists in the world, phenomena of a given kind, class, objectively characteristic of all, are usually called laws.
Quite often one hears about the existence and manifestation of economic laws that characterize the typical features of relationships and interactions between parts, elements. economic system, including people involved in economic processes. Usually, this refers to the existence of universal, constantly observed links and relationships between the production, distribution, exchange, consumption of things, goods, services and indicators characterizing these processes.
The most ancient documents, in which the rules and norms of the economic behavior of citizens, the relationship between them and the state, between the slave and the master, monetary relations, were recorded, can be considered laws.
The laws of Manu, which prevailed in India in the 6th century BC, regulated the rights and relations of property.
The eminent economist Alfred Marshall wrote that “the formulation of economic laws takes into account how a person tends to act in certain conditions. They are in one way reminiscent of physical laws: both require the existence of certain conditions. The laws of human behavior, of course, are not simple, defined and not as clearly established as the law of universal gravitation, but many of them can be attributed to natural laws dealing with a complex subject of study.
Economic laws determine the order of functioning at the micro level economic categories. Category They call the economic extremely general, fundamental concept, reflecting the most significant, regular connections of the system of production relations.
At the same time, economic theory paid due attention to man.
Currently, the search for ways to activate the human factor within the organization and taking into account the socio-psychological characteristics of all members labor collective is one of the decisive conditions for increasing the efficiency of any organization. Russian organizations face fundamentally new tasks. If initially these were issues of stimulating the employee, retaining highly qualified specialists at the enterprise, now it is the creation of an integrated system for providing High Quality working life of workers. Under these conditions, the development of a management concept social development organization and the creation on its basis of a model of social management of the organization will contribute to the most effective achievement of the goals of the organization.
Thus, for Russian organizations, the transition from the bureaucratic (administrative) to the social paradigm of management, according to which a person is considered as a non-renewable resource, the main element of a sociotechnical organization, becomes relevant. In this regard, the emphasis is on activating the role of a person, on strengthening his impact on social groups, teams in order to organize and coordinate their activities. The main task of managing the social development of an organization in accordance with this paradigm is to improve the quality of the working life of the organization's employees.
The economic or old paradigm considered man as one of the factors of the production process, as an element of the labor process. Thus, a person in the management process was presented as an object of management that performs a certain function, namely the function of labor, measured by working time. The personnel of the organization was considered as an ordinary, renewable, and not as a unique, irreplaceable resource, therefore, practically no attention was paid to the socio-psychological climate in the workplace. The economic paradigm, putting the value approach to a person at the forefront, has developed specific tools for its implementation. scientific management”, most clearly embodied in “Taylorism”.
Thus, the system of production relations is reflected in science through a system of categories. Revealing the system of categories in the economy makes it possible to reveal the logic of its development, the regular transformation of the structure of its concepts, and thereby adequately reflect the realities of economic life.
Labor resources are the most important and active part of society's resources. This is the able-bodied part of the population with physical and intellectual abilities for labor activity, which can produce material goods or provide services.
There are the following criteria for the effectiveness of the division of labor:
1. Technical criteria for the effectiveness of the division of labor are determined by the capabilities of equipment, tools, fixtures, and requirements for consumer product quality.
2. The economic direction of improving the division of labor is to achieve savings in labor and material costs, which, in turn, leads to a reduction in production costs and an increase in the profit of the enterprise. The economic criteria for the division of labor are: the cost of working time and material costs for the performance of work, the degree of use of the qualifications of workers, the duration of the production cycle for manufacturing a product, the level of labor productivity, production costs, and the profit of an enterprise.
3. Psychophysiological criteria for the division of labor are indicators of human performance, which depend on sanitary and hygienic working conditions, on the severity and mentally uneven intensity of labor, on the distribution of physical loads with mental ones.
4. social criteria division of labor serve the stability of the team, low fluidity personnel, high labor discipline, a good state of interpersonal relations between interacting workers, a high level of their social activity, satisfaction with the content and working conditions.
Great social and economic importance has an education. It is characterized by the percentage of literates, the average number of years of schooling, and so on. It is very important to predict the size of the population. It allows you to identify the expected changes in the population, assess the demographic situation, and determine the size of the labor force.
The labor potential of an enterprise is the limiting value of the possible participation of employees in production, taking into account their psychological characteristics, the level of professional knowledge and accumulated experience. When determining its value, it is important to choose the right measurement indicator, namely man-hour. The value of labor potential can be determined at any level: society, enterprise, person.
It is necessary to correctly identify a group of people with different levels of potential, participating in social production. Moreover, the duration of the calendar period of such participation of individual workers is not always an unambiguous criterion for the magnitude of the potential. For example, men and women, due to the physiological characteristics of the body, with other equal conditions for the same unit of working time, they produce a different amount of consumer value (they perform an unequal amount of work). These and other features must necessarily be taken into account when grouping workers according to the main feature, which in this case is the ability and opportunity to participate in socially useful work.
Evaluation of the productive abilities of a person, as well as the effectiveness of the costs of developing these abilities and increasing labor productivity has been and remains one of the key issues economic theory and management. To carry out such calculations, scientists and practitioners have proposed a wide variety of methods and tools that take into account the quantitative and qualitative characteristics of human abilities and skills, involving the expression of the amount of human capital accumulated by individuals, firms and society as a whole, the volume of investments in human capital from various sources, competitive benefits derived from the accumulation of human capital. And all because in management the human component is the most burdensome of all assets. The almost limitless variety and unpredictability of humans makes them incredibly difficult to evaluate, far more complex than any electromechanical assembly that comes with prescribed practical specifications. However, people are the only element that has the ability to produce value. All other variables - money and credit, raw materials, factories, equipment and energy - can offer only inert potentials. By their very nature, they add nothing and cannot add anything until a person, be it the lowest skilled worker, the most skilled professional, or the highest manager, uses this potential by making it work.
It is believed that the first cost estimates to measure the value of an able-bodied person were applied by V. Petty, who estimated the value of the stock of human capital by capitalization of earnings as a life annuity with a market rate of interest. A. Smith explained differentiation wages skilled and unskilled workers by differences in time, labor and money costs that the former incurred to obtain the necessary knowledge, skills and craftsmanship. Among the names of Western economists who considered people or their skill as capital are such well-known authors in the history of Western economic thought: William Petty, Adam Smith, Jean-Baptiste Say, Nassau Senior, Friedrich List, Johann von Thünen, Walter Bagehot, Ernst Engel, Henry Sidgwick, Leon Walras and Irving Fisher. Basically, two methods of valuation of human beings were used: the cost of production and the procedure for capitalizing earnings. The first procedure is to estimate the real costs (usually the net expenditure of livelihoods) on the "production" of a person; the second is to evaluate the present (reduced to the present moment of time) value of the individual's future income stream (net or gross income).
Many economists have pointed to the need and possibility of economic valuation of the labor force, and also talked about the use of these valuations for specific purposes. Many of them considered human beings or their acquired abilities and skills as a component of capital. Moreover, some have tried to estimate the value of this capital both at the microeconomic and macroeconomic levels and use these estimates for private purposes (for example, to estimate the total economic losses as a result of wars); others simply included human beings (or their acquired abilities and skills) in their definition of capital and recognized the importance of investing in them as a means of increasing their productivity. This is the second group of theorists who have never attempted either to evaluate human capital or to apply this concept for any particular purpose.
Most economists believed that human beings should be included in the category of capital for three reasons:
- the costs of upbringing and education of human beings are real costs;
- the product of their labor increases the national wealth;
- spending per person that increases this product will increase the national wealth.
Adam Smith, although he did not precisely define the concept of "capital", included in this category of fixed capital the skill and useful abilities of human beings. According to Friedrich List, the skill and acquired abilities of human beings, inherited for the most part from past labor and self-restraint, are the most important component of the national capital stock. He argued that in both production and consumption, the contribution of human capital to output can be considered.
E. Engel preferred the method of production prices to determine the monetary value of human beings, believing that the measure of this value is the cost of parents to raise children. W. Farr calculated the value of human capital by the present value of an individual's future earnings (future earnings minus personal living costs) adjusted for mortality rates. T. Witstein combined the approaches of W. Farr and E. Engel to the assessment of human capital (that is, assessments using capitalized earnings and production prices), assuming that the amount of earnings during an individual's life is equal to the sum of the costs of his maintenance and education. Witstein derived the following formulas:

, (1)
where a - annual consumption costs, including education per adult German of a certain profession; r \u003d (1 + i), where i - market interest rate; P \u003d 1 / r; Ln - number of people aged n in the life table; Rn - the value of the one-taler rent of a person aged n, acquired by him at the time of his birth (for a given r); X - the value of future income per person in a certain profession; N - the age at which a person enters working life.
The approaches of W. Farr and T. Witstein to the assessment of human capital were developed by American economists and sociologists L. Dublin and A. Lotka. They came up with the following formula:

(2)

where V0 is the value of the individual at the time of birth; - value in this moment one dollar received in x years; Px is the probability of a person surviving to age x; Yx is the annual earnings of a person from the moment x to x + 1; Ex is the share of people employed in production at the age from x to x + 1 (W. Farr assumed full employment); Cx is the value of the cost of a person's life aged from x to x + 1.
To determine the monetary value of a person of a certain age (for example, a), the formula can be converted to the form:

(3)

This method of capitalizing an individual's earnings, minus the cost of consuming or maintaining them, provides a useful estimate for many purposes.
The methods developed by these authors for assessing the economic significance of a person's ability to work (or human capital) are technically perfect and suitable for practical use on real information.
T. Schultz used the following cost-benefit approach to determine the value of human capital: he multiplied the cost of one year of each educational level (taking into account constant earnings) by the number of person-years of education accumulated by the population by a particular point in time, adjusted for unequal duration school year. At the same time, the value of the cost of education was taken as a basis, referring not to the time of its receipt, but to the year of calculation, that is, not the initial, but the replacement cost of the educational component of human capital was determined. Similar calculations were made by J. Kendrick. He determined the value of human capital at the initial cost using specially designed price indices, taking into account the depreciation of knowledge and skills. Similar studies were also carried out by the domestic economist V.I.Martinkevich. In domestic economic literature, for a long time, instead of the concept of "human capital", the concept of "education fund" was used. The education fund is a cost assessment of the knowledge, skills, abilities and experience accumulated by an employee. When calculating its value, two main approaches were used: 1) summing up the actual education costs incurred over a given long period of time; 2) assessment of the real productive value of the stock of knowledge, skills, abilities, experience that the work force in a certain period of time.
Of course, studies of the methodology for assessing human capital are not limited to the works of these scientists. This topic is still very relevant and important, therefore it is constantly being researched, and within the framework of modern theory human capital to measure the value of human assets, the following main methods are used:
In-kind (temporary) estimates that involve the measurement of human capital (or rather, its educational component) in person-years of education. This method is considered one of the simplest, but its accuracy is not always sufficient, since it is impossible to fully take into account the unequal year of study at different levels of education, that is, when receiving a general (school, gymnasium, lyceum), secondary vocational (college, college), higher (university, institute), etc.
Cost models that take into account the acquisition cost, replacement cost, or opportunity cost of human assets.
Monetary models for assessing human capital based on the calculation of the income of its future owners and users. In this case, the value of human capital is measured not by the price of its production, but by the economic effect of its use.
Human capital value models that combine non-monetary behavioral value models with monetary economic value models.
Despite the numerous works that study human capital and the variety of approaches to its assessment, in practice, when measuring this type of capital, a huge number of unresolved problems remain, since some human capital assets cannot be directly assessed. Therefore, it is necessary to resort to various kinds of indirect methods for their evaluation. This suggests that the calculation of cost values ​​is a very time-consuming process. However, this is not the only difficulty in the human capital assessment process. Much more difficult is the collection, processing and assessment of the reliability of the necessary information at all levels of research (macroeconomic, regional, corporate). There are doubts that methods for assessing human capital have a real practical value and that at least one of them can be trusted.
Scandinavian researchers D. Andriessen and R. Thyssen argue that there are several practical methods for tracking the value of intangible assets, and in particular human capital, which can be divided into two broad categories:
Measurement methods that offer indicators that could give managers a better idea of ​​the intangible assets of their companies.
Valuation methods, the purpose of which is to value the company's intangible assets in monetary terms.
Accountants have long unanimously rejected the idea of ​​calculating the value of human capital, because they were sure that quantitative data would almost certainly be based on rough assumptions. In 1998, a report by the Organization for Economic Co-operation and Development unambiguously stated that “… with regard to human capital, what is measured is what can be measured, not what needs to be measured.” This is the reason for such a skeptical attitude of accountants and financial analysts to the idea of ​​human resource accounting. And for now existing systems accounting do not allow to consider workers as an object for investment. It's a paradox, but today the purchase of a conventional computer for several thousand dollars is viewed as bargain, increasing the assets of the company, and using the same money to find and hire a highly qualified worker is perceived as one-time expenses reducing profit in the reporting period. Nevertheless, the value of the advantage in human capital is already generally recognized today, therefore, methods for determining the value of this type of capital are of particular interest not only to theoretical scientists, but also to practical managers. The following reasons for this can be identified:
Human capital is a key element of a company's market value and, therefore, its price should be included in the calculation as an indicator for investors or those considering the acquisition or merger of enterprises, including intangible assets.
Determining the criteria for evaluating human assets, collecting and analyzing relevant information draws the attention of the organization to what needs to be done to find, maintain, develop and the best way use its human capital.
Measuring the value of human capital can provide the basis for resource-based human resource management strategies that are linked to the development of organizational knowledge and skills.
Measurements can be used to evaluate the effectiveness of the use of human resources and monitor progress towards the strategic goals of human resource management.
Based on the experience of leading companies in the field of human resource management, a number of basic approaches to assessing the human capital of an organization can be identified.
Method for calculating direct personnel costs.
This is a method of determining (or analyzing) the initial and replacement costs for personnel. It focuses on the firm's costs associated not with the maintenance of personnel, but with their acquisition and replacement.
Method competitive evaluation value of human capital. This method is a combination of the two approaches to determining personnel costs described above and is based on taking into account the total costs and potential damage to the company if an employee leaves it. The method involves estimating personnel costs, taking into account the possibility of a person moving to another job. Any decision to change jobs depends on the present value of net mobility benefits greater than zero. The following formula is used to calculate the present value of the net benefits:

(4)

where W1 is the current value of net benefits in the year t=1; Bjt is the utility (monetary or moral) received from j-th job per year; Вit - utility (monetary and moral) received from i-th job per year; C - utility lost when moving and changing jobs (investment in mobility); r - interest rate; T - time (in years) during which utility is obtained from mobility.
The vast majority of people decide to move for economic reasons. This is evidenced by the data of sociological surveys in different countries. Approximately half of all moves, according to American sociologists, are caused by the decision to change jobs. Hence, the conclusions of the human capital theory for migration can be tested in the labor market. Migration comes at a cost. First, there is the cost of collecting information about areas with the best earning opportunities and employment conditions. Second, the monetary cost of moving increases with distance, so people are more likely to move short distances and less often long distances. In addition, people tend to move to areas where they have relatives and acquaintances, or at least where people live who speak the same language and have the same customs. This makes it possible to reduce the moral and informational costs of migrants.
The considered method is much more complicated than the previous ones, but it gives a much more efficient estimate of the real value of the firm's human capital.
The prospective cost of human capital method takes into account the addition to the assessment of the competitive cost of human capital in the future for 3,5,10 and 25 years. This assessment is primarily required for companies involved in the development of large and long-term projects, for example, conducting research in the field of innovation or building large high-tech facilities.
A method of measuring the individual cost of an employee. Unlike the previous methods, it does not evaluate Various types personnel costs, but the possible income that it can bring to the company.
Estimating the value of human capital based on tests in a business environment can be obtained based on two approaches:
a) according to the specific results obtained by the employee based on the profit that he brought to the company, or to increase its assets, including intellectual ones;
b) assessment of human capital based on a system of business exercises in management, economics and marketing based on high information technologies is based on a forecast of the results of the manager's work in a business environment that is as close as possible to his real environment.
financial method defines the value of human capital as the difference between the total market value of the company and the value of its tangible and intangible assets.
Comparative method involves an indirect assessment of the value of human capital based on a comparison of the performance of the company with the performance of competitors.
However, none of the listed approaches can claim the “title” of a sufficiently accurate integral method for assessing the human capital of an organization. The essence of this problem was quite clearly identified in the late 1990s. N. Bontis et al: "All these models suffer from subjectivity, uncertainty and lack of reliability, since there can be no confidence in the accuracy of such measurements" .
The prerequisites for improving the methodology for calculating the values ​​of human capital indicators are created by the most important unified principles of the expansion company of national wealth. This methodology is characterized by the relative simplicity of using the available statistics on GDP, as well as their regrouping and refinement of the values ​​of indicators of investment in human capital and accumulation as part of national wealth. The expansion concept makes it possible to more reasonably calculate the values ​​of human capital indicators as an element of national wealth. At the same time, the accumulated knowledge is taken into account with effective participation in economic life and wages. Calculations of such indicators are quite accessible to experts in most countries, including Belarus. The obtained estimates of the elements by the costs of the state, families, entrepreneurs and various funds allow us to determine the current annual total costs of the Belarusian society for the reproduction of human capital.
A person's high level of special education will be confirmed if, when working abroad, his remuneration is not lower than the remuneration of similar workers in the respective countries.

The article presents the results of a study of approaches and methods for assessing human capital used in Russian and foreign practice. An attempt has been made to make general classification methods for assessing human capital. Assessment methods differ in the level of consideration of human capital (mega-, macro-, meso-, micro-levels), at the micro level, depending on the allocated components (the entire capital is assessed as a whole or individual components are assessed and then their sum), depending on the approach - costly or profitable. The authors formulated an approach to the classification of methods for assessing human capital according to the objectives of the assessment. When assessing a company for the purpose of further merger or acquisition, an assessment of the human capital as a whole is required; in order to make a decision in the field of personnel management, it is required to evaluate an individual (most often using income approach).

human capital

methods for assessing human capital

approaches to assessing human capital

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The development of the knowledge economy currently poses new challenges for appraisers, namely: the creation of technologies for valuation of intangible assets, intellectual capital, etc. The complexity of assessing these categories is due, among other things, to the ambiguity of their wording.

Human capital in the structure of a company's intellectual capital is the basic one that determines the successful development of other components, so intellectual capital, or intangible assets, is an important component in business valuation.

AT modern conditions on the the economic growth to a greater extent, such factors as the innovative susceptibility of the economy, intellectual capital, the quality of human potential, that is, the person and his capabilities are of key importance. In the scientific literature, approaches to the study of the role of a person in economic processes have changed from using the categories of labor force, labor resources, and the human factor to using the category of human capital. Human capital is one of the structural components of intellectual capital, which also includes relationship capital (consumer, client, brand, market) and structural (organizational) capital.

Despite the fact that a number of researchers believe that the formulation of the problem of assessing human capital is fundamentally incorrect, the need to assess human capital, in our opinion, is an indisputable fact. However, as G.N. Tuguskin, when assessing human capital, financial indicators are mainly used, and quite separately. There are various approaches to assessing individual components of human capital, but a clear methodology for its integrated assessment has not been developed to date, and there are no clear recommendations on the choice of methods in different situations. In addition, the experience of assessing human capital in Russian enterprises is insufficient.

The analysis of approaches and methods for assessing human capital in Russian and foreign practice made it possible to identify the following criteria for their classification: by economic level (macro-, micro-), by the interpretation of human capital used, by the approach used.

At the micro level, the human capital of an individual is assessed, which is then summed up to obtain a general assessment of the human capital of the organization or the human capital of the organization as a whole is assessed, at the meso level - human capital large corporations and the region, the macro level is human capital on a scale national economy, the mega level is an assessment of human capital on a global, world scale.

The main method for assessing human capital at the macro level (mega-, meso-) is the calculation of the human development index. This is an integrative indicator that takes into account: factors of the well-being of the population (GDP per capita); health factors (life expectancy), the level of education of the population and others.

Most often, this technique is used government bodies authorities of different levels as a tool for evaluating the effectiveness of investments in improving the quality of human capital.

The vast majority of methods allow assessing human capital at the micro level, most of them are presented in the table.

Different groups of methods for assessing human capital are also distinguished depending on the interpretation used: a person in itself is capital, or capital is a combination of abilities inherited and acquired by a person, or human capital is a resource used by firms to obtain their income. The calculation of the cost of human capital based on tests in a business environment can be obtained on the basis of two business games, seminars, professional courses with the help of high information technologies. Adding to this an assessment of the cost of the prospective competitiveness of human capital, we obtain a comprehensive assessment of the organization's human capital.

Foreign researchers, considering human capital as a set of accumulated knowledge, skills and abilities, single out educational skills and socialization skills in its composition. At the same time, such a feature stands out: in the United States, socialization skills are more in demand: the ability to work in a team, leadership qualities, and in the countries of Southeast Asia - learning skills, namely discipline, learning ability, academic performance. As a result, there are different approaches to assessing human capital (building testing, interviews, etc.).

Methods used in the United States for assessing individual human capital are aimed at assessing the availability and development of socialization skills. In the countries of Southeast Asia, assessment methods test knowledge, ability to acquire new knowledge, etc.

The study of existing methods for assessing human capital led to the following conclusion: the first thing to decide before choosing a methodology is the level of study of human capital. At the micro level, the second question arises - for what purpose is the assessment of human capital: the purchase of a business or personnel management, and then the approach used (amortization, income, cost, etc.) is determined.

Assessment method selection procedure:

1. Determining the level of evaluation.

2. Choice of the purpose of the study.

3. Choice of research approach.

The assessment of human capital in personnel management is mainly used to determine the adequate wages of employees, in order to interest a person in further professional development, increase production efficiency (productivity), and also motivate further career growth and work in this particular company.

When buying a business, one of the first places in the assessment of its potential profitability is the staff of the acquired company. This circumstance is due to the fact that the carriers of value are not only real estate, buildings, structures, machines, equipment, but also the image, logo, past achievements, prestige of the organization - everything that is created by the employees of the enterprise. The professional and qualification potential of employees determines the possibility of effective use of the acquired property. From the point of view of assessing human capital as part of the acquired asset, adapted methods for assessing intangible assets prevail (table). However, it must be understood that the value of human capital will be high only if employees are interested in further work with the new management.

Methods for assessing human capital at the micro level

As a result of the study, approaches to the classification of methods for assessing human capital existing in Russian and foreign practice were identified. The main criteria for classification are the economic level and the purpose of assessing human capital.

Reviewers:

Mazelis L.S., Doctor of Economics, Professor, Head of the Department of Mathematics and Modeling, Vladivostok State University of Economics and Service, Vladivostok;

Osipov V.A., Doctor of Economics, Professor of the Department of International Business and Finance, Vladivostok State University of Economics and Service, Vladivostok.

Bibliographic link

Evaluation of a person's productive abilities, as well as the effectiveness of the costs of developing these abilities and increasing labor productivity, has been and remains one of the key problems of economic theory and management. To carry out such calculations, scientists and practitioners have proposed a wide variety of methods and tools that take into account the quantitative and qualitative characteristics of human abilities and skills, involving the expression of the value of human capital in physical and cost (monetary) meters. The value and value of human capital accumulated by individuals, firms and society as a whole, the volume of investments in human capital from various sources, and the competitive advantages obtained as a result of the accumulation of human capital were measured.

It is believed that for the first time the value approach to measuring the value of an able-bodied person was applied by W. Petty, estimating the value of the stock of human capital by capitalization of earnings as a life annuity, with a market rate of interest (capitalization is the calculation of the current value of an asset that will generate income in the future).

E. Engel preferred the method of production prices to determine the monetary value of human beings, believing that the measure of this value is the cost of parents to raise children. Although there is no simple and direct relationship between the cost of "producing" a person and its economic value, Engel's modified approach is useful in estimating components of human capital, such as capitalized health and education services.

W. Farr calculated the value of human capital by the present value of an individual's future net earnings (future earnings minus personal living costs) adjusted for mortality rates.

T. Witstein combined the approaches of W. Farr and E. Engel to the assessment of human capital (i.e., assessment using capitalized earnings and the price of production), assuming that the amount of earnings during the life of an individual is equal to the sum of the costs of his maintenance and education. The concept of human capital was used by Witstein to calculate life insurance compensation.

Farr's and Witstein's approaches to assessing human capital through the capitalization of earnings were developed by American economists and sociologists L. Dublin and A. Lotka, who also worked in the field of life insurance. Dublin and Lotka estimated the monetary value of a person aged * through her annual earnings from the moment * until the end of life, minus the cost of living in this period, taking into account the probability of a person surviving to a given age. From the point of view of supporters of the theory of human capital, the work of Farr, Dublin and Lotka is the starting point for scientists involved in methods for assessing the value of human capital or its components.

The method of capitalization of earnings was also used to assess human capital by L. Turow. Since (according to the concept of human capital) it is not labor that is sold, but only labor services for a limited period, Thurow proposed to measure the cost of human productive abilities indirectly, using market values ​​for which they can be rented.

According to M. Friedman, human capital provides labor with a permanent (permanent, continuous) income, which can be represented as a discounted wage (weighted average annual earnings reduced to the current moment) received by an employee during the entire working life period. Therefore, the total value of human capital is defined as follows:

whereW n - the annual earnings expected by the individual from the use of human capital;P is the lifespan of an individual in years.

According to G. Becker, each person can be considered as a combination of one unit of simple labor, which any able-bodied individual possesses, and a certain amount of human capital embodied in it (i.e. additional, specific knowledge, skills, etc.). Consequently, the wages received by any worker can also be considered as a combination of the market price of these two components. The assessment of human capital within the framework of this approach has the following form:

where Va is the assessment of the human capital of an employee aged a; B - total salary; C - part of wages attributable to simple labor; l

• - age at which activity ends labor activity person; /
• - interest rate.

A different, cost-based approach was used by T. Schultz, who in 1961 calculated the value of human capital in the United States. He applied the following method: the cost of one year of education at each level, as it was in 1956 (taking into account lost earnings), was multiplied by the number of person-years of education accumulated by the population at a given point in time. The number of person-years of education was determined by adjusting for the unequal length of the academic year. At the same time, the value of the cost of education was taken as a basis, referring not to the time of its receipt, but to the year of calculation, t.s. not the initial, but the replacement cost of the educational component of human capital was determined. Similar calculations were made by J. Kendrick in 1976 in the monograph "The total capital of the United States and its formation." He determined the value of human capital at the initial cost using specially designed price indices, taking into account the depreciation of knowledge and skills.

Similar studies were also carried out by the domestic economist V. I. Martsinkevich. In domestic economic literature, for a long time, instead of the concept of "human capital", the concept of "education fund" was used. The education fund is a cost assessment of the knowledge, skills, abilities and experience accumulated by employees. When calculating its value, two main approaches were used: 1) summing up the actual expenditures on education made over a given long period of time; 2) an assessment of the real productive value of the stock of knowledge, skills, abilities, experience that the labor force has in a certain period of time.

In modern statistics, the human development index of a particular country (HDI) is calculated as the geometric mean of the life expectancy index (LEI), the education index (?7) and the income index (11):

where LE is life expectancy, years; MYSI - index of average duration of study; EYSI - index of expected duration of study; MYS - average duration of education of the population, years; EYS - expected duration of education of the population still receiving education, years; GNIpc - VIEW per capita, USD.

Another extremely important approach to the assessment of human capital in the conditions of the modern information economy was proposed almost independently of each other by J. St. Onge, P. Sullivan, T. Stewart, L. Edvinsson and M. Malone, who turned to the problem of studying human capital as part of intellectual capital, considering it the most important component that determines market value modern company. Since people can be hired but not owned, human capital cannot be classified not only as a firm's savings, but also cannot be considered as one of its assets. It can be considered only as a temporary borrowing, attributable in accordance with the rules of accounting to liabilities, like debentures or shares of a company. In the asset of the company, this inherently debt obligation is balanced by goodwill (English, good-mil - “good will”) - subjective assessments of the company's intangible assets by shareholders, buyers, business partners and agents of the stock markets. Proponents of this approach suggest! judge the value of human capital using a number of indirect indicators that have a monetary dimension, for example, by the excess of the company's market price, calculated as the product of the price of one share by their total number, over the book value of tangible assets. The dimensions of this excess give, in their opinion, general idea about the size of goodwill.

D. Peterson and T. Parkinson proposed another option for determining the value of invisible assets - by calculating the excess of the profit of a company with human capital over the profit of a company that uses similar tangible assets, but does not use intangible factors. For example, ceteris paribus, the profit of a firm that has a well-known trademark that creates an appropriate image is higher than that of cc competitors.

• 1. In-kind (temporary) estimates that involve the measurement of human capital (or rather, its educational component) in person-years of education. This method is considered one of the simplest, but its accuracy is not always sufficient, since it is impossible to fully take into account the unevenness of the year of study at different levels of education (general, secondary vocational, higher, etc.).
• 2. Cost models that take into account the initial cost, acquisition cost, replacement cost, or opportunity cost of human assets.
• 3. Monetary models for assessing human capital based on the calculation of the future income of its owners and users.
• 4. Human capital value models that combine non-monetary behavioral value models with monetary economic value models.
• Despite the large number of works that study human capital and the variety of approaches to its assessment, in practice there are many unresolved problems in measuring the value of this type of capital. The main difficulty is that some human capital assets are not directly measurable, for example, there is no direct way to measure either the quantity or the value of human abilities. Therefore, it is necessary to resort to various kinds of indirect methods for their assessment, to use not only quantitative, but also qualitative, as well as indirect indicators. In addition to the fact that the calculation of value values ​​in itself is a very time-consuming process, it is much more difficult to collect, process and evaluate the reliability of the necessary information, and this applies to any level of research (macroeconomic, regional, corporate).

So, back in the early 1960s, R. Germanson and E. Flamholz proposed the concept of "Analysis (or, according to other sources, audit) of human resources" ("Human Resources Accounting", HRA or HRA), which today is one of the most interesting and well-known attempts to use the theory of human capital at the corporate level. In his first works, E. Flamholz pointed out the main tasks of the AChR:

• - provide information necessary for making decisions in the field of personnel management for both personnel managers and senior management;
• - provide managers with methods of numerical measurement of the cost of human resources necessary for making specific decisions;
• Finally, get executives to think of people not as costs to be minimized, but rather as assets to be optimized.

R. Likert in 1967 popularized the views of the developers of the AChR concept. In the 1960s and 1970s, attempts were made to persuade investors and businesses to accept this view, but they did not lead to a positive result. The accountants unanimously rejected this idea, as they were sure that the quantitative data would almost certainly be based on rough assumptions. To this day, existing accounting systems do not allow considering personnel as an object for investment. So the purchase of a conventional computer for a couple of thousand dollars will be considered as an increase in the company's assets, and the cost of several tens of thousands of dollars to find a highly qualified specialist - as a one-time cost that reduces profits in the reporting period. An additional argument is that it is morally unacceptable to consider people as financial assets and, in any case, companies do not “own” people.

Nevertheless, the value of the advantage in human capital is already generally recognized today, therefore, methods for determining the value of this capital are of particular interest not only to theoretical scientists, but also to practical managers. The reasons for this are as follows.

• 1. Human capital is a key element of a company's market value, and therefore its price should be included in the calculation as an indicator for investors or those considering a merger or acquisition of a company, including its intangible assets.
• 2. Determining the criteria for evaluating human assets, collecting and analyzing relevant information draws the attention of the organization to what needs to be done to find, maintain, develop and make the best use of human capital.
• 3. Measuring the value of human capital can provide the basis for resource-oriented human resource management strategies that are associated with the development of key knowledge and skills for the organization.
• 4. Measurements can be used to evaluate the effectiveness of the use of human resources and monitor progress towards the strategic goals of human resource management.

At present, the methodology for measuring and analyzing human capital is mainly developing in the direction of improving and practical application concept of AHR. It can be said that modern HRA is a process of identifying, measuring and providing information about human resources to decision makers in an organization. AHR allows you to make more efficient planning of staff needs, the formation of a budget for human resources. Such an element of the AHR as a system for assessing the economic value of employees can be used by managers in the selection of personnel, planning programs for attracting, developing, and retaining human resources.

The experience of leading companies in the field of human resource management allows us to identify a number of fundamental approaches to assessing the human capital of an organization (Fig. 7) .

• 1. Method for calculating direct personnel costs. This is the simplest way for company managers to calculate the total economic costs incurred by the company on its staff, including an estimate of the cost of staff salaries, associated taxes, safety and labor improvement, training and skills development costs. The advantage of this method is its simplicity. The disadvantage is an incomplete assessment of the real value of human capital (part of it may simply not be used at the enterprise).
• 2. Method for determining (or analyzing) initial and recovery costs for personnel. The method focuses on the firm's costs associated not with the maintenance of personnel, but with its acquisition and replacement.

The company's initial personnel costs include: costs for recruitment, selection, design, provision of a workplace, promotion or internal recruitment, orientation and formal training, on-the-job training, instruction; losses associated with the lack of productivity of the beginner and the decrease in the productivity of his colleagues during his training.

Recovery costs (replacement costs) are the current costs necessary to replace a working specialist with another one who can more effectively perform the same functions (costs of acquiring a new specialist, training him and losses associated with the departure of a previous employee - direct payments to a departing employee and indirect costs associated with downtime of the workplace during the search for a replacement, a decrease in the productivity of the employee from the moment the decision to dismiss was made). Recovery costs, depending on the object to which they relate, can be divided into two types - positional and personal. The first do not refer to the employee himself, but to his workplace, position in the organization. The lost profits of the company from the departure of an employee (he could benefit in other positions and positions) are called personal recovery costs. It is extremely difficult to define them. Therefore, positional replacement costs are usually estimated.

Rice. 7.

Even the minimum assessment of replacement costs for low-skilled labor will always be higher than the assessment of simple wages, since the latter does not take into account the losses of the organization arising from the loss of worker experience and complex system his interactions with other employees.

• 3. Method of competitive assessment of the value of human capital. This method is a combination of the two approaches to determining personnel costs described above and is based on taking into account the total costs and potential damage to the company if an employee leaves it. The method involves the assessment:
  • - total personnel costs incurred by the leading competitor (taking into account comparable production capacities);
  • - individual bonuses to each employee of the company (obtained on the basis of qualified expert assessments) that a competing company could pay for its transition to them;
  • - additional company costs required to find an equivalent replacement for an employee in the event of his transfer to another company (including the cost of independent search, recruiting agencies, announcements in the press, etc.), as well as the cost of training and adaptation of a new employee;
  • - economic damage that the company will incur during the period of searching for a replacement and during the period of adaptation of a new employee, incl. losses due to a decrease in production volumes and sales of products or services, deterioration in product quality when replacing an employee with a new one, etc.;
  • - loss of unique intellectual products, skills, potential that an employee will take with him to a competitor's company;
  • - the possibility of losing a part of the market, increasing sales of a competitor and strengthening its influence on the market;
  • - changes in the systemic effects of synergy and emergence (increasing mutual influence and the emergence of qualitatively new properties) among members of the group in which the employee was located.

The considered method is much more complicated than the previous ones, but it gives a much more efficient estimate of the real value of the firm's human capital. The structure of the above assessment of human capital shows that the real value of human capital is 3-500 times higher than the nominally valued today in most Russian companies depending on the level of intelligence and qualifications of the employee. The rating is maximum for the "golden collars", the most qualified employees of the company, employed in the field of management, information systems and innovative intellectual processes.

• 4. The method of the prospective cost of human capital. Takes into account, in addition to assessing the competitive cost, the dynamics of the cost of human capital in the future for 3, 5, 10 and 25 years. This assessment is primarily required for companies involved in the development of large and long-term projects, for example, conducting research in the field of innovation or building large high-tech facilities. The fact is that the cost of a number of employees during the implementation of the project changes unevenly, growing sharply during the period when they achieve the most important results after a sufficiently long period of time and approaching the expected end results when the possible departure of a part of the staff from the company is associated with large economic losses.
• 5. The method of measuring the individual cost of an employee. Unlike previous methods, it does not evaluate various types of personnel costs, but the possible income that it can bring to the company. It is obvious that two workers, for the acquisition and training of which the same funds were spent, may subsequently have completely different productivity. work in an organization different time, and therefore have a different value for this company.

The model of the individual cost of an employee was proposed by scientists from the University of Michigan R. Hermanson, E. Flamholz and others. The model is based on the concepts of notional and realizable values. Obviously, the individual value of an employee for the organization is determined by the volume of services that he will provide or implement while working in it. At the same time, the value of an employee depends on whether he remains in this organization and it is here that he realizes his potential. Thus, the expected notional value of an employee includes all the potential income that the employee could bring to the organization if he worked for the rest of his life in it. The value of an employee, taking into account the likelihood that he will remain in the organization for some time, determines the expected realizable value. That is, the expected realizable value consists of two elements: the expected notional value and the probability of continued membership in the organization. The latter expresses the management's expectation of how much of this income (notional value) will be realized in the organization before the expected time of the employee's departure.

where ST and PC are the expected notional and realizable values, P(O) is the probability that the employee will stay in the organization for some time, P(7) is the probability of his leaving the organization or the turnover indicator, LIT is the opportunity cost of turnover.

Not always the employee with the greatest potential will be the most useful to the company. And an HR manager seeking to optimize the cost of his human resources should prefer the candidate with the highest realizable value, not just the most capable one. The model also reflects the dependence of the cost of human resources on the degree of their satisfaction.

A stochastic (or probabilistic) positional model (SPM) has been developed to measure in monetary terms individual notional and realizable values. Its algorithm includes the following steps:

1) determining the sequence of possible career positions for an employee; 2) determination of the cost of each position for the organization or the positional value of the employee; 3) determination of the expected period of work of a person in an organization (a probabilistic value that requires an expert assessment or a complex analysis of intra-organizational statistics); 4) a description of the employee's expected career nugget up to dismissal, with an assessment of the likelihood that the employee will occupy each of the positions identified in step 1 at a certain point in the future; 5) discounting the expected cash income to determine the current realizable value of the employee. In mathematical form, it will look like this: where i = ... m - all potential positions (position m - leaving the organization); Rj - position value; P(Rf) - the probability that the employee will take the position / "in a certain period of time and bring the organization income R,; t - period of time; r - the amount of the discount, which is equal, as a rule, to the intrinsic value of monetary resources in the hornization; n - probable the length of service of an employee in the organization.

The difference between the formulas is that in the first of them (CA calculation) the probability of leaving ns is not taken into account: the summation is over (m - 1) positions. The introduction of the leaving state into the second formula (PC) reduces the probabilities of being in other positions compared to the first formula. As a result, the realizable value is less than the notional value. Since positional values ​​are taken in monetary units, both conditional and realizable values ​​are determined in monetary units.

• 6. Estimating the value of human capital based on tests in a business environment can be obtained based on two approaches:
  • a) according to the specific results obtained by the employee, based on the profit that he brought to the company, or on the increase in its assets, including intellectual ones. This assessment is widely used in business, as it is the most simple. But at the same time it is the most rigid and often erroneous.
  • b) based on the system of Business Teachings on management, economics and marketing based on high information technologies (forecasting the results of a manager's work in a business environment that is as close as possible to his real environment).

The listed five methods for assessing human assets have one significant drawback - concentrating on determining the direct costs of personnel and the individual value or cost of an employee, they do not take into account such an important property of human capital as the manifestation of a synergistic effect during teamwork and effective management. As a result of this effect, the value of a company's human assets far exceeds the mathematical sum of the value of the knowledge and abilities of individual employees. And the firm's costs of hiring and training workers MOiyr reflect only the initial face value of its human capital. Even the methods for assessing the replacement costs for personnel, the competitive and prospective cost of human capital cannot fully solve this problem. The complexity of these methods and the use of a significant number of criteria evaluated by an expert 01 limit their scope only to the assessment of the human assets of leading specialists or the most significant teams.

companies. Regular monitoring of the entire human capital of an organization, especially a large one, using these methods will, apparently, be unprofitable. To some extent, the problem of a comprehensive measurement of a company's human capital can be solved on the basis of an assessment of its role in the formation of market value and competitive advantage given organization (using financial and comparative valuation methods).

7. financial method defines the value of human capital as the difference between the total market value of the company and the value of its tangible and intangible assets.

where HCV- the cost of human capital; MV- total market value of the company; Vma- book value of tangible assets; Vb - brand value; Vic - cost of information capital; Vw - cost of structural capital; U ss - cost of client capital.

Unfortunately, this method also does not provide an accurate assessment of the value of the organization's human capital, since the calculations of the cost values ​​of information, structural and client capital used in it are not yet based on a single generally recognized methodology. In addition, the market value of a company is a value that is highly dependent on speculative sentiment in the stock market and, therefore, is subject to significant fluctuations that do not reflect changes in the value of all intellectual, and in particular human, capital.

8. Comparative method involves an indirect assessment of the value of human capital based on a comparison of the performance of the company with the performance of competitors. The application of this method, firstly, cannot give a clear quantitative assessment of human assets, since it is rather difficult to isolate their impact on the company's competitiveness in the overall impact on the intellectual capital. Secondly, in our opinion, the method is not entirely correct, since there are hardly any companies that absolutely do not use human capital, which means that it is impossible to single out a “zero level” for comparisons.

Thus, none of the listed approaches can, in our opinion, claim the “title” of a sufficiently accurate integral method for assessing the human capital of an organization. However, people in organizations create measurable added value, which is an argument in favor of assessing the contribution of human resources to success. commercial activities companies, and not just determining the price of human capital. Proponents of the concept of human capital management are sure that. By measuring the broad impact that employees have on an organization's financial performance, companies can select, manage, evaluate and develop the capabilities of their employees in a way that translates their human qualities into a meaningful increase in these financial performance.

Introduction

In the modern Russian economy, the understanding is increasingly coming that the success of an enterprise is determined not by buildings and equipment, but by human capital - a combination of such components as innate abilities, health, motives and interests, creative and cultural potential, knowledge accumulated and improved as a result of investments and professional experience required for professional activity that boost productivity and generate income.

In this regard, the accumulation and evaluation of human capital, as the most valuable of all types of capital, is one of the priorities of the enterprise.

Analysis of foreign approaches to assessing the human capital of enterprises

As the study showed, many attempts have been made to assess the value of human capital using these methods and various techniques.

Among the names of Western economists who considered the issues of estimating the value of human capital, one can name such well-known authors in the history of Western economic thought, in addition to William Petty and Adam Smith, as Jean-Baptiste Say, Nassau Senior, Friedrich List, Johann von Thünen, Walter Bagehot , Ernst Engel, Henry Sidgwick, Leon Walras and Irving Fisher. Basically, two methods of valuation of human capital were used: the cost of production and the procedure for capitalizing earnings. The first procedure is to estimate the real costs (usually the net expenditure of livelihoods) on the "production" of a person; the second is to estimate the present value of the individual's future income stream (net or gross income).

W. Petty was one of the first to use valuations to measure the value of an able-bodied person. In his works, he proposed a method for calculating the value of each person. In his opinion, the value of the bulk of people is equal to twenty times the annual income that they bring. The value of the entire population of England at that time, he estimated at about 520 million pounds. Art., and the cost of each inhabitant - an average of 80l. Art. V. Petty valued an adult twice as expensive as a child, and a sailor three times more expensive than a peasant. In the works of V. Petty, only the first attempts were made to assess the productive forces of man. He estimated the value of the stock of human capital by capitalization of earnings as a life annuity, with a market rate of interest; determining the amount of earnings by withdrawing personal income from the national income.

William Farr improved W. Petty's methodology for assessing human capital. His method was to calculate the present value of an individual's future net earnings (future earnings minus personal living costs), with Farr adjusting for the possibility of death according to mortality rates.

From the point of view of L. Turow, the value of human capital is simply the price of productive abilities multiplied by the number of these abilities.

T. Schultz was one of the first to calculate the value of human capital in the United States in 1961. He used the following method: the cost of one year of education at each level was multiplied by the number of person-years of education accumulated by the population at a particular point in time. The number of person-years of education was determined by adjusting for the unequal length of the academic year. Estimates of the educational fund are calculated on the basis of not the initial, but the replacement cost, i.e. the value of the cost of education is taken as a basis, referring not to the time of its receipt, but to the year of calculation.

Similar calculations were made by J. Kendrick. The value of human capital, he determined at the initial cost with the help of specially designed price indices, taking into account the depreciation of knowledge and skills.

One of the most famous attempts to use the theory of human capital at the corporate level - the concept of "Analysis of human resources" - HRA (Human Resources Accounting), was proposed by E. Flamholz back in the early 60s of the last century, using the cost method as its basis. According to this concept, the value of human capital is determined through the level of preservation of human capital, since the problem of retaining personnel in an enterprise is directly related to the problem of maintaining and increasing its human capital. The departure of valuable people reduces the human assets of the enterprise, since the investments made in them in the form of expenses for their search, attraction, training, etc., go along with the employees. However, this indicator has significant drawbacks: turnover reflects the events that have occurred, which management can no longer influence. Therefore, it cannot be used for early diagnosis of a problem. In addition, the turnover rate does not reflect the economic effect of the loss of valuable employees, which should be expressed in monetary terms.

In our opinion, this technique does not reflect all the indicators that affect the cost of human capital. Grade not taken into account professional level, level of education, the cost of investment in human capital, the cost of scientific development, healthcare, etc.

Of interest is the methodology developed by scientists from the University of Michigan, which is based on an income approach. They proposed a model of individual employee value based on the concepts of notional and realizable values, according to which the individual value of an employee is determined by the volume of services that the employee is expected to provide or realize while working in this organization. This determines the employee's expected notional value (PV). At the same time, individual value depends on the expected probability that the employee will remain working at this enterprise and it is here that he realizes his potential. Thus, according to this methodology, the RS includes all the potential income that an employee can bring to the enterprise if he works for the rest of his life.

The value of an employee, taking into account the likelihood that he will remain in the enterprise for some time, determines the expected realizable value (PV), which consists of two elements: the expected notional value and the probability of continuing membership in the enterprise.

Mathematically, this can be expressed by the following equations:

RS \u003d US x P (O), (1)
P(T) = 1 - P(O), (2)
AIT \u003d US - PC \u003d PC x P (T), (3)

where RS and PC are the expected notional and realizable values;
P(O) - the probability that the employee will remain working at the enterprise after a certain period of time;
P(T) - the probability of an employee leaving the organization or an indicator of turnover;
AIT - opportunity costs of turnover.

In this model, the cost of human capital is a probabilistic value. For the enterprise, this may mean that the employee with the greatest potential will not always be the most useful to the enterprise.

A probabilistic positional model was developed to measure individual notional and realizable values ​​in monetary terms. The implementation of its algorithm includes the following steps:

• 1) determination of a mutually exclusive set of positions or positions that can be occupied by an employee in the enterprise;
• 2) determination of the cost of each position for the enterprise;
• 3) determination of the expected period of work of a person at the enterprise;
• 4) determining the probability that the employee will occupy each of the positions identified in the first step at a certain point in the future;
• 5) discounting expected future cash income to determine today's value.

At the first step, the career ladder of an employee in a given enterprise is actually compiled: a sequential chain of positions or service states with the addition of such a state as leaving the enterprise.

At the second step, the future income that the employee will bring in the future while in this position is determined. This means that it is necessary to calculate the contribution of each employee and express it in monetary terms, which can be done, for example, using the price-weight method and the future income method.

In the third step, the total life of a person in the organization is estimated. There are two main ways to find it: the method of expert assessment (when a number of experts - the manager, colleagues and other persons - give their estimate of the most probable service life) and the analytical method (analysis of statistics accumulated within the organization).

At the fourth step, in the language of probabilistic assessments, the expected career path of the employee up to dismissal is described: with what probability each subsequent year, up to the year of the expected departure from the organization, the employee will occupy each of the possible positions.

According to the author, this technique allows only approximately predicting the individual cost of an employee due to the fact that the probabilistic nature of the cost of human capital is initially laid down, the data used is also taken with a certain degree of probability.

A number of such scientists as G. Becker, B. Chiswick, I. Fisher, M. Friedman, T. Witstein and others adhere to the income approach to determining the value of human capital. Let's consider the proposed methods in more detail.

So G. Becker proposes to consider each person as a combination of one unit of simple labor and a certain amount of human capital embodied in it. Consequently, the wages received by any worker can also be considered as a combination of the market price of his “flesh” and the rental income from the human capital invested in this “flesh”.

The assessment of human capital within the framework of this approach has the following form:

Va= , (4)

where Va- assessment of the human capital of an employee aged a;
AT- total salary;
With- the part of wages attributable to labor;
P- the age at which the active labor activity of a person ends;
i- interest rate.

G. Becker together with B. Chiswick developed a single formula for calculating the income of owners of both human capital and physical capital (property). In their opinion, in relation to the owner of human capital, "the total earnings of any person, after he has completed investing in human capital, is equal to the sum of the income on these investments and earnings from his initial human capital" . Their formula for calculating income is as follows:

E i= Xt + , (5)

where E i- income (earnings) of a certain person;
Xi - the effect of the initial capital of this person;
j - certain investments;
i- interest rate;
rij is that person's rate of return on his investment;
Cij is the cost of these investments.

Thus, this technique allows taking into account both wages and income from investments in human capital. However, a number of indicators for the analysis of human capital remain unaccounted for. This, in our opinion, is the disadvantage of this method.

According to I. Fischer, the use of capital means receiving interest as a universal form of any income (wages, profits, rents). The discounted amount of future income is the amount of capital used.

He proposed the following approach to assessing human capital. Future income through the discount factor is reduced to the present, i.e. today's assessment:

where i- current interest rate; t- number of years.

The procedure by which the present value of any amount that may be received in the future is calculated is called discounting. In general, discounting is carried out according to the formula:

where Dc is the current value of income;
Dt- future value of income;
i- current interest rate;
t- number of years.
DC is a certain amount of money, which, being invested in t years at the rate of interest i, rises to a value Dt.

In our opinion, this methodology for assessing the value of human capital is limited, since it reflects only the income that will be received in the future. In addition, given the changing nature of the environment in which organizations find themselves, it is difficult to make an accurate forecast for the future.

M. Friedman understands human capital as a kind of fund that provides labor with a constant, continuous income, which is a weighted average of expected future earnings. M. Friedman considers property and income as interrelated phenomena. So, if the value of the property of the subject is equal to V, and the return from it is r% for a certain period, then the nominal income of an individual in this period will be:
D= rV. (8)

Conversely, if the monetary income of an individual from his property for a certain period is equal to D, and the average return of this property is equal to r%, then the value of such property is (D/ r) * 100 %. In this case, the considered period is equal to the entire life span of the individual.
The property can be represented as the capitalized value of the future income stream, which is determined by discounting. The total value of an individual's property is calculated as follows:

Vn = , (9)

where Di- the annual income expected by the individual of all types of property;
P is the lifespan of a person in years.

Permanent income can be represented by the formula:

Dn = r * Vn, (10)

M. Friedman considers r as the average return on five different types of property: money, bonds, stocks, consumer durables and human capital. Permanent income is the total income from all five types of property and represents the average profitability of all property. He also considers human capital as one of the forms of assets that are alternative to money. Therefore, he includes human capital in the money demand equation for individual wealth holders. As we can see, this technique allows taking into account only the total property income of an individual, without reflecting many of the qualitative indicators used to analyze human capital, as well as additional costs for human capital.

It is necessary, in our opinion, to pay attention to the methods proposed by scientists working in the field of insurance (T. Witstein, L. Dublin, A. Lotka).

So Theodor Witstein considered human beings as fixed assets and used approaches to assessing human capital developed by W. Farr (capitalized earnings) and E. Engel (production price). T. Witstein's interest in the concept of human capital was formed under the influence of the needs of the life insurance industry and the need to develop reference tables used to calculate the amount of claims for compensation for loss of life. He suggested that the amount of earnings during the life of an individual is equal to the cost of his maintenance plus the cost of education. This approach generates such estimates of a person that are inevitably equal to zero at the time of his birth.
Witstein derived the following formulas:

(11)
(12)

where a is the annual expenditure on consumption, including education per adult German in a certain profession;
r = (1+i), where i is the market interest rate;
P=1/r;
Ln is the number of people aged n in the table of life;
Rn is the value of the one-taler annuity of a person aged n acquired by him at the time of his birth (for a given r);
X is the value of future income per person of a certain profession;
N is the age at which a person enters working life.

T. Witstein assumed for simplicity that a and X are constant throughout the life of an individual, that the first equation (which is based on production costs) can be used to estimate the cost of a person in monetary units for N>n, while for N

This approach to assessing human capital is also not optimal due to its inconsistency.

American economists and sociologists Louis Dublin and Alfred Lotka also worked in the field of life insurance and noted the value of the approaches of W. Farr and T. Witstein to the calculation of human capital to determine the amounts for life insurance.
They came up with the following formula:

(13)

where V0 is the value of the individual at the time of birth;
- the value at the moment of one dollar received in x years; - the value at the moment of one dollar received in x years;
Px is the probability of a person surviving to age x;
Yx - annual earnings of a person from the moment x to x + 1;
Ex - the share of people employed in production aged from x to x + 1 (W. Farr assumed full employment);
Cx is the cost of life of a person aged from x to x + 1.

To determine the monetary value of a person of a certain age (for example, a), the formula can be converted to the form:

, (14)

This method of capitalizing an individual's earnings, minus the cost of consuming or maintaining them, provides a useful estimate for many purposes. For example, the economic value of a person to his family is calculated, which was the goal for Dublin and Lotka.

If the worker died, the family became poorer by the amount of his contribution to it, which is equal to the amount of the worker's income minus the cost of his maintenance. In addition, the economic value of a person for himself and for society can be determined in a similar way. In calculating a person's assessments for these purposes, the method of capitalization of gross earnings (including subsistence costs) or the capitalization of taxes paid to the state by this person can be used.

The cost of production (education) of a person aged a- Sa, according to Dublin and Lotka, is equal to:

(15)

This formula can be simplified to the form:

(16)

Therefore, the cost of producing a person before the age a equal to the difference between its value at age a and value at the time of birth, multiplied by . This is an improved version of the E. Engel method. . This is an improved version of the E. Engel method.

In our opinion, the analysis of the income capitalization method done by L. Dublin and A. Lotka is clear, concise and one of the most perfect presentations of this method, but rather problematic due to the lack of data necessary for calculations.

Of particular interest, in our opinion, are the studies of Fitz-enz J. He links human capital with economic value added (economic value added EVA is defined as net income from activities after taxes minus the cost of capital), considering the standard indicator of sales per employee not only simplified but outdated.

Human Economic Value Added = Economic Value Added/Full Employment Equivalent, those.

HEVA = . (17)

The full-time equivalent replaces the total time invested in labor. This is the main measure of human productivity, as it shows how much time was spent on the production of a particular amount of profit.

The main costs of human capital, according to Fitz-enz J., are salaries and benefits for employees, compensation for temporary workers, losses from the absence of employees and from staff turnover. Then the human capital cost factor (HCCF) will be equal to:
NSSF= Salary + Benefits + Temps + Absence + Turnover.

Then the value added of human capital will be determined as follows:

Human capital value added = [Profit - (Expenses - Salaries + Benefits)] / Full-time equivalent, i.e.

He, on the basis of the Balanced Scorecard created by Kaplan and Norton (1996), proposed a model of a balanced scorecard for corporate human capital.

To determine the value of human capital, Fitz-enz J. offers a matrix applied to four main activities in the field of human resources: acquisition, maintenance, development and preservation (table 1).

Table 1 - Examples of human capital activity matrix

Note. PPP - employee assistance program.

Considering the indices of financial management of human capital, Fitz-enz J. notes that the main obstacle in their development is the lack of long-term, quantitative, business databases. Based on the research, Fitz-enz J. concludes that usually the budget of the human resources department is about 1% of the costs of the enterprise and allocates financial human capital indices.

Human Capital Profit Index (humanCapitalRevenueIndex, HCRl): earnings divided by the employee's full-time equivalent, including all sales and service revenues. The employee's full-time equivalent includes all persons on the payroll plus contract, temporary, and other workers not on the payroll (non-permanent workforce).

Human Capital Cost Index (humanCapitalcostIndex, HCCI): total labor costs divided by the employee's full-time equivalent. Human capital expenditures include the salaries and benefits of employees noted on the payroll, the cost of a non-permanent workforce, and losses from turnover and absenteeism.

Human capital income index (humanCapitalProfitIndex, HCPI): profit minus services purchased divided by the employee's full-time equivalent. It is one of two metrics developed by the Saratoga Institute in the mid-1990s that show the return on investment in human capital. The other divides the above numerator into salaries and benefits. This shows the income from paying salaries and benefits to employees and is called the rate of return on investment in human capital.

The disadvantage of this methodology for assessing the value of human capital, in our opinion, is that it is not adapted to the specifics Russian enterprises At the same time, individual elements of this methodology can be used in the development of appropriate methods for assessing the value of the human capital of domestic enterprises.

As the practice of measuring human capital shows, so far none of the approaches has become universal. The most suitable choice of quantitative estimates depends on the specific conditions of the enterprise and the tasks solved using these calculations. Nevertheless, in our opinion, certain elements of foreign methods for assessing the value of human capital can be used in the development of appropriate methods for Russian enterprises, such as, for example, the Balanced Scorecard of corporate human capital created by Kaplan and Norton, human capital financial management indices, developed by Fitz-Entz J. (Human Capital Income Index, Human Capital Cost Index, Human Capital Income Index).

Study of domestic methods for assessing the human capital of enterprises

In domestic economic science, approaches to assessing human capital are also far from unambiguous. They can be roughly divided into three areas:

1) Investment appraisal (works by S.A. Dyatlov, I.V. Ilyinsky and others);
2) Depreciation valuation (works by M. M. Kritsky, L. G. Simkiya and others);
3) Estimation by income (works by VT, Smirnov, E.M. Samorodov and others).

Thus, the analysis of ideas on the development and evaluation of the human capital of enterprises allows us to draw the following conclusion: human capital is considered mainly within the framework of the concept of intangible assets of an enterprise. Structurally speaking as a part of the intellectual capital of the enterprise, the human capital of employees is at the same time recognized as the fundamental basis of the intangible assets of the enterprise, the generating force of innovative development.

Each enterprise, due to the specifics of its activities and the individuality of organizational, personnel building, can independently determine a system of indicators for calculating human capital. However, a significant drawback of these approaches is the difficulty in collecting the necessary statistical information on the industry, and in some cases, when the activity of the enterprise is specific, the absence of such data. This problem is also characteristic of the methodology proposed by Ivlieva N.N. Its essence is as follows. The value of the value of human capital will be equal to:

Vch \u003d Kch * (Vchzatr + Vchdoh), (19)

where Vh is the cost of the enterprise's human capital;
Kch is the coefficient of human capital utilization (compared to the industry average);
Vchzatr, Vchdoh - the cost of the costs of forming the human capital of the enterprise and income from its use, respectively; the value calculated as a weighted average of two approaches, or selected by an expert from the specified interval, is substituted into the formula.

If Kf = 1, the results of using the human capital of the enterprise are similar to those achieved by competitors. Conclusions about the value of human capital are made on the basis of the values ​​calculated by the cost and income approaches.

If Kch > 1, the level of use of the human capital of the enterprise is higher than that of competitors, therefore, its value will increase. With a decrease in Cf to a level below the industry average, human capital will reduce the value of the entire enterprise.

Thus, the comparison of costs and results, i.e. income from the use of the human capital of the enterprise, as well as a comparison of the obtained indicators with the industry average, results in a value corresponding to the standards adopted in valuation activities.

According to the author, Kurgansky S.A. made a significant contribution to the development of indicators that allow for a comprehensive assessment of the value of human capital. According to the proposed classification, he distinguishes three main ways of grouping human capital indicators:

• on its assets, which include: intellectual capital; production training fund; health fund; migration fund; fund of economically significant information; motivation fund economic activity; entrepreneurship fund;
• by the level of aggregation (in accordance with the functions of micro- and macroproduction of human capital, it should be assessed both for an individual and for their groups and society as a whole);
• division of indicators into natural and cost indicators (cost indicators, in turn, can be classified according to the stage of the investment process into: indicators of the volume of investments in human capital (cost); indicators of the volume of accumulated human capital; indicators of the effectiveness of the functioning of human capital).

In our opinion, the methodology for calculating the cost of the human resources potential of a commercial enterprise, proposed by V. Allaverdyan, deserves attention for its originality. according to the author, they can also be used to determine the value of human capital.

The essence of the technique is as follows:

1. Define assumptions and terminology. The following terms are introduced: the value of the personnel potential of an enterprise; the estimated value of the employee; the goodwill of the employee's talent pool.

The value of the personnel potential of the enterprise is the total estimated value of all employees of the enterprise . Estimated value of an employee is an estimated value equal to the product of the employee's paid or estimated salary and the coefficient Gkp (Goodwill of Human Resources).

S= ZP * Gkp.; (20)

where S is the Estimated value of the employee, rub.;
ZP - Estimated or paid wages to the employee, rub.;
Gkp - Coefficient. Goodwill staffing capacity of the employee. Estimated value.

The goodwill of an employee’s human resources potential is a coefficient that reflects the real, market, individual value of an employee not as a staff unit, but as a specific person who is able to perform certain functions, solve certain tasks.

It is assumed that:

• the payer himself has the right to consider the qualifications of the available personnel according to the classification acceptable to him.
• All human resources of the enterprise are replaced by others. The replacement period is 1 month.
• The level of staff wages and the amount of remuneration of recruitment agencies is taken based on the level of wages and the cost of services that have developed in the labor market at the present time.
• The factors that affect the goodwill of an individual employee can fluctuate quite a bit.

2. Form "Coefficients G kp".

3. Using the staffing table, they determine which positions will be hired on third-party recommendations, which through recruitment agencies, which through advertising in a specialized newspaper.

4. Indicate the "current level of remuneration" and "Estimated".

5. Calculate the cost of recruiting services.

6. The set coefficients are summed up, and we obtain the Goodwill Human Resources coefficient for each employee separately.

7. Calculate by multiplying the estimated salary and the goodwill of the staffing potential. The costs are summed up and the result is obtained.

It should be noted that a feature of this technique is the accounting of the goodwill of the employee's human resources potential, which makes it possible to most accurately determine its valuation. However, in our opinion, the proposed parameters for calculating goodwill are not presented in full. It would be logical to use goodwill to assess the value of the human capital of an enterprise, but by proposing an appropriate methodology for determining its value, which would make it possible to get away from the recommended value of goodwill.

Noteworthy for its elaboration is the methodology for assessing the individual value of an employee of a commercial enterprise, proposed by V.V. Tsarev, A.Yu. Evstratov.

This is a method of practical obtaining cost estimates for an individual specialist, and on their basis for a commercial enterprise as a whole.

The algorithm of the technique is presented in Table 2

Table 2 - Methodology for determining the individual cost of an employee

Defined indicator	Formulas for calculation
Comprehensive assessment of the cost of human resources individual worker	C \u003d (K + K1) + D + P + I, (2.37) where C is the discounted value estimate of the potential of an individual employee for the periods of obtaining professional education and subsequent work at a commercial enterprise, rubles; K - discounted costs of funds equated to capital, spent by a student on obtaining vocational education for the entire period of his education, rub.; K1 - equal to capital discounted costs of funds spent by the student on the acquisition of educational and methodological literature, payment, if necessary, for hostel services, stationery, etc. during the period of study, rubles; D is the total discounted income received by an employee during a certain period of time at a commercial enterprise, rubles; P - the share of discounted gross profit created by a specialist in a certain year at the enterprise; I - investments invested in professional development of a specialist, for example, in the system of postgraduate education.
Discounted capital investments as a whole for the commercial enterprise and relative to the specialists working on it who graduated from higher or other educational institutions	K = , (2.38) where Ki is the discounted valuation of the student's i-ro capital costs for the entire period of his professional education, rub. Ki = , (2.39) Where i is a student of an educational institution (for example, a university) who is assigned the number i (i = 1, ...,); t is the period of time associated with the student receiving vocational education and the subsequent work of a specialist in a commercial enterprise; t = 1, ... n - the period of time for a student to receive professional education (for example, in a higher educational institution); t = n + 1,…, m is the period of time a specialist works at a commercial enterprise after graduation from an educational institution; rt is the industry average discount rate (rate) in period t; Kit - capital (usually unevenly distributed over time) spent i-th student to receive professional education during the period t = 1, …. n; Kit* - the cost of funds, equated to capital, for the purchase of educational and methodological literature, stationery. discounted capital cost of cash funds i-th for students for the entire period of study at an educational institution (for example, at a university), rubles; — Discounted capital expenditures of funds for the i-th student for the entire period of study at an educational institution (for example, at a university) for the purchase of educational literature, stationery, etc., rub.
Numerical assessment of the total amount of discounted income received by a specialist for the entire period of work at the enterprise (D)	D = , (2.40) Where t = n + 1,…,m is the period of work of a specialist in accordance with the qualification obtained after completing studies at an educational institution (work experience in the specialty), in years; 3it - salary of i-ro specialist in year t(t = n + 1, …,m); Dit - additional income of the i-th specialist in the t-th year (for example, wages paid based on the results of work for the year, dividends on shares of this enterprise, bonuses, etc.) (t = n + 1,..,m); is the share of discounted gross profit generated i-th specialist in the t-th year (t = n + 1,…, m); Иit - investments invested in the professional development of the i-ro employee (for example, in the system of postgraduate education) in the t-th year; (t = n + 1, t); the sign “+” before means the fact of investing funds at the expense of the commercial enterprise, and the sign “ ” reflects the fact of financing at the expense of the own funds of a working specialist, rub.
The contribution of each individual specialist to the generated annual gross profit of a commercial enterprise or any division	ПtЖ = ПtВ * УtЖ, (2.41) PtF- the volume of discounted gross profit created through the use of human labor in the t-th year, rub. PtAT- the volume of discounted gross profit for the enterprise as a whole, created in the t-th year, rub. Attwell - specific gravity payment of living labor in the cost price finished products commercial enterprise in the t-th year (coefficient). Pthedgehog = , (2.42) Where Pthedgehog- the volume of discounted gross profit per unit of living labor costs in the t-th year, rub.; 3 t- the annual volume of discounted wages for a commercial enterprise as a whole in the t-th year, rub. 3 it = 3 itm * 12 , (2.43) where 3it- the annual salary of i-ro specialist in the t-th year, rub.; 3 itm- average monthly salary of an i-ro specialist in the t-th year, rub. Pjt= Pthedgehog* Wit, (2.44) Where Pjt is the share of discounted gross profit created by the i-th specialist in the t-th year (t = n + 1,…, m). In this case we will have: Ptl = , (2.45) Where l is a subdivision (department, department) as part of a commercial enterprise, Ptl is the cumulative share of the discounted gross profit created by the specialists working in the i-th division of the commercial enterprise in the t-th year (t = n + 1, m), rub. The annual volume of gross profit created by all divisions of a commercial enterprise (P) through the use of living labor can be determined by the formula: P = (2.46)

An analysis of this methodology for assessing human capital shows, on the one hand, its thoroughness, on the other hand, a low availability of reliable initial data, which makes the assessment of human capital difficult.

Proposals for improving indicators for assessing human capital

As a result of the analysis existing methods assessment of human capital, we can conclude the following.

An analysis of existing methods for assessing human capital led to the following conclusion: despite a large number of both foreign and domestic approaches to the assessment of human capital, there is no comprehensive system of indicators for assessing human capital that meets the requirement of compliance with the strategy and goals of the enterprise. Therefore, the problem of obtaining a reliable assessment of human capital in the value of enterprises remains unresolved, one of the reasons for which is the insufficient availability of genuine initial data.

Due to the fact that the formation of the human capital of an enterprise is carried out on the basis of the personal qualities and characteristics of employees, the following can be taken as the main indicators used to study human capital: the qualification composition of employees, the average level of education, the age composition of personnel, the average work experience in the specialty , personnel costs. We propose the following system of indicators for assessing human capital, which can be used as input data for assessing the human capital of enterprises (Figure 1).

Figure 1. Indicators for assessing the human capital of enterprises

Thus, despite the existing theoretical development of the problems of human capital, the issues of its measurement have not been fully developed, estimates of the value are extremely rare, fragmented and very contradictory.

The need to assess human capital is an indisputable fact. However, despite the existence of various approaches to the assessment of human capital (cost, income, comparative), however, a clear methodology for its comprehensive assessment has not been developed to date. This is explained by the fact that practically no research has been carried out in this area in our country, therefore, most often we have to turn to foreign experience, which does not allow us to fully take into account Russian specifics. In this case, the focus is usually on financial indicators human capital and does not consider indicators based on human data. In addition, the existing methods are not entirely adequate, taking into account the crisis and innovative development of the economy. In this regard, there is a need to search for new approaches to assessing the human capital of enterprises.

A fairly large number of works, both foreign and domestic scientists, are devoted to the issue of assessing human capital in the value of enterprises. An analysis of existing approaches to assessing the value of human capital has shown their great diversity.

Jak Fitz-enz, one of the founders of human capital benchmarking, head of the Saratoga Institute (California), who studies labor productivity in 20 countries, notes that in management the human component is the most burdensome of all assets. The almost limitless variety and unpredictability of humans makes them incredibly difficult to evaluate, far more complex than any electromechanical assembly that comes with prescribed practical specifications. Nevertheless, people are the only element that has the ability to produce value. All other variables - money and its "relative" credit, raw materials, factories, equipment and energy - can offer only inert potentials. By their very nature, they add nothing and cannot add anything until a person, be it the lowest-skilled worker, the most skilled professional, or the highest manager, uses this potential by making it work.

He also formulated the basic principles for measuring human capital:

Principle 1. People plus information - the path to the information economy. In the information age, people are its main resource. Therefore, the most important task today is to develop people and organizations as quickly as technology.

principle 2. Management requires meaningful data; management can only be undertaken if they are available. The one with the best information wins.

Principle 3. Human capital data shows how, why and where. Information about the costs, time, quantity and quality of human capital provides the basis for effective action.

Principle 4. Consistency and consistency are required for validity, and it is these that guarantee accuracy. When a set of standard metrics is defined and those metrics are used consistently over a long period of time, they are as accurate as they are in the financial industry.

Principle 5. The path to values ​​is often hidden, and analysis fails to reveal it.

Principle 6. The coincidence may look like interdependence, but more often than not, it's just a coincidence.

Principle 7. Human capital enhances other types of capital to create value.

Principle 8. Dedication to work is necessary for success, it is she who breeds success.

Principle 9. Volatility requires key metrics, and key metrics reduce volatility. A system for collecting and analyzing information is needed, which should cover human and structural capital, as well as relationship capital.

Principle 10. The key is in the immediate supervisor, and leadership is the basis of everything. Each talented employee depends on the immediate superiors - their guidance, support and development opportunities provided.

Principle11. The future is harder to prepare than the past.

To assess human capital, the methods presented in fig. 2.8.

Economists define the value of human capital both at the macro and micro levels.

The cost of human capital at the micro level is the cost of an enterprise's costs of restoring the human capital of an enterprise. Namely: advanced training of already hired employees; medical examination; payment of sick leaves for incapacity for work; labor protection costs; voluntary medical insurance paid by the company; payment for medical and other social services for an employee of the company; charitable help social institutions etc.

The cost of human capital at the macro level is considered as social transfers provided to the population both in kind and in cash, as well as preferential taxation, which is the target costs of the state. These costs also include the costs of households to maintain and restore human capital. It is generally accepted that in order to calculate economic efficiency investment in human capital

Rice. 2.8.

tal, it is necessary to take into account vital indicators characterizing the socio-economic situation in the country (region). This indicator is GDP for the country as a whole or GRP for the region.

Speaking about the assessment of human capital, it is necessary to understand that the unit of human capital is not the employee himself, but his knowledge, skills and abilities. Another thing is that this capital does not exist outside of its carrier - a person. And this is the fundamental difference between human capital and physical capital (machinery and equipment).

Today, when evaluating a business, a reasonable investor takes into account not the cost of machine tools, equipment, land, but the cost of personnel who work on these tangible assets. According to a preliminary analysis carried out by the company Pse^aGercoteCoopers based on about 180 transactions completed in the US in 2003, of all transaction values, on average, 52% were goodwill, 22% were intangible assets (IA), and the other 26% were other net assets.

In American practice, there are currently two fundamental approaches to assessing and accounting for human capital: asset models and utility models.

Asset Models involve keeping records of capital costs (similar to fixed capital) and its depreciation. utility models offer to directly evaluate the effect of certain personnel investments. The first approach is based conventional scheme accounting fixed capital, reworked in relation to the characteristics of human capital. Special accounts according to the developed list take into account the costs of human resources, which, depending on the content, are either considered as long-term investments that increase the size of functioning human capital, or are written off as losses. Accounting for human capital with this approach occurs in the accounts in much the same way as accounting for physical (fixed) capital. The described method of accounting for capital costs is called chronological cost model.

With the help of utility models, it is possible to assess the economic consequences of a change in the labor behavior of workers as a result of certain activities. In reality, we are talking about the ability of the worker to bring more or less surplus value to the enterprise. Differences in the value of employees are determined by the nature of the position and the individual characteristics of employees occupying the same position.

There are the following approaches to assessing the value of human capital: costly, profitable, expert, comparative.

Cost approach to the assessment of human capital can be implemented by two methods, the essence of which is as follows.

indirect method is based on a comparison of the market value of the object of assessment with the replacement cost of this object. For this purpose, the J. Tobin coefficient (d) is used:

Market value of the property

Object replacement cost

The method requires taking into account some limitations: the market value of the appraised object should be determined using the income approach; the replacement cost should be determined taking into account the actual operating conditions of the appraised object; conditionally, it must be assumed that business reputation the object of assessment is completely determined by the personnel potential, and the influence of other factors is either insignificant or fully taken into account when forming the replacement cost (location of the object, neighboring property, etc.).

If a q the object is cheaper than its replacement, the object of appraisal should be considered investment unattractive due to low human resources. And vice versa, if ^ > 1, the object being evaluated has a high human resources potential and is attractive for investment.

Can also be applied direct method, which is based on determining all the costs that need to be invested in human capital to create a compliant modern market organizational and managerial structure. In this case, it is necessary to take into account the following costs: training and retraining of personnel; training; marketing expenses for finding employees; organizational, training and personnel work; formation costs organizational culture. In addition, the costs associated with the shortage of certain categories of workers should be taken into account.

income approach is based on the assessment of the value of human capital by the degree of participation of the total employee in the income of the organization. This approach uses the excess profit method, which is based on the assumption that human capital is part of the goodwill that provides excess profit. You can get a valuation of human capital by completing the following calculation steps:

Assuming that human capital is part of goodwill,

determine the excess profit of the enterprise;

• give a valuation of goodwill using the method of capitalization of excess profits;
• give a valuation of intangible assets that can have a significant impact on the profitability of a business (patents, licenses);
• determine the value of human capital (goodwill minus separately valued intangible assets).

The value of human capital as part of goodwill can be determined by the income received by the enterprise through the sale of products to regular customers - adherents of the brand.

The evaluation process will include the following steps: determining the forecast period; analysis of the market service structure (presence of regular and new customers), dynamics of the structure, volume of transactions, income and service costs different categories clients; determination of income from regular customers; capitalization of the amount of income (profit) received.

This method undoubtedly has its limitations. It cannot be applied in cases where the enterprise is a monopolist, or customers, for whatever reason, do not have freedom of choice. In addition, we consider it necessary to note that human capital contains many factors, the nature of which is different, and its content should be subjected not only to quantitative, but also to qualitative assessment, which can be performed using expert assessment methods.

Expert approaches make it possible to use in the assessment not only group characteristics, considering the personnel of the enterprise as an aggregate employee, but also individual characteristics of employees. An example is the experience of using expert assessments of the Stanford Research Institute, which is as follows: a qualitative assessment is carried out on the basis of a professional maturity matrix that allows determining the contribution of each employee in the following areas: in the development of new scientific directions; to increase the income of the enterprise; in developing relationships with customers; in coordinating the activities of departments; to successful completion linear functions. Each indicator is evaluated in points according to the scale adopted by the enterprise.

The disadvantage of this technique is that the relationship between qualitative and quantitative indicators is uncertain, it is not clear how to link the score with the cost.

Analysis and evaluation of human capital can be carried out by comparing the actual characteristics of employees with the requirements of intra-company, professional standards. Such an approach can only be implemented if such standards exist. Currently, the desire of enterprises to provide single standard customer service leads to the need to implement standards that define professional requirements to the staff.

The main advantages of this method are the visibility and accessibility of the structure of the standard for perception. Each item is a logical unit of the vertical (subject-personal) and horizontal (technological) scans. The vertical scan shows the process of transition from theory (knowledge) to practice based on this theory (skills and skills) and personal psychological characteristics. Horizontal scan allows you to determine the technological chain that must be implemented by each employee: analysis (assessment of input information and operating conditions); process (procedure for performing its functions); performance evaluation.

In this case, the assessment of the personnel of an enterprise requires consideration not of an individual, but of an aggregate employee acting within the framework of the existing organizational and managerial structure. The obtained expert assessments, indicating the state of human capital, as well as the problem areas identified in the process, can be used by the appraiser indirectly when forecasting income. However, the general problem of using expert methods to assess the value of human capital, in our opinion, is that they do not allow us to link qualitative parameters with the value of human capital.

feature comparative approach in assessing the value of human capital is that it is based on paired comparisons with analogue enterprises, which can be: enterprises that have restructured and created a management structure and human resources close to the ideal model; enterprises sold on the market, in the valuation reports for which there is information on the value of human capital; structures and personnel composition of enterprises similar in profile and scale of business, but more successful in the market.

Since the essence of the comparison method is to identify differences between the object of assessment and analogues, an important problem should be solved: to choose the grounds for adjusting the value of the business and determine the values ​​of the adjustment factors. The main adjustments include adjustments for the following reasons: educational level; age characteristics; professional experience; professional knowledge; personnel turnover; development potential; competitiveness of workers. In fact, all the listed characteristics are quantitatively measurable, which makes the problem of comparisons quite solvable. Difficulties

use this method, in our opinion, lie in the choice of the analogue enterprise itself and in the availability of the data necessary for comparison.

The complexity of assessing human capital, which has the ability to produce value, lies primarily in the fact that, as we have already noted, a unit of human capital is not the employee himself, but his knowledge, skills, and this capital does not exist outside of its carrier - a person. .

An analysis of the existing methods for assessing human capital (Table 2.1) led to the following conclusion: despite the large number of both foreign and domestic approaches to assessing human capital, there is no comprehensive system of indicators that meets the requirement of compliance with the strategy and development goals of the enterprise. Therefore, the problem of obtaining a reliable assessment of human capital in the value of enterprises remains unresolved, and one of the reasons for this is the insufficient supply of genuine initial data.

The system of indicators for assessing human capital, focused on achieving the goals of the enterprise, should:

• be considered as information base for the enterprise management system;
• be presented in the form of both absolute and relative values;
• reflect the goals of the enterprise, expressed in economic indicators(profit, production volume, value added, etc.);
• take into account the time horizon and be presented in perspective;
• be linked with indicators of management accounting, primarily with variable and fixed costs;
• be detailed by departments and be formed taking into account the size of the enterprise, the scale and types of activities;
• be comparable to international statistics. Due to the fact that the formation of the human capital of an enterprise is carried out on the basis of the personal qualities and characteristics of employees, the following can be taken as the most important indicators used to study human capital: the qualification composition of employees; average level of education; age composition of the staff; average work experience in the specialty; personnel costs. It is advisable to use a system of indicators for assessing human capital, which can be considered as initial data for assessing the human capital of enterprises, shown in Fig. 2.9.

Comparison of methods for assessing human capital

Average

number

workers

enterprises

educational

structure

personnel

Professionally

qualifying

structure

personnel

Age

structure

personnel

Average work experience in the specialty

Average work experience at the enterprise

Staff turnover and absenteeism

Rice. 2.9. Indicators for assessing the human capital of an enterprise

The use of a system of indicators for assessing human capital allows enterprises to obtain comprehensive information on the costs of human labor, the efficiency of its use and the investments necessary for the normal functioning of human capital, in order to adopt management decisions that ensure the competitiveness of the enterprise and its success.