Human capital theory was developed by Theodore Schultz and Gary S. Becker in the early ’60s (Schultz, 1961). Their central thesis states that education enhances a person’s skill level and thereby his or her value to an organization. In today’s business environment, “human capital” refers to the knowledge, skills and ability that reflect the accumulated value of an employee’s education and experience. To be “right-sized,” an organization must have the ability to manage the inventory of human capital assets. This isn’t a simple task, as it requires significant planning. Workforce planning is used to align the needs and priorities of the business with those of its workforce to ensure it can meet strategic objectives. Many organizations undertake a rigorous analytic approach employing predictive analysis to estimate talent gaps, forecast operational and recruiting budgets and to manage attrition…
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