人力資本指人的知識、經(jīng)驗、制度與習(xí)慣等。具備人力資本的企業(yè)擁有更高的生產(chǎn)能力，可以將人力資本轉(zhuǎn)換成經(jīng)濟價值。人力資本可以經(jīng)過教育等投資手段來增長。

人們在從事生產(chǎn)的過程中，不斷地將大量資源投入于制造資本品的同時，還以各種方式對自身進行投資，用于提高人的智力、體力與道德素質(zhì)等，以期形成更高的生產(chǎn)能力；從這一點看，人力資本的形成與物質(zhì)資本并無區(qū)別，因而將人力視作一種資本，即人力資本。人力資本概念的提出進一步深化了人們對于自身潛力與經(jīng)濟能量的認識。

「應(yīng)用場景」

人力資本已成為競爭優(yōu)勢的根本來源。在管理金融資本的基礎(chǔ)上，精心嚴格管理人力資本的公司績效遠超過其他公司。在《時間、人才、精力》一書中，本文作者之一邁克爾·曼金斯和埃里克·加頓（Eric Garton）發(fā)現(xiàn)，那些真正嚴格管理人力資本的企業(yè)，生產(chǎn)率較其他公司平均高40%。這些公司受組織阻力的影響較小，在吸引、配置和領(lǐng)導(dǎo)人才方面更有效，能更加充分地利用人才的獨特技能。最后，公司可以通過出色的領(lǐng)導(dǎo)力和任務(wù)型文化，更好地釋放員工可自由支配的能量。優(yōu)秀的企業(yè)最終會擁有巨大的生產(chǎn)率優(yōu)勢，創(chuàng)造出比行業(yè)平均值高約30%-50%的營業(yè)利潤率。隨著這種差距的累積，最佳公司和其他公司的價值差距也在不斷拉大。

Human capital has become the fundamental source of competitive advantage, and companies that manage it as carefully and rigorously as financial capital perform far better than the rest. In their book Time, Talent, Energy, Michael Mankins (an author of this article) and Eric Garton find that companies that apply real discipline in their management of human capital are on average 40% more productive than the rest. These companies lose far less to organizational drag. They attract, deploy, and lead talent more effectively—taking full advantage of the unique skills and capabilities their people bring to the workplace. Finally, they unleash far more of their employees’ discretionary energy through inspirational leadership and a mission-led culture. The resulting productivity difference is a huge?advantage for the best companies, producing operating margins that are 30% to 50% higher than industry averages. And every year, as this difference is compounded, the gap in value between the best and the rest grows bigger.

以上文字選自《哈佛商業(yè)評論》中文版2017年3月刊《資本過剩年代的戰(zhàn)略》

邁克爾·曼金斯、卡倫·哈里斯、戴維·哈丁 | 文

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