Human Capital Beyond Economics: Multidimensional Insights and Implications for the Hospitality Industry

Document Type : Conceptual Articles

Authors

1 Department of Industrial Psychology and People Management

2 Department of Industrial Psychology and People Management, CBE, University of Johannesburg, South Africa

Abstract

This journal article delves into the evolution and implications of human capital (HC) beyond traditional economic perspectives, expanding its relevance to management and human resource management. The study identifies limitations in the prevailing economic-centric viewpoint, focusing on skills, abilities, measurement, and economic growth. Introducing a novel framework that integrates insights from psychology and management studies, it emphasizes organizational capital as a distinctive element. The methodology employs theoretical research, scientific abstraction, and comparative analysis, consulting various databases. Tracing Human Capital's historical roots from Adam Smith to the 1960s economists, the article explores its transition to human resource management in the 1990s, emphasizing intellectual, social, and organizational capital. It extends HC theory to the hospitality industry, highlighting its impact on service quality and organizational performance. The paper concludes by advocating for more integrated frameworks in comprehending and managing Human Capital in contemporary organizations, recognizing its multifaceted nature and significance for organizational success.

Keywords

International Journal of Tourism, Archaeology and Hospitality
Volume 4, Issue 2
July 2024
Pages 149-162

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