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Valuing human capital career development: a real options approach
Journal of Intellectual Capital ( IF 6.371 ) Pub Date : 2020-05-19 , DOI: 10.1108/jic-06-2019-0134
Francesco Baldi , Lenos Trigeorgis

There has been a long controversy in the literature on assessing the value of human capital – a long-sought but elusive and challenging task. The ability to quantify flexible human capital (FHC) has been a shortcoming in extant literature. We make a meaningful contribution by showing how real options (RO) methodology can be used to quantify FHC and we provide complementary case study evidence from Fortune 500 “best companies to work for” that the value of employee career development is higher in more volatile sectors in line with real options theory (ROT).,This article provides a prescriptive RO methodology for adopting a more flexible, staged SHRM organizational perspective suitable for uncertain environments, and explores its theoretical and empirical implications through the dual use of RO methodological modelling and multi-case study data involving ten Fortune 500 companies. The case study approach is aimed at creating managerially relevant knowledge. The relevance of our approach to managerial practice is shown through guidelines on how a company like Google might use the RO methodology to estimate the career development option value so as to inform its internal development program for employees to create and capture value.,Our focus is on the staging flexibility in HR as exemplified by the internal career development process. This process can be viewed as a multi-stage (compound) option involving various types of HC uncertainty, HC options, and HR practices. We model staging HR deployment via the option to promote staff employees to middle-level management, itself embedding the option to rise to the top management. To empirically validate our valuation approach, we present case study research that enables quantifying the option value of a career development program and allows assessing how much a mismatch exists in a sample of ten public U.S. companies.,The overall staging quantification idea is important as it offers guidance as to how to value HR as a sequential investment process under uncertain demand or skill conditions. The analysis is limited to the extent that staged career development might interact with other types of human capital (e.g. switch and learning) options and HR practices (e.g. training). Human resources may also interact with other organizational intangibles, such as brand equity. Our analysis also does not account for psychological considerations from the employees' perspective, such organizational commitment facilitating trust to enable reciprocal commitments, which remains a fruitful subject for future extensions.,ROT can provide useful guidance and tools for HR scholars and managers. By keeping tabs on HR-based flexibility value and focusing on the key input variables driving HR flexibility, HR managers can determine the flexibility value unleashed from staging the deployment of HC resources in the face of unanticipated demand and skills shifts.,This is the first paper that attempts to quantify the value of staged career development flexibility using the RO methodology. This article will be cited for its innovativeness in being the first to quantify the value of human capital's contribution to corporate value creation and provide objective evaluation in the context of organizational career-development programs. Besides providing useful insights to scholars, the article also demonstrates how the RO methodology can apply to actual companies and inform managerial practice offering guidelines of relevance to HR practitioners on how to quantify the value of staged HC development in an uncertain environment.

中文翻译:

重视人力资本职业发展:一种真正的选择方法

关于评估人力资本的价值的文献一直存在争议,这是一个长期寻求但难以捉摸且具有挑战性的任务。在现有文献中,量化灵活的人力资本(FHC)的能力一直是一个缺点。我们通过展示如何使用实物期权(RO)方法来量化FHC做出了有意义的贡献,并提供了来自《财富》 500强公司“最佳工作公司”的补充案例研究证据,表明员工职业发展的价值在波动较大的行业中更高与实物期权理论(ROT)一致。本文提供了一种说明性的RO方法,以采用更灵活,分阶段的SHRM组织观点来适应不确定的环境,并通过使用RO方法学模型和涉及十个财富500强公司的多案例研究数据的双重用途,探讨了其理论和经验意义。案例研究方法旨在创建与管理相关的知识。通过有关如何像Google这样的公司如何使用RO方法来估计职业发展选项价值,从而为员工的内部发展计划提供信息以使其创造和获取价值的指导方针,表明了我们管理实践方法的相关性。内部职业发展过程所体现的人力资源分期灵活性。此过程可以看作是多阶段(复合)选项,涉及各种类型的HC不确定性,HC选项和HR实践。我们通过将员工提升为中层管理的选项(包括将其提升为最高管理层的选项)来模拟分阶段的人力资源部署。为了从经验上验证我们的估值方法,我们提供了案例研究,可以量化职业发展计划的期权价值,并可以评估美国十家上​​市公司的样本中存在多少不匹配。提供有关如何在不确定的需求或技能条件下将人力资源作为顺序投资过程进行评估的指南。分析仅限于阶段性职业发展可能与其他类型的人力资本(例如,转换和学习)选择和人力资源实践(例如,培训)相互作用的程度。人力资源也可能与其他组织无形资产互动,例如品牌资产。我们的分析也没有从员工的角度考虑心理因素,这种组织承诺促进了信任以实现相互承诺,这仍然是将来扩展的丰硕课题。ROT可以为人力资源学者和管理人员提供有用的指导和工具。通过密切关注基于HR的灵活性值并关注驱动HR灵活性的关键输入变量,HR经理可以确定面对意外的需求和技能转移而部署HC资源所释放的灵活性值。该论文试图使用RO方法来量化阶段性职业发展灵活性的价值。本文将因其创新性而被引用为第一个量化人力资本价值的方法。对企业价值创造的贡献,并在组织职业发展计划的背景下提供客观评估。除了为学者提供有用的见解之外,本文还展示了RO方法如何可以应用于实际公司,并为管理实践提供信息,从而为人力资源从业人员提供了有关如何量化不确定环境中阶段性HC开发价值的指南。
更新日期:2020-05-19
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