Human capital as a factor of employment (in English)

UDC 331.5(479.24)

https://doi.org/10.20339/AM.04-23.086

Nofel A. Novruzov, PhD student of the Baku State University, Baku, Azerbaijan, ORCID: 0000-0001-6769-7197, e-mail: stormtrooper-512@mail.ru

Summary. The purpose of the article is to study the development of human capital and the growth of its role in modern society as a factor of employment. It is said that in modern world practice, the development of human capital is a condition for sustainable economic growth. Increased investment in human capital can enable future generations of Azerbaijan to make greater use of the opportunities created by the digital revolution. It is noted that the formation and development of human capital, along with the development of technologies to use its potential, is becoming a key factor in the development of the productive forces of society. A person, possessing a combination of various knowledges and abilities, is a factor of economic growth. At the same time, it is important to remember that without the innovative approach of human capital, digital economy is simply untenable.

The following tasks are solved in accordance with the set goal:

• Clarification of the concept of ‘human capital’.
• Identification of the main characteristics of human capital.
• Identification of types of human capital and factors affecting it.
• Analysis of the situation of human capital in Azerbaijan, identification of risks and problems.
• Giving relevant recommendations for improving human capital in Azerbaijan.

The object of research is human capital in the process of changing socio-economic relations in the information economy.

The main results of the study are as follows:

• The concept of human capital is defined as an important component of economic growth in market conditions.
• The type, functions and principles of human capital development are substantiated.
• Attitudes towards the role of education, health, and social protection in the reproduction of human capital have been studied.
• The situation of human capital in Azerbaijan and the factors affecting it are shown.
• Suggestions and recommendations were made on the development of human capital in Azerbaijan.

Keywords: human capital, factors of human capital, types of human capital, characteristics of human capital, risks, and challenges.

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