Estimation of the cost of human capital in a small enterprise based on the extended Mincer equation

Abstract

The article provides a comparative analysis of modern concepts and methods for measuring the human capital of enterprises: it describes traditional economic and statistical methods based on the analysis of investments in education, healthcare, and vocational training, as well as more modern tools that take into account the skills, competencies, motivation, and involvement of staff. Special attention is paid to integration models that allow for a comprehensive assessment of human capital, taking into account its contribution to production and innovation processes. The advantages and limitations of existing techniques are noted, as well as current problems and areas for their improvement. The authors emphasize the importance of a systematic approach to assessing human capital and the need to adapt it to the specifics of a particular organization or industry.

It is necessary to determine the cost of human capital, primarily to improve the wage system. The article reveals the characteristic features and differences of approaches to the assessment of human capital, provides the author's definitions of the category "human capital", and the modification of the wage equation by J. Mincer. Using an extended interpretation of the equation by J. Mincer, the authors estimate the cost of human capital of a small enterprise.