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olization of local public goods production is determined by the trajectory of the previous development when the current organization of industry copies experience of the past years due to the high costs of restructuring.
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УДК 330.142 A.P. Kolyadin
ASSESSMENT OF INVESTMENT IN HUMAN CAPITAL EFFICIENCY
The paper examines educational events at enterprises as an investment process. The author distinguishes stages of investment process, identifies possible response of human resource experts as well as economic indicators to assess the success of each stage. Various methods of investment in education efficiency assessment are discussed.
Key words: investment, human capital, investment efficiency.
А.П. Колядин
ОЦЕНКА ЭФФЕКТИВНОСТИ ИНВЕСТИЦИЙ В ЧЕЛОВЕЧЕСКИЙ КАПИТАЛ
В статье анализируется образовательное мероприятие на предприятии как инвестиционный процесс. Выделяются фазы инвестиционного процесса, определены возможные действия специалиста по персоналу, а также экономические показатели, позволяющие оценить успешность каждого этапа. Рассматриваются различные методики оценки эффективности инвестиций в обучение.
Ключевые слова: инвестиции, человеческий капитал, эффективность инвестиций.
Today development of human potential is carried out in the classical (mobilizational, inertial) and innovative (modernizing, innovative) forms. Innovative way of development is the result of intensification of human potential reproduction in the consumer and production systems of society [2, p. 88]. Whether funds for training in the production system are referred to investment or expenditure depends on the training objectives. If the only aim of training is increasing personnel motivation then the funds are considered expenditures and the only expected outcome of the training will be increased employees' loyalty to the organization.
If as a result of educational programs the company receives additional benefits, then these costs can be considered investments. This definition is relevant if the management of the company initially plans staff training for specific purposes, such as to improve performance, increase staff awareness about the strategic goals of the company, motivate staff for achievement of these goals, increase staff expertise, form a corporate culture, prepare a framework for organizational changes, and improve management principles.
Each of these goals ultimately leads to increased competitiveness. Consequently, the training may well be regarded as an investment project (a set of plans and actions for implementation of investments and achievement of specified results.)
The process of investment in human capital can be divided into the following stages.
Step 1. The cost of vocational guidance. At this stage vocational counseling for future professionals and skilled workers is held in educational facilities. It is a costly stage which is funded at present mainly from the state budget. To evaluate the effectiveness of these activities is extremely difficult, it is more a question of using various techniques to improve the quality of education [4, p. 198]. In recent years a growing number of students pay for their own education or their employers pay for them.
Step 2. The cost of recruiting and hiring personnel. Those costs are fixed as they are connected with the systematic work of human resource agencies on human resource planning, documentation, test files for applicants, drawing up contracts with educational institutions, employ-
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ment agencies, specialized recruitment agencies, etc. In monetary terms, they usually are 2 - 3 times higher than the wages for the respective positions (per employee). Costs vary depending on the region and industry sector. This is due to the existence of the so-called “portfolio effect”, when because of segmentation and regional differences some occupational groups are in high demand while others face the threat of unemployment [1, p. 19].
Step 3. Staff costs during the period of adaptation. This category of costs refers to wages of newly hired workers. Typically this means evaluation period (2 - 3 months). This cost is somewhat lower (30 - 40%) than future labor costs due to “getting into a new position” of newly hired workers, their social and psychological adaptation. At the end of the adaptation period investment in personnel should be justified.
Step 4. Staff costs during the accumulation of growth potential. The size of costs is equal to the labor costs but at this stage of staff expertise is insufficient for getting surplus value which forms a profit.
Step 5. Staff costs during the period of gaining experience. These costs include labor costs and costs of activities related to improving motivation and incentives. These activities are funded by additional revenue received as a result of high productivity, resource management, and innovations. The total costs at this stage are significantly lower than return on investment.
Step 6. Staff costs during training, skills development. This category of costs has several peculiar features. They should be commensurate with the intended learning outcome that is why it is necessary to evaluate the effectiveness of training programs and the needs and capabilities of staff. Sometimes it is enough just to create the necessary conditions for staff self-education and training, and often to develop a system of incentives for reducing resistance to innovation and attracting staff to training courses.
Step 7. Staff costs during the period of capitalization of knowledge as a result of training. The costs are comparable with cost during the period of gaining expertise. It is reasonable to have additional motivation for practical use of the knowledge, skills and abilities gained through education that will contribute to growing profitability. At this stage the maximum possible profit from the personnel performance is achieved. This stage can be prolonged through implementing effective motivational measures by the company.
Step 8. Staff costs during the period of decline and “obsolescence" of expertise. The costs are back to the
level of the period of achieving professionalism, but previously used system of motivation and stimulation ceases to yield positive results and staff performance declines due to rapid scientific and technological progress and “aging” of the acquired knowledge and skills. As a consequence, a reduction in the amount of surplus product and company profits is evident.
The stages of the cycle of investment in human capital in certain sectors of economy may have its own peculiarities. Thus, for many industrial enterprises the most capital-intensive are staff training and staff development. However, any investments in order to increase profits require efficiency evaluation. For this purpose, the theory of investment has worked out a number of specific indicators [5]. The choice of tools depends on the nature of investment decisions and assessment purposes: sometimes it is necessary to calculate the payback period, risk and / or return on investment, and sometimes it is enough to determine the volume and quality of training. Staff development experts always evaluate investment indicators for choosing ways and methods of training.
Phases of investment project [7]. In the preparation of educational activities (pre-investment phase) a manager usually looks for possible investment concepts: considers learning environment, assesses financial opportunities, examines economic efficiency indicators. On this basis one of the possible solutions is selected and approved. For example, when teaching call-center staff a technique of efficient phone dialogue with a purpose to improve their performance a manager first estimates the total amount of investment, expected payback period and risks.
At the implementation phase (investment) a manager negotiates, draws up a contract, determines the logistics of the planned events and provides training. At this stage initial and final expected level of staff knowledge and skills, degree of satisfaction with training are assessed.
At the operational phase a staff development expert organizes encouragement and control of improving the gained knowledge / skills. At this stage, changes in staff behavior in the workplace and “tangible” results of learning for the organization are assessed, return on investment (ROI), net present value, payback period are evaluated as well.
Often the decision to assess the efficiency of educational activities is made after its completion. Unfortunately, this assessment post factum can rarely be reliable. Education as any other investment project requires clear planning and setting goalposts which can be evaluated at each stage (table).
Phases of investment project
Phase Activities Economic indicators
Pre-investm ent / Preparatory 1. Setting learning objectives. 2. Choosing teaching methods. 3. Assessment of financial resources capacity learning environment, cost efficiency 1. The total investment. 2. Estimated payback period. 3. Risks. 4. Time to achieve the set objectives 5. Additional benefits
Investment / Im plementation 1. Negotiating. 2. Drawing up contracts 3. Determining the logistics 4. Carrying out the training 1. Absolute figures of the initial and final level of knowledge / skills. 2. The level of satsfaction with training
Operational Encouragement and monitoring of improving knowledge / skils 1. Changes in the behavior of participants. 2. Indicators of cost reduction, scheduling, quality improvement, etc. 3. Return on investment (ROI). 4. Net present value. 5. Actual payback period
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It should be noted that each successive evaluation requires an effort to gather information on the previous phase of the project.
O.G. Vaganyan suggests the following methodology to assess the effectiveness of investments in intellectual capital of commercial organizations. Due to the fact that interaction between individual components of human capital is non-linear only cumulative investment efficiency can be evaluated. In this case there will be the following general approach to assessment. Two values are compared: X (the difference between market capitalization and the cost of its tangible assets replacement minus liabilities) and Y (investments in intangible assets). The efficiency coefficient of investments in intellectual capital is calculated as the ratio of the difference between the value of X at the beginning and the end of the period and the Y value during this period. All values are discounted for inflation. The result is an efficiency coefficient of investments in intellectual capital, i.e. the following formula:
Z = X2 - X1 / Y.
To calculate the value of Y the following components should considered: expenditure on research and development, training costs, staff development costs, health programs for employees costs, social investments; information technology costs, expenditure on hardware and software, brand creation and development costs; expenditure on corporate web site creation; marketing costs; acquisition, distribution, storage of information; distribution development; corporate culture development; acquisition of know-how, patents and other intellectual property rights [3].
It is also possible to use the formula proposed by V.V Lukashevich to determine cost-effectiveness of learning through the ratio of costs and benefits.
3 = (B1-B2) x L: 3,
where 3 - efficiency of investment in human capital; B1 -performance of employees after learning; B2- performance of employees before learning; L - unit price; ; 3 - investments in human capital [8].
Every enterprise wishes for depreciation of costs for staff training; this is directly proportional to the volume of investment in human capital and depends on its specific nature. Depreciation of such costs is possible through staff retention for as long as possible and efficient and rational use of their professional potential.
In 2010 the report of the Economic and Social Research Institute showed that training has a direct impact on business productivity improvement. From 48 to 69% of surveyed companies which provide training services have formal assessment tools of their programs. The most common method of assessment is measuring the level of satisfaction of workshop participants after the training through so-called «happy sheets» (feedback questionnaires). A small portion of these companies evaluate the return on investment of their programs.
Using the methodology of Phillips we can estimate financial return on investment in training. The ROI model of Phillips is an expended and revised efficiency assessment model which has been developed by D. Kirkpatrick 45 years before. The model of D. Kirkpatrick has four levels of evaluation: 1) response to training, 2) learning new skills / gaining new knowledge, 3) practical implementation, and
4) business results. To calculate the ROI coefficient Phillips added the fifth assessment level which translates the results of the evaluation on the 4th level into material equivalent. Then the received profit is compared to the cost of the training program [6].
In effect, ROI is the difference between profit received from the program (output) and cost (input). The ROI methodology can be used to confirm the planned budget and to assess potential profits. In order to calculate ROI it is necessary to assess the costs and benefits of the training program on the following points:
1. Data collection for the 4th level of assessment (assessment of the benefits of applying new knowledge / skills).
2. Isolating the effects of training from other factors influencing the output.
3. Translation of the results into tangible assets. Phillips recommends dividing the benefits of training into «hard» and «soft». According to him the «hard» category can be assessed with the help of traditional measurements of performance efficiency of an enterprise. This information is objective, measurable and easily converted into material equivalent. It includes: product obtained at the output, quality, time and costs. The «soft» category includes work habits, work environment, working relations and initiative.
4. Calculation of total training costs.
б. Ratio between monetary value of received benefits to costs.
Intangible benefits from the program can be regarded as additional, non-translatable into money, and as a proof that the program has been successful.
The ROI methodology helps to translate learning outcomes into material equivalent, and then use the resulting values in a known mathematical equation: ratio of profit to cost (benefit-cost ratio, or BCR) which compares total revenue with total costs. The ROI factor is the ratio percentage of net profits from the program to total costs (ROI = profit -cost / costs x 100%).
The Phillips model can be used: to show that increasing company productivity is directly dependent on staff training staff; to evaluate training programs as a business tool; to justify training costs; to improve training programs; to apply the information for choosing teaching methods; and to increase initiative encouragement for training and development of the management [9].
It should be noted that despite outward simplicity of this methodology it is rather difficult to assess learning outcomes. One of the challenges is “to isolate” learning outcome from other factors in order to determine the added cost of training. This can be done in the following ways:
- to compare performance indicators of those employees who have received training and those employees who did not attend workshops educational events (method of comparison with the control group);
- to analyze the dynamics of a selected indicator for during a year;
- to use expert analysis.
Each method has its advantages and disadvantages. Using several methods of “isolation” improves the accuracy of calculations and at the same time increases the cost of the procedure itself, and ultimately the cost of the whole investment project, and therefore reduces the ROI. Nevertheless, assessment of investment in training is useful
and informative, but only if it is carried out regularly and is an integral part of staff development.
It will be a long time before methods of assessment of efficiency of investments in educational activities reach the level of the financial sector. But it is now clear that such an assessment is possible as it is informative and allows to manage investments in training more efficiently.
1. Блинова Т.В., Русановский В.А. Теоретические подходы к исследованию межрегиональных различий российского рынка труда // Вестник СГСЭУ. 2009. № 5 (29).
2. Быченко Ю.Г. Регулирование процессов развития человеческого потенциала в условиях перехода России на инновационный путь развития // Вестник СГСЭУ. 2009. № 4 (28).
3. Ваганян О.Г. Управление формированием и развитием интеллектуального капитала коммерческих организаций: ав-тореф. ...дис. канд. экон. наук. М., 2008.
4. Гусятников В.Н., Соколова О.Ю., Соколова Т.Н., Каткова И.В. Построение моделей для анализа качества образовательного процесса на основе технологий компьютерного тестирования // Вестник СГСЭУ. 2009. № 4 (28).
5. ДасковскийВ.Б., Киселев В.Б. Совершенствование оценки эффективности инвестиций // Экономист. 2009. №1.
6. Phillips P.P., Phillips J.J. The ROI field book: strategies for implementing ROI in HR and training. ACTD, 1994.
7. URL: http://www.kadrovik.ru/modules.php?op=modload& name=News&file=article&sid=10347.
8. URL: http://www.nesterova.ru/nauch/avt1.html.
9. URL: http://www.trainings.ru/library/articles/?id=7854.
удк 338.2 L.V. Kolyazina
STATE AS THE SUBJECT OF ECONOMY REGULATION
The paper considers state as the subject of economy regulation, gives a systemic analysis of economic functions of state. Special attention is given to the analysis of state functions in the context of various economic theories.
Key words: subject of regulation, economic functions of state, state regulation institutions.
Л.В. Колязина
ГОСУДАРСТВО КАК СУБЪЕКТ РЕГУЛИРОВАНИЯ ЭКОНОМИКИ
В статье рассматривается государство как субъект регулирования экономики, дается системный анализ экономических функций государства. Особое внимание уделяется анализу функций государства в контексте различных экономических теорий.
Ключевые слова: субъект регулирования, экономические функции государства, институты государственного регулирования.
The functions and role of state in the current socioeconomic system are the topic of heated scientific debates, theoretical discussions and provide guidance in the development of various strategic programs. The complexity of understanding the functions and role of state in the early days of the new economic system in Russia was due to the lack of a stationary market as such in its civilized form, democratic traditions of government regulation and the presence of many quasi-market forms, relations and a strong tradition of totalitarian state control. This has led to a peculiar dualism: on the one hand, government regulation is weak precisely where it should be strong and active, on the other hand there is inertia, constant, not always justified intervention in the socio-economic processes, business activity that have great potential for self-regulation. However, the development of market relations, creation of new market structures are only possible with the participation of the state, i.e. integration of market self-regulation and government regulation.
Government reforms directly related to regulation and consistent with the division of legislative and executive power and federalism should comply with the following principles: division of competences, consistency, applicability and the rule of law, avoidance of overlapping and legislative duplicating, priority of the federal law, control of authorities in accordance with their decision-making hierarchy, i.e. federal authorities. All these challenges are closely related to the understanding of the nature and specificity of
state functions in the economic system [1, p. 38, 4, p. 59]. Now the necessity of regulating the national economy is indisputable but the ongoing processes of globalization complicate the perception of these processes and their theoretical interpretation as well as practical implementation of state functions at various levels. Therefore, the author of the present paper considers a number of methodological approaches to the research of state as a subject of economic system regulation. The economic studies discuss state functions within the existing concepts of the state. According to the first concept state is an agent of a group or class, and its function is to extract revenue from other groups in favor of this group or class. Thus, the behavior of state is based on a distribution conflict: a resource used by one subject (distributed in favor of this subject) can not be used (consumed) by another subject. These approaches are typical of the Marxist theory of the state and modern theory of the state as a “stationary candidate” (M. Olson).
Another concept is based on the recognition that the state acts as a social contract. This concept focuses not on force as a means of establishing order but on establishing public order as a system of mutual expectations of citizens which reduce the uncertainty of the environment,
i.e. save resources of all citizens by reducing uncertainty and risks of economic activity. This approach is typical for proponents of the institutional movement in economics, in particular of V. Tambovtsev [6, p. 34 - 35]. Another concept
