Human capital is one of the four factors of production. It is the workforce of any organization. Whether an organization is a production facility or a service organization, without employees companies cannot perform routine tasks. Even a sole proprietorship business needs someone to look into matters, purchase materials and receive payments, etc.
Human capital includes all employees, managers, and directors. Although the directors do not perform actual production or provide no service as employees do, there are other tasks like formulating business strategies that need human capital to make the organization profitable.
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