A project work for The Future of Work: Preparing for Disruption. Open online course, The World Bank

1. “Education makes human beings
more articulate. It transforms
people. You can think differently
about the world. It makes it
possible for you to get jobs. It
makes a dramatic difference. It
generates a social equity that
we need.”
Amartya Sen
Graphics source: https://es.weforum.org/reports/the-human-capital-report-2016

2. § The definition of human capital is
“the knowledge, skills,
competencies and attributes
embodied in individuals that
facilitate the creation of personal,
social and economic well-being.”
(OECD, 2001).
§ People have the capability to think
critically and creatively, which
solve the problems smartly and
contribute to the continual
development process.
§ These skills are assets as human
capital. It is an intangible quality or
asset classified as the economic
value of a person with knowledge,
experiences and skills in the
labour market.
§ According to Gray S. Becker,
"education, training, and health
are the most important
investments in human capital.”
§ Adam Smith suggests that
“improving human capital through
training and education leads to a
more profitable enterprise, which
adds to the collective wealth of
society.”
§ Human capital correlates with
productivity and economic growth.
It is similar to any other asset. If it
does not care properly, it can be
devalued and fail to adapt to the
changes in 21st century modern
technology, innovation and future
work trends.
§ Human capital development
process actually started before a
baby born, like good health of the
mother, better environment for
mental health, available
information about nutrition and
access to proper care.
§ “The first 1,000 days of life - the
time spanning roughly between
conception and one’s second
birthday - is a unique period of
opportunity when the foundations
of optimum health, growth, and
neurodevelopment across the
lifespan are established.” -Sarah
Cusick, PhD and Michael K.
Georgieff, MD, unicef.
“The most valuable of all capital is that
invested in human beings.” -Alfred Marsh.

3. § Investment in education reduce
violence and crime in the society,
which have economic benefits
both ways; reduce the cost of
prison, and those people
contribute to the labour market
and also participate in the
community to build trust and
harmony.
§ Education makes society more
inclusive. It brings gender
equality, encourage fair
participation of all, including
people with special needs.
§ Everyone from the diverse
cultural background with creative
ideas and skills can work together
for a better solution and
sustainable economic growth.
§ Human capital is base on the
investment of skills and knowledge
through education and health. It is
a part of lifelong development
with experiences, training and
quality education.
§ Good health increases the
productivity of children at school
and returns on this investment
beyond the period.
§ A study result shows that in Kenya
2015, giving a deworming pill in
childhood that cost about only 30
cents to produce and deliver as
well. The result is lifelong benefits
like reduced the school absences
and raised wages in adulthood by
as much as 20 percent.
§ Investment in education has a
huge return like create
employment, reduce poverty and
most importantly bring equity in
society.
§ Study shows, Nigeria introduced
universal primary education in the
mid-1970s. A large number of
children admitted at primary
school and the result after years
later; some of those same people
were more give the attention to
the news, participate in the
discussion about social issues,
speak about the vote and politics.
§ Learning capability depends on
good health, access to quality
education and social security.

4. § We have done a lot of improved in
education and healthcare but still
each year approximately 3.1
million children die from
undernutrition (UNICEF, 2018a)
and according to UIS data for
the school year ending in 2017,
about 262 million children and
youth are out of school.
§ In the past decade, access to
education at all levels has been
made progress, particularly for
women and girls.
§ Basic literacy skills have improved
tremendously, but math and
reading skills are far behind.
§ Need more attention to quality
education programs to provide the
fundamental literacy in math and
reading skills, which are
mandatory for adapting the 21st
century workplace and lifelong
learning environment.
§ The World Bank has a Human
Capital Project to identify the
human capital index,
measurement and research to
develop the areas where the
individual countries need to focus
and take the right programs for
human capital development
globally for future of works and
sustainable growth.
§ The government must take a
holistic approach for quality
education, because individual
often fails to understand the
overall picture of it’s benefits and
poor people especially in
developing countries couldn’t
afford that cost.
§ The private companies can
improve the quality of human
capital by investing in employees
like the education, experience, and
abilities of employees all have
economic value for employers and
the economy as a whole.

5. § Today, we need the workforce who
have advanced cognitive and
socio-behavioural skills. The
changing nature of work and the
increase of life expectancy lead to
learn new skills for surviving in the
job market and also enter in the
diverse workforce.
§ Over the year we have developed
in many significant areas and in
this current technological era,
where the fourth industrial
revolution (4ir) stand with
challenges and opportunities for
the present workers and the
future generation who are getting
ready to enter the next labour
market.
§ Training programs with jobs and
access to skill development and
lifelong education should be
provided by the private
stakeholders for their workers.
§ To consider a firm, simply
calculating the human capital is
the total profits before and after
any investments are made like any
return on investment (ROI) of
human capital can be calculated by
dividing the firm’s total profits by
its overall investments in workers
skills and knowledge
development.
§ Encourage lifelong learning,
opportunities for skill
development, flexible works
option for women and more
inclusive work environment for all.
§ Government must take a holistic
approach for quality education,
because individual often fail to
understand the overall picture of
it’s benefits and poor people
specially in developing countries
couldn’t afford that cost.
§ Training programs with jobs and
access to skill development and
lifelong education should be
provided by the private
stakeholders for their workers.
§ We have to work a lot from
government level to private
organisations, NGOs together to
invest in programs for human
capital development and give
everyone for a fair opportunity to
explore their potentiality and
make our society more inclusive.