HUMAN CAPITAL AS A FUNDAMENTALINTANGIBLE ASSET OF INTERNATIONAL BUSINESS

Abstract

The article traces the evolution of managerial approaches to the workforce - from the early perception of employees as “labour resources” to the more advanced notion of "human capital”, and ultimately to the contemporary concept of the “human asset”. Drawing on theoretical frameworks and international business practices, it highlights the functional distinctions, limitations, and strategic implications associated with each concept. Special attention is devoted to the notion of human assets, which integrates the economic, social, and ethical value of employees, emphasizing their uniqueness, innovative potential, and capacity to shape and embody corporate culture. The paper explores key challenges in implementing this paradigm while outlining its advantages, including enhanced motivation and innovation, reduced employee turnover, and strengthened long-term organizational resilience. It is argued that the human asset approach aligns with the demands of the modern business environment, where individuals serve as the principal strategic intangible asset - generating competitive advantage and advancing the values of social responsibility on a global scale.