The Effectiveness of Investment in Human Capital in Poland and Ukraine: Directions for Growth Based on Comparative Analysis
DOI:
https://doi.org/10.15678/ZNUEK.2023.0999.0102Słowa kluczowe:
human capital, comparative analysis, socio-economic mechanism, investment, effectivenessAbstrakt
Objective: To perform a comparative analysis of the effectiveness of investments in human capital in Poland and Ukraine; to identify priority directions of implementing the Polish experience for increasing the effectiveness of investments in education, healthcare and the social and labour sphere.
Research Design & Methods: Cost method was used to determine the value of human capital, which is based on an assessment of human capital investment in three areas – education costs, enterprise spending on advanced training, and healthcare costs – and adjusted by the human capital efficiency ratio. Comparative analysis is also used to characterise the situation in Ukraine and Poland in key areas of human capital reproduction.
Findings: The results indicate that the efficiency of human capital in Ukraine is low. This is caused primarily by negative economic dynamics, but also by fairly low public spending on education and healthcare.
Implications / Recommendations: A review of the literature shows that implementation of the Polish experience could boost the effectiveness of human capital investments in Ukraine. Conducting a comparative analysis will make it possible to identify the main areas and directions of their implementation.
Contribution: The article contributes to the scientific literature on evaluating the effectiveness of human capital investment. It also identifies current shortcomings in the creation, development, use and preservation of human capital, and which should be improved in such areas as education, healthcare and the social and labour sphere.
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