Human capital project was initiated by the World Bank to prepare humans for upcoming challenges in the future as it was suggested by the World Bank that by improving the skills of humans, people can manage challenges in the future. Human capital can help in the development of a country, reduction of poverty. Now people are investing their money in their development as they have understood that in the coming future, if you are not skilled enough and educated, you will not be able to manage challenges. There are some points which must be included in human capital formation.
Human capital infrastructure is that entire infrastructure which is created by the human beings like hospitals, roads, railways, cooler, fan and all those things which are created by the human beings except all the natural things. In the coming future, you will not require education but you will require skills which can manage the task. In coming future most companies and industries will require skilled labour but our education system is not designed in that way which can fulfil the need of the changing industries as you can see the are many technological developments are taking place, hence the labour force which is working in these organisations will require to learn all those new skills to complete any task of those companies. There are some important points which human capital infrastructure possesses.
In the coming time, the need of human capital will increase as technology is taking place in all the industries, hence most industries will need to employ those people who have relevant skills which can help those companies and organisations in changing scenarios. Without improving knowledge and skills, people cannot be productive as per industry requirement; hence they need to learn industry oriented skills.
The speciality of humans is that we have a brain so we can think and analyse but with the technological changes, most of the people are being less efficient in tackling the new challenges of all companies and industries. To understand more, you can see the businesses handled by the less educated will be less productive whereas businesses managed by the well-educated will be more productive. This is how you can see that the skilled persons are supportive in nation development. There are some points that must be included in the development of human capital formation.
Human capital formation has been indispensable as technological changes are taking place in each part of the world but at the same time people are not being trained to fulfil the requirement of human capital because with the changing technology the labour force will also have to be skilled as per industry requirement. There will be greater impact on society, once we make our people skilled enough, in that case, every industry will be able to cope up with less efficient workers. There are some important points which must be included in human capital formation.
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