The Holy Bible records that man’s (woman inclusive) divine mandate among others is to subdue the earth (Gen. 1:28). To do this therefore, man must be appropriately equipped in terms of skills, competencies and knowledge. Human capital represents the stocks of competencies, skills, Knowledge, attitudes and personality attributes embedded in the ability to perform labour so as to produce economic value. It includes, but not limited to the skills, experiences, abilities and capacity to develop, innovate and create possessed by people as individuals in as organization or a nation (Chartered Institute of Personnel Development, 2006, Asuru, 2010a). Putting it succinctly, human capital is an aggregate economic view of the human being acting within economics, which is an attempt to capture the social, biological, cultural and psychological complexity as they interact in explicit and/or economic transactions (Wikipedia, 2012).
Such human capital must be effectively and efficiently managed to satisfy the needs of the organization or nation, hence Mahroum (2007) posited that at the macrolevel, human capital management is about three key capacities viz: the capacity to develop talents, the capacity to deploy talent and the capacity to draw talent from elsewhere. Collectively, these three capacities he stressed form the back bone of any nation’s human capital. It is in the light of this that policies of nations are expected to focus tangentially on the investment and promotion of human capital development.
Citing Babalola (2003), Olaniyan and Okemakinde (2008) stated that investment in human capital is predicated on the premise that: the new generation must be given the appropriate parts of the knowledge which has already been accumulated by the previous generation;