The First Assignment--Human Capital Theory

The first assignment came and went and provided me with several great insights into how I’m invested in as an employee at my current company. What I realized through researching and writing for this assignment is that my current company places less investment in me as an employee than I have experienced at some other companies where I’ve worked in the past. Although I’m grateful for and fulfilled in the health and wellness areas, my company lacks when it comes to making investments in my education and professional training. Professional training is rarely mentioned, and when it is, it is always an on-site training done by co-workers who are not usually experts on the training topic. As far as off-site training or conferences, those are never mentioned.

My company offers tuition reimbursement for 50% of tuition costs, but one has to stay with the company for at least two years after reimbursement or the money will have to be paid back. This is better than some employer plans, but again, I’ve experienced better tuition plans, so I guess I may be a bit spoiled.

Overall, I don’t feel invested in regarding training and development. Learning new things at work or through on the job training is usually done at such a frenetic pace, because of deadlines, that I’m unable to fully absorb the information and fully develop the skills that I’m learning.

In my paper, I highlighted several weaknesses of human capital theory, but reflecting on the two strengths that I discussed, I believe these strengths outweigh the weaknesses. My first strength was “…   the educational, health, and professional benefits and opportunities that individuals who are “invested” in are afforded” (p. 2).

The second strength that I discussed was “…the benefits that human capital provides to the society as a whole” (p. 3). I believe that these strengths of human capital theory outweigh the weaknesses because I find myself wondering what my own life would be like if I were not, in the past and currently, afforded some of the “investments”. I also think about my family members in past generations who were not invested in and feel extremely grateful for the opportunities and “investments” that have been made for me in both my educational and professional life. I also feel proud that I can share the benefits of my investments with family and friends.

Elixir or Snake Oil?

In Wolf’s article, “Elixir or Snake Oil? Can Education Really Deliver Growth?” she states, “Might education not be serving, essentially, as a simple way of ranking, screening and selecting people in a mass society? The simple answer to this last question is 'Yes'. Education today is a socially acceptable way of ranking people which most employers would find it hard to do without” (p.28). Initially when reading this statement, I agreed with Wolf’s assertion, but upon further reflection I realized that the answer to this question is not simple at all. I think that education, for certain fields, is essential in order to successfully work in those fields, so obviously education is a must under certain circumstances. For instance, one cannot become a doctor without proper education and one cannot become a firefighter without proper training. If there was a lack of education in these fields, lives would be endangered. I don’t know if education is necessarily a way of “ranking” individuals.

This makes me wonder, if two equally educated individuals were up for the same job, let’s say for a corporate sales or marketing position, would the individual who went to the “better” school of the two and had a few more years of experience get the job? Or would the person who displayed a more friendly, outgoing and assertive attitude get the job? I would think that it would be the latter, considering the type of position. I think that there are ways of ranking individuals, but I also think that employers also choose individuals off of personality, demeanor, and their intuition about the person’s capability to be successful in the role. In other words, this issue is not black and white. Factors other than education are taken into consideration when hiring for any position. I know several people who are exceptionally charming and can maneuver themselves into positions and roles that someone with their same level of education and experience would most likely find it hard to get into.

Reference:

Wolf, A. (2002). Elixir or snake oil? Can education really deliver growth? In A. Wolf (Ed.), Does education matter? Myths about education and economic growth (pp. 13- 55). London: Penguin.