Human Capital on the Knowledge Economy: The Role of Continuing Education

In economy, driven by innovations, the society is developed by the combination of exchange process and knowledge use in the manufacturing and in other spheres as well. The creation, accumulation and effective use of knowledge play a significant role in this process. One of the most important factors that define the forming of intellectual capital, its development and rational use is professional education. The present article analyzes such categories as capital, intellectual capital, its denomination and classification. The authors highlight continuing education as the fundamental factor establishing intellectual capital and the features of the adult workers in the aspect of education. The present article provides a quick review of several strands of a literature of contemporary Russian and foreign researchers and historical examples of the end of the XIX century that provide evidence in support of the topic. Furthermore, the paper represents calculation of KPIs in education as the key factor that creates intellectual capital.

Highlights:

One of the key factors that denominates significance and use of intellectual capital is education.

Productivity of more educated workers is higher than that one of less educated staff.

We highlighted features of continuing professional education which influence the intellectual potential of an experienced worker.

It has been proved that real monetary return on higher education considerably differs for men and for women.

Thus, continuing education is a key factor influencing the salary, a job attitude, productivity growth and also an economy’s ability to develop.