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Models for human capital management: Human resource management of

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Article  in  International Journal of Learning and Intellectual Capital · December 2007

DOI: 10.1504/IJLIC.2007.016338

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Int. J. Learning and Intellectual Capital, Vol. 4, No. 4, 2007 453

Models for human capital management: human

resource management of intellectual capital

Kevin J. O’Sullivan*
School of Management
New York Institute of Technology
1855 Broadway
New York, NY 10023, USA
E-mail: kosulliv@nyit.edu
*Corresponding author

William D. Schulte Jr.

Harry F. Byrd Jr. School of Business
Shenandoah University
Winchester, VA 22601, USA
E-mail: wschulte@su.edu

Abstract: In this article the current models of Intellectual Capital (IC) are
examined in the context of Human Resource Management (HRM) both in the
public and private sectors with a special emphasis on the association of the
management of IC with competitive advantage. The article presents the current
view of IC management as well as discussing the evolving nature of HRM
in the 21st century where there is a necessity for organisations to be dynamic
both in the context of the management of individual capabilities and the
management of organisational structure.

Keywords: Human Capital Management; HCM; Knowledge Management;

KM; Human Resource Management; HRM; intellectual capital management.

Reference to this paper should be made as follows: O’Sullivan, K.J. and

Schulte, W.D., Jr. (2007) ‘Models for human capital management: human
resource management of intellectual capital’, Int. J. Learning and Intellectual
Capital, Vol. 4, No. 4, pp.453–466.

Biographical notes: Kevin J. O’Sullivan is an Assistant Professor of

management and Director of global academic programmes at the New York
Institute of Technology, USA. He has more than 16 years of IT experience
in multinational firms and consulting both in the private and public sector in
American, Middle Eastern, European, and Far Eastern cultures. Dr. O’Sullivan
has delivered professional seminars to global Fortune 100 organisations on
subjects such as global collaboration, knowledge management, information
security, and multinational information systems. His research and development
interests include knowledge management, intellectual capital security and
information visualisation. He serves on the editorial board of the Journal of
Information and Knowledge Management and is an Associate Editor of VINE:
The Journal of Information and Knowledge Management Systems. He has
published a wide range of articles on specific topics on knowledge management
and intellectual capital as well as book chapters and recently edited the text
entitled ‘Strategic knowledge management in multinational organisations’.

Copyright © 2007 Inderscience Enterprises Ltd.

454 K.J. O’Sullivan and W.D. Schulte Jr.

Dr. William D. Schulte Jr. is an Associate Professor in the Harry F. Byrd, Jr.
School of Business of Shenandoah University. Schulte has previously taught
at The George Washington University, the Tobin College of Business of St.
John’s University in New York and the School of Management at George
Mason University. He is on the editorial review board of the Journal of
Knowledge Management. His work includes scores of books, chapters, articles,
proceedings, cases and presentations to international scholarly organisations
including the Academy of Management, the Strategic Management Society,
the International Council for Small Business, the Academy of International
Business, the Business Association for Latin American Studies and the Decision
Sciences Institute. His professional experience includes consulting for the US
Department of the Navy and other clients. In addition, Professor Schulte has
years of experience in construction and media companies.

1 Introduction

The 21st century knowledge driven economy has seen increasing importance being put
on maximising the organisations Intellectual Capital (IC) (Zhou and Fink, 2003). In
this article we shall examine one key element of IC, that of human capital. We shall
investigate the challenges of managing human capital and the opportunities that are
available to those organisations that actively manage human capital.
There is a key theme that runs throughout this article – that of competitive advantage.
From a management perspective, every decision that we make in an organisation may be
seen in the context of competitive advantage. Actively managing human capital is no
different. In an environment where resources are limited, time and money are invested in
initiatives that lead to the best return on investment within the organisation. Investment in
Human Capital Management (HCM) has been hampered in the past by the inability of
management to develop a sound return on investment model to justify such investments
on time and money. The recent emphasis on measurement to facilitate external reporting
has mean that little attention has been given to the development of classification models
of human and structural capital beyond a rudimentary level (Carlson et al., 2004). This
does not mean that there is no value in the active management of human capital, simply
that there is, for many organisations, an untapped opportunity of competitive advantage.
Throughout the rest of this article we shall focus on the methods of harnessing human
capital as a source of competitive advantage, placing it initially in the matrix of elements
in the broader component of intellectual capital, and the examining the methods of
accessing, developing, maintaining and leveraging human capital.

2 Background

Intellectual capital management has become a focus in many organisations because of the
popularity of Knowledge Management (KM) as and activity within those organisations.
For many, KM is inexorably tied to technology. This may because of the marketing
opportunities identified by software vendors for ‘re-badging’ software products as KM
solutions. Baldanza and Stankosky (1999) advocate that technology is just one of four
components (technology, leadership, learning and organisation) required for the long
 Models for human capital management 455

term success of KM initiatives and research seems to conclude that this is the case
(Stankosky, 2004; Anantatmula, 2005). Because of the technological focus of KM,
intellectual capital management has been segmented away from the focus of KM into its
own, related discipline. There is, however, great synergy between these initiatives. The
integration of intellectual capital management and KM requires aligning KM processes
and individual IC elements to meet an organisation’s strategic goals (Zhou and Fink,
2003). This approach is highlighted in Figure 1.

Figure 1 The relationship between IC and KM

Knowledge
Intellectual
Management
Capital
processes

Identifying and structuring the related KM processes

that are linked to the desired IC elements

Organising and facilitating KM processes to create and

maximise the IC targeted
Source: Zhou and Fink (2003)

This of course leads us to the question of what IC is and what are those elements that
should be aligned with KM processes to lead to the achievement of organisational goals
and competitive advantage. There are many definitions of IC. Becerra-Fernandez et al.
(2004) define it as knowledge that can be exploited for some money making or other
useful purpose. Although at first this seems a rather simple definition of IC, it is useful in
that it emphasises the two important concepts behind IC, intellect and value.
Most researchers agree that IC consists of three major sub areas – relationship capital,
human capital and structural capital (Figure 2).

Figure 2 Elemental approach to KM

Intellectual Capital

Relational Capital Human Capital Structural Capital

456 K.J. O’Sullivan and W.D. Schulte Jr.

These core elements may be managed as a single element – IC, or may be managed
individually as separate disciplines. It should be noted that this is an evolutionary process
for many organisations – initially, organisations adopting a KM strategy, then maturing
to a strategy of separate disciplines of KM and intellectual capital management, then
finally to a model of KM, relationship capital management, HCM and structural capital
management as illustrated in Figure 3.

Figure 3 The evolution of KM and IC management

Knowledge
and intellectual
capital
management

Knowledge Relational Structural

Human capital
management capital capital

Interestingly, the technology used to generate competitive advantage from these

disciplines remains the same – we have as yet to evolve to the point that we have IC
technology. There is however, evidence that points to the use of technologies traditionally
associated with knowledge management to aid in the management of IC. Research
conducted by O’Sullivan and Stankosky (2004) indicates that the following technologies
are actively in use for the management of IC:
• internet technologies
• intranet technologies
• extranet technologies
• data warehousing
• data mining
• decision support systems
• artificial intelligence/knowledge agents
• groupware.
This categorisation of knowledge management technologies was originally developed by
KPMG, but does provide a rounded framework for analysis of technology utilisation. Of
course there are many ways to categorise such technologies and as the management of IC
continues to evolve, more categories may need to be added to the model.
 Models for human capital management 457

2.1 Human capital

Human capital is one of the three key elements of IC. It has been defined as the
capabilities of individuals who are the source of innovation and renewal within
companies (Stewart, 1997). It includes the company’s values, culture and philosophy.
Generally the term human capital can be defined as the abilities and skills of a certain
group of people or an individual person that have economic value (Schultz, 1961). Ulrich
et al. (1999) in their book Results-Based Leadership, talks about the concept with the
following equation:
Human capital = employee capability × employee commitment.
The reliance on Human Capital, as opposed to physical capital, in order to compete in the
marketplace is regarded as a key differentiator of Knowledge Intensive Firms (Swart and
Kinnie, 2003). Bontis (1998) sees the quality of human capital as a source of innovation
and strategic renewal. It includes individual tacit and explicit knowledge (Nelson and
Winter, 1982) brought into the organisation through its knowledge workers. Human
capital is behind an organisations performance drivers such as quality, customer
satisfaction and innovation, which can be linked directly to the firms strategic objectives
(Thomas et al., 2003).
For most organisations it is human capital that makes them unique and if harnessed
may be a vital source of competitive advantage. In other words, in an environment where
homogeneity of structure may exist – similar technologies, facilities and competitive
environment, it is the capabilities of individuals within the organisation that may be used
to differentiate the organisation to potential customers. As this level of homogeneity
becomes more pronounced in many markets, the focus on leveraging human capital for
competitive advantage becomes more essential. Similarly, the need for the development
of strategies for renewal of human capital becomes essential. It may no longer be enough
to harness the existing human capital of the organisation, but through the active
management of human capital, it is possible to identify deficiencies and remediate
the problem. This may be accomplished through recruitment or through internal
development, facilities often provided by the human resources department of the
organisation. Later in the article we shall examine the relationship between Human
Resource Management (HRM) and HCM.

3 Models of human capital management

There are nearly as many models of HCM as there are definitions. This may possibly be
attributed to the rise of HCM as an area of focus for organisations, researchers and
academics. In this section we will discuss not only the current models of HCM, but some
of the commonalities among them.
First, it should be established that HCM is not HRM, although both disciplines deal
with the supply of individuals with knowledge and capabilities to achieve tasks within
the organisation. Most people in the HR profession can put together a lucid argument
for why HCM is crucial to the survival of their organisation. Organisations may truly
believe they are measuring and managing their human capital, but in reality, many have
little idea of what HCM truly means and are consequently making a very poor attempt at
it (Young, 2005).
458 K.J. O’Sullivan and W.D. Schulte Jr.

The focus of human resources is on building functional capability and service

offerings that a business has the right number, quality and type of talent needed to
execute it’s strategy and get the best use and results from it’s talent portfolio (Brush
and Ruse, 2005). This is in itself a vital activity for any organisations, but tends to focus
more on acquiring staff, monitoring performance, administering benefits and ensuring
compliance with local and state employment regulations rather than leveraging the
capabilities of individuals to be more productive and more innovative.
HCM on the other hand is focused on bringing the right capabilities to bear on a
particular problem or opportunity. With the recognition that active management of
this process leads to improved performance and greater customer satisfaction, both
contributing factors in improved competitive advantage, it becomes clear that enhancing
this process will have a positive affect on the organisation. Consequently, a number
of different models of HCM have been developed. Figure 4 illustrates the overlap
in HRM and HCM from the perspective of technology, leadership, organisational
factors and organisational learning. It should be noted that these models do tend to
be situational in nature – they apply to particular organisations at particular time. The
Accenture model of HCM (Figure 5) illustrates the connection between human capital
and total return to shareholders. This model also takes into consideration the implications
for human capital for organic growth and growth through mergers and acquisitions.
This is an important distinction when it comes to service industries where value, for
instance a consulting organisation, is tied to the tacit knowledge of the individuals within
the organisation.
Thomas et al. (2003) further illustrate the necessity to manage human capital with the
human capital development framework. The framework is a four tier model connecting
human capital processes, human capabilities, key performance drivers and business
results as illustrated in Figure 6. Effectively, this framework demonstrates the integration
of human capital processes through human capital capabilities to key performance drivers
and business results.
The private sector is not alone in their desire to achieve key results. Although
the public sector does not have the same business drivers as the private sector, it is
challenged with achieving specific objectives. In this sense, the human capital
development framework may be adapted to the public sector by altering Tier 1 objectives.

Figure 4 The intersection of HRM and HCM

Technology
Human Human
leadership
Resource Capital
organisation
Management Management
learning
 Models for human capital management 459

Figure 5 The Accenture model of human capital

Source: Thomas et al. (2003)

Figure 6 The human capital development framework

Business results Tier 1

Economic value Price earnings Sales growth Net operating
added ratio profit after tax

Key performance drivers Tier 2

Productivity Quality Innovation Customers

Human capital capabilities Tier 3

Leadership Workforce Workforce Employee Workforce Management Human capital
proficiency performance engagement adaptability talent efficiency

Human capital processes Tier 4

Competency Career Performance Leadership Recruiting Workforce Workplace
management development appraisal development planning design

Rewards and Employee Human capital Learning Knowledge Human capital

recognition rebates strategy management management
Infrastructure

Source: Thomas et al. (2003)

Figure 7 illustrates the how Tier 4, 3 and 2 may lead to either private o public
sector objectives. Table 1 illustrates how this is being implemented within the US Federal
Government citing the example of how the US Department of Education is aligning
their internal strategic initiatives with the overall strategy as mandated by the Office of
Personnel Management (OPM). This plan for aligning the Department of Education’s is
supported by a support structure that permeates the organisation at many different levels
(Figure 8), however, it should be noted that the overall strategy is lead by a ‘Chief
Human Capital Officer’ indicating the seriousness of the strategy within the organisation.
As discussed earlier, there are differences in the public and private sector in terms of
key objectives with the public service sector focus on the provision of services for the
public good, while the private sector typically focused on a return on investment or the
increase of shareholder value.
460 K.J. O’Sullivan and W.D. Schulte Jr.

Another determinant in the selection of appropriate HCM strategy is that of

organisational size. O’Sullivan and Stankosky (2004) demonstrated that organisational
size is of significant importance in determining the overall approach to managing IC to
include human capital. This has specific implications in the selection of technologies to
manage human capital as discussed in the next section.

Figure 7 Human capital development framework summary for public and private sectors

Tier 4 Tier 3 Tier 2 Tier 1

Private sector
business results
Key
Human capital Human capital
performance
processes capabilities
drivers
Public sector
objectives

Table 1 US Department of Education HCM plan 2004

Department of Education’s
OPM’s human capital standards for success FY 2005 PRIORITIES
human capital initiatives

Strategic Alignment
Agency human capital strategy is aligned with mission, goals, and
organisational objective and integrated into its strategic plans, Establish leadership
performance plan, and budgets accountability for human
capital management Clarity of results
ACCOUNTABILITY
Agency human capital decisions are guided by a data-driven, result-
oriented planning and accountability system

LEADERSHIP AND
Knowledge management Prepare leaders to lead Succession planning and
Agency leaders and managers effectively manage people, ensure and manage the workforce development
continuity of leadership, and sustain a learning environment that
drives continuous improvement in performance.

Workforce planning and deployment

Agency is citizen-centred, de-layered and mission-focused, and Recruit, develop, and
leverages e-Government and competitive sourcing
assign talent to the Filling vacancies
Talent department’s critical effectively
priorities
Agency has closed most mission-critical skills, knowledge, and
competency gaps/deficiencies, and has made meaningful progress
towards closing all.

Improving performance
RESULTS-ORIENTED PERFORMANCE CULTURE evaluations
Agency has a diverse, results-oriented, high performance workforce, Strengthen our
and has a performance management system that effectively and
results-oriented culture
differentiates between high and low performance, and links
individuals/team/unit performance with organisational goals and Differentiating pay for
desired results performance

Source: US Department of Education (2004)

 Models for human capital management 461

Figure 8 Organisational structure to support human capital at the US Department of Education

Source: US Department of Education (2004)

4 Human capital and information technology systems

As discussed earlier, there are many different categories of technology that may be used
to manage human capital. These technologies may be used in isolation or in combination,
however the selection of the appropriate technology depends upon a number of factors.
These factors as illustrated in Figure 9 include:
• desired outcomes
• existing technological implementation
• organisational culture
• budget
• size of organisation
• time frame
• competition.
Whereas this is not an inclusive list, these factors should be common to most HCM
implementations. As such we shall examine them individually and then move on to a
closer examination of the technologies that are used to manage human capital.
462 K.J. O’Sullivan and W.D. Schulte Jr.

Figure 9 Factors influencing the selection of technologies for the HCM systems

Desired Organisational
outcomes culture

Budget

Existing
technological Human capital
implementation management system
selection

Competition

Organisational
size
Time frame

4.1 Desired outcomes

There are a number of desirable outcomes that may result in the management of human
capital. The selection of strategy to accomplish these objectives dictates the technology
to be implemented, for example, should the desired outcome be that employees be
more knowledgeable of internal policies and procedures, technologies such as intranets
and document management systems may be implemented. If the desired outcome is to
empower employees, conversational technologies such as WIKI’s, collaborative systems
and BLOGS may be employed.

4.2 Existing technological implementations

The fact that, in many cases, technology to manage human capital already exists within
the organisation that has not directly been used in that manner may be a significant
factor in the selection of a HCM strategy. In many cases intranet, extranet, document
management systems, decision support systems and groupware systems are used to
accomplish specific tasks within the organisation. These technologies may be re-tasked or
enhanced to support an active HCM strategy. The reutilisation of existing technologies
has a number of benefits that organisations find appealing such as reduced cost, reduced
time to production, the leveragability of existing support personnel for the maintenance
of systems. Similarly, the reuse of existing technologies tends to reduce the learning
curve associated with new systems adoption.
 Models for human capital management 463

4.3 Organisational culture

Organisational culture is a major influence in the selection of systems to support
active human capital management. Given that cultural change is an extremely difficult,
time-consuming and frustrating process for organisations. Chances of success are low
especially when the purpose of the culture change is not understood or accepted by
employees (Park et al., 2004). In essence, the success of a technological implementation
to support active human capital management must be must be approached in a
phased manner. Initially, the implementation must be in line with existing cultural
norms, however, in the long run, organisational culture may be modified to promote
greater HCM.

4.4 Budget
Budget is always a critical factor in the selection and implementation of a new system.
Generally, budget is derived from the expected return on investment, which in terms
of HCM systems may be difficult to define. Conventional accounting systems were
developed for manufacturing economies and for measuring the value of tangible assets,
but with intangibles such as the rate of change they find it difficult to account for (Shiu,
2006). HCM, as with KM suffers in this area because of the difficulty in measuring
and attributing the benefits of the system with an improvement in the bottom line of the
organisation. In general, it is well understood that such systems enable organisations
to be more effective, however, the degree of effectiveness associated and attributed to
the system tends to be blurred by other initiatives within the organisation as well as
environmental factors. In addition to accounting systems, there are several internal and
external measures of intellectual capital and hence human capital. The Skandia Navigator
was one of the first internal measures to calculate and visualise the value of intangible
capital by stating that intellectual capital represents the difference between market and
book value (Leif, 1997). Others are human resource accounting, the intangible assets
monitor, and the balanced scorecard. External measures include market-to-book value,
and Tobin’s Q and Real Option theory (Shaikh, 2004). Unfortunately, these measures,
while somewhat effective in demonstrating the value of intellectual in very general terms
within an organisation, they do not provide sufficient detail for use in the process of
budget justification. Similarly, Human Resource Accounting (HRA) is an accounting
method that describes the management of a company’s employees. It has two aims
(Shaikh, 2004).
To improve the management of human resources from an organisational
perspective-by increasing the transparency of human resource costs, investments and
outcomes in traditional financial statements; and to attempt to improve the basis for
investors’ company valuation. This methodology will allow for the justification of human
capital management budgets as it demonstrates a traceable return on investment of a
situation prior to the implementation of the system, and one post implementation.

4.5 Size of organisation

Size, diversity of location and cultural diversity within the organisation all play
significant roles in the selection of human capital management system selection and
implementation. As size increases, so must the sophistication of the system to facilitate
464 K.J. O’Sullivan and W.D. Schulte Jr.

greater demand and the greater diversity of uses that the system will be used for.
Similarly, as size increases technologies for accessing and maintaining the information
contained within the system also change. For instance, intranet technologies are in much
greater use for the management of human capital in larger organisation. This makes sense
should you consider the necessity of using an intranet for managing human capital data
in an organisation of 15 people is relatively low, however, organisations of thousands of
individuals will have significantly more benefit from such a system. Research also
indicates that the use of artificial intelligence and knowledge agents is much more
prevalent in large organisations. This may be attributed to the sheer amount of data to be
analysed in larger organisations and the overall expense of such systems that may be cost
prohibitive for smaller organisations.

4.6 Time frame

Depending upon the level of acceptance for the active management of human capital,
overt or stealth strategies may need to be employed in the deployment phase. In terms
of implementation time frames the nature of the implementation the choice between
these two strategies does play a role in the selection of technology to be implemented.
Similarly, the technology itself and whether that technology already exists within the
organisation are critical to the selection. These factors are similarly important in
justifying human capital management projects where payback period and overall return
on investment are considered when evaluating alternate project proposals.

4.7 Competition
As the active management of human capital may lead to competitive advantage it is
understandable that HCM strategies may be employed not only within the organisation,
but also within organisations that form the organisations competition. Should the
competition have active HCM strategies in place that are delivering competitive
advantage, this may be cause for the organisation to employ similar strategies to close the
competitive gap. As in many cases, competitive advantage derived from technological
solutions may have a relatively short benefit period as the technologies employed to
deliver the competitive advantage tend to have short implementation periods and are
available market wide. The overall strategy to employ active HCM on the other hand may
take considerably longer to develop, especially where organisational culture is a major
consideration. In such cases stealth implementations may at least in the short term be
more viable in deploying HCM systems.

5 Knowledge management initiatives

Should the organisation have a knowledge management strategy in place, the active
management of human capital will be greatly enhanced in both its utility and benefit
to the organisation. There are a number of reasons for this. Primarily, KM is focused on
the transformation of tacit knowledge into explicit knowledge. This activity greatly
enhances the fundamental abilities of knowledge workers within the organisation.
Secondly, successful knowledge management strategies take the organisational culture
of the organisation into consideration. This requires an examination of the culture and
 Models for human capital management 465

appropriate strategies to be developed for maintaining the knowledge management

system within that organisation. As these strategies already exist within the organisation,
they may be reused in the development of an active HCM system, compressing the
learning curve greatly and enhancing the chances of success for the system. If KM has
already been employed within the organisation, there are likely to be many similarities
in both systems and approaches. Again, whether by design or simply because of the
coexistence of the systems, there are synergistic benefits to be gained.

6 Conclusion and future work

In this article we have discussed the benefits and considerations of implementing active
HCM systems and approaches. We have illustrated that the active management of human
capital may lead to competitive advantage for organisations and hence, should the
competitive advantage be sufficient in terms of durations and return on investment, such
strategies and technologies should be employed.
Because of competitive advantage proposition, much development in terms of
technology and strategy is ongoing, as well as significant academic research in the area.
This research should provide practitioners with a selection of new strategies that are well
grounded in research.
As the role of HCM is still relatively new, active management of human capital
beyond the role that the human resources department and general management play will
continue to evolve as a major source of competitive advantage.
Future and continued research in this area is required to establish best practices
and contextual models for the selection criteria of appropriate models for optimum
performance in terms of human capital management. As the approaches illustrated in
this article are relatively new, little empirical data exists in terms of the success rate of
such models. Future research by these authors and others will help to demonstrate the
effectiveness of specific models in their own context.

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