EVOLUTION OF APPROACHES TO HUMAN CAPITAL MANAGEMENT IN THE INVESTMENT DIMENSION OF ENTERPRISE ACTIVITY

Abstract

The article explores the evolution and development of approaches to human capital management (HCM) in enterprises under the conditions of digital transformation, labor market flexibilization, and growing socio-economic uncertainty. The relevance of revisiting traditional personnel management paradigms is substantiated, taking into account the increasing importance of intangible assets, intellectual capital, and employee adaptability in the knowledge economy. The study provides a comprehensive analysis of classical, modern, and post-industrial approaches to managing human capital, including functional, resource-based, strategic, behavioral, and value-oriented models. A particular emphasis is placed on the integrative approach to HCM, which combines elements of agile management, corporate culture development, digitalization of HR processes, and the implementation of ESG (Environmental, Social, and Governance) standards in corporate governance. This approach enables organizations to move beyond administrative command models and adopt a human-centric philosophy of management that prioritizes employee engagement, career path customization, internal motivation, and knowledge sharing. The paper identifies a number of key trends in contemporary HCM: the shift from rigid hierarchical structures to flexible team-based systems; the replacement of linear career models with networked, lifelong learning trajectories; the growing role of digital tools and AI in talent analytics; and the increasing significance of emotional intelligence and social responsibility in leadership models. Based on comparative analysis and systematization of theoretical and practical approaches, the author proposes a modernized model of human capital management that enhances the organization's capacity for sustainable development, innovation, and competitiveness. The findings of the study are of practical importance for enterprise managers, HR professionals, business consultants, and researchers working in the fields of organizational development, strategic management, and human resource economics. The proposed recommendations can serve as a basis for transforming HR policies toward long-term investment in human potential as a key driver of organizational success.