Firms often treat spending on employee training, development and well-being as a discretionary expense rather than an investment. The aim of this article is to examine whether human capital investment improves firm financial performance through employee well-being, and whether this effect depends on the firm's financial constraints. The study integrates human capital theory, the Job Demands–Resources (JD-R) model and the corporate finance literature on financing constraints. A moderated-mediation model is proposed in which employee well-being mediates the link between human capital investment and financial performance, while financial constraints weaken the link between investment and well-being. The model is tested on matched employer–employee data from 50–60 project-based organisations in the construction, IT, consulting and engineering sectors of Tashkent. Multilevel moderated-mediation analysis is applied. The scientific novelty lies in treating human capital investment as a financially constrained corporate investment and testing this integrated model in the under-researched context of Central Asia. The results help managers and policymakers understand the financial rationale for investing in employees under different financing conditions.
Investing in human capital represents a key factor in maintaining a competitive advantage in modern business. Continuous employee training and professional development contribute to improved work performance, increased motivation, greater job satisfaction, and better adaptation to dynamic changes in the business environment. This paper examines the importance of employee training and development in companies in the Republic of Serbia, focusing on professional development and work efficiency. The research was conducted on a sample of 150 respondents employed in six companies operating in the transport, insurance, and technical sectors. Descriptive statistics and Pearson's correlation coefficient were used to analyse the data. The findings highlight the need for greater company involvement in employee training and development to respond more effectively to the challenges of modern business. The results contribute to a better understanding of the role of employee training and development in the strategic management of human capital.
سرمایه‌گذاری در سرمایه انسانی یکی از عوامل کلیدی در حفظ مزیت رقابتی در کسب‌وکارهای مدرن به‌شمار می‌رود. آموزش مستمر کارکنان و توسعه حرفه‌ای آنان به بهبود عملکرد شغلی، افزایش انگیزه، رضایت شغلی بیشتر و سازگاری بهتر با تغییرات پویای محیط کسب‌وکار کمک می‌کند. این مقاله به بررسی اهمیت آموزش و توسعه کارکنان در شرکت‌های جمهوری صربستان می‌پردازد و تمرکز آن بر توسعه حرفه‌ای و کارایی شغلی است. پژوهش حاضر بر روی نمونه‌ای متشکل از ۱۵۰ نفر از کارکنان شاغل در شش شرکت فعال در بخش‌های حمل‌ونقل، بیمه و فنی انجام شده است. برای تحلیل داده‌ها از آمار توصیفی و ضریب همبستگی پیرسون استفاده شده است. یافته‌ها بر لزوم مشارکت بیشتر شرکت‌ها در آموزش و توسعه کارکنان به‌منظور پاسخگویی مؤثرتر به چالش‌های کسب‌وکارهای مدرن تأکید دارد. نتایج این پژوهش به درک بهتر نقش آموزش و توسعه کارکنان در مدیریت راهبردی سرمایه انسانی کمک می‌کند.
