Human Capital Development in the Context of the Fourth Industrial Revolution

Abstract

Abstract In the context of the fourth industrial revolution, high-quality human capital that creates innovations is becoming the key factor in building the competitiveness of individual companies and the national economy as a whole. The digital transformation of public life has had a significant impact on human capital development. Remote communication, robotics and artificial intelligence technologies have created new opportunities in education, health care and employment. Education and health care have become more individualized and high-tech. Opportunities for remote employment and combining work in several companies have appeared. However, digitization also poses challenges and threats to human capital development. These include the need for continuous upgrading of competencies, increased levels of stress due to the increasing information and emotional load on an individual operating in the digital environment. The general job cuts and decline in the rights of employees who have switched to telecommuting also characterize digital economy. In addition, the introduction of digital tools increases the risks of discrimination against various population groups and growing social and economic inequality. Under these conditions, holders of human capital face the need to acquire new knowledge, improve their professional qualifications and comprehensive personal development throughout their lives. In order to ensure the least painful inclusion of all society members in the digital environment, the state and business must create conditions for increasing the level of digital, financial and legal competence of population.