HUMAN CAPITAL MANAGEMENT AS A KEY FACTOR OF SUSTAINABLE ECONOMIC DEVELOPMENT

This thesis examines Human Capital Management (HCM) as a key driver of sustainable economic development, focusing on HR management systems, employee motivation, and competency-based models. Drawing on international reports and empirical research from the World Bank, OECD, ILO, and leading scholars in strategic human resource management, the study analyzes the relationship between investment in human capital and macroeconomic productivity growth. The paper applies comparative and analytical methods to evaluate how structured competency frameworks, performance-based motivation systems, and lifelong learning mechanisms contribute to long-term economic resilience. The findings confirm that countries and organizations investing systematically in human capital demonstrate higher innovation capacity, productivity growth, and social sustainability indicators.