Fe ei o-Seoane, F ancisco J.; del Campo-Villa es, Manuel Oc a io; Abad-I oiz,
Ne ea; Ja dón Fe ei o, Eladio
A icle
Socio-economic de e minan s o he alue a ibu ed o
human capi al in he labou ma ke om he employee's
pe spec i e
Adminis a i e Sciences
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Sugges ed Ci a ion: Fe ei o-Seoane, F ancisco J.; del Campo-Villa es, Manuel Oc a io; Abad-I oiz,
Ne ea; Ja dón Fe ei o, Eladio (2024) : Socio-economic de e minan s o he alue a ibu ed o
human capi al in he labou ma ke om he employee's pe spec i e, Adminis a i e Sciences, ISSN
2076-3387, MDPI, Basel, Vol. 14, Iss. 7, pp. 1-19,
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Ci a ion: Fe ei o-Seoane,
F ancisco-Jesús, Manuel Oc a io del
Campo Villa es, Ne ea Abad-I oiz,
and Eladio Ja dón Fe ei o. 2024.
Socio-Economic De e minan s o he
Value A ibu ed o Human Capi al in
he Labou Ma ke om he
Employee’s Pe spec i e.
Adminis a i e Sciences 14: 154.
h ps://doi.o g/10.3390/
admsci14070154
Recei ed: 9 May 2024
Re ised: 27 June 2024
Accep ed: 10 July 2024
Published: 17 July 2024
Copy igh : © 2024 by he au ho s.
Licensee MDPI, Basel, Swi ze land.
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A ibu ion (CC BY) license (h ps://
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4.0/).
adminis a i e
sciences
A icle
Socio-Economic De e minan s o he Value A ibu ed o Human
Capi al in he Labou Ma ke om he Employee’s Pe spec i e
F ancisco-Jesús Fe ei o-Seoane 1,* , Manuel Oc a io del Campo Villa es 2, Ne ea Abad-I oiz 3
and Eladio Ja dón Fe ei o 4
1
Depa men o Applied Economics. Facul ies o Law and Poli ical Science and Adminis a ion, Uni e si y o
de San iago de Compos ela, 15782 San iago de Compos ela, Spain
2Depa men o Applied Economics, Facul y o Economics, Uni e si y o da Co uña, 15071 A Co uña, Spain;
[email p o ec ed]
3O ganisa ion S udies Depa men , Facul y o Economics and Business Adminis a ion, Na ional Dis ance
Educa ion Uni e si y (UNED), 28015 Mad id, Spain; [email p o ec ed]
4In e na ional Ins i u e o Ma ke ing and Communica ion, 08012 Ba celona, Spain; eladio.ja [email p o ec ed]
*Co espondence: anciscojesus. e ei [email p o ec ed]
Abs ac : The aim o his s udy is o analyse he a iables ela ed o knowledge (Talen Managemen
and T aining) as a sou ce o human capi al in he companies lis ed in he anking o he mos a ac-
i e o ganisa ions wi hin he Spanish labou ma ke , published annually by he jou nal Ac ualidad
Económica (pe iod 2016–2022). We seek o de e mine he socio-economic a iables impac ing his
assessmen , while also explo ing he sus ainabili y o he companies in he anking. Ten hypo heses
a e hus examined by desc ip i e s a is ics, ANOVA, and mul iple linea eg ession models. The
esul s show a signi ican ela ionship be ween pe manence, na ionali y, p o essional–scien i ic–
echnical sec o , size, s ock ma ke lis ing, and bo h a iables ep esen a i e o knowledge in he
anked companies. Focusing on Talen Managemen , i is no ed ha pe manence in he anking
(>4 yea s), Anglo-Saxon na ionali y, being ac i e in he p o essional, scien i ic, and echnical sec o ,
and being lis ed on he s ock ma ke all play a pa . Howe e , T aining di e s in ha size is a
ac o ha posi i ely in luences alua ion, whe eas he in e na ional a ea is i ele an . Ou indings
a e a key con ibu ion, as he e a e no p e ious applied s udies ha co ela e knowledge in he
business en i onmen , he alua ion o o ganisa ions om he employee’s pe spec i e, and se e al
socio-economic a iables.
Keywo ds: knowledge; aining; alen ; labou ; human capi al; anking
1. In oduc ion
Today’s socie y is imme sed in a p ocess o cons an ans o ma ion, undamen ally
mo i a ed by he accele a ed echnological ad ances ha ha e occu ed in ecen decades.
Al hough he e a e many bene i s and applica ions de i ed om his digi al e olu ion, i is
necessa y o conside one o he g ea es challenges ha his eali y en ails: he g owing
need o human beings o adap o a highly changing con ex , which leads o inc easingly
in e connec ed and globalised scena ios, whe e inno a ion is key.
In his ega d, conside able e o s ha e been made o ace he challenge ha he so-
called digi al e a ep esen s o socie y in gene al. This is demons a ed by he widesp ead
amilia isa ion wi h he use o echnology and he uni e salisa ion o he access and
ea men o la ge amoun s o da a in eal ime, di e en ial ac o s o he cu en in o ma-
ion socie y.
The i up ion o his exp ession ook place in 1962, by F i z Machlup, al hough i could
be because o publica ions by au ho s such as Daniel Bell (1973) o Yoneji Masuda (1981)
ha i would each g ea e popula i y acco ding o Al onso-Sánchez (2016).
Adm. Sci. 2024,14, 154. h ps://doi.o g/10.3390/admsci14070154 h ps://www.mdpi.com/jou nal/admsci
Adm. Sci. 2024,14, 154 2 o 19
Wi h he a i al o he new cen u y, a change in c i e ia ook place, placing less
impo ance on he ac o accessing in o ma ion and g ea e emphasis on he gene a ion o
knowledge om ha in o ma ion (Pocol e al. 2022). This app oach is sha ed by Cas ells
([1997] 2005), who conside s ha he cen al axis o he socie y o he new millennium is
based on he de elopmen o knowledge, which is in eg a ed in o a p ocess o eedback,
whe e inno a ion is he main d i e . As a esul , he dis inc i e ea u e o human ela ions
is inc easingly dependen on knowledge, which is becoming a undamen al added alue in
any lea ning p ocess (Al onso-Sánchez 2016). The de i ed consequence o his de elopmen
is he e olu ion owa ds a new concep , he knowledge socie y.
F equen ly used in e changeably in he li e a u e, i is necessa y o cla i y he di e -
ences be ween he in o ma ion socie y and he knowledge socie y. Fo UNESCO (2005),
he plu alis ic concep o he knowledge socie y is b oade han he in o ma ion socie y, as
i encompasses economic, social, and cul u al ans o ma ions ha enable au onomy and
lead o human de elopmen .
Thus, he knowledge socie y is supposed o inhe i a se ies o con ibu ions de i ed
om he in o ma ion socie y. In o ma ion pe se does no mean knowledge; i equi es p io
expe ience and lea ning, ac o s ha , combined, c ea e he desi ed knowledge. Simila ly,
he ansmission o in o ma ion should no be conside ed as a gua an ee o knowledge
gene a ion (Bu ch 2005;Casas-Pé ez 2010).
The ansi ion p ocess om in o ma ion o knowledge is cha ac e ised by complexi y,
as i equi es ime, speci ic skills, and di e se compe ences (López e al. 2018). This en ails
a pa adigm shi and an e olu ion owa ds a mo e lea ning-o ien ed socie y, wi h a cul u e
aimed a educa ion, aining, and inno a ion (Hsieh e al. 2019). This eali y had al eady
been p edic ed by he Eu opean Commission (1995) in he Whi e Pape on Educa ion and
T aining, which o ecas ed a u u e knowledge socie y, whe e educa ion and aining would
be he wo majo playe s.
Indeed, he dynamics o oday’s knowledge socie y mus necessa ily be e lec ed in
he ield o educa ion. In his sense, a con ex has been con igu ed in which he ole o
educa ion is becoming inc easingly ele an . Today, educa ion is he main d i ing o ce o
inno a ion and has he e o e been challenged by se e al impo an issues. Among he main
goals o be conside ed is he ac o lea ning o lea n, which is conside ed a key p inciple
in all s ages o a pe son’s li e. Thus, cu en educa ion is closely ela ed o he concep
o li elong lea ning, which conside s he con inuous aining o indi iduals as a social
equi emen demanded by he mode n imes, since i imp o es hei employabili y and
con ibu es o hei pe sonal de elopmen (Belando-Mon o o 2017).
Ensu ing success ul li elong lea ning is essen ial, bu his can only be achie ed by
b oadening he ocus o educa ion beyond he adi ional iew o class ooms in schools,
colleges, o uni e si ies (Ma uyama [2019] 2019). Al hough educa ion is di ec ly ela ed o
hese spaces, i mus also be conside ed in many o he a eas, as i cons i u es an in insic
aspec o e e yone’s li e (Bagi a hi and Magesh 2019). The e o e, one o he scena ios whe e
he concep o educa ion is pa icula ly ele an is in he p o essional li e o indi iduals, a
eali y ha is highly linked o business con ex s.
In his ega d, companies, as he mos ac i e agen o economic globalisa ion, a e awa e
ha echnology, inno a ion, and knowledge a e key ac o s o compe i i eness (Lladós-
Masllo ens 2019;Aza e al. 2022;Ta akoli e al. 2022;Mina di e al. 2023). The e o e, access
o knowledge and i s de elopmen h oughou he p o essional li e o hei employees
becomes c ucial.
Consequen ly, o ganisa ions a e commi ed o he de elopmen o o ganisa ional ca-
pabili ies ha ansla e his knowledge in o e ec i e ac ions which inc ease p oduc i i y
(Lladós-Masllo ens 2019). Indeed, Shul z (1963) al eady highligh ed he ole o educa ion
and any o he in es men in human capi al o explain he imp o emen o labou p oduc-
i i y. And simila ly, D ucke (1993) poin ed ou he need o place knowledge a he cen e
o weal h gene a ion, conside ing i o be he mos impo an inpu o p oduc i i y. In
con empo a y socie ies, he alue and impo ance o knowledge is inc easingly linked o
Adm. Sci. 2024,14, 154 3 o 19
i s abili y o gene a e p o i s (Heinsch and C ibb 2019). In ac , he e is a g owing end
ha ecognises knowledge as a key p oduc ion ac o in a business en i onmen ha is
becoming mo e and mo e compe i i e and in elligen (Dob ica 2021). In an o ganisa ion,
human esou ce knowledge quali y plays a key ole in he e ec i e pe o mance o he
o ganisa ion. In his ega d, Iqbal e al. (2023) sugges ha ecip oci y, ec ui men and
selec ion, and pe o mance app aisals ha e a signi ican ela ionship wi h knowledge
sha ing beha iou . Fu he mo e, ecen s udies demons a e ha knowledge in i ms is an
issue di ec ly linked o human capi al and ha i has a signi ican and posi i e co ela ion
wi h o ganisa ional pe o mance (Aman-Ullah e al. 2022). The e o e, human capi al is a
undamen al elemen , whose impo ance has al eady been highligh ed by Eide and Showal-
e (2010), who de ined his e m as an ac i e elemen ela ed o he in insic p oduc i e
capabili ies o human beings, which can be enhanced h ough in es men in educa ion and
job aining. In ac , human capi al is conside ed an impo an esou ce in any o ganisa ion.
Howe e , mos companies a e conce ned wi h ex e nal cus ome sa is ac ion, wi hou
de o ing much a en ion o he sa is ac ion o hei employees. Indispu ably, employee
sa is ac ion is undamen al and de e mines he success o ailu e o wha he cus ome
expe iences (Fe nandes e al. 2023). Human capi al is also an impo an d i e o inno a ion
and compe i i eness, as i will shape he uniqueness o he company as well as he p ocess
o ob ain skills, capabili ies, knowledge, and expe ise (Cos a e al. 2023).
Figu e 1shows he ela ionship be ween lea ning, knowledge and inno a ion in
companies and how inno a ion gene a es posi i e bene i s and e e nali ies o socie y,
among o he s.
Adm. Sci. 2024, 14, x FOR PEER REVIEW 3 o 19
and any o he in es men in human capi al o explain he imp o emen o labou p oduc-
i i y. And simila ly, D ucke (1993) poin ed ou he need o place knowledge a he cen e
o weal h gene a ion, conside ing i o be he mos impo an inpu o p oduc i i y. In
con empo a y socie ies, he alue and impo ance o knowledge is inc easingly linked o
i s abili y o gene a e p o i s (Heinsch and C ibb 2019). In ac , he e is a g owing end
ha ecognises knowledge as a key p oduc ion ac o in a business en i onmen ha is
becoming mo e and mo e compe i i e and in elligen (Dob ica 2021). In an o ganisa ion,
human esou ce knowledge quali y plays a key ole in he effec i e pe o mance o he
o ganisa ion. In his ega d, Iqbal e al. (2023) sugges ha ecip oci y, ec ui men and
selec ion, and pe o mance app aisals ha e a signi ican ela ionship wi h knowledge
sha ing beha iou . Fu he mo e, ecen s udies demons a e ha knowledge in i ms is
an issue di ec ly linked o human capi al and ha i has a signi ican and posi i e co ela-
ion wi h o ganisa ional pe o mance (Aman-Ullah e al. 2022). The e o e, human capi al
is a undamen al elemen , whose impo ance has al eady been highligh ed by Eide and
Showal e (2010), who de ined his e m as an ac i e elemen ela ed o he in insic p o-
duc i e capabili ies o human beings, which can be enhanced h ough in es men in edu-
ca ion and job aining. In ac , human capi al is conside ed an impo an esou ce in any
o ganisa ion. Howe e , mos companies a e conce ned wi h ex e nal cus ome sa is ac-
ion, wi hou de o ing much a en ion o he sa is ac ion o hei employees. Indispu ably,
employee sa is ac ion is undamen al and de e mines he success o ailu e o wha he
cus ome expe iences (Fe nandes e al. 2023). Human capi al is also an impo an d i e
o inno a ion and compe i i eness, as i will shape he uniqueness o he company as well
as he p ocess o ob ain skills, capabili ies, knowledge, and expe ise (Cos a e al. 2023).
Figu e 1 shows he ela ionship be ween lea ning, knowledge and inno a ion in com-
panies and how inno a ion gene a es posi i e bene i s and e e nali ies o socie y, among
o he s.
Figu e 1. P o essional li ecycle in he 21s cen u y.
Skills and aining a e bo h key de e minan s o human capi al (Pansuwong e al.
2023). Companies need o be compe i i e in an inc easingly global wo ld, which en ails a
cons an need o ain hei employees in o de o inno a e and imp o e hei use o in-
o ma ion and communica ion echnologies (Rueda 2019). This aining is gene ally mo e
impo an and effec i e in he case o young wo ke s (Choi e al. 2020). Empi ical e idence
suppo s he posi i e ela ionship be ween aining employees and job sa is ac ion (Ce -
din e al. 2020).
The adap a ion and egene a ion o knowledge asse s in he business en i onmen is
achie ed h ough app op ia e alen managemen . Mo e speci ically, i is h ough em-
ployee aining and empowe men plans ha ue li elong lea ning is p omo ed. By p ox-
imi y, hese wo a iables can be conside ed he mos ep esen a i e o knowledge in he
Figu e 1. P o essional li ecycle in he 21s cen u y.
Skills and aining a e bo h key de e minan s o human capi al (Pansuwong e al. 2023).
Companies need o be compe i i e in an inc easingly global wo ld, which en ails a cons an
need o ain hei employees in o de o inno a e and imp o e hei use o in o ma ion and
communica ion echnologies (Rueda 2019). This aining is gene ally mo e impo an and
e ec i e in he case o young wo ke s (Choi e al. 2020). Empi ical e idence suppo s he
posi i e ela ionship be ween aining employees and job sa is ac ion (Ce din e al. 2020).
The adap a ion and egene a ion o knowledge asse s in he business en i onmen is
achie ed h ough app op ia e alen managemen . Mo e speci ically, i is h ough employee
aining and empowe men plans ha ue li elong lea ning is p omo ed. By p oximi y,
hese wo a iables can be conside ed he mos ep esen a i e o knowledge in he wo k-
place. They a e also a iables ha de e mine he a ac i eness o a company om he
pe spec i e o he job seeke (Vinichenko e al. 2019), who is inc easingly aluing issues
ela ed o ca ee managemen , job sa is ac ion, and aining o e ed by he company (Ce din
e al. 2020;Lima and Gaspa 2021).
Adm. Sci. 2024,14, 154 4 o 19
New esea ch highligh s ha mos o ganisa ions a e keen o p o ide an op imal
loca ion o hei op imal wo ke s (Sena a hne 2020). This is because oday’s dynamic and
compe i i e business en i onmen pe cei es alen as a key ac o o success ul business
pe o mance and o achie ing a compe i i e ad an age in he ma ke place (Alpa slan
and Sane 2020;Ca alho and A eal 2016). Rede ining he alen managemen p ocess is a
majo challenge o o ganisa ions as hey seek o co ela e exis ing ools and o manage
employees’ li ecycle (Ma ínez-Mo án e al. 2021).
Success ul alen managemen is a p e equisi e o a ac ing, empowe ing, and e ain-
ing alen ed employees (Coculo a e al. 2020). Finding he igh s a egy o his pu pose
equi es in es men s in employe b anding policies (Mon ei o e al. 2020). Al hough his
concep has been used o mo e han wo decades, i has no been ully analysed ye
(
G ego ka e al. 2020
). By con as , he e is e idence o sugges ha manage s should e-
design employe b anding ac i i ies and apply employe b anding p inciples o be e
e lec he sense o employmen and hus build employee app ecia ion owa ds he b and,
which can enhance and inc ease he alue o he o ganisa ion (Kim and Legend e 2023).
While employees a e a a ge ma ke o in e nal employe b anding, hey can also con-
ibu e o he co-c ea ion o he employe ’s alue p oposi ion. Hence, employees ac as
b and membe s, ep esen a i es, ad oca es, and in luence s, who inc ease he awa eness
o he o ganisa ion, bo h in e nally and ex e nally (Naeppae e al. 2023).
Findings om a s udy conduc ed in he UK, US, G eece, and Aus alia sugges ha
he main s a egies o a ac ing and e aining alen include a iendly and open access
cul u e, eamwo k, compensa ion, aining and de elopmen , as well as he in ol emen
o s a (Ma inakou 2019). Ano he ele an aspec is employee job s a e e ec , which
has been ound o ha e di e en ial impac s on employee beha iou al ou comes including
c ea i i y, job sa is ac ion, and pe o mance (Egan and Ziga mi 2023). Mo i a ion plays an
inc easingly impo an ole in his ield, as i can be a managemen ool in o ganisa ions
and a compe i i e di e en ia o in companies. Mo i a ed employees a e mo e p oduc i e,
pe o m be e , and con ibu e o he success o he o ganisa ion (Sousa e al. 2023).
Thus, o wha ex en is he employe ’s good wo k, in e ms o aining and alen man-
agemen , a condi ioning ac o o he company’s epu a ion, a ac i eness, o popula i y in
he eyes o employees, bo h cu en and po en ial? The answe o his ques ion, a om
being simple, equi es in-dep h analysis.
Nowadays, he e a e many ankings ha y o iden i y he mos alued companies
o wo k pe o mance, and among he main a iables analysed, aspec s such as alen
managemen and aining a e inc easingly common (Ca alho and A eal 2016). Fo une100
in he USA, G ea Place o Wo k in Eu ope, o Me co in Spain and La in Ame ica a e some
ou s anding examples o ankings.
Undoub edly, unde s anding how employees and po en ial applican s alue employe
b and ea u es can help o ganisa ions de elop uly e ec i e s a egies o a ac and e ain
op alen (Ronda e al. 2018).
Se e al s udies ha e been published abou he impo ance o ankings in e ms o
employe b anding and abou he a iables ha could explain hei alues. Fo ins ance,
i has been analysed which companies we e he mos a ac i e o wo k o du ing he
COVID-19 pandemic, as well as he in e na ional dimension o hese o ganisa ions and
he mos cha ac e is ic economic sec o s o hese kinds o o ganisa ions (Fe ei o-Seoane
e al. 2021b,2021a,2023a; o Miguéns-Re ojo e al. 2021), bu he e a e no p e ious and
ecen s udies ha ha e in es iga ed he ac o s ha may in luence he knowledge- ela ed
a iables (Talen Managemen and T aining) o he mos a ac i e companies o wo k o ,
which a e ecognised h ough a anking ha inc eases he employe b and.
Thus, all o he abo e is ela ed o he socio-occupa ional s uc u e, which is he ame-
wo k in which his esea ch is loca ed. Hence, i add esses he p oblem o he alua ion
o knowledge as a po en ial sou ce o economic ou pu and added alue. The e o e, we
a e acing one o he bigges deba es in economic hough : wha quan i y o human capi al
employed is he mos con enien o he success ul pe o mance o a p oduc i e ac i i y?
Adm. Sci. 2024,14, 154 5 o 19
This pape is s uc u ed as ollows. The nex sec ion desc ibes he s udy sample,
he explana o y a iables o knowledge, and he echniques employed in he analysis.
Sec ion 3p esen s he esul s. Finally, he las sec ion p o ides discussion, conclusions, and
some ecommenda ions.
2. Me hodology
2.1. Objec i e
Based on he amewo k p esen ed in he p e ious sec ion, he main objec i e o ou
s udy is o de e mine which socio-economic a iables ha e he capaci y o impac alen
managemen p ac ices and he con en o aining in he o ganisa ions analysed, bo h o
which delimi he knowledge employed by he human capi al o hese o ganisa ions.
To his end, his s udy is based on in o ma ion om he anking published annually by
he Economic News Jou nal (Re is a de Ac ualidad Económica, RAE) o he 100 mos a ac i e
companies o wo k o in Spain in he pe iod 2016–2022.
This pape analyses hose ac o s ha can in luence he knowledge employed by any
p oduc i e o ganisa ion, wi h Talen Managemen and T aining being he wo a iables o he
anking ha measu e he human capi al ec ui ed by ha o ganisa ion and on which a se ies
o ex e nal (ou o he anking) socio-economic a iables a e applied (see G aphical Abs ac ).
The ele ance o his esea ch lies in he absence o p e ious s udies ha add ess he
de e minan s o human capi al in business o ganisa ions om he employee’s pe spec i e.
2.2. Va iables
Two ca ego ies o a iables a e dis inguished: hose used by he RAE in he anking
and hose agg ega ed o his s udy, which iden i y cha ac e is ics o he companies included
in he lis and which will allow in es iga ing possible ela ionships be ween bo h ypes
o a iables.
The RAE uses six a iables o elabo a e he anking, whe e i es ablishes a maximum
sco e ha each company can ob ain in each a iable, ou o a o al o 1000 poin s. The
anking is based on he esponses o mo e han 500 companies o a hund ed ques ions
g ouped in o six pilla s o a ques ionnai e ca ied ou by expe s in he ield o s a
ec ui men . The en e p ises ha aspi e o be in he anking o he 100 bes companies o
wo k o in Spain mus sa is y he c i e ia o conduc ing business in Spain o mo e han
i e yea s and employing mo e han 100 people.
This a icle ocuses on wo o hese six a iables, Talen Managemen and T aining,
gi en he ela ionship be ween knowledge and p oduc i i y in he business wo ld. The e-
maining a iables a e linked o o he aspec s o wo k: emune a ion, wo king en i onmen ,
CSR policy, o he employees’ pe cep ion and alua ion o hei o ganisa ion. In addi ion,
he wo selec ed a iables a e, oge he wi h Remune a ion, he mos highly alued by he
RAE, wi h a weigh o 24% and 22%, espec i ely, o he o al sco e.
The i e con ol a iables added o he s udy a e he ollowing: pe manence in he
anking; na ionali y (which will allow an analysis by coun y and geo-cul u al a ea);
economic sec o desc ibed by he Economic Ac i i y Code (Na ional Classi ica ion o
Economic Ac i i ies, CNAE), and o he dimension a iables such as size o s ock ma ke
lis ing, all o hem in luencing he key a iables in es iga ed.
2.3. Sample and Techniques Included
The RAE publishes an annual anking o he 100 mos a ac i e companies o wo k
o . The esul s o his anking in he 2016–2022 ime ame cons i u e he sample used in
his esea ch. This implies a o al o 694 en ies ( he 2017 anking had jus 94 en ies), which
co espond o 272 en e p ises. Only 18 o hese 272 companies ha e managed o emain in
he anking o se en yea s (6.6%). Indeed, a cu -o a he median o 4 yea s e eals ha
81.6% o he companies ha e been p esen in he anking o less han ou yea s, which
demons a es he di icul y o emaining in his anking.
Adm. Sci. 2024,14, 154 6 o 19
Once he companies in he anking we e iden i ied, as well as he alues o he a ious
published i ems, he independen (con ol) a iables a e included (e.g., pe manence in he
anking, na ionali y, economic sec o , size o s ock ma ke lis ing).
All he hypo heses a e ini ially analysed wi h desc ip i e s a is ics. In addi ion, o
each hypo hesis, we examine he a e ages o di e en g oups (e.g., a e age o a iables in
he Anglo-Saxon egion e sus he Cen al Eu opean egion). Fo his pu pose, he Analysis
o Va iance (ANOVA) echnique, which is used in he mos ecen s udies, is chosen because
o i s u ili y in compa ing a e ages be ween g oups. The in e ence analysis is comple ed by
he OLS es ima ion o 7 models (one pe yea ) ha eg ess Talen Managemen based on he
con ol a iables and o o he 7 models ha examine T aining based on he con ol a iables.
Bo h in e ence analyses a e suppo ed by he pe inen s a is ics and obus ness es s.
2.4. Hypo heses
H1. The pe manence in he anking posi i ely in luences he assessmen ob ained in Talen
Managemen .
H2. The pe manence in he anking posi i ely in luences he assessmen ob ained in T aining.
Being in he anking ce i ies he pe cep ion abou he desi abili y o he company, as
such a p esence would ac as a class ma k o “a ac i e company”, i.e., a il e o company
quali y alued by he wo ke (Fe ei o-Seoane e al. 2021b). I s aying in he anking is
di icul , i makes sense ha hose ha ha e been in he anking o longe ob ain be e
alues in bo h a iables. Thus, he pe manence o hese companies in he anking is an
indica o o socio-economic sus ainabili y, measu able h ough employmen c ea ion, wage
paymen s, e i o ial de elopmen , and ax e enues collec ed by public adminis a ions.
H3. The assessmen o Talen Managemen does no depend on he geo-cul u al a ea o which hey belong.
H4. The assessmen o T aining does no depend on he geo-cul u al a ea o which hey belong.
Al hough Ib ahim and Shah (2013) ound no impac o s a e o o igin on he HR policies
o Malaysian co po a ions, Fe ne (1997) conduc ed an analysis o consis en dispa i ies in
human esou ce managemen in mul ina ional companies based in he home coun y. Liu
(2004) and Gu h ie e al. (2008) documen ed disco e ies in he same di ec ion wi h eme ging
e idence-based esea ch. Miguéns-Re ojo e al. (2021) s udied he in e na ional p o ile o
he mos alued companies o wo k o , and hei indings indica ed ha he o igin o he
companies did no seem o be ele an in he alua ion o hese o ganisa ions. Fe ei o-
Seoane e al. (2023b) concluded ha T aining is a signi ican ac o in luencing companies
acco ding o hei o igin, bu he e a e no opposing s udies. Simila is he case o Talen
Managemen . Nume ous au ho s highligh Talen Managemen in o ganisa ions as an
a ac i e ac o o p o essionals and job seeke s (Alpa slan and Sane 2020;Vilˇciauskai
˙
e
e al. 2020). O he au ho s highligh he posi i e ela ionship be ween Talen Managemen
and job sa is ac ion (Vic o and Hoole 2017). Bu he e a e no s udies sugges ing ha Talen
Managemen depends on he geo-cul u al a ea o which companies belong.
H5. Talen Managemen assessmen does depend on he business ac i i y conduc ed.
H6. T aining assessmen does depend on he ac i i y pe o med.
Jackson and Schule (1995) included, among he ac o s in luencing human esou ce
p ac ices, he ea u es o he a ea o ac i i y. Acco ding o Conway e al. (2008), hese can be
ca ego ised in a ious ways: se ices, indus y, cons uc ion, e c. Analysing he economic
sec o s, i is easonable o hink ha ac i i ies such as educa ion, heal h, ene gy supply,
inance, IT, o p o essional–scien i ic should ha e be e alues in Talen Managemen and
Adm. Sci. 2024,14, 154 7 o 19
T aining han o he less quali ied sec o s such as hospi ali y, cons uc ion, adminis a i e
ac i i ies, o ag icul u e. Howe e , he e is no scien i ic e idence ha companies linked o
speci ic sec o s a e associa ed wi h a highe alue o knowledge (Talen Managemen and
T aining).
H7. The assessmen o Talen Managemen does no depend on he size (wo k o ce) o he company.
H8. The alua ion o aining does depend on he size (wo k o ce) o he company.
Size is a po en ially in luen ial ac o in human esou ce p ac ices (Fields e al. 2002),
al hough he e is no consensus on he sign o i s e ec s. Ko ekaas (2007) ound a signi ican
posi i e sign impac o small/medium size on employee beha iou s (engagemen o job
sa is ac ion) and a nega i e sign impac o he same size on an ope a ional pe o mance
indica o (absen eeism and sick lea e). Mo gan (2014) sugges ed ha small i ms ha e
se e al ad an ages such as exchanging posi ions, close employe –employee ela ionship.
In con as , Ib ahim and Shah (2013) a gued ha small i ms lack he means o adop
ad anced human esou ce managemen p ac ices.
H9. The alua ion o Talen Managemen is no highe in companies lis ed on he s ock ma ke .
H10. The alua ion o aining is no highe in companies lis ed on he s ock ma ke .
Conway e al. (2008) concluded ha , despi e he logic ha publicly lis ed en e p ises
a e he mos con olled, obse ed, and be e s uc u ed in e ms o di ision o labou , his
cha ac e isa ion does no always p o e o be decisi e in e ms o he use made o human
capi al by hese i ms. In Fe ei o-Seoane e al. (2023a), i was concluded ha being lis ed
on he s ock ma ke is no a signi ican ac o in luencing he alue o he mos a ac i e
companies o wo k o . The e o e, he e is no empi ical e idence o sugges ha being
lis ed on he s ock ma ke can in luence knowledge- ela ed a ibu es (Talen Managemen
and T aining).
3. Resul s
3.1. Resul s o H1 and H2: Pe manence in he Ranking
Table 1illus a es how he i ms ha ha e emained in he anking o he longes
pe iod o ime ob ain be e alues in Talen Managemen , al hough wo g oups can be
dis inguished, hose ha ha e been in he anking o ou o mo e yea s wi h an a e age
o 183.1 poin s and hose ha ha e been anked o a maximum o h ee yea s, wi h an
a e age o 168.2 poin s. The esul s a e simila in he T aining sec ion.
Table 1. Valua ion o Talen Managemen and T aining, acco ding o pe manence in he anking.
Pe manence (Yea s)
Numbe o Companies
%/To al
A e age Talen
A e age T aining Talen /T aining
1 122 44.9% 163.5 157.7 0.951
2 50 18.4% 171.8 166.2 0.947
3 28 10.3% 169.3 166.5 0.932
4 22 8.1% 180.3 177.5 0.931
5 18 6.6% 184.7 184.3 0.918
6 14 5.1% 181.5 179.7 0.926
7 18 6.6% 186.0 187.2 0.911
To al 272 100.0% 170.8 166.6 0.930
Adm. Sci. 2024,14, 154 8 o 19
I can also be obse ed ha T aining is p opo ionally mo e highly alued han Talen
Managemen . To his end, he ela ionship be ween bo h a iables is es ablished, wi h
espec o he maximum numbe o poin s ha can be ob ained by bo h a iables; a
coe icien <1 indica es ha T aining is highly alued and ice e sa. In his case, i can be
app ecia ed ha companies wi h mo e yea s in he anking sco e be e in T aining han in
Talen Managemen compa ed o hose wi h lowe pe manence in he anking.
Table 2 e eals a la ge di e ence in e ms o signi icance (F) a e he ou h yea in he
anking. When compa ing bo h Talen Managemen and T aining be ween companies lis ed
up o a maximum o h ee yea s and hose lis ed o mo e han ou yea s, he di e ences
a e s a is ically signi ican .
Table 2. S a is ical analysis o Talen Managemen and T aining, acco ding o pe manence in he anking.
Va iable
Pe m_Rank
N A e age F. Sig. Le ene Tes Sig. (bila e al)
Talen >4 yea s 88 180.250 0.028 0.867 Equal
a iances 0.001
≤3 yea s 84 169.286
Talen >4 yea s 389 183.820 18.143 0.000 Equal
a iances 0.000
≤3 yea s 305 167.216
T aining >4 yea s 88 177.546 0.480 0.489 Equal
a iances 0.001
≤3 yea s 84 166.500
T aining >4 yea s 389 181.439 20.227 0.000 No equal
a iances 0.000
≤3 yea s 305 164.445
3.2. Resul s o H3 and H4: Companies’ Na ionali y
The companies come p edominan ly om Medi e anean Eu ope, wi h Spain (40.3%)
and F ance (8.5%) s anding ou . Howe e , he p esence o Anglo-Saxon companies is
no able: USA (16.6%), UK (10.1%), and Ge many (5.9%) (Table 3).
Table 3. Assessmen o Talen Managemen and T aining by coun y and in e na ional a eas.
A eas/Coun ies
Numbe o En ies
% Talen Value T aining Value Talen /T aining
Anglo-Saxon 193 27.8% 181.29 174.96 0.95
USA 115 16.6% 182.28 178.03 0.94
I eland 7 1.0% 165.00 172.86 0.88
UK 70 10.1% 181.60 170.93 0.97
Medi e anean Eu ope
364 52.4% 174.10 173.54 0.92
Spain 280 40.3% 173.48 171.74 0.93
F ance 59 8.5% 178.81 180.17 0.91
I aly 17 2.4% 175.88 175.00 0.92
Po ugal 7 1.0% 157.86 188.57 0.77
No h-Cen al Eu ope 122 17.6% 175.44 174.89 0.92
Ge many 41 5.9% 173.15 170.85 0.93
Denma k 2 0.3% 120.00 137.50 0.80
Finland 4 0.6% 190.00 171.25 1.02
Luxembou g 2 0.3% 162.50 160.00 0.93
Sweden 17 2.4% 171.47 176.47 0.89
Swi ze land 21 3.0% 183.10 184.86 0.91
Ne he lands 34 4.9% 178.09 176.62 0.92
Asian 15 2.2% 182.67 164.20 1.02
Adm. Sci. 2024,14, 154 15 o 19
Ano he poin sugges ed by he esul s ob ained is ha he p esence in he anking
should be seen by bo h he employe and he employee as a c eden ial wi h added socio-
economic alue. The dis inc i e "p esence in he anking" is a label ha may be used by
he o ganisa ion as a measu e o i s quali y owa ds he ma ke and by he employee as a
dis inc i e sign ha he o she is pa o an en i y ha mee s he equi emen s o he e ec i e
managemen o human capi al.
Finally, i is wo h no ing ha he p esence and con inui y in he anking indica es
ha he human capi al managemen p ac ices o such o ganisa ions a e in compliance and
align, a leas in gene al e ms, wi h he basic p inciples o Co po a e Social Responsibili y.
Consequen ly, he companies included in he anking a e quali ied as “socially esponsible”.
Fu he esea ch migh con as he esul s o his s udy by inco po a ing new yea s,
as well as new con ol a iables. I would also be in e es ing o ex end he esul s o o he
coun ies, which would acili a e in e na ional compa isons.
Au ho Con ibu ions: Concep ualiza ion, F.-J.F.-S., M.O.d.C.V. and N.A.-I.; Me hodology,
F.-J.F.-S.
and N.A.-I.; Valida ion, M.O.d.C.V. and E.J.F.; Fo mal analysis, F.-J.F.-S.; In es iga ion, F.-J.F.-S.,
M.O.d.C.V. and N.A.-I.; Resou ces, F.-J.F.-S. and N.A.-I.; W i ing—o iginal d a , F.-J.F.-S.; Visual-
iza ion, M.O.d.C.V. and E.J.F.; Supe ision, F.-J.F.-S. and E.J.F.; P ojec adminis a ion, F.-J.F.-S. All
au ho s ha e ead and ag eed o he published e sion o he manusc ip .
Funding: This esea ch ecei ed no ex e nal unding.
Ins i u ional Re iew Boa d S a emen : No applicable.
In o med Consen S a emen : No applicable.
Da a A ailabili y S a emen : Da a a e con ained wi hin he a icle.
Con lic s o In e es : The au ho s decla e no con lic s o in e es .
Appendix A
Table A1. Annual mul iple linea eg ession model Talen Managemen , 2016–2022.
2016 2017 2018 2019 2020 2021 2022
Medi e anean
ACs −1.76 −2.38 2.00 0.88 −4.05 −16.27 * −7.66
(5.89) (6.26) (5.33) (7.61) (8.15) (9.18) (7.48)
No he n
ACs −3.74 4.45 20.90 * −7.65 11.95 −13.07 −5.81
(8.47) (11.98) (10.86) (11.76) (21.95) (11.34) (10.99)
Res o ACs −5.61 −11.78 −4.57 4.44 −3.40 10.50
(15.20) (10.62) (15.64) (27.27) (12.39) (11.67)
Cen al and
No he n
Coun ies
(Eu ope)
2.10 −7.13 −1.18 −5.22 −10.42 −7.13 0.05
(5.79) (6.46) (5.52) (8.05) (9.66) (9.38) (7.48)
Medi e anean
Coun ies
(Eu ope)
−12.66 * −12.63 −9.91 0.22 −11.67 6.34 5.33
(6.89) (7.67) (6.42) (9.57) (10.86) (9.56) (8.00)
Spanish
na ionali y 14.26 * −1.33 9.64 0.08 6.12 −11.99 0.62
(7.50) (8.11) (6.85) (8.76) (10.58) (9.65) (8.38)
Size 16.17 ** −9.12 −5.62 −17.11 ** −4.79 9.34 1.35
(6.14) (7.16) (6.17) (8.40) (7.37) (6.65) (6.41)
S ock
ma ke
lis ing
11.35 ** −2.36 12.21 ** 8.82 1.64 −3.97 −12.25 **
(5.26) (5.70) (4.91) (6.01) (7.03) (6.81) (6.05)
Ene gy
supply −3.13 −4.19 11.57 3.67 42.74 23.11 36.14
(10.27) (27.19) (10.04) (15.72) (42.33) (29.07) (25.92)
Cons uc ion
28.06 10.26 21.82 −16.28 43.89 8.79 51.34 *
(20.19) (32.78) (13.82) (16.91) (41.60) (28.62) (27.14)
T ading 14.59 * −13.17 6.15 −17.18 16.73 4.64 41.86 *
(7.66) (26.07) (7.16) (11.29) (38.07) (26.64) (23.78)
T anspo
and s o age 1.80 −16.36 −11.51 33.56 * −26.49 36.65 51.40
(14.76) (27.12) (12.00) (19.63) (39.65) (32.03) (32.32)
Adm. Sci. 2024,14, 154 16 o 19
Table A1. Con .
2016 2017 2018 2019 2020 2021 2022
Hospi ali y 8.79 −9.24 17.91 −17.26 −15.49 −12.57 14.96
(15.75) (27.81) (12.18) (27.96) (42.72) (36.03) (28.60)
In o ma ion
and commu-
nica ion
8.20 −13.16 15.59 * −11.96 29.82 20.64 50.43 **
(7.69) (25.72) (8.26) (12.45) (39.52) (28.03) (24.37)
Finance and
insu ance 13.81 * −9.90 8.67 −4.03 17.81 15.91 36.40
(6.94) (25.59) (6.76) (10.15) (39.03) (26.41) (23.24)
Real es a e 16.13 −3.29 4.19 −23.55 17.07 14.93 33.62
(20.14) (28.72) (13.74) (20.20) (46.58) (31.95) (26.18)
P o essional,
scien i ic,
echnical
27.94 *** −3.28 26.51 *** 8.83 9.26 10.37 41.19 *
(7.41) (24.78) (7.39) (10.64) (38.50) (27.26) (23.92)
Adminis a i e
and
auxilia y
se ices
15.08 −4.04 22.35 ** −6.67 17.32 20.09 41.27 *
(11.03) (26.41) (9.84) (12.76) (40.99) (27.64) (24.28)
Educa ion −71.21 ** −38.59 −35.28
(32.71) (25.76) (42.30)
Heal h and
social
se ices
−9.88 −14.82 11.29 −14.76 2.13
(19.47) (27.59) (13.67) (25.83) (40.98)
R2 0.27 0.28 0.34 0.30 0.38 0.25 0.20
F S a is ic 1.37 (d = 21; 78) 1.23 (d = 24; 75) 1.82 ** (d = 22; 77) 1.32 (d = 24; 75) 1.71 ** (d = 24; 67) 1.03 (d = 24; 75) 0.81 (d = 23; 76)
No es: *** Signi ican a he 1 pe cen le el. ** Signi ican a he 5 pe cen le el. * Signi ican a he 10 pe cen le el.
Appendix B
Table A2. Annual mul iple linea eg ession model T aining, 2016–2022.
2016 2017 2018 2019 2020 2021 2022
Medi e anean
ACs 2.03 −5.46 −2.34 6.66 3.10 1.55 10.44
(6.48) (5.99) (5.22) (7.70) (9.83) (10.67) (8.72)
No he n ACs 4.26 −4.69 −3.53 −8.11 −4.32 5.11 −1.52
(9.31) (11.47) (10.63) (11.91) (26.49) (13.19) (12.81)
Res o ACs −3.42 16.28 −40.04 ** 12.65 −8.56 18.53
(14.56) (10.40) (15.83) (32.91) (14.41) (13.61)
Cen al and
No he n
Coun ies
(Eu ope)
−1.13 2.10 −4.80 −7.74 −1.81 16.62 −0.01
(6.37) (6.18) (5.40) (8.15) (11.66) (10.90) (8.72)
Medi e anean
Coun ies
(Eu ope)
−10.00 0.71 7.90 2.22 −1.16 19.49 * −0.87
(7.58) (7.34) (6.29) (9.69) (13.10) (11.12) (9.33)
Spanish
na ionali y 14.84 * 3.38 −6.81 7.34 −4.56 −14.11 −8.52
(8.25) (7.77) (6.70) (8.87) (12.77) (11.22) (9.78)
Size 6.22 6.34 3.77 2.60 5.41 5.63 11.04
(6.75) (6.86) (6.04) (8.50) (8.89) (7.73) (7.48)
S ock ma ke
lis ing 2.63 10.17 * 7.63 10.61 * −13.36 −7.84 −4.33
(5.78) (5.46) (4.81) (6.09) (8.49) (7.92) (7.05)
Ene gy supply −14.49 31.12 17.93 * 10.66 64.93 36.85 11.95
(11.28) (26.04) (9.83) (15.92) (51.09) (33.81) (30.22)
Cons uc ion 34.23 42.47 10.25 −8.89 51.33 9.66 19.32
(22.19) (31.39) (13.53) (17.12) (50.21) (33.28) (31.65)
T ading −10.77 16.57 1.98 −10.04 40.59 16.23 −2.81
(8.42) (24.96) (7.01) (11.43) (45.95) (30.99) (27.73)
T anspo and
s o age 21.96 39.05 −15.81 32.43 41.89 31.49 −0.22
(16.22) (25.97) (11.75) (19.87) (47.85) (37.26) (37.69)
Hospi ali y 4.63 26.49 8.94 −3.54 −6.88 −4.39 −26.00
(17.32) (26.63) (11.92) (28.31) (51.56) (41.91) (33.35)
In o ma ion
and communi-
ca ion
−9.22 25.06 −4.29 −15.66 38.27 6.85 −0.20
(8.46) (24.63) (8.08) (12.61) (47.70) (32.60) (28.42)
Finance and
insu ance −3.96 34.83 6.45 −3.08 38.49 24.19 2.11
(7.63) (24.51) (6.61) (10.28) (47.10) (30.72) (27.10)
Adm. Sci. 2024,14, 154 17 o 19
Table A2. Con .
2016 2017 2018 2019 2020 2021 2022
Real es a e −14.61 33.36 15.00 −16.67 58.54 61.82 −0.25
(22.14) (27.50) (13.45) (20.45) (56.22) (37.16) (30.53)
P o essional,
scien i ic,
echnical
5.37 34.94 14.18 * 13.57 39.16 25.33 5.04
(8.14) (23.73) (7.23) (10.77) (46.46) (31.70) (27.89)
Adminis a i e
and auxilia y
se ices
−13.57 13.36 21.96 ** 5.48 39.79 29.18 −5.69
(12.12) (25.29) (9.64) (12.92) (49.47) (32.15) (28.31)
Educa ion 65.08 ** −22.60 10.55
(31.32) (26.07) (51.05)
Heal h and
social se ices 12.04 43.48 11.56 3.57 13.98
(21.41) (26.42) (13.38) (26.15) (49.46)
R2 0.20 0.29 0.29 0.35 0.36 0.27 0.20
F S a is ic 0.96 (d = 21; 78) 1.25 (d = 24; 75) 1.43 (d = 22; 77) 1.70 ** (d = 24; 75)
1.55 * (d = 24; 67)
1.14 (d = 24; 75) 0.81 (d = 23; 76)
No es: ** Signi ican a he 5 pe cen le el. * Signi ican a he 10 pe cen le el.
Re e ences
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