Human Capital in Digital Economy: An Empirical Analysis of Central and Eastern European Countries from the European Union

Abstract

The hypercompetitive global economy of the 21st century is a hub of innovation, technology, talent, skills, speed, efficiency, productivity, and satisfaction. Within this context, the organizations are looking intensely for people with skills and talents that can differentiate themselves in all that noise. The human capital became slowly but surely a mean of efficiency and growth, especially through the premises of digitization, and a key issue of sustainability. The current research is meant to identify and highlight any correlations that might appear between the population’s welfare of 11 Central and Eastern European Countries (CEECs) which are members of the European Union (EU), and the components of the digitization trend, including the new human cloud industry, ICT, and the connectivity to the Internet of Things. In order to achieve the needed insights, the multiple regression analysis was employed, and the latter tested the panel models with fixed effects, both from a temporal and country perspective. The results showcased a positive connection between the dependent and independent variables, confirming that the digitization of the economy and the developed human capital will ultimately lead to the increase of population’s welfare. Moreover, the findings are consistent with specific insights for each of the 11 CEECs, showing that digitization and the influence of human capital is differentiated across the latter in terms of their overall effect and amplitude. The research is limited by the timeframe and countries included in the study, and it can be furthered by determining the impact of digitization on the economies of the EU28 countries grouped by level of development, and by using other significant indicators for analysis.

Developing Digital Economy and Society in the Light of the Issue of Digital Convergence of the Markets in the European Union Countries

“…The changes taking place in this area are, therefore, much slower, as they concern changes in the knowledge and skills of nationals and are the result of existing ICT education solutions in those countries. They are, therefore, evolutionary rather than revolutionary that was also observed in research of others, [105]. The third indicator, for the Use of Internet services area, was relatively high in the years analyzed compared to the other components, and its average value for the EU-28 was second only to those in the area of Digital Public services.…”

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“…In 2018, the output value of the tertiary industry exceeded the output value of the secondary industry for the first time. The gap between them has gradually widened (Grigorescu et al, 2021 ; Sturiale & Scuderi, 2016 ). As of 2020, the output value of the tertiary industry has become the largest industry in Henan Province, and the output value of the tertiary industry is 1.102 times and 5.613 times that of the secondary industry and the primary industry respectively (Grigorescu et al, 2021 ; Sturiale & Scuderi, 2016 ).…”

Assessing the Impact of the Digital Economy on Green Total Factor Energy Efficiency in the Post-COVID-19 Era

“…The aforementioned characteristics determine that society as a whole becomes heavily reliant on digital technologies (Sundararajan, 2017). Whether from the perspective of technology creation and development or the user role of new technologies, all of these technological changes involve changes at the human capital level (Grigorescu et al, 2021). Digital economy development has brought high levels of education and improved knowledge and skills of human capital (Nevado et al, 2020).…”

“…The mediation effect significantly exists when human capital is used as the mediation variable, which is also similar to Edziah (2020) 's findings. As digital technologies continue to advance, there is an increasing need for human capital that is equipped with digital technologies (Grigorescu et al, 2021). Growing levels of human capital enable them to take full advantage of digital technologies and can enhance GTFEE through complementary organizational investments to ensure efficient use of digital technologies (Sousa and Rocha, 2019).…”