For today competing advantages of economy and possibility of its аppreciably improvement are defined by accumulation and realization of the human capital. After all it is direct people with their educational level, qualifications and the received experience designate borders and possibilities of technological, economic and social perfection of a society. Simultaneously with it, in Ukraine to the human capital as to the factor of innovative development, only insignificant attention is paid.
      According to the theory of comparative efficiency of capital investments, at a choice from several variants, what will provide the minimum expenses, the maximum profit, or a maximum of the saved up effect (during realization of the investment project is subject to realization). In case of investment in education, expenses hardly can be minimum, and profit maximum [7]. The greatest practical value is represented by such indicator, as complex social and economic effect which can be received at realization of the educational project.

RESEARCH URGENCY

      There is a certain degree of risk at investment in personnel education. The fact of presence of the trained managers - yet the guarantee of successful functioning of the company if the organization administrative personnel has made a strategic mistake, or education was not qualitative. Investments into education in itself long-term, that is why высокорискованными. Realities of the Ukrainian business are that that the decision of a legislature can be compared to unforeseen circumstances, and corporate raid to accept as the ordinary phenomenon. Among other things, in such investments very low liquidity. The money invested in preparation of highly skilled experts, in any way it is impossible to return in case of their leaving or dismissal.
      Learning efficiency in turn depends on certain factors. There are bases to believe that the more largely the company, the big can be complex effect and that above the possible income of training. At the personnel of the large company is more possibilities to share the knowledge with other employees and to pass on it recently received experience. During mutual training of knowledge are fast acquired, and their relative cost (at the rate on one person) decreases. Creation of the educational division allows to sell in due course educational services to the foreign organizations, for example, to partners in business [15]. Risks of investment in education also decrease in the large companies, after all the employee of small firm who has received good additional education, quite possibly will have a desire to pass in the large company where it will be possible to realize more widely the abilities and, subsequently, to receive больший the income. If the employee leaves, investments will be lost. Besides, the large company is steadier at adverse market condition. It will be more difficult to small organization to endure an economic crisis and not to lose thus leading both important workers and all means invested in them. Thus, the less people works in the companies, the above risk to lose or "freeze" money which have been invested in training, and that more low possible profit on such investment project. Thus, owners of small enterprises should invest the means not in training and personnel development, and in other projects, raising qualification of employees a little затратными methods [7].
      Thus, development and personnel training at the given stage of development of economy by means of investment in vocational training – is the most important strategic problem which put before itself not only managers of large corporations and the world companies, but also large public organizations, parties, associations. Personnel training is a powerful anchor for personnel deduction, level of turnover of staff thereby decreases that as a result will allow any enterprise not only to survive in modern market conditions, but also to reach competitive advantage and to keep and improve the positions in the market [3].

PURPOSE AND RESEARCH PROBLEMS

      Object of research - investment system in the enterprise personnel.
      Object of research - a policy of investment in the enterprise personnel.
      Research objective - introduction of new measures of investment in the personnel which will promote effective development of the enterprise and increase in competitiveness of the personnel.
      Research methods - research of methods of a mark of efficiency of investment in the personnel, the analysis of theoretical bases of development of the human factor.

SECTION 1 DEFENITION OF THE HUMAN CAPITAL

      For the generalized concept that such the human capital is necessary to address at first to definition of essence of the basic components of this concept which are on crossing economic both the humanities: the person and the capital. The person is a physical being, and at the same time a being public, that is why it is impossible to translate the person in an economic category. The person can be considered as the carrier of certain natural individual abilities and skills. And potential the person spends for improvements of skills certain material, physical and financial resources. Natural abilities and the got public skills on the economic value are similar to natural resources and the physical capital.
      As well as natural resources, in the beginning of the labor activity the person does not bring any income, but after an investment of certain means for training, preparation, improvement of professional skill, the human capital which the profit like the physical capital can make is formed.
      However categories «the human capital» and «human resources» are not similar with each other. Human resources will be the capital only under a condition if will make profit. It means that the person should take a certain place in a social production by the self-organized activity or sale of the labor to the employer, using own physical strengths, abilities, knowledge, abilities, talent [7]. That is, for transformation of human resources into the functioning capital presence of some conditions which will provide realization of human resources as a result of activity which have been expressed in the commodity form is necessary and have brought economic benefit.
      The capital physical represents a category under which understand buildings, cars, the equipment used for creation of the goods and services. The physical capital, being combined hardly, turns to the factor of manufacture used for creation of the goods and services, including the new capital. The human capital as a manufacture product represents knowledge, skills, abilities which the person gets in the course of training and labor activity and as capital any kind has ability to accumulation [7].
      As a rule, process of accumulation of the human capital has more long character, than process of accumulation of the physical capital. These are processes: training at school, university, on manufacture, improvement of professional skill, self-education, i.e. continuous processes [7]. If process of accumulation of the physical capital proceeds, as a rule, 1-5 years, accumulation process in the human capital - 12-20 years [3, with. 101-108].
      For today as the human capital (according to the similar theory) understand generated as a result of investments and the stock of knowledge saved up by the person, health, skills, abilities, motivations, abilities which can be used effectively practically in any sphere of public reproduction. The scientists investigating a problematics of the human capital consider that education is necessary to give to the person such base preparation, a background and conditions which will allow it quickly and without complexities to seize necessary special professional skills and knowledge, to adapt for working conditions which change, and to life.

SECTION 2 ESSENCE OF INVESTMENT IN THE HUMAN CAPITAL

      Investments into the human capital - a purposeful investment of means in branches and spheres which provide improvement of qualitative parameters of the person, first of all its labor (level of erudition, development of intelligence, creative potential, physical and mental health, system of motivation, valuable installations and etc.) [14].
      It is possible to allocate two principal views of investment in the human capital: improvement of professional skill and non-material stimulation. Investments of this kind allow to increase profit and business cost. Considering the budget sums on the investment into human resources, the companies should use effectively means which are allocated with it. Granting of licenses, certificates, carrying out of regular classes for development of professional skills become an important element for maintenance of competitiveness of the company [8].
      In management of investments into the human capital of the enterprise the principle of a mark and updating of vectors of self-development of workers is rather significant. In the course of self-development by the initiator of investments into the human capital the worker as he realizes necessity of increase of the value is. Self-development is a result of motivation of the worker and an implementer of its individual properties and interests. Self-development of workers is based on understanding of the today's condition and that they want to reach that in the future. In a case if the direction of self-development of the worker does not correspond to enterprise strategy, its correction as even insignificant divergences of the purposes of development of the enterprise and the worker cause essential decrease in efficiency of interaction [5] is necessary.

SECTION 3 EFFICIENCY OF ESTIMATION OF INVESTMENTS INTO THE HUMAN CAPITAL

      Investment in the personnel will be effective, only if there will be a return from these investments - labor productivity increase. There are many various ways of calculation of return from investments into the personnel: ROI on Human Capital, by means of index indicators and the difficult multiple-factor models, allowing to estimate influence of each factor (in dynamics), including factor of qualification of the personnel on business indicators. Calculation ROI allows to calculate, how many brings each dollar enclosed in concrete hr-action. Constant investment in the personnel allows each employee to be improved, both as the person, and in the professional plan to raise the skill that in turn assumes both career growth, and material compensation, and increase of prestige of work. The organization, increasing potential of employees, solves problems which are necessary for improving in working area. Training is a powerful anchor for personnel deduction, turnover of staff thereby decreases that finally will allow any enterprise not only to survive in modern market conditions, but also to reach competitive advantage and to hold the positions in the market [3].
      The basic problem which it is necessary to face to the modern enterprises is a mark of efficiency of investments in the human capital. The complexities arising thus, to a certain extent speak that investments into the human capital have a number of the features distinguishing them from other kinds of investments [12]. Namely:

1. Return from investments into the human capital directly depends on term of life of its carrier (from duration of the able-bodied period). The earlier investments in the person become, the faster they start to give return. But it is necessary to mean that qualitative and continuous investments bring higher and more long-term effect.
2. The human capital not only is subject physical and to an obsolescence, but also is capable to collect and be increased. Deterioration of the human capital is defined, first, by degree of natural deterioration (aging) of a human body and psychophysiological functions inherent in it, and secondly, degree of moral (economic) deterioration owing to obsolescence of knowledge or change of value of the education got by its. Accumulation of the human capital is carried out in the course of periodic conversion training of the worker and accumulation of a know-how by it. If the given process is carried out continuously at use of its human capital qualitative and quantitative (quality, volume, value) characteristics improve and increase.
3. In process of accumulation of the human capital its profitableness raises to a certain limit which is limited by the top border of active labor activity (active able-bodied age), and then sharply decreases.
4. At formation of the human capital «the general increased effect» takes place. Its essence consists that in the course of training improve and characteristics and abilities not only at the person who studies, but also at the one who learns increase that subsequently leads to growth of incomes both the first, and the second.
5. Not all investments into the person can be recognized by investments in the human capital, and only what are socially expedient and economically necessary. For example, the expenses connected with criminal activity, are not investments into the human capital as are socially inexpedient, and also harmful to a society.
6. Character and kinds of investments in the person are caused by historical, national, cultural features and traditions. So, the educational level and a choice of a trade children, in many respects depend on family traditions and an educational level of their parents.
7. In comparison with investments into other various forms of the capital, investments into the human capital are the most favourable both from the point of view of the separate person, and from the point of view of all society [2, 12].

      The structure of investments includes following kinds of investments in the human capital:

1. Education, preparation on manufacture.
2. Public health services.
3. Motivation.
4. Information search and migration.
5. Fundamental scientific workings out.
6. Ecology and a healthy way of life.
7. Culture and leisure [10, 12].

      Taking into account a modern level of development of economy there are various methods of a mark of efficiency of investments in the human capital. To reduction of benefits and expenses by one moment of work apply a discounting method. Calculation of benefits from investments in the human capital assumes carrying out of progressive discounting of benefits, their comparison with operational expenditure since benefits which can be received in the future, are always least valuable to people in comparison with those benefits which can be received today. According to the concept of the human capital a difference between the discounted sizes of expenses and benefits - «the pure resulted cost» it is possible to consider as criterion of expediency of the investment project in the human capital.
      Application in practice of the given method complicates that circumstance that it is difficult to solve, what level of percent should be chosen as discounting factor. Investments into the human capital are expedient if current cost of the future benefits (monetary and moral) more or is at least equal to costs.
      J.Fitts-ents, conducting researches, as calculation of a recoupment of investments into the human capital, divided profit into quantity of employees. It was the first indicator which has appeared in the Report on efficiency of human resources in 1985 It also it was offered to use factor of a recoupment of investments into the human capital.
      One of indicators of economic efficiency of the human capital is level of intellectuality of manufacture (or qualifying capacity of manufacture). It is estimated as the relation of fund of education (the intellectual capital) to a total national product and shows, how many the monetary units accumulated in educational fund, it is necessary on each standing unit of production.

CONCLUSIONS

      The analysis of intensity of investment by the enterprises in the human capital has shown that in spite of the fact that, first, investments have especially individual character, secondly, many enterprises consider investments into the human capital risky as possibility of transition of highly skilled experts on other enterprise takes place, however, the majority of the enterprises carries out investment in the human capital that allows to provide the income not only in the monetary form, but also in the form of moral, psychological satisfaction, increase of the social status of the carrier of the human capital [12].
      So, it is possible to draw a conclusion that recognizing that a sustainable development and well-being of the nation depends on a level of development of the human capital, in any state, at any enterprise the consecutive and thought over policy in sphere of development of the human capital and the balanced investments into human resources is necessary.