ENNew business environment, which challenges companies by constant changes and requires intensive orientation towards management of intellectual resources, ask for new management theories, concepts, organizational structures, etc. as well. As theories evolve, the same concepts are often used to identify new realities, or new concepts are created, but no consensus is reached about how to explain them. That also applies to the concept “human capital”. This article deals with the problems of defining human capital, its main characteristics and stresses the importance of human capital to future organizations.