Editorial: Human Capital Management -- a long and winding road.

The article presents the author's views regarding the Human Capital Management in Germany. Human Capital Management is one of the most controversially discussed topics in Human Resource research and practice. Employees are necessary, at the same time, they are more risky than material stock. The author said that people are the most important asset. All kinds of new organizational solutions were observed to protect oneself against the loss of investments and outsourcing of activities just being one of them.