Abstract
Problems connected with an issue of the influence of HRM on outcomes of an enterprise had been a subject of interest since mid 80-ties of 20th century. The dynamic growth though of the topic developed rapidly right after an article of M. A. Huselid has been published, in which he showed the correlation between the level of personnel practices and the market value of widely known American corporations,. Although diagrams illustrating the path from strategies and practice of HRM to (the growth of) economic outcomes of an enterprise seem to be quite simple, the reality is much more complicated. In the article selected problems of measuring and estimating human capital of an enterprise are discussed in relationship with three main phases: the “entrance” — difficulties in accounting HRM; “transformation” — dilemmas of actual HRM influence on the firms’ value and the “exit” — hindrances in pricing the influence.