Human Capital in Russian Power Generating Corporations

. The Russian energy industry is on the verge of major changes. The potential of existing technologies has been exhausted, and to ensure economic growth, the development and implementation of new approaches in the field of electricity generation is necessary. The human capital of enterprises is the most important driver of changes in the energy sector. The purpose of the article is to analyze the influence of factors characterizing human capital on the effectiveness of Russian power generating corporations. The study found that the efficiency of power generating corporations is most strongly influenced by the share of managers in the structure of employment and labor productivity. Such indicators as the share of specialists with higher education and staff turnover did not significantly affect the efficiency of power generating corporations.


Introduction
The electric power industry in Russia is basic. It implements processes such as production, transmission, distribution of electricity. The electricity industry is closely connected with all economic sectors, providing the latter with the necessary amount of electricity and heat, as well as receiving resources in return for its functioning. The role of this industry in the modern world is extremely important for the socio-economic development of the country, since energy consumption affects all spheres of human activity. The emergence of new economic sectors, the impact of scientific and technological progress, improving the quality and conditions of human life, etc. contribute to the expansion of the scope of use of electric power capacities, require increased requirements for uninterrupted and high-quality supply of electricity. At this stage, there is a need to create more efficient and durable materials, equipment, introduce modern technologies that meet international standards.
Human capital is an important element for the development of the electric power industry in any country. It is employees who are the main asset of any company operating in this industry, since they play one of the key roles both in increasing the competitiveness of the company and, in general, affect the development of the national electric power industry. Today, the development of the electric power industry is impossible to imagine without an effective approach to human capital management, implemented within each enterprise in this area.
The problem of the development of human capital in corporations is in the focus of attention of modern researchers. The main areas of in-depth analysis of this problem are investments in human capital [1], the development of small and medium enterprises through the use of human capital [2][3][4][5][6], resource saving and effective HR-management [7][8][9], macroeconomic and financial aspects of human development capital [10][11][12][13][14].

Methodology and Data
The study is based on an empirical methodology. The work uses the FIRA PRO database, from which data on the largest companies working in the field of Russian electricity generation are extracted using industry filters and filters according to the number of employees. Further, according to data from the websites of these companies, as well as publicly available reports, information is obtained on the dynamics and structure of personnel, as well as their turnover. The study period: from 2016 to 2018. We analyze 9 corporations that differ in location and scale of activity, as well as in the form and structure of ownership (PJSC "MOSENERGO", PJSC "TGK-1", PJSC "ENEL RUSSIA", PJSC "QUADRA", PJSC "YAKUTSKENERGO", JSC " HYDROREMONT-VKK ", PJSC" SAKHALINENERGO ", PJSC" KGC ", JSC" UESK "). The study tests a number of hypotheses: 1. The effectiveness of Russian power generating corporations is affected by the share of administrators and managers in the employment structure 2. The efficiency of Russian power generating corporations is affected by the proportion of employees with higher education 3. The effectiveness of Russian power generating corporations is affected by staff turnover 4. The productivity of Russian power generating corporations is affected by labor productivity Efficiency is measured by return on sales (ROS), and the degree of influence is estimated by a linear correlation coefficient.

Results
The results of the search and retrieval of data we obtain table 1 and The data presented in table 2 are calculated. They are obtained on the basis of commonly used formulas. These data will be used to test formulated hypotheses as explanatory variables. The data obtained indicate the heterogeneity of the sample: the company's revenue varies from 199 billion rubles. up to 3.6 billion rubles. (according to 2018), net profit -from -7 billion rubles. up to 23 billion rubles, according to the number of employees, from 1 thousand people to 10.7 thousand people. At the same time, there is no direct relationship between these three indicators. It is indicative of the facts that out of 30 companies, according to the selected criteria that fell into the sample, only 10 in the public domain have complete information about the structure of human capital and staff turnover. The indicators calculated on the basis of the obtained data also indicate the absence of uniform standards and personnel policies in the industry. Despite the fact that for most company's staff turnover was 3-6%, which corresponds to the average economy, a number of companies experienced significantly higher staff turnover (up to 17%). The share of managers varied significantly, while in larger companies it was usually larger (up to 37.1%), and with a tendency to increase. This is a very large share -up to 5 bosses per 10 employees. The share of employees with higher education showed similar trends: for large companies this share is higher (50-65%), and for smaller companies -about 20%, and from 2016 to 2018 this indicator is growing. Based on the calculations, the values of the most important indicators in terms of human resource management are determined: return on sales and labor productivity (table 3). This data will also be used to test hypotheses as dependent and explanatory variables, respectively. Linear correlation coefficients are calculated to test formulated hypotheses. These values are compared with the critical (for significance level 0.05) equal to 0.6414 (table 4). According to our calculations, at a 5% significance level, hypotheses about the influence of the share of administrators and managers (X 1 ) and labor productivity (X 4 ) on the efficiency of power generation corporations are partially confirmed. In both cases, the influence of factors of medium strength and direct. The analysis is supplemented by the calculation of linear correlation coefficients for lag dependence (factors -2016, the resulting feature -2017 and 2018), table 5. The calculations confirm the results obtained: the share of administrators and managers and labor productivity have the most significant impact on return on sales. Fig. 1 and 2 shows scatter plots for relationship between X 1 and Y ( fig.1) and X 4 and Y ( fig.2) for 2017.  The resulting model has an R-squarred 0.7438, which indicates its satisfactory quality.

Conclusion
As a result of the study, it was found that indicators reflecting human capital in Russian power generation corporations have an impact on their effectiveness. At a five percent significance level, the hypothesis of the significant influence of the share of managers and labor productivity on the effectiveness of the corporation is confirmed. The conclusion about the causal nature of these dependencies was made on the basis that not only the "year-to-year" correlation, but also the lag correlation of precisely these indicators with return on sales turned out to be statistically significant. The other two factors analyzed, the share of employees with higher education and staff turnover, did not significantly affect the efficiency of power generation corporations. This may be due to the small sample size, but it may also indicate that these factors currently do not really have an effect.
Promising areas for further research may be related to: 1. An increase in sample size due to a deeper search for information on the use of human capital in other power generation corporations 2. Analysis of the dynamics of the use of human capital in power generation corporations in 2000-25, the identification of trends and the construction of dynamic factor models 3. Identification of groups of power generation corporations with homogeneous 4. Analysis of qualitative factors affecting the efficiency of use of human capital in Russian power generation corporations 5. Addition to the analysis of the use of human capital in corporations of related industries (electricity transmission, heat generation, distribution of various types of energy) Based on the results of the study, we can say about the lack of a unified personnel policy in the electric power industry. At the same time, human capital and personnel policies have a direct impact on the effectiveness of Russian power generating corporations, and therefore it is especially important for companies operating in this industry to focus on their human capital, considering it from the point of view of one of the main active assets. It is necessary not only a special approach to the process of investing in human capital at each enterprise, but also a competent, high-quality personnel policy that can fully realize the existing potential of employees in order to achieve greater economic effect both within the enterprise and within the entire electric power industry.
The reported study was funded by RFBR, project number 20-510-92006