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In a knowledge-based economy, the success, growth and development of hotel companies relies in a large extent on knowledge, since employees are directly involved in the process of service production and consumption. The results of numerous studies demonstrate the impact of human capital on business performances, so management must invest and improve human capital in order to create differentiated products / services and ensure a stable competitive position. The main goal of the research is to analyze the interdependence of human capital components and business performance of the hotels in Serbia. The research results confirm the influence of human capital on the non-financial performance of hotel companies. In order to test the structural relationships between variables, reliability analysis, factor analysis and structural modeling equation are employed.

УТИЦАЈ ЉУДСКОГ КАПИТАЛА НА ПОСЛОВНЕ ПЕРФОРМАНСЕ ХОТЕЛСКИХ ПРЕДУЗЕЋА У СРБИЈИ