While human capital (HC) has garnered considerable interest from researchers and practitioners, human capital resources (HCR) has only recently emerged as a way to further explain how individuals’ capabilities are transformed into business outcomes. Professor Ray and her colleagues provide a corrective. They clarify the difference between HC and HCR, propose a research-based theory to explain what it takes to morph HC into HCR, and explain why HCR matters. aimed primarily at researchers, their paper also offers important insights for practitioners.