Abstract
At the present stage of development, many companies treat investments in the development of the company personnel as investments in the creation of intangible assets that contribute to improving the level of competitiveness of the organization. The authors previously proposed an economic and mathematical model of investing in personnel based on the formation of an investment portfolio, which can be used to assess the financial effectiveness of investments in employee development; to get a clear, reliable tool for monitoring the effectiveness of personnel development activities; make the «human factor» and its impact on the company's performance more measurable; increase transparency and, consequently, the manageability of the organization. The goal of the article is to develop the risk-free rates and non-market risk rates search algorithm during engineering of investment portfolio through arbitrage pricing theory for investment in personnel to return on investment. The authors fully provide risk-free rate of return description and comprise risk-free rates of assets, too. They give an explanation of how to seek and valuate them. Also the expected risk-free returns of assets calculation method and ways of non-market risks management while investing in personnel is described.