The article is of theoretical nature. Its aim is to present the psychoanalytic understanding of the capital which is constituted by organisation members. It is them who decides about the effects of the operations of an organisation, both its successes and failures. This article attempts at describing the psychological mechanisms which determine the complex phenomenon called ‘human capital’ of an organisation. The concept of ‘human capital’ has been confronted with one of the key attributes of an organisation, that is the hierarchy of the organisation’s structure. The article presents a psychoanalytic interpretation of organisational hierarchy in the aspect of human capital, taking into account the positive and negative consequences for all organisation members.