In this tough global competition, industrial companies have confronted the challenges to sustain their operations of companies. This article aims at examining the key factors of sustaining growth of companies with an emphasis on the significant functions of Total Quality Management (TQM) for developing human capital within the companies. Human capital in this context is reffered to personels who can make added-value to the organization where he/she works. For the purpose of the research, quantitative research with empirical survey design was applied with the involvement of 150 Masters of Business Administration students at the Gadjah Mada University, Yogyakarta and Bina Sarana Informatika University, Jakarta. Finding of data analysis affirm that implementing TQM is effective for building human capital as well as conducting appropriate motivation systems and provisions of good compensation for employees. It then suggest that companies' recruitment and trainings activities should focus in several key elements in building the human capital of their employees, among others are to include: necessary skill to carry out duties; intellectual capabilities; commitments; creativity skills; collaboration; motivation to share information and knowledge; ability to change, innovates, and encouragement to work; and strong internal motivation.