The essence of theories related to personnel management is considered in this article. This theories’ development is demonstrated since the middle of the XIX century to the beginning of the XXI century: the theories’ postulates of working with people and the expected results were changing. Together with the theories the practice of personnel management was developing: objects of management, personnel’s dominating needs, organization tasks, and leading trends of personnel management were changing. For almost two centuries the content of personnel management processes has undergone a significant evolution: from staffing and staff accounting to personnel’s intellectual capital management. This evolutionary path has been described in details and justified step by step on the example of world’s leading countries, including Russia, in the article.