Purpose – Within the dynamic capability approach of the resource/knowledge-based view in strategic management we develop a research model, which delineates how innovations can be fostered through managing human resources (human capital) and organisational learning (structural capital). Design/methodology/approach – – We use structural equation modelling in AMOS for testing our hypothesized research model with a data base of the German economy (n = 1942). Originality/value – The empirical results of SEM indicate that strategic human resource management positively influences the relationship of human resources (Human Capital) and organisational learning capability (Structural Capital). The latter positively effects innovative outcomes directly and fully mediates the effect of human resources on innovative outcomes. Practical implications – Our inquiry calls for a strategic alignment of human and knowledge management practices in order to employ and develop organizational knowledge for continuous learning and innovations on the basis of human resources.