slug“HUMAN resource ACCOUNTING: a strategic approach to corporate excellence”
Journal Title: International Journal for Research in Applied Science and Engineering Technology (IJRASET) - Year 2014, Vol 2, Issue 5
Abstract
In the era of Globalization of economy, organizations are considering their employees as “Human Capital' 'Human Capital' (HC) refers to the features such as knowledge, skills, attitude, creativity, aptitude, and commitment possessed by employees of an organization. Thus, employees become as key success factors of competitive advantage and long term sustainability. According to resource-based as well the knowledge-based theory, success of contemporary organizations is no longer attributable exclusively to material capital but rather to intangible assets such as human capital. Hence, human capital is the core driving force for sustainable competitive advantage .Their skills, creativity, and ability cannot be replaced by machines. The Companies can lose efficiency in work in the absence of quality people. Thus companies must learn to recognize and appreciate the value of their employees. Human Resource Accounting gives information regarding inner strength of organization and helps in making decisions regarding long-term investment in that organization. It is the measurement of the cost and value of people to organizations. It involves measuring costs incurred by private firms and public sectors to recruit, select, hire, train and develop employees and judge their economic value to the organization. The present study highlights the significance of Human Capital valuation and methods to measures human assets value. The paper also describes Emerging Practices across Organizations Globally as well in India and how they have tried to implement human capital accounting " people are now realizing that their intangible assets are worth much more than their tangible ones. Now an attempt is being made to put a value to these intangibles, and to bring these hidden values to book."
Authors and Affiliations
Dr. Namita Srivastava
Keywords
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