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Hello Experts! I request your help in understanding how HR professionals in industry does HR accounting for their employees? Is there any practical model that can be applied to ascertain economic value of employees? Any views about the feasibility of Economic Valuation models for Human Resource Accounting. Pl help me in gaining more clarity on this. Your guidance is highly appreciated
Thanks & Regards,
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1. The American Association of Accountants (AAA) defines HRA as follows: ‘HRA is a process of identifying and measuring data about human resources and communicating this information to interested parties’.
2. Flamhoitz defines HRA as ‘accounting for people as an organizational resource. It involves measuring the costs incurred by organizations to recruit, select, hire, train, and develop human assets. It also involves measuring the economic value of people to the organization’.
3. According to Stephen Knauf, ‘ HRA is the measurement and quantification of human organizational inputs such as recruiting, training, experience and commitment’.
Objectives of HRA:
1. Providing cost value information about acquiring, developing, allocating and maintaining human resources.
2. Enabling management to monitor the use of human resources.
3. Finding depreciation or appreciation among human resources.
4. Assisting in developing effective management practices.
5. Increasing managerial awareness of the value of human resources.
6. For better human resource planning.
7. For better decisions about people, based on improved information system.
8. Assisting in effective utilization of manpower.
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