هزینه سرمایه نیروی انسانی د رحسابداری
The role of human capital cost in accounting
Hai Ming Chen and Ku Jun Lin
Graduate Institute of Management Sciences,
Keywords Competitive advantage, Human capital, Expenditure
Abstract The purpose of this research is to deal with the human capital disclosure issue of present
accounting systems. Many companies nowadays derive their competitive advantages mainly from
human capital. However, under generally accepted accounting principles, all human-related
expenditures are treated as expenses, which are deductions of revenues, thus misleading
decision-makers into inappropriate judgments. This paper provides an alternative way of
measurement and disclosure of human capital items in financial statements. The paper defines and
classifies the human capital of a company in line with a theoretical framework provided by the
authors, sorts out company’s human capital investments according to cost development stages in
human resources, isolates human capital from expenses and finally suggests disclosure in financial
statements.
Foreword
Today, it is knowledge that brings forth wealth. Human brains contribute to
the value-added of products. Such development has confounded traditional
accounting methods of measuring company performance, i.e. posing the
question of the disclosure of human capital. Human capital and knowledge
create value-added and even competitive advantages to modern businesses
(Ulrich, 1998). Over five years, the semiconductor sector ranked first with an
average return on equity of 45 percent, the software and information
processing sector featured an average return on equity of 39.8 percent, and the
financial sector recorded an average return on equity of 36.3 percent (Dorfman,
1996). These sectors share a common trait: they provide products or services
developed by human intelligence instead of commodities manufactured by
machinery equipment. In other words, the value-added created by human
capital has prevailed over that created by tangible assets, such as machines.
There is much research on the contribution of intangible assets or capital on
the value of companies being carried out. Elements contributing to the value of
companies are numerous, including organizational capital, customer (relations)
capital and human capital (Dzinkowski, 2000). All these factors centered on
humans as a foundation for all sorts of capital. However, current accounting
research on the definition, forms and categories of human capital has been
limited. It is hard to obtain statistical data of human capital from the current
accounting system, let alone apply the data to managing human capital, which
has become increasingly important to companies’ value creation. Against this
backdrop, this paper aims to present an in-depth discussion on human capital.
The Emerald Research Register for this journal is available at The current issue and full text archive of this journal is available at
www.emeraldinsight.com/researchregister www.emeraldinsight.com/1469-1930.htm
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Journal of Intellectual Capital
Vol. 5 No. 1,
pp. 116-130
q Emerald Group Publishing Limited
1469-1930
DOI 10.1108/14691930410512950
Under the generally accepted accounting principle (GAAP), financial
statements lack proper reporting, measurement and disclosure of items in
newly emerging fields such as human capital (Wintermantel and Mattimore,
1997). For example, conservatism states that when exposure to uncertainty and
risk is significant, accounting measurement and disclosure should take a
cautious and prudent stance – by using ways that do not overstate assets and
net income. Only about one-third to one-sixth of the market valuation of firms
in the
decision with the reference of financial statements without disclosing human
capital (Barcons-Vilardell et al., 1999).
Under the current accounting system, financial statements disclose assets as
important tools for companies to communicate with the public. In the balance
sheet, machinery equipment is treated as an asset based on its acquisition costs
and then deducted as expenses based on depreciation methods in each of the
following year. On the other hand, human capital investments such as training
and education are all included in expenses.
Scholars have provided evidence which shows that a well-managed
investment in personnel training and utilization is conducive to organization
performance and productivity (Acemoglu and Pischke, 1999). It is also showed
that the results of training investments are reflected in financial performance
(Bassi and McMurrer, 1998). Furthermore, human capital is related to
organization performance and income (Arthur, 1994). Therefore, human capital
is a significant factor both in terms of input and output for modern enterprises;
it is at least as important as machinery equipment needed for production in the
industrial society of the past. The financial statements provided by the current
accounting system are an incompetent disclosure of companies’ information
contents (
The purpose of financial statements is to provide useful information to
investors and creditors, to evaluate companies’ future cash flows, and
information of companies’ resources and claims to resources by creditors and
shareholders as well as movements of these resources and claims (Kieso and
Weygandt, 1992). However, currently, financial statements compiled according
to the GAAP do not satisfy the above purpose because they do not properly
disclose companies’ investments in human capital and the knowledge assets
created by it.
Financial statements without a proper disclosure of human capital are
misleading for companies’ management, who are used to making decisions
based on the information provided by financial statements. Inappropriate
decisions, such as layoffs, may thus be reached, thereby hampering companies’
performance, far from its intended purpose of raising efficiency. The root of
this mismanagement is the treatment of human capital as expenses instead of
resources in traditional accounting (Hermanson et al., 1992). It is, therefore,
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necessary to discuss further the disclosure issue of human capital in financial
statements under the current practice.
To classify human capital expenditure in financial statements is relatively
complicated. At the center of this complexity is the uncertainty with regard to
the future economic benefits of human capital investments. Nevertheless, any
evaluation of companies’ transaction items based on accounting methods must
inevitably involve efforts to formulate evaluation rules and procedures.
Therefore, it is not reasonable to ignore human capital investments completely
simply because of its uncertain future benefits and dismiss it as expenses. Even
more, since the present accounting system does not classify human capital
expenditure into investments and expenses, how can we examine the
uncertainty of future benefit from human capital investments?
Based on the above consideration, this paper attempts to clarify the
definition of human capital, identify human capital items conforming to this
definition from companies’ overall investments in human capital.
Literature review
The definition and properties of human capital
Not all expenditure made by companies in humans is counted as input of
human capital. Expenditure about humans, such as staff training programs, is
done not in order to exchange it for the labor or services provided for
employees in the past or during the short-term period, but in order to induce
value-added in the future. The so-called costs or investments do not refer to an
absolutely fixed set of accounting items, but vary according to the business
objectives, core skills and human attributes concerned.
Existing literature approaches the definition of human capital mainly in
three ways:
(1) the transaction cost economy theory;
(2) the human capital theory; and
(3) resource-based view of the firm theory.
The transaction cost economy theory presumes that companies choose to
employ personnel in the most efficient way (Argyres and Liebeskind, 1999).
When employing personnel, companies can either recruit new staff outside or
train/promote existing staff. These two approaches to employment will incur
various costs. For example, the former approach incurs hiring costs
(transaction costs) and the latter triggers training costs and management
costs (bureaucratic costs). Between these two alternatives, companies choose
the most efficient way or combination by comparing all relevant costs (Riordan
and Williamson, 1985). Human capital within the context of this theory must
possess the dual properties of asset specificity and asset uncertainty.
The human capital theory emphasizes the fact that companies decide on the
amount of human capital investment they will make by comparing it with the
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potential future benefits, for instance, improvements in production controls.
Human capital in this context refers to technical training and knowledge buildup
for employees. Flamholtz (1972a, b) suggests that investments are especially
focused on training employees’ specialized skills and avoiding these skills to be
used by other companies. Human capital referred to in this theory must possess
the dual properties of asset specialized skills and non-transferability.
The resource-based view of the firm theory advocates that core skills central
to a company’s competitive advantages must be acquired from internal
development within the company itself and that general technology can be
acquired from outsourcing. The core skills are characterized by properties such
as value, rareness, not being imitable and immobility (Barney, 1991). Talents
capable of core skills are the human capital deserving attention and
investments from companies.
By summing up the above theories, this paper defines human capital
investments as input made by company in talents and technology that benefit
competitive advantages, are valuable and unique, and should be kept out of
reach of other companies. In other words, only employees possessing these
qualities are qualified as human capital. The skills of employees are a
company’s assets just like tangible assets (Barney, 1991). In particular,
employees with core skills are the fountain source for company to raise
competence and profits (Porter, 1985). Therefore, it is also suggested
investments in this kind of employees, i.e. human capital investments,
should be the focal point of our attention (Porter and Stern, 2001).
To explain ways of identifying companies’ human capital investments,
researchersusedvalueas the horizontal axisanduniquenessas the vertical axis to
divide companies’ utilization of human capital into four quadrants (Lepak and
Snell, 1999).Amongthe four quadrants, the one representing both high value and
high uniqueness denotes human capital investments. This type of human capital
is capable of core skills, key to a company’s competitiveness, barred from being
used by other companies and very difficult to be obtained by means of sourcing.
Therefore, it is best to be developed internally within thecompanyitselfbymeans
of human capital investments. In terms of cost accounting attributes, how the
company forms, obtains, maintains and segregates these types of employees
should translate into quantified disclosure of human capital investments. Of
course, the salary offered to these employees in exchange for services and labor in
itself is not defined as human capital investments. Salary expenditure is
considered as the reward of employees’ previous effort.
By investing in human capital, companies improve production efficiency,
product or service quality, and product differentiation, thereby obtaining
strategic competitive advantages (Ruchala, 1997). The definition of uniqueness
varies in accordance with different industrial sector. From the perspective of
strategic human resources, human capital can be effectively utilized through a
high-performance work system, to maximize the quality of human capital
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investments in an organization (Becker and Huselid, 1998). To sum up,
qualified human capital investments must have contributions to company’s
strategic goals and are barred by the company from being employed by other
competitors. This paper takes uniqueness and high value as bases to classify
company’s human capital investment.
Possible ways to disclose human capital
American Accounting Association has defined, according to the definition
made by the Committee in Human Resource Accounting, that human capital
accounting is a process for the recognition and measurement of human capital
and the provision of such information to users as a reference (AAA, 1973). The
purpose is to use accounting to improve the quality of financial statements and
incorporate the variable of human capital as expressed in financial statements
into management decisions. Scholars agreed that since 1980s, advanced
industrial countries such as the
mode featuring manufacturing industries to one driven by high technology and
services. Under this transition, the productivity and value of personnel are
increasingly emphasized. Therefore, human capital accounting has become a
major theme of research (Flamholtz, 1972a, b).
The purpose of human capital accounting is to provide useful information to
users of financial statements. By so doing, companies can capitalize investments
in human resources instead of treating human capital as a negative factor when
calculating net income. Thereby, the contribution of human capital to companies
can be measured. In other words, human capital accounting information can
increase the efficiency of human resource management to facilitate the decisions
relating to the acquisition, development, allocation, utilization, evaluation and
reward of human resources. In addition, financial statements based on human
capital accounting first aim to disclose human capital and its related items, then,
depending on the conditions of the company concerned and feasibility, seek to
express the utilizing conditions and acquirement costs of human capital in
monetary value.
Human capital is an important component of human resources Lepak and
Snell (1999) suggest that the uniqueness of human capital can be discussed
according to its different functions. This paper adopts the idea of human
capital accounting and regards inputs contributed by employees with
uniqueness as human capital.
The disclosure methods currently adopted can be categorized as monetary
measurement and non-monetary measurement. For the purpose of analysis, the
former is divided into input and output sides while the latter usually simplified
by the Likert model (Likert and Bowers, 1973). Monetary measurement
expresses the value of human capital with monetary figures, which are further
analyzed from the perspectives of input costs and output value. The methods of
monetary measurement of input costs are:
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. the acquirement cost method; and
. the replacement cost method and the present value of a future stream of
payments method.
The acquirement cost method and replacement cost method both present an
objective disclosure of human resources, which can serve as a reference for
input decisions when expressed in financial statements. The present value of a
future stream of payments method requires an estimate and discount of
employees’ future salaries, and therefore its applicability is limited.
The methods of monetary measurement of output value are:
. the bidding method; and
. the economic value-added approach.
The bidding method is more objective in the auction process and hence more
useful to larger organizations. The economic value-added approach, on the other
hand, is less practical since it is still controversial as to whether the economic
value-added equals human capital. Therefore, the current method of disclosing
human capital in financial statements emphasizes the reporting and
measurement of the input cost items of human capital that have been translated
into salary expenses. Furthermore, discussions on the human capital accounting
items derived from possible disclosure methods adopted by companies and how
different disclosure methods may affect decision making are still lacking in
existing literature. This paper strives to provide discussions and analysis on the
above-mentioned points by adopting monetary inputs as a measurement of
human capital to clarify ways of investing in and disclosing human capital.
Identification of human capital and relevant accounting items
Costs, as defined in the context of management accounting, refer to “the
resources being sacrificed or exhausted in order to achieve a certain goal,” or
simply to exchange companies’ assets for employees’ services or labor.
Hongren et al. (2000) suggest that investments mean “the resources or assets
used for making profits”. Therefore, when identifying accounting items
relating to human capital, human input items, i.e. salary expenses paid by
companies to employees, must first be excluded. This is because salary
expenses are rewards offered by companies to the services and labor that
employees have already provided, not investments that will increase
companies’ core competitiveness. For this reason, this paper excludes
salaries paid to employees from human capital investments.
The traditional human capital accounting theories identify the following
items of human capital investments (Flamholtz, 1973):
(1) Formation and acquisition costs at the early stages of development.
Formation and acquisition costs of human capital are called human
capital acquisition costs at the early stages of development. They are
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divided into outsourcing acquisition costs and internal transfer costs.
Outsourcing acquisition costs are the direct costs of human capital, i.e.
directly related to human capital acquisition costs. They comprise
recruitment, selection, hiring and placement costs. Of these components
and accounts in the present accounting system, recruitment costs refer to
the costs involved in discovering and confirming human resources, such
as related expenditures paid to the staff responsible for recruitment,
advertisement expenses, postage, traveling expenses and escorting
expenses. Selection costs are the costs for the process of determining
whether or not to hire an applicant, such as expenditures paid to the staff
responsible for holding examinations and costs related to renting exam
places and making exam papers. Hiring and placement costs refer to the
costs incurred from settling employed personnel to certain positions in a
company, including expenses related to signing contracts, traveling
expenses, moving expenses and housing expenses.
Internal transfer costs, on the other hand, are the indirect costs of
human capital. They are incurred for reasons related to human capital
but not necessarily traced back to any specific event of human capital
formation. These include costs of promotion and transfer within a
company. Outsourcing acquisition costs and internal transfer costs
together make up human capital acquisition costs.
This paper asserts that human capital acquisition costs should be
disclosed or recorded as human capital investments only when they
possess the properties of uniqueness and high value as far as the
industry is concerned.
(2) Learning costs in the middle stage of development. The learning costs of
human capital include training costs for current and new employees,
on-the-job training (OJT) costs and the opportunity costs of trainers’ time.
Training costs for current and new employees and OJT costs are direct
costs of learning costs. These are the costs for unskilled or semi-skilled
employees to become competent of the techniques or experiences required
for general or designated tasks and also for employees to understand the
policies and products of their companies. These include items such as
orientation costs, general training costs and OJT costs.
Orientation costs are costs involved in acquainting employees with
companies’ policies, products, machines and even environments. Their
accounting accounts in present accounting system include related
expenditures of orientation instructors, teaching materials costs,
inefficiency losses due to hiring new employees and related expenditure
spent on new employees during the trial period.
General training costs are the costs not immediately or directly related to
current operations or the costs believed by companies to have the effect of
raising operational efficiency, for example providing training to promising
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employees for their management abilities in the future. Because
management abilities are not instantly attainable and employees under
training may not have the opportunity to exercise such abilities, the costs
involved are categorized as general training costs. The accounting items
under this category include tuition and equipment expenses. Moreover,
OJT costs are the costs spent to increase employees’ abilities to carry out
their current tasks. In addition to the tuition and equipment expenses of
general training costs, OJT costs also include the opportunity costs
occurring due to employees’ leave during the training period.
The above-mentioned opportunity costs of trainers’ time are the indirect
costs borne by companies for using theirownemployees as trainers, i.e. the
opportunity costs incurred from the loss of productivity due to employees
acting as trainers.
This paper asserts that as long as companies invest in the learning of the
humancapital possessing the property of uniqueness, they should disclose
or express such investments.
(3) Replacement costs at the final stages of development. At the final stages of
human capital development, the replacement costs include discharge
costs, inefficiency losses before discharges, and the average costs of
recruiting, hiring and training personnel to fill in the vacant positions, as
well as the losses or opportunity costs incurred during the period when
the positions remain vacant. The corresponding accounting items
include recruitment, selection, hiring and training costs.
Dischargecostsarethe direct costs ofthepersonnelreplacementprocess.
These include the compensation and contract violation penalty paid to the
personnel being laid off. The costs derived from the inefficiency losses
before discharging, the average costs of recruiting, hiring and training
personnel to fill in the vacant positions, as well as the losses or opportunity
costs incurred during the period when the positions remain vacant are
indirect costs of the personnel replacement process.
The accounting items of human capital derived from the
above-mentioned stages of development can be summarized as follows:
. related expenditure paid to personnel responsible for recruitment;
. advertisement expenses during recruitment;
. reasonable and necessary traveling and settling expenses for
applicants and new employees;
. administrative expenses relating to recruitment;
. related expenditure paid to new employees during the trial period;
. training costs;
. discharge costs;
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. opportunity costs derived from new employees assuming positions
and from positions remaining vacant; and
. costs incurred by inefficiency losses before discharges.
Of the above human capital accounting items, items the first seven are listed by
current financial accounting as expenses, while the last two items are listed in
management accounting only as a reference for making a decision. However,
from the perspective of the definition of human capital, if these human capital
accounting items are presented as assets and disclosed in companies’ annual
reports and categories or notes of financial statements, the applicability and
comprehensiveness of information provided by companies will be enhanced.
Based on the definitions of human capital by both traditional theories and
the above-explained theories, this paper asserts that companies’ investments in
human capital should follow the dual principles of uniqueness and value.
Companies should identify personnel with high value and high uniqueness and
then recognize the involving formulation and acquisition costs, learning costs
and replacement costs to determine companies’ investments in human capital.
A theoretical framework
Business resources are oftentimes limited, so that when resources are scarce,
expenses are often reduced in order to minimize book losses. However, under
present accounting principles, which list all investments in human capital as
expenses, costs incurred in the development of human resources favorably
influencing strategic goals or creating future advantages cannot be extracted
from pure wages that are part of human capital expenditure. This results in
inadequate information contained in the expense account, potentially leading to
inappropriate distribution of resources and decisions.
This paper attempts to segregate human resources in businesses,
delineating human capital that is compatible with business strategic goals,
has high value and is highly unique. The boundaries of human capital
investments and human capital expenses are drawn according to the stages in
which business invests in human resources. It is hoped that the detailed
accounting items that replace the indiscriminate lumping of all human resource
expenditure as expense items will more precisely disclose information about
the business financial state. Finally, the delineation of the investment in the
maintenance and protection of human capital that ensures the sustainability of
the core competitive human resource is also discussed.
The theoretical structure constructed in this paper is shown in Figure 1. The
horizontal axis represents value of employees and implies the investments in
highly valuable human with potential to create business competitive
advantages. The value increases along the right direction. The vertical axis
is the degree of employees’ uniqueness, representing the degree of the unique
capacity of human to provide business competitive advantages that cannot be
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easily mirrored, formulated and acquired. The uniqueness increases in the
upward direction.
The human capital expenditure in the fourth quadrant of Figure 1 represents
employees with high uniqueness and low value, such as lawyers or
accountants. These employees are highly specialized with national
certificates, hence are highly unique. Nevertheless, companies employ these
people to deal with contingent or routine affairs. These people are not directly
helpful to companies’ core skills and value and therefore are not considered
highly valuable. Since it is time-consuming and hardly economically efficient to
train these professionals, companies rarely train lawyers or accountants within
themselves. The best way to acquire this type of employee is by establishing
alliances.
The human capital expenditure in the third quadrant of Figure 1 represents
employees with low uniqueness and low value, such as cleaning and security
Figure 1.
Framework of human
capital expenditure
classification
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personnel. Since this type of employee is easily acquired from the manpower
market and also easily replaceable, it is not unique. Moreover, it provides
low-end manual labor that is not considered valuable by companies. Therefore,
these employees can be hired by means of contracts. The expenditure involved
here is exchanging company’s assets for personnel’s labor service, and
therefore is listed as expenses in accounting.
From the perspective of accounting, exchanging company assets simply for
services is categorized as expenses. Companies pay salaries to personnel in the
third and fourth quadrants in exchange for their services, such as auditing fees
paid to accountants and wages and welfare paid to security services. Therefore,
this expenditure should be listed as expenses, not human capital investments.
Employees in the third quadrant of Figure 1 represents are of low
uniqueness and high value. For example, electronics companies employees
with a master’s degree. The degree in itself is not unique and can be easily
acquired from the employment market. However, this type of personnel is
equipped with the specialty capable of creating a significant extent of value to
the company despite their low uniqueness. Therefore, this type of employee can
be hired from outsourcing. Furthermore, if these employees are continually
trained, they may be elevated to the first quadrant with both high uniqueness
and high value. In terms of accounting costs, all related expenditure with the
exception of training expenditure should be listed as expenses. Although this
type of employees has a valuable contribution to companies’ strategic goals, yet
being less unique, easily attainable and easily transferable, its contribution to
the uniqueness of company’s human capital is not high both in terms of the
formulation and acquisition costs at the early stages of development and in
terms of the replacement costs at the final stages of development. According to
accounting analysis, these costs should be listed as current period expenses, i.e.
the price companies paid for using these human resources, and deducted from
current period revenues. For this type of employees, only the learning costs at
the middle stages of development under the consideration of contract
conditions and personnel mobility can be considered as human capital
investments. Giving continuous training under certain conditions, these
personnel are the future source of company’s human capital with high
uniqueness and high value.
Employees in the first quadrant of Figure 1 are human capital acquired from
internal development in companies themselves. Because it has a valuable
contribution to companies’ strategic goals and is highly unique, it is necessary
to continuously invest in those personnel as the core competitiveness and the
sustainable human capital of company. Investment items in this regard include
learning costs at the middle stages of development and replacement costs at the
final stages of development. For instance, continuous investments in this type
of human capital can either sustain or increase company’s competitive
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advantages, while investments in the related replacement costs can make up
for the potential losses of competitive advantages.
Employees in the first quadrant are managers, technical experts, and
personnel related to the development of a company’s strategic goals, these are
the “inner core” of the company (Boxtall, 1998). Firms which focus on
augmenting their specific human resource advantages by attracting and
retaining highly skilled human capital have higher potential to be more
competitive in international markets than less human resource oriented ones
(Chadee and Kumar, 2001). If expenditure in this type of personnel is
considered expenses instead of human capital investments, then first of all the
human capital conducive to the creation of a company’s future economic value
is not presented. Second, when making decisions to trim expenses, the
company is likely to be misled into cutting human capital investments, thereby
reducing its ability to survive and compete in the future.
Of course, any company’s strategic goals are subject to be changed along
with external factors, such as technological innovation, and the passage of
time. Likewise, the value and uniqueness of employees defined by each
company are affected. Therefore, human capital in the first quadrant should be
adjusted with the external environment when necessary.
In the framework of human capital expenditure classification constructed in
this paper, in order to provide more information, it is not appropriate to clump
direct investments in human capital belonging to the first or second quadrant
together with other human capital expenditure as expenses under the same
accounting category and then deduct them from revenues. The direct
investments in human capital belong to the first quadrant such as learning
costs in the middle stages of development and replacement costs in the final
stages of development, and those direct investments belong to the second
quadrant, such as learning costs in the middle stages of development.
In addition, indirect investments in human capital, defined in this paper as
accommodating measures of human capital, should also be considered
investments rather than expenses. These include a company’s active
provision of benefit, sharing profits, granting stock options, keeping
promotion channels open and maintaining good employer-labor
relationships. These measures bring about a sense of satisfaction with both
employment contracts and psychological commitments. In a more passive
sense, measures such as contracts specifying employment duration and
property right establish barriers to transfer of human capital to competing
companies. Although this type of expenditure is not invested in human
capital that is directly related to a company’s competitive advantages and
development strategies, it should be regarded as peripherally linked to the
maintenance of human capital.
This paper proposes a sketch to calculate human capital investments.
Traditional accounting does not distinguish human capital investments from
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other expenses, but this sketch seeks to sort out human capital investments
that are pivotal to a company’s competitive advantages. This method can
prevent a company from losing the competitiveness when making cost
reduction decisions. The sketch is illustrated in Figure 2.
Figure 2.
Accounting sketch of
human capital
expenditure
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Conclusion
The succession of the human intellect over machines and equipment in the
contribution to industrial value makes a financial statement that relegates
human capital expenditure to expenses inadequate if not obsolete. This paper
explores the definition of human capital and human capital expenditure
classification within business, based on two interacting principles, i.e. the value
of employees to competitive advantage and the uniqueness of employees. It is
suggested that companies’ human capital expenditure is analyzed in detail, and
that the human capital investments conducive to competitive advantages are
extracted from expenditure. Moreover, instead of listing human capital
expenditure indiscriminately as expenses, this paper identifies the different
stages of development of human capital to reflect the truth of important
investments made by businesses in the process of survival, development and
profit creation.
Unavoidably, definition of human capital and human capital expenditure
classification may involve subjective interpretations. However, the
establishment of systems is intrinsically subjective. The crux of the problem
lies in the fact that more and more businesses rely on the intensive knowledge
and methodology created by human resources to compete and survive. Is
blindly relegating all the company’s inputs on human resources to expenses
really a superior alternative to the systemic tracing of the source of business
competitive advantages and the treatment of human capital that creates
competitive advantages as capital investments? This paper attempts to break
this myth with the theoretical framework promulgated above.
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سلام , این وبلاگ رو در اصل به منظور موضوعات مالی و فاینانس ایجاد کردم ولی گاهی اوقات از مطالب و تصاویری که شخصاَ بهشون علاقمند هستم استفاده می کنم.مرسی از بازدیدتون.