Analysing the Personnel Perception on Human Resource Valuation & Adoption

Transcription

1 Analysing the Personnel Perception on Human Resource Valuation & Adoption Nader Naghshbandi Young Researchers and Elite Club, Quchan Branch, Islamic Azad University, Quchan, Iran: * Prof. Anita Shukla Professor & Head, Department of Accounting, Janardan Rai Nagar Rajasthan Vidyapeeth University, Udaipur (Raj), India. Abstract In present scenario, despite the global adoption, Human Resource Accounting (HRA) is major concern for research & analysis in management as HR defines the various aspects of the growth in the organisation. It is very important to know the perception of the management about the specific uses to which HRA information can be put, because it is the management to decide regarding adoption of system of HRA and in what form it should be made available to the internal and external users. The main objective of this study is to analyse the means by which company takes the importance and, valuation and HR practices. In this paper the perception of Accounting Personnel sworking in Indian and global companies were taken through a questionnaire survey. Factors affecting adoption of HRA on manager s perceptions to predict organizations performance were also highlighted. For this purpose the data from 54 manager s respondents were gathered on the basis of investment from 15 companies operated in India. The Multiple Regression method has been used to identify that weather they have a positive perception about the use of HRA. Since the perception of managers on HRA as an evidence for wealth creation, it is proposed that managers of Indian and global companies should adopt HRA. Keywords: Human Resource Accounting, Personnel perception, Human Resource Valuation & Human Resource accounting adoption. Page 1799

2 Introduction No doubt that Human Resources are the most important resources in any business, and the best asset in the entity, because it makes every entity full of active, without it everything is rigid, all other assets, activities and operations were directed by the human being, through a direct way like direct labor, or indirect way through automation that can be considered as a product of human being effort (Afiouni, 2007;Jaarat, 2013), thus HR in the business are the source of value added, by managing, using, assets and resources that guaranteed overstating and increasing the owner s equity through returns on assets(jaarat, 2013). The strong growth of international financial reporting standards (IFRS) assert the human asset conventions can be extended to the point at which organizations can plan a profile of the desired amount and disposition of its human assets This can then form a budget for its personnel activity over a particular period.(asgari; Jeffrey&Perkins,2013). In view of the nature human asset conventions it is possible that total human asset value become a relevant factor in valuation situation particularly for merger and take over purposes (Flamholtz, 1999;Pedrini,2007).In 2004, groundbreaking research by Bowen and Ostroff argued that in order for HR systems to lead to desired performance, they must elicit clear and shared perceptions of the work climate and of the behaviors that management expects, supports and rewards. That study suggested that HR outcomes depend on employee perceptions.(center for Advanced Human Resource Studies, 2011, Boudreau et.al, 1997; Bozzolana et.al, 2006). The adoption models for valuation of human resource and It involves measuring the costs incurred by business firms and other organizations to recruit, select, hire, train, and develop human assets it also involves measuring the economic value of people to the organizations (Brummet,Flamholtz&Pyle,1968;Srivastava 2014).It is known facts that measurement is the process of representing the properties or qualities of objects in numerical terms. A number of studies designed to compute the cost and value of human resource have been conducted in United States and there are a number of methods & models suggested for the valuation of human assets. which is conducted and suggested by Hermanson(1964),Liker(1967),Hekimian and Jones(1976), Lev and Schwartz(1971), Flamholtz( ),Jaggi& Lau(1974), Fridman and Lev(1974), Myer s and Flower s (1974). Many of these methods are based on the valuation of physical and financial assets while others take into account human consideration Major methods of valuation are cost based methods (historical, replacement and opportunity ) and economic valuation( monetary and non-monetary valuation).(brummet, Flamholtz&Pyle1968). Review of Literature Adam Steen (2012) observed that to examine the differing perceptions or conceptualizations that have contributed to prevailing views held by accountants on the measurement and reporting of human resources. A concerted effort is needed to resolve past conflicts and move ahead on the basis that the fundamental principles of accounting of relevant, timely and accurate information to serve the needs of stakeholders. Bailey (1993) Contended that human resources are frequently underutilized because employees often perform below their maximum potential and that organizational efforts to elicit discretionary effort from employees are likely to provide returns in excess of any relevant costs. Bailey (1993) Human capital (people and teams) is one of the intangible assets that investorslook for in valuing a company, along with structural capital Page 1800

3 (processes, information systems, patents) Stanko (2014)Existing models under the HRA were adequately reviewed and objectively criticized so that more comprehensive could be developed Rahaman& Hossain (2013)Human resources are the energies, skills and knowledge of people which are applied to the Production of goods or rendering useful services the constraints involved are that uncertainty of human resources creates uncertainty in valuation of human resources. Islam & Karuzzaman (2013) Disclosing HRA information than non financial companies and company s profitability positively influences companies to report the information in their annual report. Mamun& Abdulla(2009) to ensure growth and development of any organization, the efficiency of people must be accounted in the right perspective. Normally the expenses for procurement, development and maintenance of human resources are treated as revenue expenditure Kesavan & Dyana(2013)Disclosure of human capital information is an important matter since it affects not only a firm s ability to recruit and retain the best people, but also conveys a firm s potential to create value. In future, there is a possibility of valuing and reporting of intangible assets because of strong growth of International Financial Reporting Standards Ganesan (2011) Employees benefits subject to revaluation on monthly basis, to achieve continuous year for budgeting concept, so human resources as assets may be increased or decreased. Jaarat (2013)in a study of HR functioncompetencies in European companies found that generally, HR managers had a more positive perception of thehr function and HR department than other employees and managers. Interestingly, both the line and HRexecutives perceived HR as being more effective at delivering the less important services as opposed to the strategic roles Boselie and Paauwe (2005)describes the relationship among employee motivation and employee retention by affirming that HR practices for retaining employees are very much impelling when established upon identification, analysis, and criticism about motivational theories of employees, Ramlall (2004) To have employees commitments accordingly recognized and compensated, would pretend to head employees to perceive that organization is paying attention to their well-being and is willing to its willingness to devote in assembling needs for recognition, Shore &Tetrick(1991)It is clear that human resource by their nature, have some very definite as tool for evaluating employees for wage and promotion purposes, Jauch (2001)if properly implemented, the human capital planning and budgeting process will become a key driver of strategy as strategic human capital planning and budgeting ensures that the best resources are mobilized for each internal process, Flamholtz (1999)Human Resource Management (HRM) practices can affect suchdiscretionary effort through their influence over employee skills and motivation and through organizational structures that provide employees with the ability to control how their roles are performed,bailey (1993)As an employee of an organization will not merely work for a single year, it seems rational to account for employee as an asset in the balance sheet on the ground that they will provide future economic benefit to the entity, Rahaman & Hossain(2013)The usefulness of manpower as an organizational resource is determined by the way in which it is managed. Information on investment &value of human resource is useful for decision making, Sharma (2014) efficient employees make the efficiency, earning capacity, productivity and growth increased of company. Infosys Ltd. is managing its employee in appropriate way. Sharma (2013) revealed that Human resource is the most significant part of any organization, as it makes sure that there exist a symbiosis between financial and all other physical resources towards the attainment of organizational objectives and goals, Suresh Dhaka (2013)Measurements of human resources should assist in recognizing and Page 1801

4 defining problems. Trends in the ratio of investments in human assets to total assets may be a useful predictor of future profit performance Flamholtz (1968) Objectives Following are the objectives of the current research work: 1. To Identify the perception of personnel s regarding the challenges of implementation of HRA 2. To identify the personnel s view regarding consideration of HRA as per their managers in current job. Research Methodology The research methodology of the current study can be described as under: Data collection tool- for the purpose of current study the primary data is collected from a structured questionnaire. Each participant was asked to fill out questionnaire indicating his or her agreement or disagreement with each statement on a 5-point Likert scale with the end points being strongly disagree and strongly agree. Scale items appearing on the survey were identified on the basis of reviews of literature as per the objectives of the study. The list of these items used in this study is shown in Appendix. Reliability Measures: Internal validity and consistency of the scale items are analysed for each variables by pilot survey of 54 respondents. Hair et al. (2006) recommended that Cronbach alpha values from 0.6 to 0.7 were deemed the lower limit of acceptability. Cronbach s alpha reliability scores of the scale items used were all over 0.68, which is considered good. Hence, the results demonstrate that the questionnaire is a reliable measurement instrument. Sampling - A sample of 54personnel (including managers and accounting department personals) working in 15 different companies in India were selected. Convenience sampling is used for data collection as a non-probability sampling technique. Personal contacts withtelephonic and internet survey methods were used for data collection. Hypothesis- In accordance with the research objectives of the paper, the data was collected for top management support, work environment, compensation and growth dimensions of valuating of human resource as assets and on Human capital, top management support, Employee benefits, employees motivation and involvement dimensions of perception of valuation of human resource as assets. Subsequently following hypothesis was developed: H1: Significant difference exists in the perception of Employees regarding HRA H2: Significant difference exists regarding consideration of HRA as per their managers in current job The above hypothesis were analysed with the help of perception of accounting personnel s perception on HR Valuation and HR adoption in next section. Page 1802

5 Data Collection period: the data were collected from the qualified 54 respondents of 15 companies with during of the study varied from the period on 12 months from July 2014 to June Data Analysis To analyze the data collected on the above ground of table-5.19 at this stage the perception of the employees were sought in relation to find out challenges of implementation of HRA. The following hypothesis was developed: H 1 : Significant difference exists in the perception of Employees regarding HRA. To identify key variables behind the perception of non-managers regarding HRA multivariate regression analysis has been used (with SPSS-19 software) and results were shown in table-1 as under: Table-1: Multiple regression analysis for Identification of Factors (a) Descriptive Statistics Mean Std. Deviation N Employees Perception TP_ WE_ WE_ GROW_ WE_ TP_ GROW_ GROW_ COM_ GROW_ GROW_ COM_ GROW_ TP_ (b) Result Constant Std. Error of the Estimate t- Statistics p-value R2 ANOVA Sig. Result d H0 rejected Result were defined as p<0.05. As the result were found significant (p<0.05) the above alternative hypothesis were accepted and we can say that significant differences exists in the perception of Employees regarding Page 1803

6 HRA. The final Regression model with 4 independent variables [You have freedom of speech to criticism of your problems in your organization (GROW_4), Your top manager create a friendly working environment in your organization (WE_1), The emolument is sufficient to maintain your family (COM_1) and Top managers believe that you have sufficient skill for doing work successfully (TP_4)] explains almost 39.2% of the variance of accounting employees perception regarding HRA. Also, the standard errors of the estimate has been reduced to.34501, which means that at 95% level, the margin of errors for any predicted use of HRA can be calculated as ± (1.96 X.34501). The four regression coefficients, plus the constraints were significant at 0.05 levels. The impact of multi colinerarity in the 4 variables was substantial. They all have the tolerance value less than 0.812, indicating that only over 17% of the variance is accounted for by the other variables in the equation. Coefficients a have shown the impact of individual contribution of the selected 4 variables under Standardized Coefficients i.e., Beta with t values and significant values (<0.05). While other variables in part g. i.e., Excluded Variables were removed from the equation due to insignificant impact (>0.05). The ANOVA analysis provides the statistical test for overall model fit in terms of F Ratio. The total sum of squares (10.370) is the squared error that would accrue if the mean of employee s perception has been used to predict the dependent variable. Using the values of You have freedom of speech to criticism of your problems in your organization (GROW_4), Your top manager create a friendly working environment in your organization (WE_1), The emolument is sufficient to maintain your family (COM_1) and Top managers believe that you have sufficient skill for doing work successfully (TP_4)]these errors can be reduced by 43.76% (4.538/10.370). This reduction is deemed statistically significant with the F ratio of 9.530and significance at level of d. With the above analysis it can be conclude that four variables i.e., You have freedom of speech to criticism of your problems in your organization (GROW_4), Your top manager create a friendly working environment in your organization (WE_1), The emolument is sufficient to maintain your family (COM_1) and Top managers believe that you have sufficient skill for doing work successfully (TP_4)]explains the perception of employee for adoption of HRA. To measure the HRV and its importance as per their manager s view in their current job function the employee s views were also being sought. The employees views were taken on the various important points enlisted in table-5.20 as under: Hypothesis Testing: To analyse the data collected on the above ground of table-2 at this stage the perception of the employees were sought. The following hypothesis was developed: H 2 : Significant difference exists regarding consideration of HRA as per their managers in current job. To identify key variables of employees view regarding their current job multivariate regression analysis has been used with SPSS-19 software and results were shown in table-2 as under: Page 1804

7 Table-2: Multiple regression analysis for Identification of Factors (a) Descriptive Statistics Mean Std. Deviation N E_Percep HC_ EM_ HC_ TS_ TS_ Beni_ TS_ INVOL_ INVOL_ Beni_ EM_ Beni_ HC_ (b) Result Constant Std. Error of the Estimate t- Statistics p-value R2 ANOVA Sig. Result f H0 rejected Result were defined as p<0.05. As the result were found significant (p<0.05) the above alternative hypothesis were accepted and we can say that Significant difference exists regarding consideration of HRA as per their managers in current job.the final Regression model with 6 independent variables [to what extent appreciation and encouragement to employee s efficiency can be effective in their work and research?,(em_2), to what extent human resource accounting helps management in human resource conservation? (HC_3), to what extent you think the managers focus on employees benefits such as bonuses, years of service and retirement pension?(beni_3), How much do your top managers respect your opinion? (TS_1), to what level you think your top managers retain human resource by providing, medical facility/ transportation facility/ housing facility/ to the human resource? (Beni_2) and To what extent the maintenance and the position of the staff and there is performance importance for top managers?(hc_4)] explains almost 70.1% of the variance of accounting employees perception regarding HRA. Also, the standard errors of the estimate has been reduced to.27435, which means that at 95% level, the margin of errors for any predicted use of HRA can be calculated as ± (1.96 X.27435). The six regression coefficients, plus the constraints were significant at 0.05 levels. The impact of multi colinerarity in the 6 variables was substantial. They all have the tolerance value less than 0.590, indicating that only over 41% of the variance is accounted for by the other variables in the equation. Coefficients have shown the impact of individual contribution of the selected 6 variables under Page 1805

8 Standardized Coefficients i.e., Beta with t values and significant values (<0.05). While other variables in part g. i.e., Excluded Variableswere removed from the equation due to insignificant impact (>0.05). The ANOVA analysis provides the statistical test for overall model fit in terms of F Ratio. The total sum of squares (13.333) is the squared error that would accrue if the mean of employee perception has been used to predict the dependent variable. Using the values of variablesto what extent appreciation and encouragement to employee s efficiency can be effective in their work and research? (EM_2), to what extent human resource accounting helps management in human resource conservation? (HC_3), To what extent you think the managers focus on employees benefits such as bonuses, years of service and retirement pension?(beni_3), How much do your top managers respect your opinion? (TS_1), to what level you think your top managers retain human resource by providing, medical facility/ transportation facility/ housing facility/ to the human resource? (Beni_2) and To what extent the maintenance and the position of the staff and there is performance importance for top managers?(hc_4)these errors can be reduced by 73.47% (9.796/13.333). This reduction is deemed statistically significant with the F ratio of and significance at level of f. With the above analysis it can be conclude that six variables i.e., To what extent appreciation and encouragement to employee s efficiency can be effective in their work and research? (EM_2), to what extent human resource accounting helps management in human resource conservation? (HC_3), To what extent you think the managers focus on employees benefits such as bonuses, years of service and retirement pension?(beni_3), How much do your top managers respect your opinion? (TS_1), to what level you think your top managers retain human resource by providing, medical facility/ transportation facility/ housing facility/ to the human resource? (Beni_2) and To what extent the maintenance and the position of the staff and there is performance importance for top managers?(hc_4) explains the perception of employee for adoption of HRA. The past researches (including Cherian &Farouq, 2013; Conner, 1991; Sadyojathappa, 2015; Sharma & Shukla, 2015; Hemamalini et.al, 2011) provide an outstanding foundation to conceptualize and frame the idea for the valuation of human resources in the working arena. While our study have used the perception of the accounting personnel s to find out the variables required for the successful implementation of the HRA & HRV method. Few studies (Including Kashive,2012; Syed, 2012; van-der-zahn, 2007; Kumari&Pattanayak,2014; Sivaramakrishnan & Sulaiman, 2014; Jesily,2013, Mehta, 2011; Patil&Patil, 2010) includes case study of only a few companies which were taken into consideration for evaluating its Human Resource Valuation practices. While we have used 15 sample companies from India and abroad to justify the importance of the study in global context. While the other studies (Including Qatawneh, 2013; Singh, 2014; Srivastava & Bagga,2014) have indicated the technique followed by selected company for the valuation purpose and analyses how this valuation is enhancing the company's functioning but it has limitations like it has no practical justification which have included with the perception of managers and personel responsible for its implementation in current study. Similar to the current study, the past studies have also indicated that human-resource valuation is worthwhile and it has achieved in the capacity of one of the best employers Page 1806

9 (Kumari&Pattanayak, 2014; Sivaramakrishnan & Sulaiman, 2014; Jesily,2013, Mehta, 2011; Patil&Patil, 2010; Sharma & Shukla, 2015; Hemamalini et.al, 2011). Discussions and Conclusion HRA a process designed to express in financial accounting terms the costs, and more particularly, the benefits that determine the value of HR in an organization is accompanied by a rich history of debate and at times controversy. Exploring this rich history suggests that accounting for people has passed through at least three phases as it develops and captures the essence of the ever changing social, economic, political and financial environment. HR as the carrier of knowledge will surely become the major resources of economy development. The current research work unraveled the facts regarding the views of non-manager employees on valuating the HR that they have the top management support as they believed that they have sufficient skill for doing work successfully, friendly working environment was created, they were satisfied with the remuneration policy and they have freedom of speech to criticism of your problems in your organization, HRA helps management in human resource conservation, maintenance and the position of the staff and there is performance importance for top managers, top managers respect their opinion, top managers retain human resource by providing required facility to the human resource, managers focus on employees benefits such as bonuses, years of service and retirement pension and appreciation and encouragement to employee s their efficiency will also be increased.the views of the non-manager employees regarding HRA is most important information as the inflow and outflow of human resources investment, the sizes of the human resources employment, has become the main stream of accounting in the time of knowledge economy. HRAhas offers the opportunity to develop innovative and creative ways to measure and express individual growth and development and value creation of individuals in organizations. Such an approach merits attention and perhaps best expresses the nature of contemporary organizations. Limitations The researcher is very much aware of the following main limitations of the study: 1. Sampling approach has been used in this study. As such, the study suffers from the limitations of sampling in general; this study has been meant to be exploratory as such, only a small group of companies (15 companies) have been examined, however, though a good sample of different companies it was ensured that sample provide a good representation of the population. 2. The researcher has collected data from Accountants and Mangers who are basically qualified enough to understand the purpose of research. But, they were contacted during working hours, when they were having a pressure of the work; hence, the conclusions of the study may not necessarily be representative of all the companies at Indian and global level. However, a special care is taken in the selection of time frame to reduce the effect of this limitation. 3. The reliability of the information could not be fully ensured as the information has been collected from the less experience and newly joined accountants and managers Page 1807

10 due to the high rate of turnover in many institutions, their level of knowledge regarding their current organization may also be a limitation of this study. 4. The data regarding Human Resource Value primarily depends upon published annual reports with its inherent limitation. Despite the limitations, a reasonable care has taken to process the information properly and to analyze it systematically. By and large it may be believed that the conclusions of the study were least affected by the limitations mentioned above, because of an adequate sample size and different time frame were chosen which were appropriate to the qualified respondent. Moreover, the researcher was neutral by selecting the respondents judiciously in the process of identification of respondents Managerial Implication The results presented by the current research in important from an academic and managerial practice point of view. HRA policies not only facilitate the HR s in pursuing their career goals and motivational levels but also the companies can effectively utilize their Human resources. Companies have various financial and non-financial method to increase the motivational level of motivation for the human resources but HRA is the method by which without increasing the financial burden they can increase the motivational level and can value their human resources for the growth of the business.use of HRA will increasing the positive perception of the employee and increase the employee s productivity and efficiently. Scope for Future Research It is worth noting that HRA has exhibited capabilities to produce the high motivation and a place for presentation in financial statements, but it is still unable to get significant values through various sections of the financial statements and the annual reports. Particularly, the information regarding to HRA were not displayed or least display under mandatory requirement, it is yet to be displayed in the accounts, management discussion and analysis sections of the annual reportsas an assets. This is indeed a challenging area for future research. All aspects concerning the increasing the motivational level and increasing efficiency by applying HRA system is still treated as time consuming, effort vesting andlest improved communication are mentioned frequently in literature but hardly any research activities could be recognized. Future researches should focus on the evaluation of productivity of HRA system based financial reporting.based on our discussions and literature review, we suggest that research focus might also be on the economic impact of HRV. Page 1808

11 S. No. ANNEXURE-1: VARIABLE LIST VARIABLES DEPENDENT VARIABLE 1 Express your perception about the use of valuating of human resource as assets SPSS Code E_Per INDEPENDENT VARIABLE TOP MANAGEMENT SUPPORT 2 Top manager have diverse perception about employees in your organization TP_1 3 Your top manager s ethics affect your working environment TP_2 4 Your top managers classify you according to your degrees and experience TP_3 5 Top managers believe that you have sufficient skill for doing work TP_4 successfully WORK ENVIRONMENT 6 Your top manager create a friendly working environment in your organization WE_1 7 The changes can be made to improve your working environment WE_2 8 The organization provides medical facility to optimally utilize the services of WE_3 human resource COMPENSATION 9 The emolument is sufficient to maintain your family COM_1 10 Is compensation adequate looking to the work expected from you by the COM_2 organization GROWTH 11 You have learning and training facilities in your organization GROW_1 12 You have a real opportunity to improve your skills in your organization GROW_2 13 Are you involved in training and development opportunities in your company GROW_3 14 You have freedom of speech to criticism of your problems in your GROW_4 organization 15 Your top manager work with you to develop your skills and abilities GROW_5 16 Your top manager update you on new technology and provide you with necessary training and learning in your organization GROW_6 DEPENDENT VARIABLE 1 What is your perception about the valuation of human resource as assets? E_Percep INDEPENDENT VARIABLE HUMAN CAPITAL 2 To what extent your top managers consider you as human capital? HC_1 3 How does your top manager believe that the employees have sufficient skill for HC_2 doing works successfully? Page 1809

12 4 To what extent human resource accounting helps management in human HC_3 resource conservation? 5 To what extent the maintenance and the position of the staff and there is HC_4 performance importance for top managers? TOP MANAGEMENT SUPPORT 6 How much do your top managers respect your opinion? TS_1 7 To what level you have communication system between you and your top TS_2 managers? 8 To what extent your top managers let you participate in the benefits of the TS_3 suitable use of opportunities in your organization? EMPLOYEE S BENEFITS 9 To what extent you think that if human resource is treated as asset it will Beni_1 encourage management to invest more on it? To what level you think your top managers retain human resource by Beni_2 10 providing, medical facility/ transportation facility/ housing facility/ to the human resource? 11 To what extent you think the managers focus on employees benefits such as Beni_3 bonuses, years of service and retirement pension? EMPLOYEE MOTIVATION 12 To what extent your top managers are interested to motivate employees? EM_1 13 To what extent appreciation and encouragement to employee s efficiency can be EM_2 effective in their work and research? INVOLVEMENT 14 To what level do you get an opportunity to implement your knowledge, techniques by learning and training programme to develop your actual job? INVOL_1 15 How far your organizations open to creation and motivating their employees? INVOL_2 Page 1810

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