Historical Cost Of Human Resources
The prospect of investment is gaining speed as the application-based knowledge has become more and more crucial than physical work. The paradigm shift is reflected by the technology of the organisation that invests more in people than capital. The thought and decision making processes as well as skills in analysing complex data are not owned by an organisation but by the individual employees. In order to manage employees as investments, the development of a suitable and integrated approach to managing human resources in line with the strategy of organization becomes more important.
However, the investment in human resources becomes risky when the skills imparted are general in nature while training as compared to specific skills that are not
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• Costs of specific personnel management functions such as selection, training and recruitment.
• Costs of basic human resource management functions involved in historical cost of human resources including development and acquisition cost.
Categories of Historical Cost
Human beings constitute an important asset for success of an organisation. Without human resources, the financial and physical resources can’t be operationally effective. The investment in such human resource variables and the calculation of the rate of return on human resources is vital. When huge amount of investment is made on building human resource. Various cost items representing human resource investment subsystem can be categorized under four groups of input variables defined as follows:
• Acquisition Cost
• Development Cost
• Welfare Cost
• Other costs
Rate of Return on Human
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However, these kind of remuneration costs are paid ones. Organisations are also required to cater for deferred benefits to employees. Certain statutory payments to employees are also encounted under this head, like, contribution to provident fund, medical benefits, pension fund, sickness, pension fund, bonus etc. To retain and attract talent, organisations may also give various fringe benefits to their employees. Even the latest practice that is to provide stock options to employees involves certain opportunity cost to the
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