A Term Paper

On

HUMAN RESOURCE ACCOUNTING

with reference to VISAKHAPATNAM PORT TRUST

Report Submitted in Partial

Fulfilment of the Requirements for the Award of the Degree of

BACHELOR OF BUSINESS ADMINISTRATION

BY
PALLAVI GOYAL
(Enrolment No. A60006418036)

Under Guidance of
Dr. MONICA C. BHADAURIYA
Assistant Professor

Amity Business School

Amity University Madhya Pradesh
JUNE-2019
 ACKNOWLEDGEMENT

Acknowledgement is not a mere obligations but epitome of humility and ineptness to all
those who have helped in the completion of this project . I am thankful to Prof (Dr) Anil
Ashish and Rd. Monica Chauhan, Assistant Professor for their constant guidance and
encouragement provided in this endeavour. I also thank my parents for their continuous
support, understanding and patience without whose support and understanding this endeavour
would have never been fruitful. I also thank all my friends for helping me out in completing
this project and helping me in solving various problems encountered during the progress of
this term paper.

PALLAVI GOYAL
 CONTENTS

Front page

Acknowledgement

Abstract

Chapter-1 Introduction

1.1 Introduction to Human Resource Accounting

1.2 Objectives of Human Resource Management
1.3 Need for the Study

Chapter-2 Literature Review

Chapter-3 Research and Methodology

3.1 Methodology
3.2 Objectives
3.3 Sample size
3.4 Sample area
3.5 Data collection
3.6 Mode of analysis

Chapter-4 Results and Discussions

4.1 Steps in determining the human resource value
Chapter-5 Conclusion

References

TABLE CONTENT

Table 4.1 – Class wise HR Values of VPT.

Table 4.2 – Age wise HR Values of VPT

Table 4.3 – Analyses of HRA Practices at VPT

 CHARTS CONTENT

Chart 1 –

Chart 2 -
 ABSTRACT

Human Resource Accounting (HRA) is a Voluntary Revelation, which includes representing

the association's workforce or representatives. Numerous speculations and methods have
been created by famous specialists on human asset valuation. HRA as an idea picked up
ubiquity in numerous created nations, which have thought about the importance of Human
Resources in their associations improvement. In India, HRA is gradually being pulled in by
MNC's so as to comprehend and furthermore rouse the workers for their compelling
commitment. The present investigation is an endeavor to examine the significance of Human
Resource Accounting in the association's exhibition and in their basic leadership process. The
creators have taken up a contextual analysis in assessing the HRA procedure by choosing
Visakhapatnam Port Trust. The examination was done by mulling over the regulatory
information for span of 4 years time span for example from 2008-09 to 2011-12 of VPT by
adjusting Lev and Schwartz Model to esteem VPT'S HR. The result of the study expresses
that VPT had been giving supreme significance to its representatives and every one of its
partners through its drives. The examination likewise illuminates the quantitative data about
the estimation of human resource determined from the HR data that is given in their fiscal
reports. This estimation of human resources would be of extraordinary assistance to the the
board of VPT in taking powerful administrative choices.
 Chapter1
INTRODUCTION

1.1 INTRODUCTION TO HUMAN RESOURCE ACCOUNTING

Human resource valuation helps in the reporting of business along with the basic financial
statements. The information about the resources of an organisation and its performance can
be extracted and it’s the only source for financial statements.
Behavioural scientists noticed and expressed along with the scholars and with the help of
economists about the limitations of traditional accounting system. They concluded that
human elements of an organisation are generally not considered in the traditional accounting
system. Not only this, they believed the importance of HRA in improving the performance of
organisations.

Human Resource Management (HRM) is seen by specialists in the field as a more advanced
view of workplace management than the out-dated method. Its techniques force the
executives of an enterprise to precise their objectives with specificity so that they can be
understood and undertaken by the personnel, and to deliver the resources needed for them to
successfully reach their assignments. As such, HRM techniques, when appropriately
experienced, are communicative of the goals and operating practices of the enterprise overall.
HRM is also seen by many to have a key role in risk decreasing within organizations.
1.2 OBJECTIVES OF HUMAN RESOURCE MANAGEMENT

 To review the importance of training and development in the organization

 To know the human resource management activities done in public sector
organization like port.
 To recognise the key environmental impacts on human resource planning
 To understand the basic methods to human resource planning and recruitment strategy
 To enhance the relationship between strategic human resource management and
human resource information systems (HRIS)
 To review the essence of work life, employee involvement and industrial democracy
 To know the performance management system used in the organization
 To make the compensation policies as per mark in the organization
 To understand the significance and use of Industrial relations

1.3 ​NEED FOR THE STUDY

It is highly important to understand the value of Human Resource Management in a large

public sector organization. The significance of job and the information obtained would help
to communicate data and find efficiency and correlation about sharing best performances.
This would also aid to identify the honour and inadequacy that may be existent in the
organization and would be a great help for other public or private sector related organizations.
Hence this study titled “Human Resource Functions” with reference to Visakhapatnam Port
Trust at Visakhapatnam.
 CHAPTER 2
REVIEW OF LITERATURE

S.K. Khatik (2003),​ “Human resource accounting policies and practices: a case study of
Bharat Heavy Electricals Limited, Bhopal, India” published in International Journal of
Human Resource Development and Management. The study focused on how Human
Resource Accounting helps to evaluate the importance of human resources and its effects on
important decisions which helps in growth of the production. The study found that, there is a
relationship between the total human resources and their control on production of BHEL. The
HRA valuation is important for decision making in order to achieve the organizational goals
and to progress the output .

H.K. Singh & Vivek Singh (2009)​ in their study “Human Resource Accounting Put on In
Infosys Technologies Ltd. - An Evaluation” is an attempt to evaluate the HRA practices of
Infosys technology limited (ITL) as well as its effectiveness in decision Management , which
is published in Management Insight. The study found that ITL needs more efforts in
revealing information on human resources and HR ratios to help in effective decision making.

Mamta Ratti (2012​), in his study “An Analytical study of Human Resource Accounting
Practices – An Indian Experience” which is published in Integral Review - A Journal of
Management , particularly emphasis on the valuation of human resources at different levels
of an organization to note the efficiency quotient. The study is based on the primary data for
valuation of human resources. The study resulted that integration of the HR is very costly and
not easy to value human resources more efforts are required to be done in the area.

D.Panduranga Rao et.al (2013),​ insights in to the consequence of valuation of Human

resources the article illustrates the uses of publishing human resources value in financial
statements in their study, “Study on Human Resource Accounting Methods and Practices in
India” published in International Journal of Social Science & Interdisciplinary Research. The
study found that, there is a need of vast research on its practical procedure. More of practical
implications on human resource accounting should be done.

OyewoBabajide (2013),​ “Comparative analyses of Human Resource Accounting Disclosure

Practices in Nigerian Financial Service and Manufacturing companies” the study made an
effort to examine the financials of 12-selected companies which are acknowledging human
resource value in their reports. It was published in IOSR Journal of Humanities and Social
Science, and the author​,​ was establish that there is a positive association between the capacity
of financials and human resource recording. To improve the reliability of financial reports,
firms may have to consider human resources in their financial statements.

N. Ijeoma & C.O.Aronu (2013)​, in their study “Effect of Human Resource Accounting
(HRA) on Financial Statement of Nigerian Banks”, published in International Journal of
Advancements in Research & Technology, dealt with the working of human resource
accounting on financial statement of Nigerian Bank using Zenith Bank Plc as a case, the
study concentrated on whether the valuation of human resources have any influence on
financial situation. The study taken a survey method by using a questionnaire and interviews.
The study found that, estimation of human resources will increase the financial position of
the Zenith Bank.

Dr. Namita Srivastava (2014)​ in her study “Human Resource Accounting: a strategic
approach to corporate excellence”, published in International Journal for Research in Applied
Sciences and Engineering Technology , stressed on the significance of Human Valuation and
its journalisation. The cost-effectiveness of any firm depends on its ability to attract
experienced personnel, which in turn leads to profitability. Human resources should be
considered as the revenue for the firm, not the cost.

​P.S.Vohra & Vipula Chaudhary (2014),​”Human Resource Accounting Practices leads

firms Performance” published in International Journal of Business and General Management.
The research, insight into, to comprehend the effects of HRA performs in organizational
performance and the study found, numerous understandings on the relationship between
human resource accounting and firm’s performances. The research attempt has projected
several hypothesis relating to job performance of the employees, evaluation of employees,
and productivity and capabilities of employees and all were empirically authenticated the
same.

CHAPTER-3
RESEARCH AND METHODOLOGY

3.1 Methodology

This examination depends on the 4 years money related execution of the Visakhapatnam Port
Trust which is one of the major ports in India. Time of concentrate from 2008-multi year to
2011- multi year was taken from the secondary origins of Visakhapatnam Port Trust's Annual
Reports. Lev and Schwartz model was chosen for estimating the estimation of HR.

The examination managed association with different office work force. It additionally was
about perception every day of the representatives who are working in firm in different offices.
The help was taken for data from the different division heads who has assisted with a few
factual information. Individual cooperation with work power and their input on issue like
workplace, nourishment and social insurance was noted. The system was conventional in
approach and each capacity of HR originally was perused in the library about its application
and afterward the equivalent was seen on the field. An examination can be refered to about
the real and verifiable conditions predominant concerning workforce the board.

3.2 OBJECTIVES
 1. Adapt the requirement for Human Resource Bookkeeping and practice in
Visakhapatnam Port Trust

2. Analyze the information identifying with HR of Visakhapatnam Port Trust and

ascertain human assets estimation of Vishakhapatnam Port trust.

3. The examination expects to profit the association by recognizing the significance of

human asset bookkeeping rehearses for ideal use of HR and increment the
gainfulness.

3.3 Sample Size

​Data is taken by the division of 3 levels into Age, Class and Income. For the purpose of
valuing the human resources of Visakhapatnam port trust. The data used in the research is
based on the 4 years financial performance of the VPT which is considered to be one of the
major ports in India.

3.4 Sample Area

​Visakhapatnam is a place from where all the data has been collected.

3.5 Data Collection

Secondary data is used.

Secondary data: - ​the secondary data was collected from the existing data sources,
catalogues, internet.
 3.6 Mode of Analysis

The present examination utilized the Lev and Schwartz model, to esteem Human Resources,
this strategy expresses that the human asset of an association is the summation of estimation
of all the Net present estimations of costs on representatives. The human capital epitomized
in an individual of age r is the present estimation of his procuring from work. Coming up next
are the significant strides to quantify HR Value. The significance behind choosing the Lev
and Schwartz model for getting to human asset estimation of Visakhapatnam Port Trust, is on
the grounds that it was seen that, a significant number of general society and private division
associations who distribute their HR esteems in their yearly reports, had pursued a similar
model. This model is considered the fundamental model, most broadly utilized and is a
proper technique that is the reason the creators utilized a similar model in the present
examination.
 CHAPTER-4
RESULTS AND DISCUSSIONS

Statistcs which were gathered were reviewed and the data was compiled.

​4.1 STEPS IN DETERMINING THE HUMAN RESOURCE VALUE:

Stage 1: Employees are separated by Age, Class and Income levels

For the motivation behind esteeming the Human Resources of Visakhapatnam Port Trust, the
workers are arranged into 5 age bunches viz.

1. 20 and < 20 age gathering: (18 years is considered as the age of the workers under this
classification) Median age for this gathering is 10 years, and it is difficult to be utilized at 10
years old years, it is seen from the Visakhapatnam Port Trust information, the base time of
workers, at the hour of joining was 18, so it is expected 18 years as the age of the
representative under this characterization)
2. 21-30 age gathering: (Median age 25 years is considered as the age of the worker under
this order)

3. 31-40 age bunch :( Median age 35 years is considered as the age of the representative
under this characterization)

4. 41-50 age bunch :( Median age 45 years is considered as the age of the representative
under this arrangement)

5. 51-60 age gathering: (Median age 55 years is considered as the age of the representative
under this characterization)

Note:
• The information is significant to number of representatives, independent of number of
representatives in yearly reports

• Retirement age of the workers 60 years

• Assuming, that worker hold in the association till his/ her retirement

• Salary incorporates reward, dearness recompense, lodging what not expenses to the
association.

• Discount rate thought to be 12%

Thus the workers are arranged into 4 classes and salary levels Workers of Visakhapatnam
Port Trust are ordered into 4 significant classes to be specific Class I, Class II, Class III, and
Class IV and their salary levels (VPT Finance)

Stage 2: Ascertaining Average Earnings of each gathering

In Step I, each Class of representatives are sorted based on their age and pay levels, in stage 2
each Class and Age gathering of representatives absolute profit are resolved and duplicated
by the quantity of workers in that particular Class, so as to learn the Normal Annual Earnings.

Stage 3:​ ​Calculation of Present Value of future profit

To figure the present estimation of future income of each Class of workers, the normal yearly
income per annum is limited with a markdown pace of 12%.
Present Value of future profit = Average yearly profit per annum X Discount Rate (12%)

Stage 4: Calculation of HR esteem

Summation of present estimation of future profit of each Class and Age gatherings
dependent on their pay levels.

​Table No.1: Classwise HR Values of VPT for the study period 2008-09 to 2011-12

Years Class 1 Class 2 Class 3 Class4 Total

2008-2009 676899983 387262503 6849225433 1807551324 9720939243
2009-2010 776679233 432582454 7871217427 2625366825 11705793940
2010-2011 977438433 526294041 9662318157 3253582438 14421717767
2011-2012 1274505121 636717045 10159675949 3600266199 15671216314
Total 3705522771 1982856045 34542436967 11286766785 51517582568

Chart No.1 Graphical Presentation of Class wise HR Values of VPT

ANALYSIS:

The quantity of representatives falling into the Class III classification is over 65% of all out
representatives at Visakhapatnam Port Trust during the investigation time frame, pursued by
class IV representatives, with over 20% during the examination time frame. Class I and Class
II representatives together was under 10% e during the examination time frame.

HR worth is higher with the number of representatives. The most elevated Human Resource
Value commitment was made by class III representatives during the study period pursued by
Class IV workers. 85% of in general HR commitment was made by Class III and Class IV
during the investigation time frame. Class I and Class II representatives commitment was
under 15% during the examination time frame.

Table No.2: AgeWise HR Values of VPT for the study period 2008-09 to 2011-12

Year <20 and 21-30 31-40 41-50 51-60 Total

20
2008-20 5318365.66 138231130.12 2958165160.51 3764656721.59 2854567865.52 9720939243
09
2009-20 4502772.70 122336312.80 3535009181.47 4518993894.32 3524951778.95 11705793940
10
2010-20 5270334.14 143528876.23 3617114610.02 6115813236.53 4539990709.96 14421717767
11
2011-20 3611623.94 132018012.94 3268612673.82 7278295830.16 4988678173.58 15671216314
12
Total 18703096 536114332 13378901626 21677759683 15908188528 51517582568

​Chart No.2 Graphical Presentation of Age wise HR Values of VPT

ANALYSIS:
The all out HR estimation of VPT was in expanding pattern during the examination time
frame. It was seen that representatives between the age gatherings of 41-50 years and 51-60
years contributed the most noteworthy, explicitly in the years 2010-11 and 2011-12, there
was 42.40% and 46.44% of all out HR commitment was made by 41-50 age gathering,
pursued by 31.48% and 31.83% of all out HR commitment was made by 51-60 years age
gathering. Thus, the other bunch which assumed a significant job regarding HR commitment
was 31-40 age gatherings, which had contributed 30.43% and 30.19% in the year 2008-09
and 2009-10 individually.

There is an immediate connection between number of workers and HR esteem. It obviously

shows that both age and experience of the representatives directly affects responsibility levels
towards their occupations and is the most significant factor influencing the company's
presentation. The study likewise accentuation that work understanding of the representatives
empowered the firm to profit by the wastage regarding time and exertion which is nearly low
on one hand furthermore, the adequacy of the worker are expanding on the other hand. With
the current Human Resources of Visakhapatnam Port trust can determine more commitments
from every one of the classes of representatives. The commitment made by the age bunches
20 and <20 and 21-30 was less during the investigation time frame, likewise all out level of
workers under the above said age gatherings are additionally exceptionally less.

Table NO.3 Analyses of HRA Practices at

Visakhapatnam Port Trust during the study period 2008-2012
At March 31​st 2008-09 2009-10 2010-11 2011-12
Total no. of 5025 4990 4886 4673
employees
Total Human 972.09 1170.58 1442.17 1567.12
Resource Value
Rate of 12% 12% 12% 12%
discounting for
future earnings
of employees.

Total 485.88 673.92 642.23 1276.72

Expenditure

Total income 650.87 717.67 816.31 1177.33

Total employee 164.99 438.86 431.58 1037.64

benefits

Value Added 976.59 815.68 1072.11 1516.17

Net Profit 164.99 43.75 174.07 (99.38)

HR Ratios:
Total 0.50 0.58 0.45 0.81
expenditure/ HR
Value
Value of HR per 0.19 0.23 0.29 0.33
employee
Total income/ 0.67 0.61 0.57 0.75
HR vale(ratio)
Employee 16.97% 37.49% 29.92% 66.21%
benefits/HR
value (%)
1.00 0.70 0.74 0.97
Value added/
HR value (ratio) 16.97% 3.37% 12.07% 6.34%
Return on HR
value(%)

Source: compiled from Annual Report of VPT from 2008-09 to 2011-12

ANALYSIS:

The above table no. 3 demonstrates the situation of Visakhapatnam Port Trust for the
investigation time frame. Number of representatives, cost, worth, Income and Profit after Tax
(PAT) are displayed in the table. This table gets it the co-connection between HR and its
effect on productivity and development of the organization.

1. The information exhibited in table no.3 shows that Vishakhapatnam port trust had 5025
representatives in the year 2008-2009 pursued by the consequent year which had 4990
representatives and an unmistakable example is distinguished in the information with respect
to of workers which shows a consistent falling pattern year astute, and in the year 2011 - 12
having the least number for example 4673 workers.

2. The most elevated HR Value was seen in the year 2011-12 with 30.41%, of absolute HR
esteem, and pursued by 2010-11 with 27.99%.It is obvious from the above investigation, that
the all out HR estimation of VPT is in expanding pattern during the study period. Despite the
fact that the number workers are in diminishing pattern, the HR worth is in expanding
pattern, which shows the abilities of the HR is expanding despite the fact that less in number.

3. Worth Added is in the expanding pattern in the examination period, which is because of
VPT's productivity in the decrease of working costs, which is conceivable just with the
talented labor and their productivity. This is expected to nonstop accentuation on preparing
and multi abilities introduction had empower VPT to accomplish the most noteworthy ever
benefits with less working consumption.
4. The complete costs to HR worth were in a fluctuating pattern all through the investigation
time frame for the most part due to variances in the crude material cost, changes in the stores
also, saves utilization costs. It was discovered that, complete costs proportion was extremely
high in the year 2011-12, this is because of worker arrangements towards annuity subsidize,
tip finance and so forth there are other affecting variables which prompts change are , worker
advantages, for example, modified compensation scales and additions in D.A and so forth.

5. Complete salary of Visakhapatnam Port Trust was in expanding pattern during the whole
investigation time frame. This proportion measures adequacy of HR dependent on the point
of view that worker cooperate to accomplish the target of the association by producing
income. Regardless of the decrease number of workers all through the examination time
frame, all out salary shows an expanding pattern, this is simply because VPT considers its
HR as its most important resource and has been ceaselessly contributing on workforce as far
as preparing and improvement and Research and Developmental exercises and uncovering
them into the utilization of most recent advancements and procedures.

6. The HR esteem per worker is in expanding pattern till the end of the investigation time
frame, however it was seen high in the year 2011-12 and 2010-11 with 0.33 crores for each
representative what's more, 0.29 crores per worker separately.

7. Worth included is the genuine commitment made to the association's prosperity. While
doing the exercises or commitments frequently produce quantifiable outcomes for the
association. It incorporates decrease of wastage, expanded generation and deals, and so forth.
Workers who have a recognizable, significant worth include sway their association are
qualified for acknowledgment, and appreciation. Worth added to HR esteem proportion is
fluctuating all through the investigation time frame, because of different reasons viz.,
variances in fund and incidental costs , variances in working costs, assets towards acquisition
of new advancements, apparatuses , assets towards holds and so forth.
 CHAPTER-5
CONCLUSION

​As per Indian Companies Act, 1956, it is not required to reveal the data which is connected
to HRA in the monetary reports of the organizations. In spite of an unfriendly situation in
India, a portion of people in general and private restricted organizations are creating HR data
in their budget reports. VPT had given a most extreme significance to its representatives;
Value Added during the study period is in the expanding pattern which is expected to VPT's
productivity in the reduction of working costs, which is conceivable just with the
accomplished faculty and their skill. Because of constant accentuation on preparing what's
more, multi aptitudes presentation had empowered VPT to accomplish the most noteworthy
ever benefits with less working use.

Creators in the present examination felt that, if VPT embraces HRA in its association, it
gives the quantitative data about the estimation of human resource, which aids the board of
VPT in taking administrative choices, such as which class of representatives are contributing
more, what is complete salary produced per worker, how much use spend per representative,
how much worth included created per worker and so forth., Proper valuation of HRA
encourages the administration to comprehend the abilities, information what's more, abilities
of their workers in an increasingly improved manner by actualizing HRA.

What's more, there is have to appropriate commencement taken by the Government just as
Boards at National and Worldwide levels concerning defining measures what's more,
appropriate models for esteeming HR all together to esteem and report HR.
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Text Books:

1. L.N.Dash (2008), “Infrastructure Development and the Indian Economy”, Regal

Publications.
Websites:

1. ​www.vizagport.com
2. ​www.researchgate.net
3. ​www.vizagseaport.com

Reports:
1. American Accounting Association, “Report of the Committee on Human Resource
Accounting”, the Accounting Review, Supplement to Vol. XLVIII (1973), P. 169.