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“One firm that has aggressively embraced the HR accounting function is Infosys. It has apparently benefitted from the trend. First, HR accounting provides the company with sufficient information on the total costs that the human assets carry. They can thus calculate the benefits they have drawn from the employees with those the business gets. Decisions can be thus made on how to improve the efficiency of the HR department. Second, factoring in HRA in the accounting equation implies that Infosys is dedicated to accurate and comprehensive financial reporting, and that it considers the workforce as an essential component of the organization. Third, accounting for the HR makes it possible to speculate strategies that can be used to better the department.
Under the cost-based model, Infosys can utilize the replacement cost model. Here, they would make all relevant calculations to determine the financial effects of making a substitution in the workforce. Some of the costing aspects considered are recruitment, training, and compensation, among others. Unfortunately, the method is shallow and can be inaccurate.
The most befitting method for Infosys, under the value-based approach, is the Lev and Schwartz Method. Infosys has been using this model for a while (Vohra 477). It is scientific and reliable. The model takes into account the earnings that an employee would earn in the future. It is believed that the company’s focus on the role of employees in their success has been boosted by the use of this model. A comparison of the value of employees over the years is used to establish whether the company’s human resource function is improving or not. The value of an employee is gotten by using the formula εPy(t+1) εI(T)/(I+R)t-y, where T is the expected retirement age, Py (t) is the probability of the person leaving, I(t) is the expected earnings of the worker over a certain period, and R is the discount rate (Stanko, Zeller, and Melena 100).”