Human Capital Disclosure Practices: A Case Of Select Indian Companies

In the contemporary knowledge-driven economy, human capital has emerged as a critical intangible asset that significantly influences organizational success. Human capital disclosure (HCD) practices provide insights into workforce-related information such as training, remuneration, workplace safety, and diversity, which are increasingly prioritized by investors and other stakeholders. Its disclosure fosters transparency, enhances stakeholder trust, and strengthens organizational competitiveness. The study is an attempt to analyze the extent of human capital disclosure, identify component-wise variations, and evaluate trends in reporting practices. This study examines HCD practices among India’s top five multinational corporations based on market capitalization, Reliance Industries Ltd., Tata Consultancy Services Ltd., HDFC Bank Ltd., Infosys Ltd. and Hindustan Unilever Ltd. over a decade, 2012–2022. A content analysis methodology was employed, utilizing a Human Capital Disclosure Index (HCDI) comprising 32 items categorized into six components: staff breakdown, training and development, remuneration and benefits, safety and health at work, HR policies, and HR culture. The disclosure levels were assessed using a 4-point scale based on comprehensiveness and clarity. The findings reveal a positive trend in HCD practices, with increasing transparency over the study period. HDFC Bank Ltd. achieved the highest overall disclosure score. Remuneration and benefits emerged as the most disclosed component across all firms, highlighting employee welfare schemes, provident fund contributions, and incentives. Conversely, items like rate of staff turnover, post-training evaluations, and cost of workplace illness remained underreported. Firms such as Infosys and HDFC Bank showcased initiatives like gender-specific training programs and health enhancement measures, reflecting progressive HCD practices. However, significant inconsistencies persist across firms and components, emphasizing the need for standardized disclosure frameworks. This study highlights the evolving nature of HCD in India while identifying critical gaps in reporting practices