Personnel Finance

Every organization wants to hire competent workers who will be assets, and not liabilities, to the company. The process of recruitment comprises inter-related stages such as planning, strategy development, searching and screening. Each step involves costs, which can be hidden or actual. Careful human resources planning (HRP) and forethought can minimize these costs. This book covers in detail the expenses related to: Recruitment, selection and induction; Retention of employees; Compulsory and non-compulsory retirement benefits; HR auditing, HR accounting and HR budgeting. The theories of wages, salary components, factors influencing salaries/wages and various other related topics have also been explained in the book. The objective is to make the cost-conscious manager as well as the student of management aware of the expenses involved in human resources management.