Synopsis Launching of the new economic policy in our country with the thrust on privatization, deregulation and de-control has led to tremendous changes and convulsion in our economy. On the other, globalisation process in the world market has led to the acute competition in the international market. Thus, both these processes have forced all the managements for a sudden awakening that; “after all that only human factor makes the difference in competing economics and competitive world”. Hence, all of a sudden, personnel management recrisioned as human resource management has assumed tremendous importance (up to now neglected) in Indian industries and businesses! Also, business schools in India, of late, made HRM teaching a central focus in their curriculum. Hence, this book. The book is essentially written for the student community at different levels: at MBA/M. Com. Level or DM/B.Com/BBM level or even for those studying the subject as a part of CA, CFA, Acs or company secretaryship. Simplicity of the book is its ethos and clarity is its strength. Now, the question whether the book is useful for personnel managers, executives and experts! Of course, the answer is yes, for the fundamentals covered in the book are the same for any group, though their treatment differs from one level to another.