Financial management and personnel department, Financial Management

The personnel department of a firm is entrusted with the responsibility of recruitment, training and placement of the staff for the firm. The department is also required to critically analyze and suggest means to reduce if any, the manpower requirements for various departments of the firm. This department is also concerned with the welfare of the employees and their families. In this connection, different decisions are to be taken from time to time. Some of these decisions may be compulsive under the legislative provisions while other may be discretionary. The personnel department has to work with the finance manager while evaluating different schemes of training programs, employee's welfare, economy in manpower, computerization, incentives schemes, revision of pay scales, etc. The best possible option should be identified keeping in view both the employee's welfare and the interest of the firm. Considering the financial implications of all these decisions is an important dimension.

Posted Date: 6/19/2013 6:50:47 AM | Location : United States

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