The new millennium prompts us to take a hard look at what all has gone by, what is the scenario today and what needs to be changed to meet the new demands of the future. Therefore, the Human Resource function will be to survive, cope and adapt in the turbulent environment alongwith their primary aim of working for an all round development of our most important resource The Human Being. This book is both managerial and philosophical in orientation. It is designed for a basic course in Human Resource Management which will serve the needs of all who want to become aware of every managers opportunities and responsibilities in HRM. It also addresses itself to a compre-hensive, total approach to peoples problem through achieving a return in investment in human resources, human time being the largest simple operating cost for most enterprises and confronts the most complex and challenging demand made on management that of managing people. It also stresses how the HRM functions and its contemporary activities contribute to organizational effectiveness and the achievement of strategic business objectives. It is grounded on the assumption that traditional human resource manage-ment practices need to be reconsidered in the light of the transformed economic realities of the new millennium. The book has been designed to offer students, practicing managers and human resource professional a comprehensive, current research based introduction to the HRM function. This is particularly appropriate for faculty and students of MBA, M.Com. and Post Graduate Diploma in Industrial Relations and Personnel Management.