Hi Madhura,
Background study required:
Identify your company's work culture and write down the characteristics you see amongst your best employees. Create a matrix of all these characteristics. Now, when you interview a candidate for HR:
Ask about his:
1. past experiences (personal, career, educational),
2. present (what he is doing, how he is doing it, his relation with friends and colleagues and boss), and finally
3. his future plans (what's his ambition in life, how he is going to solve any of his issues, what values he is planning to add to your company, etc.)
Whenever you see the character you want in the past, present, and future of the candidate, make a note of it and see if it's all aligned.
"I remember taking an interview where the candidate started off saying how poor his family's financial situation is and how he did extra work during his college days to sustain his education. I was quite impressed. Then he said, with the salary we give, he is going to pay back the loan of his bike (bike is Pulsar 180, for which dad gave the down payment). I was like, oh boy!!! ... and then he wants to do an MBA in the UK after a 1-year stint in a company. I was like, "Give me a break!"
If the candidate's character matches your company's expected characteristics, then talk about pay, perks, etc.