The assignment content discusses the importance of developing a database for a company to record employee details, department information, employee leaves, and project handling. The proposed database structure includes tables for employees, departments, employee leaves, and projects. The factors considered in designing the database include performance, scalability, development cost, maintenance, security, and user-friendliness. The content highlights the benefits of using a database system, including faster data fetching and improved organization, making it easier for HR departments to track employee activities.