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In addition to people, you can also allocate resources to events. To create a resource, go to Resources > Add Resource. To allocate an existing resource to an event, view the event's details, and then click 'Allocate resources to this event'. For more information, click this link
Tracking hours
You can track the number of hours for each person by clicking on Hours > Show all. You can also view different types of hours under the 'General' tab of the aforementioned page. For more information, click this link
Timesheets
You can view timesheets for paid staff under People > Timesheets. For more information, click this link
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