compensation system by zobaer
Compensation system of an industrial enterprise in Bangladesh:a case study on square pharmaceuticals
Abstract
Human resource management practices are now considered as one of the key contributing factors to the success of an organization. The organizations are putting increased emphasis on the policies and practices of HRM to gain competitive advantage. Throughout the whole case study several HRM practices related to the supply chain department of Square Pharmaceuticals Ltd. are discussed. These HRM practices include human resource planning, recruitment and selection, induction, training, performance appraisal, employee development, compensation plan, etc. This discussion has provided the opportunity to analyze the HRM practices of a business organization and to find out the facts which are creating barriers to effective HRM.
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Introduction
Human Resource Management (HRM) is a relatively new concept in
Bangladesh. It was few years ago that this was considered as a part of the administrative functions of an organization. There was no individual identity for HRM. But as time passed people recognized the importance of HRM in organizations. They realized that HRM is not just to hire people. Apart form hiring, HRM has lots of functions which help an organization to gain competitive advantage (Islam, 2006). Effective HRM practices support business goals and objectives. That is why effective HRM practices are strategic. It can improve the performance of an organization by improving customer satisfaction, innovation and productivity. So from HR planning, recruitment and selection to training, performance appraisal, compensation, all practices of HRM are now considered as equally important as any other aspects of the organization such as marketing, financing, etc.
Literature Review
Human resource management (HRM) is both an academic theory and a business practice that addresses the theoretical and practical techniques of managing a
Abstract
Human resource management practices are now considered as one of the key contributing factors to the success of an organization. The organizations are putting increased emphasis on the policies and practices of HRM to gain competitive advantage. Throughout the whole case study several HRM practices related to the supply chain department of Square Pharmaceuticals Ltd. are discussed. These HRM practices include human resource planning, recruitment and selection, induction, training, performance appraisal, employee development, compensation plan, etc. This discussion has provided the opportunity to analyze the HRM practices of a business organization and to find out the facts which are creating barriers to effective HRM.
- 90 -
Introduction
Human Resource Management (HRM) is a relatively new concept in
Bangladesh. It was few years ago that this was considered as a part of the administrative functions of an organization. There was no individual identity for HRM. But as time passed people recognized the importance of HRM in organizations. They realized that HRM is not just to hire people. Apart form hiring, HRM has lots of functions which help an organization to gain competitive advantage (Islam, 2006). Effective HRM practices support business goals and objectives. That is why effective HRM practices are strategic. It can improve the performance of an organization by improving customer satisfaction, innovation and productivity. So from HR planning, recruitment and selection to training, performance appraisal, compensation, all practices of HRM are now considered as equally important as any other aspects of the organization such as marketing, financing, etc.
Literature Review
Human resource management (HRM) is both an academic theory and a business practice that addresses the theoretical and practical techniques of managing a
References: 149, 1999. Davies, L C., "Evaluation and Performance Management in Government", Evaluation, 5(2): 150 - 159, 1999. 72, 2005. 05. 02. 2007, 2006. 27-28, February 10, 2006 Leedy, P - Hall, 1997. org/hr_mgmnt/hr mgmnt.htm. retrieved on 05. 02. 2007, 2006. Management, 13: 15-29, 2002. Moore, K. W., “Job Descriptions - Are they necessary”?, Management First, 2007. Noe, R. A., Hollenbeck, J. R., Gerhart, B., and Wright, P. M., Human Resource Management, McGraw-Hill Irwin, 2006. Personal Communication, Square Pharmaceuticals Ltd, 2006. Smith, H. W., Strategies of Social Research, Orlando, Holt, Rinehart and Winston, 1991. www.en.wikipedia.org, retrieved on March 6, 2007. www.accel-team.com/human_resources/hrm_00.html, retrieved on March 5, 2007. www.adm.monash.edu.au/staff-development/induct/inductl.html, retrieved on March 6, 2007. www.squarepharnla.com.bd, retrieved on December 7, 2006.