Executive Summary: Industrial relations is used to denote the collective relationships between management and the workers. Traditionally‚ the term industrial relations is used to cover such aspects of industrial life as trade unionism‚ collective bargaining‚ workers’ participation in management‚ discipline and grievance handling‚ industrial disputes and interpretation of labor laws and rules and code of conduct. The term industrial relations explain the relationship between employees and
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component of the management process of every organization. Most organizations want to fulfill their mission‚ achieve their objectives and maximize return on their investment‚ particularly on their human capital. Doing so requires that their compensation philosophy‚ design‚ delivery and decisions be balanced‚ fair‚ focused‚ and understood by their employee and potential employee constituencies. TextRole of Compensation and RewardsAn effective compensation system is about much more than base pay. It incorporates
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Compensation and Reward system plays vital role in a business organization. Since‚ among four Ms‚ i.e. Men‚ Material‚ Machine and Money‚ Men has been most important factor‚ it is impossible to imagine a business process without Men. Every factor contributes to the process of production/business. It expects return from the business process such as rent is the return expected by the landlord‚ capitalist expects interest and organizer i.e. entrepreneur expects profits. Similarly the labour expects wages
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stakeholders of a company compensation system and the human resource department provides them within and outside the companies. They are as follow: Employees‚ line managers‚ executives‚ unions‚ and US government. Stakeholders is performance-based compensation that focuses everyone in an organization on long-term while providing unlimited compensation opportunities for those who make it happen. This will create a strategic planning and compensation in an organization. (Higgins‚ 2006) Employees
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THE COMPONENTS OF A COMPENSATION SYSTEM :- Compensation will be perceived by employees as fair if based on systematic components. Compensation systems are designed keeping in minds the strategic goals and business objectives. Compensation system is designed on the basis of certain factors after analyzing the job work and responsibilities. Various compensation systems have developed to determine the value of positions. These systems utilize many similar components including Job descriptions
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FORMS OF INDUSTRIAL ORGANIZATION Forms of Industrial Organization Forms of Industrial Organization Introduction According to McConnell and Brue “Economists group industries into four distinct market structures: pure competition‚ pure monopoly‚ monopolistic competition‚ and oligopoly. These four market models differ in several respects: the number of firms in the industry‚ whether those firms produce a standardized product or try to differentiate their products from those of other firms
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Financial System of Bangladesh The Financial System is a set of institutional arrangement through which surplus units transfer their fund to deficit units. At present the financial system in Bangladesh is mainly composed of two types of institutions like banks and non-bank financial institution (NBFIs). The formal financial sector in Bangladesh includes: (a) Bangladesh Bank as the central bank‚ (b) 48 commercial banks‚ including 4 Government owned commercial banks‚ 30 domestic private banks (PCBs)
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LEGAL ASPECTS OF COMPENSATION AND INDUSTRIAL RELATIONS Indian labor laws are the laws that regulate employment. These are broadly divided into 5 categories: working conditions‚ industrial relations‚ wages‚ welfare and social securities. Under the Constitution of India‚ Labor is a subject in the Concurrent List where both the Central & State Governments are competent to enact legislation subject to certain matters being reserved for the Centre. The Ministry of Labor and Employment has the responsibility
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Industrial Organization: Content overview: Part 1: Theoretical foundations: • Chapter 1: Industrial Organization: an introduction: Chapter 1-An introduction- A perfectly competitive industry has 6 main characteristics: 1) large number of buyers and sellers 2) producers and consumers have perfect knowledge 3) the products sold by firms are identical 4) firms act independently and aim at maximizing profits 5) no entry or exit barriers 6) firms can sell as much output as they want at the current
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Washington DC‚ USA Review of the Tax System in Bangladesh A Prerequisite for Industrial Growth T. A. M. Nurul Basher* E-mail: nurul-basher@betelco.com Abstract - This paper has been written to highlight the sustainable industrial growth problems being faced by the entrepreneurs in Bangladesh. There are multifarious problems for Industrial growth in Bangladesh but the major bottleneck is the adverse tax system. There exists no consideration for industrial raw materials import in so far as application
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