...Economic Sciences Series Employee Compensation Practices in Industrial Enterprises of Bangladesh: A Public-Private Sector Comparison Mir Mohammed Nurul Absar*, Zahed Husain Sikder**, Balasundaram Nimalathasan***, Mohammed Moniruzzaman Bhuiyan**** * East Delta University, 1267/A Goshaildanga, Agrabad, Chittagong, Bangladesh e-mail: mmnabsar@yahoo.com ** Department of Management Studies, University of Chittagong, Bangladesh e-mail: zahidsikder@aiub.edu *** Department of Commerce, University of Jaffna, Thirunelveli, Jaffna, Sri Lanka e-mail: bnimalathasan@yahoo.com **** Department of Statistics, University of Chittagong, Bangladesh e-mail: bhuiyan_mz@yahoo.com Abstract Compensation is one the most important functions of human resource management (HRM). The present study aimed at exploring differences between the public and private sector industrial enterprises of Bangladesh with respect to overall status of compensation practices. Data collected from twenty-six public and thirty-four private industrial enterprises shows that the overall status of compensation practices of the private sector industrial enterprises is significantly better than that of the public sector industrial enterprises in Bangladesh. Some implications are also offered for overall improvement of the compensation practices of the public and private sector industrial enterprises of Bangladesh. Key words: compensation, public sector, private sector, industrial enterprises JEL Classification: M12 Introduction ...
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...RESOURCE PRACTICE IN DEPZ Prepared for: Ms. Rubina Easmin Research paper Supervisor Assistant lecturer Faculty of business administration Prepared by: Md Abu Yusuf chy ID-120204047 MBA (1) Human Resource Management Date of Submission: 30/08/2013 Faculty of Business Administration BGC Trust University Bangladesh EXECUTIVE SUMMARY To meet the requirement of the course outline as well as to comprehend the application of the theoretical knowledge in the practical fields, the research report on HUMAN RESOURCR PRACTICE in DEPZ has been conducted. The main focus of the study is Hrm Practices And Firm Performance Recruitment And Selection Performance Appraisal ,Unionisation ,Training And Development ,Compensation ,Hrm Practices to analyze the, to identify the strengths and weaknesses of existing Recruitment and selection Process and suggest some measures for bringing effectiveness in Recruitment and Selection Process. I prepared an overview of “Foreign Direct Investment in Bangladesh” based on secondary data and information. For this specific purpose I collected data and information from various sources like published materials such as the Bangladesh Economic Review, Different articles of Board of Investment (BOI) and Bangladesh Export Processing Zone (BEPZA), Daily Statement of Affairs of different Internet based publication and other books on Foreign Direct Investment in Bangladesh and articles related to Foreign Direct Investment in Bangladesh...
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...Every company subscribes to a slightly different compensation and benefits strategy, but most of those strategies are designed to recruit and retain top industry talent. Compensation strategies support business objectives by motiving employees to meet company goals. Rewarding accountability and skill competency helps businesses shape employes into future company leaders. Administration strategies showing respect for each employee's individual talents and needs lead to a high level of employee loyalty and low turnover. Many modern organizations strive for flexible salary and benefits, which can raise employee motivation by supporting each employee's desired level of work/life balance. Understanding Compensation Strategy Several elements make up an overall compensation strategy. These elements include: alignment with organizational strategy, individual employee's room for career growth, the contributions of employees and the involvement of management using guidance and performance appraisals. Management uses salary and benefits to show employees that the company values their contributions. In turn, employees help the organization perform better in the industry marketplace. Linking Compensation to Organizational Strategy Though benefit and salary administration are often part of a business's comprehensive compensation strategy, every department within a corporation may have different pay and benefit challenges. Salary and benefit administrators can keep the...
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...Industrial Relations in India Introduction The relationship between the employers, employees, trade unions and the government is called Industrial Relations. India is an emerging economy and the large informal sector poses a big challenge. 94% of our work force is in the informal sector where implementation of labour laws is difficult. Harmonious relationship is necessary for both the employers and employees to safeguard the interests of both the parties of production and all the other stakeholders. Evolution of IR in India The first phase (1947 to 1966): It was a time of import-substitution industrialization and national capitalism. Large employment-intensive public enterprises were forming and largely centralized bargaining with static real wages. The public sector unionism was growing and industrial relation was majorly Government controlled and regulated. The second phase (1967 to 1980): The employment growth was slowing down and real wages were declining. The IR system faced a major crisis during this phase. There were massive strikes, industrial conflicts, multiple unionism and decline in strength. The government was losing control over the IR system. The third phase (1981 to 1991): This was a period of ‘jobless growth’. The ‘independent’ enterprise unionism was rising and several city/ regional IR systems were operating. The government was slowly withdrawing from IR system. The post-reform decade (1992-2007): About 15% of the workforce (approximately 1.1 million) lost...
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...management relations has become one of the most delicate and complex problems of modern industrial society. Labor management progress is impossible without cooperation of labors and harmonious relationships. Therefore, it is in the interest of all to create and maintain good relations between employees (labor) and employers (management). The term ‘Labor management Relations’ comprises of two terms: ‘Labor’ and ‘Relations’. “Labor” refers to “any productive activity in which an individual (or a group of individuals) is (are) engaged”. By “relations” we mean “the relationships that exist within the industry between the employer and his workmen.” The term labor management relations explains the relationship between employees and management which stem directly or indirectly from union-employer relationship. Background Information Our history of industrial relations is one of oppression from the owner’s/employers’ part. Our industrial relations date back to the 60’s of the 18th century when rail lines were established here for the first time. The workers had to endure colonial suppression and the employers main concern was their own profits-not the workers well being. Laborers were treated as animals. Any sort of objection raised on part of the labors could be faced with death in the hands of the owners. Reflections of this trend are still visible in contemporary Bangladesh. The labour law system is more than a century old in Bangladesh. The first labour law has been enacted in the...
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...Part C 1. What is an award? How it created and what is its purpose? Award is legally enforceable document by an industrial tribunal containing the minimum terms and conditions of employment that an employer in industry must provide. It grants all employees in one industry or employer have the same conditions of employment and wages. Awards are introduced to protect employees' wages and conditions. Awards cover things such as pay, overtime rates and conditions, special leave arrangements, special allowances and hours of work. Awards are issued by Fair Work Australia, which is the tribunal set up by government to perform this function. Fair Work Australia has responsibility for making and varying awards in the national workplace relations system. A representative union can negotiates an employee’s award on their behalf. This negotiation is funded by the members of the union, even though it applies to all employees. Employees can get their award from their union if you're a member or from Fair Work Australia. 2. What is workers’ compensation and who is covered by it? Workers compensation is insurance policy will be covered under WorkCover Queensland to protect all employees from injury, illness or disease. The compensation can be monetary and non-monetary compensation such as medical care that related to the injury. The objective of this insurance are to Provide medical treatment and income security to injured workers, Ensure employers meet the costs associated with injuries...
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...An economy consists of the economic systems of a country or other area; the labor, capital, and land resources; and the manufacturing, production, trade, distribution, and consumption of goods and services of that area. A given economy is the result of a process that involves its technological evolution, history and social organization, as well as its geography, natural resource endowment, and ecology, as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. A market based economy may be described as a spatially limited social network where goods and services are freely produced and exchanged according to demand and supply between participants (economic agents) by barter or a medium of exchange with a credit or debit value accepted within the network. Capital and labor can move freely across places, industries and firms in search of higher profits, dividends, interest, compensations and benefits. Rent on land allocates this generally fixed resource among competing users. Contemporary Capitalism is a market economy in which most of the production capacity is owned and directed by the private sector. Government role is limited to provide for defense and internal security; administer justice and prisons; make laws and regulations; enforce contracts, laws and regulations; correct market imperfections and failures; ensure full employment without inflation; promote balance economic growth and development; provide...
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...1. Describe three ways in which information systems are transforming business. Transformation of Industrial Economies While leading companies achieve competitive advantage through investments in IT, some are indeed negatively affected by this trend in technology. Today, customers have other preferences hence, old landline communications companies have lessen its customers; travel agencies have reduced over-the-counter sales; and entertainment industries, particularly music and film have lower revenues these past few years as compared with that in the past. But despite of these, technology convergence arises in many ways. IT has broken down boundaries and business relationships while new products and services are introduced. For example, telecommunications network are offering its subscribers with landline telephones merged with Internet services; handheld mobile telephones are becoming Internet access devices and also cellular networks provide financial services to its customers. The bottom-line of it all is that endless possibilities are in the doors of business firms, provided that they are being open to IT-enabled tools and solutions. Negatively affected industries can create new products and services, find another platform to deliver existing products and services, or take partnership from another firm. Transformation of the Business Enterprise One foremost impact of technology is the reduced employees in every organization. While traditional businesses tend to hire...
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...LABOUR ORGANISATION ACT/EMP PUBLICATIONS INDUSTRIAL RELATIONS AND GLOBALIZATION: CHALLENGES FOR EMPLOYERS AND THEIR ORGANIZATIONS Prepared by David Macdonald Senior Industrial Relations Specialist ILO/EASMAT Bangkok Paper presented at the ILO Workshop on Employers' Organizations in Asia-Pacific in the Twenty-First Century Turin, Italy, 5-13 May 1997. [Top] [Next] Table of Contents 1. Executive Summary 2. Introduction 3. Industrial Relations (IR) in the Global Context (a) IR - a definition (b) IR and HRM (c) Liberalization, globalization and IR (i) Overview (ii) The relevance of globalization to industrial relations - a summary (iii) The role of multinational corporations (MNC's) (iv) Information technology and IR (v) The impact of other trends (d) The changing nature of IR - a re-definition? 4. IR in Asia and the Pacific (a) The historical context (i) General (ii) Economic development and industrialization (iii) Industrialization and IR policies (iv) IR arrangements - regional divergence (v) Other considerations (b) The current environment (i) Overview 2 (ii) Current responses to liberalization and globalization (iii) Important regional trends 5. Responding to Current and Prospective IR challenges in Asia and the Pacific developing an agenda for employers and their organizations to facilitate transition to the Twenty-first century (a) Overview (b) General issues (i) Achieving competitiveness (ii) Effective IR is a key to improved enterprise performance (iii) The importance of diffusion...
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...classified under 3 categories- Intellectual capital, Social capital and Emotional capital. Intellectual capital consists of specialized knowledge, tacit knowledge and skills, cognitive complexity and learning capacity. Social capital is made up of network of relationships, sociability and trustworthiness. Emotional capital consists of self confidence, ambition and courage, risk bearing ability and resilience.” – Sumantra Ghosal. Human Resource Management (HRM) Meaning: HRM is a process of making the efficient and effective use of Human Resources so that the set goals are achieved. Definition: “Personnel management or say Human Resource Management is the planning, organizing, directing and controlling of the procurement, development, compensation, integration, maintenance and separation of human resources to the end that individual, organizational and social objectives are accomplished.” –Flippo. Differences b/w Personnel Management and Human Resource Management Dimensions | PM | HRM | Nature of relations | Pluralist | Unitarist or Neo-Unitarist | Perception of conflict | Conflict is institutionalized | Conflict is Pathological | Contract | Emphasis on compliance | Beyond contract-commitment | Role of procedures | Rules dominated | Culture and values dominated | Planning perspective | Ad hoc, reactive | Integrated, pro active | Acceptability of Unions | Acceptable | Not desirable | Level of trust | Low | High | Key relation | Labor Management | Customer...
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...Business Process and Strategy NAME: Professor: Institution: Course: Date: Introduction Xactly is a software company offering science oriented solutions on incentive compensation programs and performance management. The company develops software that enables other companies survive in this fast changing technological environment by enabling them shift from the old complex paradigm of using sales compensation incentives based on spreadsheets to cloud based sales compensation incentive programs. This helps them manage, design, and optimize sales compensation incentives hence saving on costs, time, reducing risk, and aligning workers behaviors with company goals. Magal and Word (2009) argued that, “business processes are the tasks of activities that companies use to produce goods or services, and these activities are supported by Information and Communication Technology (ICT), such as computers, the internet and information systems." Therefore, it is imperative that the company’s business processes are aligned to its business strategies. Xactly’s business strategy of mass customization lieu industrial standardization calls for targeted focus and stringent campaign co-ordination, which are essential for promoting an enabling environment for continuous growth and improvement. Xactly also recognizes that constant communication is imperative for building profitable relationships. Therefore, the company adopted a proactive social strategy as another business...
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...line manager as well as the human resource specialist. Attention will be devoted to the various contexts of human resource management, basic techniques and methods, and the changing nature of managing human resources. More specifically, our concerns will include human resource and employment planning, employee recruitment and selection, training and development, performance planning and evaluation, compensation administration, organizational career management, structure of the human resource function, and the strategic role of human resource management. Objectives of the Course: During the course, the student will hopefully progress toward attainment of the following objectives: 1. Become familiar with the human resource management process (or HR value chain) and its key elements: a. Organization and human resource goals and strategies b. Human resource planning and analysis c. Employee staffing – recruitment and selection d. Organizational career management – training, performance management and evaluation, and rewards/compensation e. Employee retention and turnover – psychological contract 2. Understand that human resources are an asset (investment) to be developed rather than a labor cost to be expensed...
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...‘Knowledge economy’, is an economy that creates, manages and uses knowledge for growth. Intellectual property embraces the results of human creative endeavors including literary and artistic works, performances of performing artists, sound recordings, broadcasts, inventions, industrial designs, trademarks and service marks, protection against unfair competition, undisclosed information, geographical indications, layout designs of integrated circuits and new varieties of plants. The law of intellectual property recognizes and protects, among other things, the rights of the creators encouraging them to further their creative efforts and facilitating the dissemination and application of the results of creative efforts for the benefit of both creators and society as a whole. The areas such as promotion of national creativity, protection and management of the results of creativity, facilitation of transfer and management of technology, attraction of investment, enhancement of R&D activities, development of human resources and stimulation of entrepreneurship are some of the essential components of an environment conducive to a knowledge economy. Intellectual property which concerns creation, management and protection of knowledge can greatly contribute to developing and maintaining such an environment.The economic dynamism of intellectual property is multi-faceted. A few of them may be briefly highlighted as follows. Incentive for inventiveness It is the human experience...
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...Statement Casual workers only get NES entitlements relating to: * unpaid carer's leave * unpaid compassionate leave * community service leave * the Fair Work Information Statement. Sourced from below: http://www.fairwork.gov.au/employee-entitlements/national-employment-standards# b. Minimum wage. The minimum amount of compensation an employee must receive for performing labour. Minimum wages are typically established by contract or legislation by the government. As such, it is illegal to pay an employee less than the minimum wage. Sourced from below: http://www.investopedia.com/terms/m/minimum_wage.asp c. Award Acceptance of a bid or proposal for a contract. Sourced from below: http://www.businessdictionary.com/definition/award.html d. Enterprise Bargaining. Enterprise bargaining is the process of negotiation generally between the employer, employees and their bargaining representatives with the goal of making an enterprise agreement. The Fair Work Act 2009 establishes a set of clear rules and obligations about how this process is to occur, including rules about bargaining, the content of enterprise agreements, and how an agreement is made and approved. Sourced from below:...
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...2012 Liang, Marier, and Cui 55 S Y East Meets West P O S I U Strategic Human Resource Management in China: by Xiaoya Liang, Janet H. Marier, and Zhiyu Cui Executive Overview This paper outlines important ideological, institutional, and cultural contexts that shape what strategic human resource management practices are possible in Ghina. A detailed review of the main components of the high-performance work systems model suggests that when they are introduced into the Ghinese socioeconomic and political context, the cost-benefit calculus for high-performance work system human resource management practices is different from that in the U.S. context. Yet, in our review of Ghina-based strategic human resource management research we find the expected positive relationship between high-performance work systems and organizational performance in companies operating in Ghina. We conclude with a case example to illustrate how Ghinese firms might be both adopting and adapting the high-performance work system model to better fit their current cultural and economic context. T he Study of strategic human resource management (SHRM) emerged out of researchers' interests in understanding the relationship between human resource management and organizational performance (Delery & Doty, 1996; Kaufman, 2007). Since the late 1980s, most research evidence in this vein has been collected from firms located in the United States (see Combs, Liu, Hall, &. Ketchen, 2006; Huselid...
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