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Compensation System in Industrial Enterprise

In: Business and Management

Submitted By tahreen186
Words 1825
Pages 8
United International University

Course: Employee Appraisal and Compensation
Course Code: HRM-634

Submitted to: Dr. Durgadas Bhattacharjee

Submitted by: Tahreen Naheen
ID: 112 141 001
Section: A

Date of Submission:24.08.2015

Term Paper On
Compensation System in an Industrial Enterprise in Bangladesh A Case Study of ‘Ha-Meem Group’ (Clothing Manufacturer)

Introduction
Compensation is the most important fuctions of human resource management. 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. Employee compensation is defined as the all forms of pay or rewards going to employees and arising from their employment. It is important both for employees and employers. Sound compensation can attract, motivate and retain competent employees of an organization. Compensation once determined should not remain same for years. It should be reviewed and changed after certain period through proper pay survey.
Ha-Meem Group, a Bangladeshi clothing manufacturer, is leading supplier of readymade garments and denim fabric in the world. They are one of the top clothing companies in Bangladesh. The company produces some of the most fashionable denim fabrics and garment products and owns one of the most comprehensive and resourceful manufacturing facilities in Bangladesh. Moreover as a Bangladeshi clothing manufacturer they have been contributing immensely in the financial growth of the nation. It all started with a garment company in 1984 and two enterprising men Mr. A. K. Azad and Mr. Delwar’s vision to break through in the textile industry and making Ha-Meem Group a leading wholesale clothing manufacturer in Bangladesh. Mr. A.K Azad is one of those who have been playing a pivotal role to make an industrialized Bangladesh. A very young, energetic and sincere industrialist is the Chairman & Managing Director of Ha-Meem Group of Companies, one of the leading business conglomerates of the country. Despite having many impediments as well as problems in his business Mr. Azad overcome it with courage and by applying his merit and perseverance he established a business hub namely ‘Ha-Meem Group of Companies’ and since inception he has been carrying out his responsibilities as its Managing Director. Meanwhile Ha-Meem Group of Companies has earned name and fame both at home and abroad. Ha‐Meem Group, one of the top clothing companies in Bangladesh exporting to USA and Europe for a long time. Because of our successful history with the world leading customers and buyers, we are the most valued and well reputed Bangladeshi clothing manufacturer.

Product Profiles and Market Status
Ha-Meem Group is a leading wholesale clothing manufacturer in Bangladesh and in the world. The company produces some of the most fashionable denim fabrics and garment products and owns one of the most comprehensive and resourceful manufacturing facilities in Bangladesh. Ha-Meem today is working with some of the biggest fashion brands of the world. The company has a rich history of 30 years in the textile business that has today evolved into a company with diverse interests like shipping, newspapers, tea gardens etc.
Major products of Ha-Meem group are: * All types of bottom and tops * Critical cargos * Hi-fashion denim jeans * Basic and hi-fashion washes * Laser finish/3D whisker * Mens shirts * Outwear/ jackets facility
Woven Product:
Their woven factories are equipped with 250 production lines in six different locations. Approximately 40,000 strong work forces are putting their combined effort in achieving their goal. All the lines are balanced with auto trimmers and sophisticated machine to switch production between complicated tops and bottoms like trouser, jeans, cargoes, skirts, shirts, jackets, ladies dresses etc. Auto cutting capability brings great efficiency in cutting. Ha‐Meem produces 70% bottoms and 30% tops. Fabric wise 50% Denim and 50% non‐Denim. All the lines are maintained 2.5 AQL at factory level.
Denim Mill:
Denim mill, a dream project of Ha‐Meem group located in a serene surrounding of 100 acres of greenery, is just one and half an hour drive from the city. Ha-Meem Denim mills has an installed capacity of nearly 3.5 million yards per month. It is equipped with the latest German, Swiss and Italian machines. In 2014 Ha-Meem installed a rope dyeing unit and this remarkable unit can produce high dip, pure indigo and other innovative shades and adds value to the impressive product portfolio of color range. Ha-Meem has a high tech finishing and mercerizing set up along with stenter and coated finishing to create premium finishes.
Laundry:
* 7 washing plants, capacity 300,000 pcs/day * Can perform all kinds of critical wash * Equipment wet process * Equipment dry process * Have foreign wash technician from Turkey, Sri-Lanka and Philippine * Dry process capacity : 1,20,000 pcs/day (all kind of fashion wash)
Embroidery, Printing and Accessories:
Ha-Meem label is being setup with Swiss Muller with latest production machines, with a capability of 3.5 million pieces/month. Their Embroidery unit has enormous capacity with Japanese Tajima & China machines. Eco-friendly Screen printing machines and tables are setup to print on woven, twill and knit, nylon, pigment, emboss, photo, rubber, digital print to sublimations are done with 8 head auto machines, Standard glass & ready tables with oeko-tex certified colors & chemicals ensuring 100% quality which has a production capacity of 1.4 million pieces/month. Accessories units are developing in fast pace with crochet, needle loom, starching, Jacquard, finishing machine etc. At the same time, considering the quality and safety issues, Ha-Meem's own accessories belt, twill tape, elastic, button, zipper, hangar and all kinds of paper and woven labels are done with full care oeko-tex standard for exporting to Asian and European customers.
Ha-Meem Design Studio:
Ha‐Meem has a resourceful design team lead by experienced designers from home and abroad. They keep pace with the modern trend and arrange seasonal presentation to buyers in USA and Europe. Greater degree of coordination with buyer’s designers are done to achieve market trend. Designers visits fare like PV, Bread and Butter, Tex world etc and regularly browse fashion sight like W.G.S.N, consults magazines, share their views with fabric supplier to develop right product.
Employee strength and administration
The ultimate objective of Ha-Meem group is to render complete satisfaction to its customers by providing total quality assurance of the exported apparels and prompt correspondence. This has so far enables the company to add more prominent buyer to its prestigious list. Besides, their ability to interpret customer's requirement, complete quality management techniques and their passion for excellence empower them with the potential to serve their customers in much efficient manner. Moreover, they entertain client's feedback to enhance our products and services as per their expectation.
SWOT Analysis
Swot analysis is a useful technique for understanding the strengths and weaknesses, and for identifying both the opportunities open to you and the threats you face.
Strength:
Characteristics of the business or project that give it an advantage over others. Ha-Meem clothing manufacturer has several strong sides. Like: * 400 million usd turnover * 6 million pcs/month * 7 washing plants * 250 production lines * Standard machineries are used for better quality which are being imported from foreign countries. * Well decorated and open space facility that helps a worker to do his/her job comfortably. * Huge number of experienced workers.

Weakness: * Its fully depending on electricity, without electricity the organization have to set idle with a vast numbers of employees. * Depend on buyers acceptance on product, if any simple defects are found in a body then all body will be rejected. * Limited internet technology is used for which the organization is still unknown to many countries.
Opportunity:
Ha‐Meem Group deals with some of the top world class retailers and buyers like ‐ H&M, Zara, Tom Tailor, Jcpenny, Kohl’s, C&A, Mango, American Eagle, Abercrombie & Fitch, Lindex and many more. As Ha-Meem group already have the buyers from the top brands, they can easily have positive image in the market. The upcoming future brands and other foreign buyers can really have the chances of getting attracted . * Regulatory environment favoring RMG in Bangladesh and it has a better future. * Online deal with foreign buyers that can manage the deal and reduce the time of wastage. * Chance to use more updated machineries for getting the better quality and save time. * As export oriented organization so can earn huge profit from this sector.

Threats: * Workers have the tendency to agitation in any time for increasing salary and stop their work by demanding their facilities. * Number of potential competitors in those areas are increasing day by day, it’s a great risk for the organization.

Possible Measures to Improve Compensation
The rapid growth in Bangladesh’s garment industry has provided vital jobs to women and men and is helping to pull them and their families out of poverty. However, there is an urgent need for decisive and collaborative action to make decent work a reality,” stated Guy Ryder, the Director-General of the UN International Labour Organization.
The necessary measures that should be taken by Ha-Meem clothing manufacturer are- * Transportation facilities for the workers can be added as an important factor as many of the workers come from far away to work. * Offering medical insurance and health check as needed by the workers. * Increasing the pay amount for over-time. * Ensuring maternity benefits for the women workers. * Ensuring standards of safe working environment and maintaining it. * Avoid wage discrimination * Ensuring job security * Consider and treat workers with respect and make them realize how much valuable they are for the organization. * Flexible working hours. * Sick leave and general leave related issues should be given more emphasis. * Equal employment opportunity should be given importance in order to make the women workers technically skilled enough along with the men. * Training facilities for workers.

Conclusion
Readymade Garments Industry is the leading foreign currency earning sectors of Bangladesh. Now-a-days Bangladesh financial sector is very much dependent upon this sector. Ha-Meem group is one of the most potential garments in the RMG sector. The industry plays a key role I employment generation and in the provision of income to the poor. Bangladesh can look forward to advancing its vastnesses the global RMG market. It has a large portfolio with huge assets to meet up its any types of risk and management of these garments is equipped with expert employers and managers in all level of management with a vast number of workers. In this competitive edge, garments industries should try to plan and maintain an effective compensation system. In order to maintain, sustain growth and profit potential of Ha-Meem garments industry compensation system should be regularly monitored and updated as needed. Sometimes they can face problems so that time they can recruit highly skilled employees with giving high salary.
Intro
Profile
Employee strength and administration
Compensation system
Swot analysis
Possible measure conclusion tr

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