It is a great privilege for me to present this project report on the topic “Human Resource Management Practices of Beximco Pharmaceuticals Limited”, which was provided to me as a requirement for fulfilling part of the graduation requirements for the BBA program. I hereby declare that the project report entitled “Human Resource Management Practices of Beximco Pharmaceuticals Limited” is authentic work and has not previously been submitted for the purpose of obtaining a degree or certification of any kind. Finally, I am also grateful to all the employees of Beximco Pharmaceuticals Limited to support me in preparing this report by providing informative information on the subject of the report.
The process of hiring new employees at Beximco Pharmaceuticals Limited starts with the line manager or head of HR department and ends with the general manager of the company. Beximco Pharmaceuticals Limited uses a Balance Score Card or an Action Plan to assess the performance of its employees.
Introduction
- Origin of the Report
- Objectives of the study
- Broad Objective
- Specific Objectives
- Methodology of the study
- Scope of the report
- Limitation of the report
Just try to imagine the extent of importance that human resource management has in today's organizations. These companies have come to the conclusion that people are the most important factor in achieving competitive advantage; thus recognizing the importance of the role that human resource management plays in this context in order to maximize their potential for success. Human resource strategic planning processes and practices are those that an organization goes through to anticipate the company's future human resource needs.
My primary objective in this part of my project report is to understand the human resources policies and procedures followed by Beximco Pharmaceuticals Limited. Two different sources were used to collect all data necessary for this research and analysis.
Litertaure Review
Objectives of Human Resource Management
According to the research conducted by (Adeniji, 2012), the goal of human resource management is to "facilitate the creation of productive contributions from an organization's workforce in a way that enables the company to function strategically, morally and socially." The word "machinery" is preferable to "industry" when referring to businesses where employees are not given the appropriate level of appreciation or respect. Management of corporate human resources is of utmost importance in any business (Adeniji, 2012).
Because effective human resource management is critical to the success of an organization in so many different areas of its operations, including,. Establishing a working relationship between management and workers. h) Increase the total number of workers who are effective in their work. i) Human resource planning and the actual execution of that planning. j) Make sure that workers have enough motivation. k) Take action to increase one's level of work happiness. l) The morale of the workforce must be improved.
Functions of Human Resource Management
As a direct consequence of this, the main obligation of human resource management is to forecast the manpower needs in the coming years with time consideration. The development of an organizational design that takes into account both the human and physical aspects of the company is one of the tasks that fall within the field of human resource management. As a result, one of the most important tasks in human resource management is the creation of appropriate instructions for the workforce. d) Coordination: The process of bringing different departments together is called coordination.
The primary goal of human resource management is to ensure that all levels of management are kept informed and involved in the activities of the workforce. We are all aware that one of the requirements of planning is making choices in advance. The first thing to do is figure out how many employees are needed in each division of the organization.
Human resource management finds and recruits skilled and qualified individuals according to the firm's requirements and encourages these people to apply for available jobs. Because the fulfillment of the company's goals depends very much on the employment of qualified workers. In this part of the onboarding process, employees who have been selected for specific roles within the business, among other things, are familiarized with the work environment, equipment, other employees, and higher-ranking authorities.
The objective is to introduce staff members to business leadership in a way that will not hinder their work in any way. At this stage, the firm's staff receive quality training in an effort to increase their overall productivity. Some examples of employee benefits are production bonuses, meal and travel allowances, and retirement allowances. i) Discipline, safety and health: All necessary steps are taken to safeguard the present and future welfare of all staff members working here, in addition to the safety of the staff members themselves. j) Good labor-management relations: Ultimately, the quality of the work environment will be directly related to the quality of interaction between employees and management, regardless of the organization's facilities or laws.
Company Analysis
Mission and Vision of BPL
- Mission
- Vision
BEXIMCO PHARMA aims to carry out commercial operations that are transparent and based on market procedures within the context of a legal and social framework. To achieve these goals, BEXIMCO PHARMA's vision is to become a global leader in the pharmaceutical industry. BPL's mission is to develop and manufacture high-quality, cutting-edge medical treatments for patients, while maintaining the highest ethical standards in its business operations and serving the best interests of its shareholders, stakeholders and society in totality.
BPL will be successful in achieving its objectives by conducting its business activities in accordance with the highest ethical standards. To increase the material and social welfare of investors, workers and society as a whole; to lead to the accumulation of wealth via financial and moral rewards; and to do all this as part of the process of human civilization.
Organogram of BPL
Human Resource Department
Analysis of the Study
- HR Planning
- Recruitment Procedure
- Selection Process
- Performance Appraisal
- Employee Benefit
- Gratuity Plan or Scheme
- Provident Fund
- Medical Facilities
- Festival Bonuses
- Performance Bonuses
- Telephone Facilities
- Canteen and Food Facilities
- Loan Facilities
- Insurance Benefits
- Annual Leave
- Maternity Benefits
The first step in human resource planning is to assess the current workforce of BEXIMCO Pharmaceuticals Limited. Forecasting Future Human Resource Requirements: After BEXIMCO Pharmaceuticals Limited analyzes its current workforce, the next step is to forecast future human resource requirements. After anticipating future human resource needs, BEXIMCO Pharmaceuticals Limited develops a recruitment plan to ensure the right number and types of employees to meet these needs.
Overall, an effective human resource planning system helps BEXIMCO Pharmaceuticals Limited to ensure that it has the right employees with the necessary skills and experience to achieve its goals. An organization's human resources department conducts interviews or reviews documents to select candidates and assign them points. For example, a corporation's human resources and development department conducts an annual employee performance review based on job descriptions.
Self or self-assessment, which is objective, is stated to be the company's strength in performance appraisal by the company's HRD. When an employee has worked for BEXIMCO Pharmaceuticals Limited for at least seven years, the person is entitled to a gratuity equal to one month's basic salary for each year of service earned. After working with BEXIMCO Pharmaceuticals Limited for a period of five years, an employee will become eligible for the Provident Fund offered by the company.
Every permanent employee of BEXIMCO Pharmaceuticals Limited is entitled to a simple medical check-up and medication within the company's medical facility. Every permanent employee of BEXIMCO Pharmaceuticals Limited is entitled to three festival bonuses per year. An employee of BEXIMCO is granted a loan in the amount of seventy-five percent of the amount of the trust fund.
Recommendations and Conclusion
Recommendation
Regular review and revision of the HR plan is critical to ensure that it aligns with the organization's current and future needs. Organizations need to assess their current workforce, identify gaps and make the necessary changes to their HR plans. Regular reviews should be conducted at least annually and whenever there is a significant change in business needs.
Additionally, HR must work closely with the management team to understand the organization's strategic goals, objectives and priorities. This collaboration will help HR develop an HR plan that meets the current and future needs of the organization. HR can also provide insight into workforce trends and help management make informed workforce planning decisions.
Beximco Pharmaceuticals Limited should use data-driven recruitment methods such as tracking applicant sources and analyzing hiring success rates. This can help you identify the most effective channels for finding and attracting top talent. They can also create a positive candidate experience, which is essential for attracting and retaining top talent. Moreover, they can conduct workshops and seminars on various topics related to the organization's objectives.
This will help employees to stay updated with the latest trends and developments in their field. To close the gap, the manager or senior responsible officer must exercise close supervision, or the organization may decide to implement a number of different initiatives. As a result, the relationship between employer and employee must become more intimate, and the gap in communication must be filled as much as possible; it is an effective tool for evaluating employee performance. e) When it comes to gratuity plan, other companies in the same industry as BEXIMCO Pharmaceuticals Limited pay an income of one full month salary after seven years of service; BPL also needs to change its gratuity program approach because providing competitive compensation and benefits packages is critical to attracting and retaining top talent.
Conclusion
