The three-month experiment and information gathered from existing HR staff for all HR processes at IPDC Finance provided the majority of the data. My main motives for writing internship report intend to identify the area of human resources in IPDC Finance.
Background of the study
To achieve long-term business success, it is essential to maintain these human resources. A recent study found that effective management of a company's human resources can build global competitiveness.
Objectives of the report
This internship program allows me to work on various activities, align with the organization outside of studies, implement strategies and handle real situations related to my major field. Throughout my internship program, I was supervised and evaluated by my respected professor Ishrat Sultana, assistant professor at the Faculty of Business and Economics.
Broad Objective
One of the requirements for a bachelor's degree is an internship, which allows me to demonstrate the real experiences I have learned while attending university and working for the organization where I was interning. I had to read many research papers, articles and news websites regarding non-financial organizations, their business practices and HR responsibilities while writing and preparing this report.
Specific objectives
Methodology
For the successful preparation of this report, use both primary and secondary data to collect data.
Primary data
Secondary data
Limitation of the report
My supervisor and some of my colleagues did not share enough information to keep the organization confidential.
Importance of Human Resource Management
Functions of Human Resource Management
- Human resource planning
- Recruitment and selection
- Training and development
- Performance Appraisal
- Compensation and benefits
According to Busola Kehinde-One of the emerging issues since the previous decade was performance evaluation and management. This essay aims to examine the development of the employee performance appraisal system, the criticisms it received, and how the performance management system was used. This essay assesses the evolution of the rating system using a literature review and makes arguments for and against its criticisms.
Employee performance development is a systematic process for increasing organizational performance, according to Armstrong (2006). He went on to say that performance reviews enable the boss to maximize the potential of each employee through capacity building. Opportunities are items or services that an employee receives in exchange for their work on behalf of the organization. Generous pay will do this in addition to helping recruit and retain the best employees (Patnaik & Padhi, 2012).
About IPDC Finance
IPDC Finance Limited was established in 1981 by an organization of outstanding shareholders, which includes the Commonwealth of Nations, the German Capital Investment Growth Company, the International Finance Corporation and the Aga Khan Foundation for Economic Development. IPDC was established in 1981 in Bangladesh as a largest corporate long term loan, organization has a mission to promote sustainable growth in Bangladesh, Authority of Joint Stock Company and Companies Registry in Dhaka. With such a perception, IPDC Finance Limited updated its operations in Bangladesh and renamed it from "Industrial Promotion and Development Company of Bangladesh Limited" to IPDC Finance Limited in line with its primary objective to become an essential part in promoting the country's economy.
A new policy developed by IPDC Finance Limited takes into account the adoption of numerous innovative approaches in the coming years.
Mission
Vision
Strategic objectives
Core Value
Business overview of IPDC Finance
Corporate information
Products and Services
- Corporate Finance
- Retail Business
- Small and Medium Enterprises (SMEs) business
The Personal Financial Services segment has proposed a mix of specific financial services to meet the demands of different customers. IPDC Finance Limited facilitates potential dominant small business entrepreneurs by providing cost effective results as an economic partner. SMEs provide short-term loans to various businesses to meet their urgent financial needs during the transition period.
Leasing financing is provided to small businesses to purchase fixed assets such as commercial/office machinery, machinery, generators, vehicles and ships. This service is specially designed to give business women something special and help them succeed. These skills are essential because without them other skills cannot be completed. HRM functions at IPDC Finance Limited include:.
Human Resource planning
The organization adheres to creating and achieving effective human asset strategies to motivate its employees and ensure their optimal engagement. By strongly believing that HR gives the organization a significant strategic opportunity, they continue to hire the talented employee. The Managing Director must be informed that such planning is supposed to be carried out soon and must work with the relevant department heads to develop valuable planning for the coming years, together with the budget and staff.
The purpose of HRP is to determine the organization's human resource needs, forecast demand for potential personnel, and conduct a supply analysis to meet these needs.
Recruitment & Selection
Training & Development
Over to the second with on-the-job training, it is one of the perfect ways to improve the knowledge and skills required to fill HR will adapt various internal training sessions with the support of department managers to meet the necessary training requirements. IPDC will agree to pay all necessary costs when required to undertake external training to gain advance practical knowledge and professional understanding.
Performance Appraisal
It is a surprising strategy to perform and assess a key procedure that can clearly identify the board responsible for results within a relationship. As much as human resource practices are necessary to achieve this area, their impact can also impact the results just mentioned. The 9Box Hypothesis Method is a brand new type of assessment methodology developed by IPDC Finance Ltd.
This shows that these evaluation techniques are quite effective, because they believe that it is a tool that allows employees to know how much potential they have to meet the objective in accordance with the level of their ability to contribute to the effort; organizations often prefer using these effective tools. IPDC Finance also measures employee performance with their work output. Managers and bosses are given a wealth of reliable information about the overall outcome of a representative's activity while working for IPDC Finance Ltd. This performance evaluation technique is typically used to quantify the reciprocal of results; the amount of work produced, for example, shop volume and credit, lead times and overruns.
Payroll and HR operations
Privilege Leave: Employees are allowed to take 30 days of privilege leave per year from January to December. Weekends and days designated as holidays must be included in the calculation of privileged leave if they fall within the period of privileged leave. Those employees who are permanent have the right to join the organizations related to the Provident Fund.
If an employee has completed their three month probationary period, they are entitled to the Provident Fund as a termination benefit. Besides that, unless an employee has worked in the company for five years right from the date of joining, they are not able to get the company contribution. As previously mentioned, an employee's retirement date is set as the last day of the month following their 58th birthday.
Legal and Compliance
I prepared some questions and by taking an interview I gathered various information that helped me a lot to conduct my study on HR functions of finance of IPDC.
Recruitment & selection process
Training and Development
Performance Appraisal
Performance planning: Setting realistic and measurable performance objectives, outputs and targets is the responsibility of the supervisor or head of department. Improvement, evaluation and feedback: Regular improvement, review and feedback are essential elements of performance evaluation because they guarantee open lines of communication. Annual Performance Review: Each employee is informed of the dates and the associated process for the annual performance review process which has a set time frame.
It is advised that each employee, their department head and the department head outline the main topics for discussion, significant achievements and potential areas of improvement prior to the review. As a result, neither party should expect any shocks or reasons for dispute at the formal performance appraisal meeting that will actually take place under the direction of the Managing Director. The Performance Appraisal Form which was then sent to HR for further processing and documentation after being duly filled and signed.
Payroll and HR operation
Employees should feel comfortable raising concerns about their work with their supervisors, knowing that the matter will be taken seriously; supervisors are then responsible for assessing progress and providing helpful criticism as an essential part of the performance appraisal period. Bonus: Employees are entitled to a monthly payment of their base as festival bonus on each Eid festival, in accordance with the provisions stated in their appointment letter, provided they are on the payroll of the organization at the time of payment. Gratuity: As per the company's gratuity policy, permanent employees are entitled to 1 month of last basic salary carried as gratuity for each completed year.
Annual Review: Employee compensation packages are typically reviewed annually as part of performance appraisal practices. The organization may have the option to evaluate salaries and wages based on the performance of each individual throughout the year, and the department head will make a recommendation. Non-executive employees are entitled to overtime pay, and the amount depends on how many hours they work in addition to regular work hours.
HR practice during and after Covid-19 at IPDC Finance
- During Covid-19, HR practice at IPDC
- After Covid-19, HR practice at IPDC
Things like the good layoff and quiet resignation happen when employees do the bare minimum to survive and resist being fired. Future workers will place great importance on career stability and the opportunity to work abroad rather than seeking a profession regardless of circumstances. IPDC wanted to contribute to know the actual areas of HR change and look at how HR positions handle "being on the front line" of an extraordinary organizational development to effectively address this shift, which is one of the biggest challenges in for to solve it.
Because of this, IPDC is establishing rules to support your company's continued success throughout the crisis and prepare for life after the pandemic.
Findings
After completing the internship period, I got few recommendations from my findings for IPDC Finance for its improvement. Although it has many problems to communicate from top to bottom in the administration, IPDC Finance Limited should maintain a flexible leadership structure. As students constitute a significant part of today's innovation, IPDC Finance Limited should work harder to inform today's generation of their presence.
IPDC Finance must monitor corporate social responsibility training programs annually so that they can train their employees if adjustments are needed or occur during implementation. IPDC Finance Limited, one of Bangladesh's leading financing and leasing organizations, is a necessity for the NBFI market in our country as it is in the financial sector. The analysis of HR policies and processes of IPDC Finance Limited was the main objective of this study.
