This report aims toward providing an overview on the Hiring and Retention Practices and Polices in Rahimafrooz Batteries Limited. While preparing this report it has been tried to reveal the insights of the Hiring and Retention practices of the RBL. Simultaneously efforts have been made to provide an in depth analysis on the Hiring and Retention Practices in the light of the theoretical aspects. In addition, a few recommendations and suggestions were prescribed based on the observation and findings.
Of all the changes a company can make in order to improve morale, decrease human resources costs, limit personnel liability, none is more effective than focusing on hiring the right person for the job. The hiring process consists of three distinct process: 1. Human Resource Planning (HRP); 2. Developing Analysis, Description and Specification of the job for which hiring is performed, 2. Recruiting and 3. Selection.
Whether a company is thriving in a rapidly expanding bull market or floundering to escape the grips of the bear market, attracting and retaining talented employees is key to long term success . Employee retention involves a two-pronged appraoch of creating development opportunities for key employees and providing incentives (through compensation) that strengthen loyalty. Also Performance appraisal and Handling Grievances are two key factors in employee retention.
RBL is a company grown from small trading concern into the regional player that is today. Rahimafrooz is poised for new phase of dynamic growth. Today Rahimafrooz is striding into the 21st century with a vision for growth and diversification. Their corporate strategy aims for international partnerships and a path of dynamic growth: they intend to transcend national borders and evolve into a globalize business group. RBL is one of the leading Battery manufacturing companies in Bangladesh and their experience curve shows that they have successful
Two of the greatest challenges for any business are hiring the right people and keeping them. Employees, and more importantly their contributions are a business’ most important assets. Products, pricing, location, market positioning are all elements of a successful business, but a buoyant economy, job creation numbers in six figures and a decline in unemployment makes the competition for top performers an imposing challenge to any organization. Failure to recognize Employees’ contributions can lead to dissatisfaction, high turnover rates, reduced productivity and ultimately your company’s failure. So how do a company go about finding, selecting and retaining the best people? Preparation for the task of locating the right person begins with a needs analysis. Different positions require certain levels of expertise, education and qualifications. Their skills and expertise are not necessarily compatible with the needs of a company and deviation from a planned approach of defining "need-to-haves" and "nice-to-haves" in an individual’s skill set is a short cut to failure. They would, for the same reasons, likely have little interest in being employed by a company.
1.2 Origin of the Report
This project has been prepared for fulfilling the requirement of the course BUS 601: HUMAN RESOURCE MANAGEMENT of MBA Program in North South University. This project was approved by the faculty supervisor Dr. Jashim Uddin Ahmed, Department of Business Administration, North South University.
1.3 Background of the Study:
“Knowledge without application is of little value”. The theoretical knowledge should practice, if it is to be useful. The theoretical knowledge, which I gathered from the course BUS 601: HUMAN RESOURCE MANAGEMENT in the MBA program, this given me an opportunity to enrich with practical dimension. The report should demonstrate the student capability for some potential and original approach to solving practical problems of hiring and retaining...