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INTRODUCTION
OF REPORTS
Tiles
are creating importance for human civilization, the first step towards
developing means of constriction. We have come a long way since then. Tiles are
a part of our life style. The opportunities that lie in the tiles market seen endless
and the growing demand of tiles day by day in the world wide market. The tiles
in dusty is now a dup not only my means of million, but by means of billions.
Actors in the industry are seeking the most profitable market through the world.
The upcoming trend in
global tiles is offering for opportunities in local country & other
countries and also stowing the significant sign for realizing the value for
entering a new market through utilitarian method these utilitarian methods
might how different directive procedure & the purpose, possible entry
strategy, joint venture, licensing,
acquiring national player or the fully our subsidiary. Tiles Market has kept on
presenting the opportunities for generating the high volume of revenue & certain
sectors predict the overall substantial growth.
The country of our choice
has a different made of offering then to a European country for European tiles majors.
The report from business insight describes the European market. This has
legislative and regulatory of each single market. There are several rules for entering
the market which means on the rule. The out-come is, the National player who is
dominant maintains the position and earns the overall market share. The new
entrants are in dispute with the
dominant national player so gets in long & time consuming regulatory processes.
Whereas Asia country which are developing of offering the opportunities and
predictable substantial growth. Tiles companies for example RAK is operation in
Asian countries like, Bangladesh, Malaysia, Thailand, India & Pakistan
which are not top economics in Asia but has lot move to offer. Companies have
their concentration in overall growth & revenue generations which goes
directory proportional to number of customers with some degree of changes in
usage patterns of the country.
This paper is to
understand the in transactional expansion of successful multinational &
local tiles company in an Asian Country work would provide the idea about tiles
market in a South Asian Country called Bangladesh. It is worth mentionable that
over project is about a successful local tiles company which is mature enough
to expand its business in country with developing economics.
There are certain facts
we know about the local market & company, other than this we comprehend
what Bangladesh Tiles market is offering to the new entrants & the existing
ploys. In the due course of the time for writing this paper we tried to fit
ourselves in the marketer’s shoe to feel the same pain.
After a long evolution of
alternative brands & markets we found the great combination of this CBC,
RAK, Sun power Madhumati company and the Bangladesh ties market going through
the certain facts we can conclude that the real competition for the European
players, Asian players of Middle Eastern Companies present in Bangladesh tiles
market world be offered by this multinational company.
We chose this market because
we have decided on a company and a potential market as for that company to
enter. We decided that the tiles market is interesting and our experience as
customer with the tiles company. Madhumati provoked us to think of linking
& comparing the home country market in the same Tiles, Sector. Thus we are
also knowledgeable about the services the company is providing & as a
customer for countries one of us understands the customer’s behavior up to an
extent & others member would pay & role of an extent & other member
would pay & role of critical thinks to see the market from a neutral point
of view. Having decided or company we started speculating on how it would be if
the company decided to enter a geographically
distant market with customer that were used to totally different tiles
service.
1.1 Background of the Report
This report is prepared
as a requirement of the Course Seminar in “Human Resources Management”. I selected
Madhumati Tiles Ltd. Ltd. working this organization. I come to know various
kind of HRM practice which is use here. Though it is a Tiles Company it has
proved itself in the related industry as a major competitor. In this report we
have follow the guidelines provided by the teacher, Here I have tasked not only
the Management practice but also the marketing Management finance of
operational area of the company.
1.2 Object of the Report:
The broad objective of
the report is providing an overview of Management Practice of Madhumati Tiles
Ltd. Ltd. The specific objection of this report one-
·
To
provide Company overview.
·
To
provide market overview & analysis.
·
To
reveal operational, management & HRM planning.
·
Discuss
all HRM practice
The company sets the
following objection it to achieve of Transparent business operations with in
the legal and Social frame work with malice to none and justice for all
·
To
create more jobs with minimum investments.
·
To
be competitive in the internal as well as external
Market.
·
To
maximize export-earning with minimum imported
To
reduce the income gap between top & bottom
categories of employees.
Thus the company focuses
to pole-star its mission that fulfill the objective with emphasis on the
quality of the product, process and services blended with good-governance that
help build the image of the most enable corporate-citizenship at home of
abroad. The company warts to produce such society the warts of all the relevant
party without disturbing the socio-economic and ecological Balance of the
mother earth and the process of human civilization leading to peaceful to
co-existence of all the heaving beings. The company always for top quality
product at the leapt cost reaching the corset rung of the economic class of
people in the country the company values its obligating to the greater society
as well it staves to protect the interest of its shareholders & to ensure
lightest return and growth of their assets.
1.3 Methodology Report:
To pre-pare this report I
have collected date from different published Materials. Then I have conducted a secondary study after
that I have prepared a questionnaire and took the interview of the executive
serving in this company. I also collect data from internet. This way I
collected primary data. Thus I have used both primary & secondary reports
to propane this reports.
This part describes the
approach to the project. The ambition is to describe the process of the
gathering and competing information for the project work as clearly as
possible, in order to enable a critical review of the credibility of the final
result.
The choice of
Methodological approach depend, upon the nature of the investigation to be
carried out, its purpose and problem statement for this project, the main
approach was mainly determined by the guideline for the task. The problem
statement and purpose that was composed for the project in the beginning has
guided the work from collection of information to analysis of finding in
relation to theory.
1.4 Scope of the reports:
This report will try to
answer the problem statement stated. This means, the investigation will follow
the pathway provided by the theoretical framework. The ready might some time
fall that, move investigation could have been done. Or the theoretical framework
should have designed with move corresponding theories. But considering the time
frame and size of the reports paper. I tried to nail down the topic as much as
possible and had tried to formulate the description in a course way. The
inability of physical presence in the company and country also limits the in-depth
reports.
1.5 Structure of Report
Organization structure is
a pattern of inter-related post connected by lime of delegated authority. The organization
pattern of a manufacturing industry is very much the small, whatever the
product manufactured, the structure for retaining is different from manufacturing industry and the
patter of most Government Departments again differ.
Comparison of a series of
organization charts showing how other countries organize their government and
industries will bring out the similarity of pattern or structure, revealing
minor differences due to the qualities of the staff available, or the particular
requirements of the community served.
Similarities are to be
expected if organization is regarded as primarily the intelligent related of
posts & therefore of the individuals who fill the post to the end that the
staff may most effectively accomplish a join purpose. The link between the
creation & the relation of the post & the filling of then which is part
is the analysis or classification of the various duties in form that will best
enable the staff manager to put the right man in & the right job.
A new subject has recently
developed to cover this work; In industry, called “Job Analysis”; “in the
Bangladesh public Service Commission’s position classification”. The subject came
only be mentioned here for it is water of separate study.
1.6 Limitation of the Report
This is the initial
report that could arise for the particular company in the particular market
& gives hint about critical factors for further considerable report. This
project lacks primary information from the focal company side. But the
information. Collected from source which in published by the company it self. Another limitation of this project is, the
market has been investigated without being physically in the market. So there
are little possibilities that collected data or conclusion derived may be
needed some more clarification on certain factors. That’s why further reports
in this field are required.
Chapter
-2
2. LITERATURE REVIEW
Tiles Industry is one of
the fastest growing industries in the whole world. So in course of time and
with growth rate of population and also appeal for high standard living Tiles
Industry is growing in a high pace. This fastest growing industry has already
attracted may marketing geniuses. Researchers, research companies to explore
the opportunities. Researchers are trying to instigates different Markets and
potentials of those Marketing business are making theoretical forecast or
theoretical model for suitable market
investigation.
Multinational giants are
always in a desire to be extended globally. Observation says Multinational
Tiles Company are trying to diversity into the markets with high growth rate. A
lot of study have provided the pathway or the map of reading into a foreign
potential market. Bangladesh tiles industry is such a market which has already
attracted lot of researches to explore the opportunities. Lot of literatures
has been published by number of researchers regarding such markets. We have
conducted the literature search connected to the topic to support and direct
the research. This search was mainly conducting on the journal databases,
library journal websites & text books.
Chapter-3
3.1.
Historical Department of the organization
Madhumati is the pioneer
Tiles industry is Bangladesh was established in 1990. It optimized the
combination of aesthetics, Superior performance and high Quality floor &
wall finishes. The secret limes in proper embedding of the tiles to the motor
bed through mechanical means with modern Technology given it definite
advantages over the conventional methods.
The result is very highly
compressed mortar with properly imbedded tiles resulting in high performance
floor system, which are resistance to Acids, Oils, Alkalis, Extreme Temperature
change, heavy traffic and aggressive chemical.
Madhumati tiles are total
committed to engineering excellence and pride in quality workmanship products
are provided in a wide range of ceramic tiles for all types of applications.
The flooring is ideal for commercial & Industrial applications.
Madhumati tiles comes is
different color design & sizes. Madhumati Tiles with high Quality &
competitive price increase the customers demand day by day. Madhumati Tiles are
available for both domestic & export market.
The mission statement of
Madhumati Tiles Limited is our mission is realization mission through maximum
production of goods and services strictly on ethical and moral standards at maximum
cost to the society ensuring optimum benefits to the sheer holder’s and other
stakeholder. This mission is envisioned by the concept of business which ensures
well being of the investors, stakeholders, employee of members of the society
which will create new wealth in the form of goods of services.
3.3 Management of the organization
Management
The
entire management process comprises the following units.
Executive
Management
The Managing Director,
the CEO is the head of the executive management team which comprises senior
member of the Management Apparatus. With is the limits of delegated authority
& responsibility by the board of directors, Executive Management operates
through farther delegation of authority at every echelon of the line
management. The executive management operates within the franc work of policy
& planning strategies set by the top management with periodic performance
reporting for guidance. The executive Management is responsible for preparation
of segment plan/sub segment plans for every profit caters with budgetary
targets for preparation of segment plans services and are held accountable for deficiencies,
with appreciation for outstanding and exceptional performance. These operations
are exceptional performance. These operations are continuously carried out by
the executive management through series of committees, sub-committees,
committees & standing committees assisting the line management.
Management Committee:
Comprising top executive,
deal with entire organizational matter.
Standing committee:
Standing committee
comprises the following committee.
Audit Committee:
·
Internal
Audit committee
·
ISO
Audit committee
·
Social/Environment
committee
·
Performance
Environment Audit Committee
Employment Relation
Committee:
·
Remuneration
Committee
·
Work
Environment Committee
·
Performance
Evaluation Committee
·
Performance
Environment Committee
Product
planning & Development Committee
·
Quality
Control & Research Committee
·
Production
& Inventory Management Committee
·
Expert-promotion
Committee
3.4.
Human Resource Management
3.4.1 Human Resource Planning
Madhumati Tiles Ltd. has
a personal and administrative Department Madhumati Tiles Ltd. is one of the largest
employers in Bangladesh. The total number of employees is for the employees
there are systematic in house training in home and abroad. To motivate the
employees, along with salary and benefits the company provides various
facilities like free meals, free transportation, on site sports. Production and
accommodation facilities include full time supply of safe drinking water,
adequate lighting and ventilation facilities from sheet.
3.4. 2 HR Practices of
Madhumati Tiles Ltd.
·
Recruitment
·
Training
·
Performance
Management
·
Labor
relation
·
Employee
relation
·
Job
analysis
·
Job
design
·
Selection
·
Development
·
Incentives
·
Benefits
3.4.2.1 Recruitment
and Selection process in Madhumati Tiles Ltd.
Recruitment is the
process trough which the organization seeks applicants for potential
employment. Selection refers to the process by winch it attempts to identify
applicants with the necessary knowledge, skills, abilities and other
characteristics that will help the company achieve its goals, companies
engaging in different strategies need different types and numbers of employees.
The strategy a company is pursuing will have a direct impact on the types of
employees that it seeks to recruit and selection.
Source of recruitment
There are two kinds of
source Madhumati Tiles Ltd. uses for recruitment. They are
1. External source
2. Internal source.
We try to discuss all
relative sources which are used for recruitment in Madhumati Tiles Ltd.
1. Internal source
Madhumati Tiles Ltd. thinks
that current employees are a major source of recruits for ails but entry-level
positions. Whether for promotions or for ‘Lateral’ job transfers, internal
candidates already know the informal organization and have detailed information
about its formal policies and procedures. Promotions and transfer are typically
decided by operating managers with little involvement by HR department.
1.1 Job-posting programs:
HR departments become
involved when internal job openings are publicized to employees through job
positioning programs, which informs employees about opening and required
qualifications and invite qualify employees to apply. The notices usually are
posted on company bulletin boards or are placed in the company newspaper. Qualification
and other facts typically are drawn from the job analysis information.
The purpose of job
posting is to encourage employees to seek promotion and transfers the help the
HR department fill internal opening and meet employee’s personal objectives. Not
all jobs openings are posted. Besides entry level positions, senior management
and top stuff positions may be filled by merit or with external recruiting. Job
posting is most common for lower level clerical, technical and supervisory
positions.
1.2 Departing Employees:
An often overlooked
source of recruiters consists of departing employees. Many employees leave
because they can no longer work the traditional 40 hours work week .School,
child care needs and other commitments are the common reason. Some might gladly
stay if they could rearrange their hours of work or their responsibilities. Instead,
they quit when a transfer to a part-time job may retain their valuable skill
and training. Even if part-time work is not a solution, a temporary leave of
absence may satisfy the employee and some future recruiting need of the
employer.
2. External source
When job opening cannot
be filled internally, the HR department of Madhumati Tiles Ltd. must look
outside the organization for applicants. We discuss all the external source of
recruitment at bellow:
2.1 Walk-ins and
Write-ins:
Walk-ins are some seekers
who arrived at the HR department of Madhumati Tiles Ltd. in search of a job; Write-ins are those who send
a written enquire .both groups normally are ask to complete and application
blank to determine their interest and abilities. Usable application is kept in
an active file until a suitable opening occurs or until an application is too
old to be considered valid, usually six months.
2.2 Employee referrals:
Employees referrals are
excellent and legal recruitment technique, but they tend to maintain the status
quo of the work force in term of raise, religions, sex and other
characteristics, possibly leading to charges of discrimination.
2.3 Advertising
Want ads describe the job
and the benefits, identify the employer, and tell those who are interested how
to apply .They are most familiar form of employment advertising .for highly
specialist requites, ads may be placed in professional journal or out of town
newspaper in areas with high concentration of the desired skills.
Example:
General Manager-
production (ref; PM)
Minimum 10 years
experience in similar position of a unit with a minimum of old line Machine.
Must have detailed hands
on knowledge of industrial engineering.
We offer competitive
salary which is commensurate with experience and qualification.
If you aspire to an exciting
and rewarding career, send your detailed resume, quoting your present and expected
salaries to jobs.
2.4
Internet
Now today nobody thinks
anything without internet. So Madhumati Tiles Ltd. give their advertise at
internet.
Example:
www.madhumatitilesltdsbd.co
Email: mll@dbn_bd.net
3.4.2.2. Training and Development program Madhumati
Tiles Ltd.
Training is a process of
learning a sequence of programmed behavior, it is application of knowledge. It
gives people an awareness of the rules procedures to guide their behavior. It
attempts to improve their performance on the current job or prepare them for an
intended job.
Development is a related
process. It covers not only those activities which improve job performance but
also those which bring growth of the personality; help individuals to the
progress towards maturity and actualization of their potential capacities so
that they become not only good employees but better men and women. In organizational
terms, it is intended to equip person to earn promotion and hold greater
responsibility.
There are many types
of method practices in Madhumati Tiles Ltd. we discuss that method at bellow:
On the job training
On the job training is a
training that shows the employee how to perform the job and allows him or her
to do it under the trainer’s supervision.
On the job training is
normally given by a senior employee or a manager like senior merchandiser or a
manager. The employee is shown how to perform the job and allowed to do it
under the trainer’s supervision.
Job rotation
Job rotation is a
training that requires an individual to learn several different some in a work
unit or department and performer each job for a specified time period.
In job rotation, individuals
learn several different job within a work unit or department. One main
advantages of job rotation is that it makes flexibilities possible in the
department. When one employee like junior merchandiser absence another
merchandiser can easily perform the job.
Apprenticeship
training
Apprenticeship training
provides beginning worker with comprehensive training in the practical and
theoretical expect of work required in a highly skilled occupation.
Apprenticeship program combined of the job and classroom training to prepare
worker for more than eight hundred occupation such as computer operator, sewing
technician.
Length of selected
apprenticeship courses of Madhumati Tiles Ltd.
10. Press Supervisor 5
Classroom training
Classroom training is
conducted off the job and probably the most familiar training method .It is an
effective means of imparting information quickly to large groups with limited
or no knowledge of subject being presented. It is useful for teaching factual
material, concepts principle other theories portion of orientation programs,
some expects of apprenticeship training and safety programs are usually
presented utilizing some form of classroom instruction. More frequently
however, classroom instruction is used for technical, professional and
managerial employee.
Development of the
human resources
The long term development
of human resources as distinct from training for a specific job is of growing
concern to HR departments of Madhumati Tiles Ltd. Throw the development of
current employees the department reduces the company’s dependents on hating new
workers if employees are developed properly the job openings found throw HR
planning are more likely to be filled internally promotions and transfers also
show employees that, they have a career not just a job, The employee benefits
from increased continuity in operations and from employees who fail a greater
commitment.
HR department is also an
effective way to meets several challenges including employee obsolescence,
international and domestic diversity, technical challenges. Affirmative action
and employee turn over. By meeting these challenges the department can,
maintain an effective workforce.
Steps in the Evaluation
of training and development:
3.4.2.3 Performance Management:
Performance appraisal is
the process of assessing employee’s past performance, primarily for reward,
promotion and staff development purposes.
Performance appraisal
(is) a process that, identifies, evaluates and develops employee performance to
meet employee and organizational goals.
Performance Appraisal
doesn’t necessarily use to blame or to provide a disciplinary action. Previous
management theories used to view performance appraisal as a stick that
management has introduced to beat people. Performance appraisals are now more
clarified and they concentric on developing organizational strengths and
employee performance.
Purpose of
Performance Appraisal in Madhumati Tiles Ltd.
·
To
review past performance
·
To
assess training needs
·
To
help develop individuals
·
To
audit the skills within an organization.
·
To
set targets for future, performance.
·
To
identify potential for promotion
·
To
provide legal & formal justification for employment decision
·
To
diagnose the hidden problems of an organization
Performance
Appraisal Process
Who
Appraises
•
Supervisors
•
Subordinates
•
Peers
•
Clients/customers
• Self
appraisal
• 180/360
degree approach
Approaches to
measuring performance in Madhumati Tiles Ltd.
There are various kind of
method for measuring performance appraisal. But we get information that
madhumeli uses only three type of performance method. These are at below.
1. 360-
degree feedback
2.
Experience based.
We describe those at
below:
1. 360 degree feedback
One currently popular
methods of performance appraisal is called 360-degree feedback. With this
method managers peers, suppliers or colleagues are ask to complete
questionnaire. The questionnaires are generally lengthy.
2. Experience based
Madhumati Tiles Ltd. measures
the performance of employee by experience. For example MR. X has been working
in Madhumati Titles Ltd. for three years and MR.Y has been working in Madhumati
Tiles Ltd. for two years. So Madhumati Tiles Ltd. favor MR. X for his more
experience.
3.4.2.4 Employee
relation
Employers and employees
each have their own sets of needs and values, and successful relationship
between these two sides requires that some sort of balance be struck. This
balance often takes the form of a psychological contract, an understood
agreement between employer and employees that defines the work relationship.
This contract with or without support, of a formal collective bargaining,
agreement influence, the outcome achieve by each side.
Madhumati Tiles Ltd.
group the various into three channel categories those are
1.
Employee
safety
2.
Employee
health
3.
Employee
working condition
1. Employee safety
Madhumati Tiles Ltd. provides
the employee safety. It ensures the all kinds of job safety such as insurance
of each employee not this it provide insurance to the labor.
2. Employee health
Free medical checkup,
provide health care and also provide necessary medical facilities for each
employee.
3. Employee working condition
The working condition of
employee is very hygienic
Madhumati Tiles Ltd. is
ISO 9001-2000 Certified company.
3.4.2.5. Job analysis
Job analysis is the
procedure for determining the duties and skill requirement of a job and the
kind of person who should be hired for it.
The supervisor or HR
specialist of Madhumati Tiles Ltd. normally collects one of the following types
of information:
Work activities
First he or she collects
information about the job actual work activities such as marketing. This list
also include how, why and when the worker performance each activity.
Education and
qualification
Collects the information
about education background and qualification.
Experience
Experience must be needed
for any job in Madhumati Titles Ltd.
Sample of lob analysis
of Madhumati Titles Ltd.
Quality control
manager
- Master in any subject
- Bachelor/diploma in ceramic
engineer or related discipline will be given preference
- Must have at least 7 years
practical experience in similar position in any ceramic factory.
- Masters/ bachelor in any subject
preferably commerce.
- Bachelor/diploma in ceramic
engineer or related discipline will be given preference
- Must have at least 7 years
practical experience in similar position in any ceramic factory.
- Masters/ bachelor in any
subject, preferably commerce.
- Bachelor/diploma in ceramic
engineer related discipline will be given preference
- Must have at least 5 years
practical experience in similar position in any ceramic factory
- Candidate must have experience
to work with world reputed buyers
- Good writing and communication
both in Bengali and English
- Should be capable of making QA
reports on daily basis
- Computer literacy in MS world,
Excel, e-mail etc,
- Individual
- Group
- Company-wide
- Quantity of work output (How
many units produced)
- Quality of work output (What was
the quality of the product or service being produced or served)
- Monthly sales (How much sales
was generated)
- Work safety record (How many
hazard or errors are being reduced.
- Work attendance (If the absent
is reduced or attendance is good)
- Company-wide incentive plans
- Company profits
- Cost containment/prevention
- Market share
- Sales revenue
- Awards based on individual production
vs. company standards
- Awards based on individual performance
standards using objective &
subjective criteria
- Quantity and / or quality goals
Cutting Astt. Manager
(cum in-charge)
Qualification
Ware house Astt.
Manger
Qualification
Production Supervisor
(Press)
Qualification: Graduate.
Must have at lest (3)
years practical experience in any ceramic factory.
Press Technician
Qualification: Graduate/HSC.
Must have at lest (3)
years practical experience in similar position in any ceramic factory.
Printing Technician
Qualification:
Graduate/HSC.
Must have at lest (3)
years practical experience in similar position in any ceramic factory.
Must have at least 3
years practical experience in similar position in ceramic.
Experience and
skill for all above jobs:
3.4.2.6 Job Design
Job design is the process
of structuring work and designating the specific work activates of an
individual or group of individuals to achieve certain organizational
objectives.
The job design can
generally be divided into three phases:
1. The specification of individual task.
2. The specification of the method of performing each task
3. The
combination of individual tasks into specific job to be assign to individual
Organizational
considerations for job design
Effectiveness
In the context of job
design, to remain effective, organizations may have to redefine jobs,
monitoring, and using technology so that the firm can even compete against
giant rivals.
Efficiency
Maximum outputs through
minimum inputs of time, effort and other resources. In the context of job
design, efficiency in time, effort, labor costs, and training should be done
accordingly.
Technological
Considerations
Task
interdependence
The dependence of one
task from another is task dependence. In this context, the task interdependence
can be high or low depending on the product or service.
Technical
constraints
Scarcities of machines
are constraints, which in turn leads to the increase and decrease of
production.
Ergonomic
constraints
Greek word where Ergo =
Work & Nomos = Laws, i.e Laws of work. Optimal productivity requires a
relationship between the worker and the work, thus designing a job needs this
consideration.
Ergonomic constraints
Skill variety
Variety refers to the use
of different skills and talents to complete an array of work tasks and
activities.
Autonomy
Autonomy refers to the
freedom and independence to plan and schedule the work and determine the
procedures used to carry it out.
Task identity
Task identity means doing
something from beginning to end rather than just part of it.
Task significance
It is the degree to which
a job has substantial impact on an organization.
Feedback
Feedback is the degree to
which employees can tell how well they are doing based on information from the
job.
Environmental
considerations
Social expectations
In designing jobs, the
surrounding social expectations must be considered to avoid possible worker
dissatisfaction.
Workforce
availability
Job requirements should
be balanced against the availability of the people who are required to do the
work.
Work practices
Work practices are set
methods of performing work. These methods may arise from tradition or the
collective wishes of employees.
3.4.2.7 Incentives
Compensation fluctuates
according to
·
A
pre-established formula
·
Individual
or group goals because group goals are different from individual goals
·
Company
earnings
Incentives adds to
base pay
It controls costs because
the employee is being paid for his/her extra effort and for the benefits
brought to the organization.
Motivates employees
Incentive Pay
Categories
Individual
incentive plans
Group Incentive
Performance
Measures
Group incentive plans
·
Customer
satisfaction
·
Labor
cost savings
·
Materials
cost savings
·
Reduction
in accidents
·
Services
cost savings
Company-Wide
Performance Measures
Individual
Incentive Plans (Piecework plans)
Advantages and
disadvantages of Individual Incentive plan
Advantages:
·
Helps
relate pay to performance
·
Promotes
equitable distribution of compensation
·
Helps
retain best performers
·
Compatible
with individualistic cultures and societies
Disadvantages
·
May
promote inflexibility
·
Unrealistic
standards may hamper employee motivation
·
Setting
performance standards is time consuming
·
Factors
beyond employee’s control may affect outcomes
·
Factors
not rewarded may be overlooked
Group Incentive Plans
·
Rewards
employees for their collective performance
·
Group
incentive use has increased in industry
·
2
types
·
Team
– based or small group
·
Gain
sharing
Company-Wide Incentive
Plans
·
Rewards
employees when company meets performance standards
·
2
Types
·
Profit
sharing plans
·
Employee
stock option plans
Competitive Strategies
·
Lowest
– cost
– Lower
output costs per employee
–
Individual & group incentive plans
–
Behavioral encouragement plans
·
Differentiation
– Unique
product or services
–
Creative, risk – taking employees
– Long –
term focus
– Team –
based incentives
3.4.2.8 Benefits of
Madhumati Titles Ltd.
In addition Co paying
employees fairly and adequately for their contributions in the performance of
their jobs, organizations assume a social obligation for the welfare of
employees and their dependents
Employee benefits are
usually inherent components of the non-compensation system are made available
to employees that provide:
–
Protection in case of health & accident
– Income
upon retirement & termination
These benefits are
components that contribute to the welfare of the employee by filling some kind
of demand.
Legally required benefits
of Madhumati Titles Ltd.
– Social security
benefits include the general benefits like unemployment insurance &
benefits, old age insurance, and Medicare facilities.
• Workers’ Compensation
– Worker’s
compensation includes\the compensation when an employee becomes injured or
disable due to extreme working conditions or while working at the job site.
– Family
leave includes the compensation continuation during the family leave such as
maternity or paternity leave and other family leave.
– Earn 40
quarters of credit, or
– Be
employed for 10 years
– Be age
62 for partial benefits
– Be age
65 for full benefits
– Now the
age has been extended to age 67 because more and more workers are retiring
late.
– Widow
aged 60 +
Medicare
Depends on the country’s
policy, Medicare facilities are generally government services to citizens.
Organizations add some value to Medicare facilities. In some countries Medicare
is financed together by employees’ tax, employers and the government.
Provided insurance
coverage for
–
Hospitalization – Covers inpatient & outpatient hospital care &
services.
– Major
Doctor bills – Charges of visiting a doctor or specialist.
–
Prescription drug costs.
– Provides
unlimited in-home care in certain situations.
Workers’
Compensation
– Workers’
compensation is a legally required benefit is included in the compulsory disability
laws of many countries. Mostly, employer is seen liable regardless of the fault.
:
– Provide
income & medical benefits
– Reduce
litigation
–
Eliminate legal fees & time
–
Encourage employer safety
– Promote
accident study & avoidance
– Injury
–
Occupational disease
– Death
– Medical
services –
–
Disability income
– Death benefits
Discretionary Benefits
–
Protection programs
– Pay for
time not worked
– Other
services
Pay for time not
worked
·
Holidays
·
Vacations
·
Funeral
leave
·
Marriage
leave
·
Sick
leave
·
Stress
leave
·
Blood
donation or welfare work
·
Personal
leave
·
Sabbatical
leave/ For Muslims, leave after death
·
Other
religious leaves such as pilgrimage or preaching
Social
Commitment of the organization
Beautification
program/promotion of environment:- Under the beautification program of Dhaka
City Corporation, Mudhumati Tiles Ltd. is doing to Enhance the beauty of the
road of Sonargong road From Bangla Motor (SARRC FOARA) by plantation of
beautiful paints and trees on road Island.
Mahmumati Tiles ltd.
beside the flood affected people: Madhumati Tiles Ltd. distributed relief among
the people of flood affected areas of the country during the middle of last
year. Madhumati relief term distributed different relief goods including food
and cloth among the flood & affected & helpless people purpose.
Madhumati Tiles Ltd. beside
the cyclone victims Madhumati Tiles Ltd.
has come forward with it limited resources to help the distressed people
of the south east region of the country ruined by the recent terrible cyclone
sidr.
3.6 SWOT ANALYSIS:
SWOT analysis means the
analysis of strength, weakness, opportunity and threats. For Madhumati Tiles
Ltd. Tiles Ltd. It is given below:
3.6.1 Strength:
Madhumati Tiles Ltd. Tiles
Ltd. Is a rapidly expanding Company, Standing its journey in 1998 it has already
doubled the net turnover by the year of 2006. All the units of the factory
enjoy highly of machinery are imported from Germany, Switzerland, Italy &
Japan. As a result, it can maintain a smooth rate of production. Well trained
human recourses are another strength of the Company. They train up their key
personally in the country and abroad. So that the Company can get some
competitive advantages over the competitions. The HRM practice is also
remarkable.
3.7.2 Weakness:
There are too many
departments under the super vision of the general manager which can cause low
productivity due to large span of super vision.
3.7.3 Opportunity:
There are bright
opportunities for the Company in the overseas market. If is can communicate
well and capture a significant market portion in the Europe and USA market, it
can get scale of economic.
Chapter-4
4. FINDINGS AND RECOMMENDATIONS:
Tiles industry is a comparatively
new in our country, the size of the industry is still growing. Madhumati Tiles
Ltd. Tiles Limited is one of the first movers in this sector, starting only in
1997 it has managed to be grown up as one of the country’s leading Tiles
Company. Its increase turnover has been significantly increasing, since
1997-2007. It is providing employment to a large number of skilled and
unskilled people ail over the country. The Company contributed an amount of
taka 37.892 million to the national exchequer in different forms like Cooperate
Income Tax, Advance Income Tax, Excise, Vat, Import Duties, Taxes, Government
Taxes , Stamp Duties, License Fees etc. The Company contributed substantially
to the Foreign Exchange Reserve of the country through its export marketing
operation. In 2007its net export earning was taka 10 million.
From the analysis with the
organization structure we have seen that its span of super vision is too large.
A number of departments report directly to the general manager. If the number
were less the efficiency and productivity of the organization might be increased.
Quality control department should remain prompt always. So that it can maintain
a certain level of standard as per the market demand to capture the foreign
market share it should strive more.
4.3 CONCLUSION
The nourishment of any
industry requires combined efforts and co-operation from several parties.
Social, political and macroeconomic environment play pivotal role in this
regard. Though Madhumati Tiles Ltd. is a newly
Ventured Company in the
respective sector, its growth and expansion is praiseworthy. Its contributing
the country and serving the nation in different ways. If it can up hold its
much toward advancement, it will be able to set a role model in our country.
