Human Resource Management Practices of Beximco Pharmaceuticals Limited

Abstract

Transformation in business sectors refers to the process of making significant changes in the organization's structure, culture, technology, and business practices to improve performance and competitiveness. Human resource management (HRM) plays a critical role in managing organizational change by developing and implementing strategies to acquire, train, retain, and motivate employees. This helps employees to adapt to new roles and responsibilities, new technologies, and new ways of working. In the course of this research, the primary objective is to acquire knowledge concerning the HRM processes and practices that are essential for every company operating in the dynamic business environment of today. The purpose of a standard HRM process is to produce and supply certain guidelines for HRD activities with the intention of assuring quality policy and preserving the recognized standards of operations of Beximco pharmaceuticals Limited. The process of hiring new employees at Beximco pharmaceuticals Limited starts with the line manager or the head of the HR department and concludes with the Managing Director of the company. Their candidate selection procedure is influenced by both internal and external elements when it comes to HRD. The majority of new employees are brought in from outside the organization via channels such as advertising and hiring agencies. In order to recruit the best possible workforce, Beximco pharmaceuticals Limited uses a multi-step procedure that includes written examinations, IQ testing, interviews, and compensation negotiations. Beximco pharmaceuticals Limited uses either a Balance Score Card or an Action Plan in order to assess the performance of its employees. The firm does this via the usage of the MBO and the 360-degree evaluation methodologies. The companies offer their employees with perks such as a gratuity, a provident fund, a festival bonus, a medical facility, a loan facility, yearly leave, and a range of other benefits. In addition, the employees are eligible for a number of additional advantages. As a result of the research, I conducted on Beximco pharmaceuticals Limited's HR procedures, I was able to determine the company's strengths and shortcomings in this area, and based on those findings, I made an effort to come up with some suggestions.