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string(79) " the country and setting up joint venture banks/financial institutions abroad\." A Report on HRM issues in the Banking sector: A Case Study on IFIC Bank Limited MBA Program, Stream: HRM Department of Management Studies Faculty of Business Studies University of Dhaka July 20, 2009 A Report on HRM issues in the Banking sector: A Case Study on IFIC Bank Limited Submitted To, Professor Dr. Md. Ataur Rahman Department of Management Studies University of Dhaka Prepared By, MBA, Stream: HRM, 10th Batch, Department of Management Studies University of Dhaka Executive summary In this global competitive era, banks have an important role as a financial institution. We will write a custom essay sample on Human Resource Practice or any similar topic only for you Order Now This report has been prepared on a commercial bank. In every organization, men/human resources play an important role for its success. No organization whether it is small or large, labor intensive or technology intensive can run without human resource. The topic of our report is â€Å"HRM issues in the Banking sector: A Case Study on IFIC Bank Limited. † We have done this report on the IFIC bank Ltd. Although we have learned some banking activities during preparing our report we have mainly focused on HRM issues to keep the report on the right track. The Bank has a Human Resource Division for its employees’ training development. The also has an Academy for this purpose. There is a Library in the Academy. Bank uses both on-the job training off-the job training method. Branches use on-the job training namely job rotation, Coaching/ under study approach, direct supervision by the senior managers. Head Office uses off-the job training namely Lectures, Conference, Workshop, Management Game, Role playing, Behavior Modeling and Case Study etc. The workforce was 96 in 1983 2014 in 2006. Benefits of the Employees such as House building loans, Car loan at lower interest rate, Provident Fund, Insurance Facilities are available for its employees. Minimum two years is required for promotion of the employees. Two Methods of evaluation for promotion: 1. Annual confidential report (ACR) scored by the immediate supervisor 2. Interview marks. Both marks are added together to prepare list for promotion. Statistical Analysis indicates Average Job Satisfaction Of the employee (Mean) is 3. 37 out of 5. Standard Deviation is 0. 82 Coefficient of Variation (CV) is 24. 3 %. The performance of the bank is satisfactory. Our Report consists of four Chapters namely Introduction, Methodology, analysis Findings, Conclusion Recommendations, Bibliography Appendix. In the first chapter: History of the organization, objectives of the organization, functions of the organization, organ gram of the organization, existing program of the organization and the future program of the organization has been described. In the second chapter: Objectives of the study, data collection, data interpretation, limitations of the study has been described. In the third chapter: Human resource planning, recruitment and selection, training and development, performance appraisal, CPD, findings, pay scale and labor management relations has been described. In the final fourth chapter recommendations, conclusions, suggestions and appendix and bibliography are given. Letter of Transmittal 20 July, 2009 To Dr. Md. Ataur Rahman Professor, Department of Management Studies Faculty of Business Studies University of Dhaka Subject: Submission of Report. Dear Sir, With due respect, we are stating that we are a few students of MBA program Stream: HRM doing our report under Professor Dr. Md. Ataur Rahman. We are very happy to inform you that we have prepared our Report on â€Å"HRM issues in the Banking sector: A Case Study on IFIC Bank Limited† and would like to submit it to you at this time. Therefore, we will be highly pleased if you accept our Report. Sincerely Yours, MBA 10TH Batch Stream: HRM Department of Management Studies Faculty of Business Studies University of Dhaka Acknowledgement At the very outset, we do hereby express our heartiest gratitude and countless thanks to the Almighty who has enabled us to prepare this report on â€Å"HRM issues in the Banking sector: A Case Study on IFIC Bank Limited† We would like to thank our Professor Dr. Md. Ataur Rahman for his sincere guidance. We have done report our on IFIC Bank Ltd. We would like to thank the Managing director of the Bank, Md. Masiur Rahman; Senior Executive Vice President Head of HRD Research, R. M. Debnath. Md. Sahabuddin, Librarian of the IFIC Academy Library has helped us providing information about the HRM issues of IFIC Bank Ltd. Finally, we would like to thank all persons who have helped us to prepare our Report. Abbreviations Used |No. Abbreviation |Elaboration | |01 |IFIC |International finance investment commerce | |02 |MD |Managing Director | |03 |SEVP |Senior executive vice president | |04 |EVP |Executive vice president | |05 |SVP |Senior vice president | |06 |EVP |Executive vice president | |07 |VP |Vice president |08 |SAVP |Senior assistance vice president | |09 |FAVP |First assistance vice president | |10 |AVP |Assistance vice president | |11 |SSO |Senior staff officer | |12 |SO |Staff officer | |13 |G-1 |Officer grade-1 | |14 |PO |Provisionary officer | |15 |G-2 |Officer grade-2 | |16 |CASH/COMP |Cash/Computer officer | |17 |OA(SG) |Office assistance(security guard) | |18 |O. ASSTT. |Office assistance | |19 |SS |Security staff | |20 |O. ATT. Office attendance | |21 |Ltd. |Limited | |22 |HRM |Human Resource Management | Table of contents |Chapter no. |Particulars |Page no. | | |Executive Summary |3 | | |Letter of transmittal |4 | |Acknowledgements |5 | | |Abbreviations |6 | | |List of chart and graph |9 | | |Dedication |9 | |Chapter 1 |Introduction |10 | | |(a) Background |10 | | |(b) Objectives |10 | | |(c) Functions |11 | | |(d) Organ gram of the organization |11 | | |(e) Existing program of the organization |13 | | |(f) Future program of the organization |16 | |Chapter 2 |Research methodology |17 | | |(a) Objectives of the study |17 | | |(b) Data collection |17 | | |(c) Data interpretation |18 | | |(d) Limitations |19 | |Chapter 3 |Findings and analysis |19 | | |(a) Literature review |19 | | |(b) Human resource department |22 | | |(C) Workforce 22 | | |(d) Human resource planning |24 | | |(e) Recruitment and selection |24 | | |(f) Training and development |25 | | |(g) Performance appraisal |28 | | |(h) Career planning development |29 | | |(i) Findings |29 | | |(j) Pay scale |30 | | |(k) Labor management relations |32 | |Chapter 4 |Recommendations and conclusions |33 | | |(a) Conclusions |33 | | |(b) Recommendations |34 | | |(c) Suggestions |35 | | |Appendix |36 | | |Bibliography |38 | List of graph and charts In this report we have not used too much chart and diagram because the topic is the HRM related issue and not on the financial matters we are preparing this report so have used only four chart and graph. |Page no |Contents |Subject matters | |12 |Table |Organizational hierarchy | |23 |Bar Diagram |Workforce | |24 |Organizational chart |HRP | |32 | Bar diagram |Pay scale | Dedication Dedication to our course teacher Dr. M. Ataur Rahman And Our Mother and Father Date of submission: 20/07/09 Chapter 1 Introduction (a) Background of IFIC Bank Limited International Finance Investment and Commerce Bank Limited (IFIC Bank) is a banking company incorporated in the People’s Republic of Bangladesh with limited liability. It was set up at the instance of the Government in 1976 as a joint venture between the Government of Bangladesh and sponsors in the private sector with the objective of working as a finance company within the country and setting up joint venture banks/financial institutions abroad. You read "Human Resource Practice" in category "Papers". In 1983 when the Government allowed banks in the private sector, IFIC was converted into a full-fledged commercial bank. At that time this deposit was 231. 03 crore and profit figure was 5. 06 crore. Up to 2008 its number of branch stands to 65 and its paid up capital was 1,341,431,400 TK. The Government of the People’s Republic of Bangladesh now holds 35% of the share capital of the Bank. Leading industrialists of the country having vast experience in the field of trade and commerce own 34% of the share capital and the rest is held by the general public. The bank earned ever-highest operating profit during the year 2002 among all private banks of Bangladesh (except Islami Bank BD Ltd. ) The bank earned an operating profit of Tk. 55 crore during the year 2006. (b) Objectives of the organization The objective of the organization is to provide service to its clients with the help of a skilled and dedicated workforce whose creative talents, innovative actions and competitive edge will make its position unique in giving quality service to all institutions and individuals that it care for. It is committed to the welfare and economic prosperity of the people and the community, for that it is working towards to gain progress to prosperity. The bank want to be the leader among banks in Bangladesh and make its indelible mark as an active partner in regional banking operating beyond the national boundary. In an intensely competitive and complex financial and business environment, it particularly focus on growth and profitability of all concerned. (c) Functions of the organization ) IFIC acts as an investment and finance company under arrangement of joint venture with the Govt. of Bangladesh. 2) It operates Foreign Exchange Business in a limited scale. 3) It operates as a commercial b ank. 4) It operates overseas joint venture such as in 1983 it set up its first overseas joint venture on the Republic of Maldives. 5) It acts as a joint venture Exchange Company. 6) IFIC establish overseas bank such as that branch in Pakistan at Karachi. 7) By joint venture activities it functions the act of second lease financing. (d) Organ gram of the organization The thirteen members of the Board of Directors are responsible for the strategic planning and overall policy guidelines of the Bank. Further, there is an Executive Committee of the Board to dispose of urgent business proposals. Besides, there is an Audit Committee in the Board to oversee compliance of major regulatory and operational issues. The CEO and Managing Director, Deputy Managing Director and Head of Divisions are responsible for achieving business goals and overseeing the day to day operation. The CEO and Managing Director is assisted by a Senior Management Group consisting of Deputy Managing Director and Head of Divisions who supervise operation of various Divisions centrally and co-ordinates operation of branches. Key issues are managed by a Management Committee headed by the CEO and Managing Director. This facilitates rapid decisions. There is an Asset Liability Committee comprising member of the Senior Executives headed by CEO and Managing Director to look into all operational functions and Risk Management of the Bank. Organizational hierarchy |Managing Director | | | |Deputy Managing Director | | | |Assistant Managing Director | | |General Manager | | | |Deputy General Manager | | | |Assistant General Manger | | | |Senior Principal Officer | | | |Principal Officer | | | |Senior Officer Grade-| | | | |Officer Grade-|| | (e) Existing program of the organization In 1976 IFIC was established as an Investment Finance Company under arrangement of joint venture with the Govt. of Bangladesh. In 1980 it commenced its operation in Foreign Exchange Business in a limited scale. In 1982 it obtained permission from the Govt. to operate as a commercial Bank. In 1983 setup its first overseas joint venture (Bank of Maldives) on the Republic of Maldives. Then it commenced operation as a full-fledged commercial Bank in Banglade sh. In 1985 it set up a joint venture Exchange Company in the Sultanate of Oman. In 1987 it set up its first overseas branch in Pakistan at Karachi. In 1993 it Set up its second overseas branch in Pakistan at Lahore. In 1994 it set up its first joint venture in Nepal for banking operation. In 1999 it set up its second joint venture in Nepal for lease financing. In 2003 the Bank celebrated its 20th founding anniversary. Other than that the Bank offers various loans and scheme to the customers. The major loans and schemes are the banks main product. The description of the products are given below. 1. Auto Loan: Rolls Royce, Ferrari or a Cadillac that’s for one born with good luck. For the one’s who dream to make their own luck. Come to IFIC for your desired Car. Getting the Loan: If you are an adult employed person and have an account with us then you can easily apply for the AUTO LOAN. Loan Size: Maximum Tk. 15 lac Loan Period: 12-60 months. 2. Consumer Loan: Life is complex as it is. IFIC makes your life-style easy and comfortable with the Consumer Durable Loan. So avail the easy facility offer. Getting the Loan: If you are an adult and employed person and have an account with IFIC, then you are eligible to apply for the loan. Loan Size: Maximum Tk. 1 Lac. Loan Period: 12-36 months. Processing: Quick Processing Immediately,  Least Formalities. 3. Porua Loan: A good education is the foundation for a successful life. IFIC is offering the opportunity to students to pursue higher education opportunity with the loan facility. Getting the Loan: If you are an adult employed person and have an account with IFIC, then you are eligible to apply for the loan. Loan Size: Maximum Tk. 8 Lac Loan Period: 12-48 months Processing: Quick Processing Immediately, least Formalities. 4. Flexi Loan: The demands and uncertainties of life getting you down? Here is the answer. Come avail yourself IFIC’s Flexi Loan, to turn the uncertainties of life to a certainty you can control. Getting the Loan: If you are an adult Bangladeshi employed by the Govt/Autonomous body/ Bank/ MNC/ NGO or any other kind of employed person with at least monthly Tk. 10,000 salary then you are eligible for the Flexi Loan. Loan Size: Maximum Tk. 3 lac. Loan Period:12-36 months. Processing: Quick Processing Immediately, Least Formalities. 5. Thikana Loan A man’s home is just not his castle, it’s more than an asset, and it’s an investment for his future generation. IFIC’s Thikana Loan helping you find your ADDRESS. Your life’s Satisfaction First. Getting the Loan: If you are an adult employed person and have an account with IFIC, then you are eligible to apply for the loan. Loan Size: Maximum Tk. 75 Lac. Loan Period: Maximum 15 years. Processing: Quick Processing Immediately, Least Formalities. 6. Possession Loan For those people running a successful business from rented premises, IFIC BANK is there to finance you for loan. So your business can have its own Permanent Address. Getting the Loan: If you are a Bangladeshi entrepreneur with only 2 years of successful business record having a valid trade license and also have an account with IFIC, then you are eligible to apply for this loan. Loan Size: Maximum Tk. 5 Lac. Loan Period: Maximum 65 years on the date of maturity of the loan. Processing: Quick Processing, Immediately, Least Formalities. 7. Peshajibi Loan Whether you are a Doctor/ Engineer/ IT professional/ Management Consultant or any other professional come find out about IFIC’s advancement Peshajeebi Loan that lays the foundation for your career elevation. IFIC works for your professional Satisfaction. Getting the Loan: If you are an adult employed person and have an account with us then you can easily apply for the PESHAJEEBI LOAN. Loan Size: Maximum Tk. 5 lac. Loan Period: 12-36 months. Processing: Quick Processing Immediately, Least Formalities. 8. Retail Loan To the small entrepreneurs who know their trade yet feel frustrated by the lack of money to get a bigger share in the marketplace. IFIC BANK understands their problem and believes that financial support at the right time can take them to (their desired) right place. Getting the Loan: If you are a Bangladeshi entrepreneur with min of 2 years of successful business record, have a valid trade license and have an account with IFIC, then you are eligible to apply for this loan. Loan Size: Maximum Tk. 1 Lac. Loan Period: Maximum 2 years. Processing: Quick Processing Immediately, Least Formalities. 9. Pension Savings Scheme Empower yourself for a secure and prosperous future with IFIC PSS. Partnership for a prosperous and secure future. Features: Under this Scheme you can open a deposit scheme for Tk. 500, Tk. 1000, Tk. 2000 and Tk. 5000 per month for 3 or 5 years whichever suits you. You can make the deposit within 10th of each month (In case of holiday the next working day). You can get Loan up to 80% of the deposited amount You can receive the entire deposit amount with interest at one go or receive a pension on a monthly basis at a desirable amount of your monthly installments. For your clarity a Table of Deposit Scheme and after Maturity Payable Amount is given below: Monthly Installment 3 Years Scheme 5 Years Scheme Tk. 500 Tk. 20322Tk. 36266 Tk. 1000 Tk. 40645Tk. 72532 Tk. 2000 Tk. 81290Tk. 145064 Tk. 5000 Tk. 203225Tk. 362661 (f) Future program of the organization The banks future program is to provide service to its clients with the help of a skilled and dedicated workforce whose creative talents, innovative actions and competitive edge make its position unique in giving quality service to all institutions and individuals that it care for. The bank wants to be the leader amongst banks in Bangladesh and make its indelible mark as an active partner in regional banking operating beyond the national boundary. For that reason it is making joint venture and new loans and schemes and expanding its business in the country and outside the country. Chapter Two Research methodology (a) Objective of the study The main objective is to analyze HRM issues and to find the different problems associated with different HRM activities. Specially: ? To find out different problems of HRM activities ? To judge the employees’ job satisfaction level ? To seek different problems of the employees in the banking sector ? To identify the reasons for which the problems are created ? To search ways to solve the problems of the organization ? To provide suggestions to solve problems of the employees and the banks (b) Data collection a) Primary sources: A questionnaire that are being answered by different people from IFIC bank Ltd. ? Guidelines and suggestions from our Professor Ataur Rahman. ? Interviewing the bank officials, specially the various officers of IFIC Bank Ltd, IFIC academy. b) Secondary Sources: ? Annual reports of IFIC Bank Ltd ? Different Published Booklets of IFIC Bank Ltd ? Different books ? Various published documents ? Various information from various website. ? Academic calendar 2007, IFIC Bank Limited. ? Different documents of the IFIC Bank Ltd. taken from Head Office the Branch. ? Web site: www. ificbankbd. com. (c) Data interpretation For data interpretation two approaches have been mainly used in this report, 1. Conceptual approach 2. Empirical approach. The approaches are discussed below: ? Conceptual approach: A theoretical section is given in this report (the company profile) to give an insight various information concerning the financial function. ? Empirical approach: This refers to that has been directly collected and interpreted from the survey on IFIC bank Limited. Statistical analytical tools such as trend analysis of the different variables such as number branches, employees etc. of the different years, analysis of the various performance indicators with the help of different tables, figures diagrams such as simple multiple bar diagram etc. are used in the report. Statistical Analysis such as standard deviation, co efficient of variation and mean is used to understand job satisfaction etc. Such as average job satisfaction of the employee (Mean) is 3. 37 out of 5. Standard Deviation is 0. 82 Coefficient of Variation (CV) is 24. 33 %. (d) Limitations of the study Nothing is beyond limitations. Everywhere and in every task there must have some sort of limitations. We also faced some problems at the time of preparing our report as well. The limitations are: ? Lack of availability of data ? Shortage of time ? Company’s restrictions to disclose all information ? Perceptual difference of the employees to measure job satisfaction Chapter 3 Findings and analysis (a) Literature review Our report is on the HRM practiced by IFIC bank so literature review is focused on the HRM terminologies. Human Resource Management (HRM) The set of organizational activities directed at attaining, developing and maintaining an effective workforce. Why is Human Resource Management (HRM)? It is not possible to run any organization (whether it is small or large) without people/ Human Resources. Organization must satisfy its employees to achieve its objectives. It is not possible without Human Resource Management (HRM). HRM is important for: ? Hiring capable/right employees for the organization ? Motivating employees ? Retaining capable employees ? Taking steps for guarding high employee turn-over Orientation, training and development of the employees ? Placing employees in the right jobs ? Maintaining good relation among the organizational members ? Developing team sprit, cooperation morale of the employees ? Delegating the authority responsibility among the subordinates ? Controllin g administration human resources of the organization Major Human Resource Management (HRM) activities are: ? Job analysis ? Recruitment Selection ? Orientation, Training and Development ? Compensation Management ? Job evaluation ? Performance appraisals ? Motivating Employees ? Communication Human Resource Management (HRM) Terminologies: Job analysis: A systematic procedure for collecting and recording information about the jobs. Compensation: Compensation is what employees receive in exchange for their work including their pay and benefits. Recruitment: the processing of attracting capable individuals to apply for the job that is open. Internal Recruitment: Internal Recruitment considers current employees as applicants for higher-level jobs in the organization. External Recruitment: People are collected from outside the organization to apply for the jobs. Employment tests: Employment tests are the devices that assess the probable match between applicants and job requirements. HRM selection: Selection is the choosing capable employees both the job and organization. Training: Teaching operational or mechanical employees how to do the jobs for which they are hired. Development: Teaching managers and professionals the skills needed for both present and future jobs. Training and Development Methods: Assigned readings, behavior modeling, case discussion, conference, Lectures, on the job training such as job rotation etc. Job evaluation: An attempt to asses the worth of each job relative to other jobs Performance appraisals: A formal assessment of how well an employee is doing his or her jobs. Benefits: Benefits are the things of value other than financial compensation that an organization provides to its workers. (b) Human resource department Human Resources Department is focused on recruitment and in-house training for both on the job and off the job Bank staff members through the Bank’s Academy. IFIC Bank Academy – the oldest institution in the private sector – was conceived of as an in-house training center to take care of the training needs of the Bank internally. Academy is fully equipped with a professional library, modern training aids and professional faculty. Library has about 4941 books on banking, economics, accounting, management, marketing and other related subjects. Main training activities consist of in-depth foundation programs for entry level Management Trainees. Specialized training programs in the areas like general banking, advance, foreign exchange, marketing and accounts etc. re also organized by the Academy depending on need. Frequently outreach programs are organized to meet demand for new and specialized skills. During its 23 years of existence, Academy not only conducted cour ses, workshops and seminars as required by the Bank, but it also organized training programs for the Bank of Maldives, Nepal Bangladesh Bank Limited and Oman International Exchange LLC. (c) Workforce Total manpower stood at 2,014 as on December 31, 2006. Out of them 1430 were officers and 584 were non-officer employees. The number of female employees in the Bank on the date was 275. Growth in workforce of the Bank from 1983 to 2006 is given below: Growth in workforce Year |Officer |Staff |Total | |1983 |61 |35 |96 | |1985 |264 |89 |432 | |1990 |512 |480 |992 | |1995 |964 |601 |1565 | |2000 |1151 |549 |1700 | |2005 |1415 |575 |1990 | |2006 |1430 |584 |2014 | Sources: IFIC Bank Academic Calendar 2007 Prepared from previous table [pic] Analysis: Total employees from 1983 to 2006 have been shown in this figure. Total employees was 96 in 1983, 432 employees in 1985, 992 employees in 1990, 1565 employees in 1995, 1700 employees in 2000, 1990 employees in 2005, and 2014 employees in 2006. (d) HRP [pic] (e) Recruitment and Selection The Recruitment Selection procedure of the bank is also related to its overall strategy. The bank is going to expand its branches in the near future and the bank is recruiting new employees junior officers to satisfy its long run objectives. Highly qualified employees are hired for the organization. Entry-level position minimum qualification: External sources: Provisionary officers: Minimum graduate Grade-2 officers: Minimum graduate Cash or computer officers: Minimum HSC Below the Above level: Minimum Class-VIII Internal sources: Other senior posts are filled by the internal sources except some technical or specialized field. (f) Training and development The Academy At the very beginning, the bank laid a foundation by setting up an academy at Head Office under Human Resource Division to develop human resource internally. Equipped with a professional library, modern training aids, professional faculty and other facilities, the Academy of the bank is a leading one among the banks in private sector. The Academy regularly conducts foundation courses, specialized courses and seminars in different areas of banking to take care of the professional needs. In addition, officers are regularly sent to Bangladesh Institute of Bank Management (BIBM) and Bangladesh Bank training Academy for professional training. Sending officers abroad for higher training is a regular feature. A Research Department also works in aid of HRD and other operational areas. The Academy has to its credit the experience of conducting several courses for the officers of the Bank of Maldives (BML) and Nepal-Bangladesh Bank Limited. In addition, it built up the training system for the Bank of Maldives Limited. The Academic activities: IFIC Bank Academy, established in 1983 as in- house training institution, takes care of the training need of the employees of the Bank. The objectives of the Academy are to: ? Make available skilled and dedicated workforce within shortest possible time by reducing time required for on-the-job training; ? Develop understanding about low and practice of banking through foundation training. Impart technical skill to the operational level officers through case studies/practical experience/demonstration/ project visit for efficient operations; ? Develop analytical decision making skills of the officers; ? Develop understanding about human/conceptual skill and organizational cultures; ? Impart managerial skills to groom future Execu tives and to keep existing Executives up-to-date with national and international environment. Types of programs For fresher, Foundation Courses on elementary knowledge of banking are organized. Specialized Courses on the areas like Credit, Foreign Exchange, Accounts, Inspection, marketing etc. are meant for officials working in those areas. Senior level courses are run on specific knowledge area. Certain courses are a blend of different knowledge areas. In addition, certain priority programs are also being conducted by the Academy. These include program on Anti-Money Laundering, new skills required to perform new jobs. Approaches to Training: Training conducted by the Head Office: Head Office uses off-the job training namely Lectures, Conference, Workshop, Management Game, Role playing, Behavior Modeling and Case Study etc. Training conducted by the Branch: Branches use on-the job training namely job rotation, Coaching/ under study approach, direct supervision by the senior managers. The Academy holds need-based training courses/workshops/seminars etc. which are finalized by HRD Division in consultation with various departments and senior Executives at Head Office. Training inputs are constantly reviewed/modified for achieving the Bank’s objectives. Methods in training include: discussion/lecture/workshop/case study/games/role play/film show/simulation/group work presentation /project visit and so on. On-the-job training Foundation courses have two parts: theoretical training in the Academy and job rotation. The officers on probation are requested to undergo both in a period of one year. During this period, three-phased training program is effective. On theoretical training in, say, General Banking the officers are required to undergo rotation in General banking activities under the supervision of the HRD. Similar process is followed in case of Credit Foreign exchange. They report to the HRD weekly about the progress in rotation when problem-oriented discussion takes place for better understanding. Faculty The Academy has built up a pool of professional trainers within the Bank. In addition to permanent and professional trainers, speakers are drawn from operational side so that on-the-job experience may be exchanged and shared. Over and above, speakers from Central Bank, professional training institutions, universities, research organizations, and Govt. rganizations are also invited to share views and experience. Senior and retired bankers are also regularly invited to enhance effectiveness of training. Library The Academy has a good collection of books, journals, magazines. The books are mainly on subjects like Banking, Economi cs, Accounting, Management and Marketing etc. as on December, 2006 the library had 5,461 books/titles. The books are issued to the employees usually for one month. In 1988, the Academy undertook steps to build up Mini Libraries at all the branches outside Dhaka with a view to helping the employees with books and reading materials for updating and upgrading their knowledge. Branches are supplied with books /journals etc. for their Mini Libraries from time to time. (g) Performance appraisal The performance of the employees is measured by the immediate supervisors of the subordinates. The peace rate system is not applicable. The performance of the employees is not directly applied in the compensation system. It only helps in increasing the score of the Annual confidential report (ACR) to their supervisors. It helps the employees get promotion to the higher positions. Minimum two years is required for promotion of the employees. Two Methods of evaluation for promotion: 1. Annual confidential report (ACR) scored by the immediate supervisor 2. Interview marks. Both marks are added together to prepare list for promotion. Statistical Analysis indicates Average Job Satisfaction Of the employee (Mean) is 3. 37 out of 5. Standard Deviation is 0. 82 Coefficient of Variation (CV) is 24. 33 %. (h) CPD For freshers, foundation Courses on elementary knowledge of banking are organized. Specialized Courses on the areas like Credit, Foreign Exchange, Accounts, Inspection, marketing etc. are meant for officials working in those areas. Senior level courses are run on specific knowledge area. Certain courses are a blend of different knowledge areas. In addition, certain priority programs are also being conducted by the Academy. These include program on Anti-Money Laundering, new skills required to perform new jobs. In this way the initiative for the new and young employees are conducted and their career path become smooth by taking this kind of training. (I) Findings ? IFIC bank Ltd. has capable workforce to compete with others. ? In Banks, specially in the senior position, experienced educated employees are required. ? Remuneration is high in the bank. ? Most of the employees are satisfied in the bank. ? Working environment in the bank is healthy fine. ? Employee welfare program has insurance facility, loan facility, provident fund transportation house rent allowances, and gratuity etc. ? Interest rate is very low for the employees. Training methods: lectures, assigned reading, job rotation are used good. ? Employees are sincere. ? Employees have to remain vigilant all times employees will be liable for their mistakes. ? Promotion depends on the performance Annual Confidential Report (ACR) scored by the immediate supervisor plus interviews score. ? Bank job is very challenging and stressful, especially in the top- level position. ? Risk management is very difficult task in the bank. ? Sometimes, promotion is delayed because of certain reasons in the banks. ? Sometimes, Employers use nepotism and favoritism at the time of employment and promotion of the employees ? Marketing activities especially deposit target to open account is a difficult task. ? In the bank job, handling the borrowers is a very difficult task. When any borrower comes in the bank and does not get any loan from the bank due to legal requirement procedure of the bank, In this case customers may want to do undue influence to the bankers. They sometimes threaten the bankers for getting loan from the bank. ? Interpersonal relationships communication are good. ? It is monotonous job. Especially employees have to reconcile the accounts: cash/clearing/transfer every day. ? Bankers sometimes have to work more than eight hours in a day without any remuneration. Music is played in the bank to remove monotonous working environment. ? Bonus is also paid on the basis of overall profitability of the banks ? Average Job satisfaction level is more than moderate i. e. , 3. 37 out of 5 (j) Pay scale Monthly compensation paid to the employees Total monthly compensation includes Basic salary; H ouse rent allowances, Conveyance allowance, Medical allowance, Entertainment allowances, Telephone. |No. |Abbreviation |Elaboration |Total Monthly compensation in taka | |01 |MD |Managing Director |300000 Approx. |02 |SEVP |Senior executive vice president |73000 | |03 |EVP |Executive vice president |68000 | |04 |SVP |Senior vice president |62800 | |05 |EVP |Executive vice president |54350 | |06 |VP |Vice president |49150 | |07 |SAVP |Senior assistance vice president |36700 |08 |FAVP |First assistance vice president |33600 | |09 |AVP |Assistance vice president |31500 | |10 |SSO |Senior staff officer |23300 | |11 |SO |Staff officer |20600 | |12 |G-1 |Officer grade-1 |17900 | |13 |PO |Provisionary officer |12000 | |14 |G-2 |Officer grade-2 |9100 | |15 |CASH/COMP |Cash/Computer officer |7690 | |16 |OA(SG) |Office assistance(security guard) |7000 | |17 |O. ASSTT. Office assistance |6100 | |18 |DRIVER |Driver |5300 | |19 |SS |Security staff |4200 | |20 |O. ATT. |Office attendance |3850 | Source: IFIC Bank Ltd. Graphical chart [pic] Total monthly compensation of the employees Vertical lines represent TK amount and the horizontal lines represent the rank of employees. Here is the rank of the 20 employees their salaries in taka. Rank can be known from the previous table, NO. -1 MD gets TK. 300000. 00 around Rank No. – 20 Office Attendance gets TK. 3850. 00 total compensation. (k) LMR There is no trade union in the private commercial bank. But there is no dispute between the employees and the management. Comfortable family environment, comfortable job, satisfaction in work, high remuneration, good customer Service, good interpersonal relation, highly outside inside personal relation development exist in the organization. Chapter 4 Conclusions and recommendations (a) Conclusions Banks play important role in the modern economy; Human Resources Management (HRM) issues play an important role in every organization and also in the banks. No organization can achieve its goals or can be good, until or unless it satisfies employees. Human Resources/ organizational members play the role of the crew who convert goals into the reality. In the banking sector, highly educated strategic personnel are required to create a competitive position to retain it for the long time. Training, principle of equality, job satisfaction, and career development are important in the bank. In the IFIC bank Ltd. The job satisfaction of the employees is more than moderate. Most of the employees are satisfied here. Bank is also satisfied with its employees. Bank’s salary structure is high but not highest in comparison with other commercial banks. Still comfortable working environment, good interpersonal relationship, and the benefits of the employees of the IFIC bank limited are also satisfactory. It has been operating since 1983 and it is a first generation private sector commercial bank in Bangladesh. It has retained its competitive position because of its performance and Employees have made the performance of the organization. Employee’s promotion selection should be fair to get sincere, qualified, dedicated employees. Its employee selection procedure should also remain free from nepotism, favoritism, and reference at all levels of management. Finally, the Bank must introduce modern banking system, adopt new technology, initiate new product, train its employees properly to do their job and keep employee satisfied. Bank’s performance is good for its satisfied employees. Bank is on the right track. Bank’s HRM policy is of course better, it has been able to satisfy its employees and customers as well. (b) Recommendations The authority of the IFIC Bank Limited should: Take initiative to motivate its employees to work more and to achieve its objectives. †¢ Take steps to remove stress and to manage stress in the job. †¢ Train its employees to manage the clients to create a positive image about the bank †¢ Take steps to guard against undue loan sanctions. †¢ Protect ban kers from the threat of the clients. †¢ Develop the practice sincerity and patience among the employees to handle difficulty in work. †¢ Take policy to cope with the problems of environment or technological change. †¢ Initiate highly automated system for the benefits of the clients earning more profit and reputation as well. †¢ Provide overtime allowances for the employees for working more than eight hours. Provide timely promotion to create motivated and dedicated, employees and to increase the performance of the bank and employees as well. †¢ Eliminate nepotism and favoritism from the workplace. †¢ Increase the salary/allowance/incentives for its marketing activity to reach better position †¢ Introduce Career Counseling for its employees. †¢ Increase recreational facilities such as Picnic, Football match etc. †¢ Train properly the employees to handle risk management issues effectively efficiently and †¢ Provide fast service deliv ery. (c) Suggestions The Branch Manager VP has said about â€Å"Staff motivation by management. † AVP has said about â€Å"Better policy for the changing scenario and also adopt farther automation like on line banking. Others employees have said about promotion exercise must be done every year, to do what is good for the banking sectors, timely promotion, better customer service, to increase salary plus other benefits, to establish day care center, service delivery first, proper training the officers staffs, and management should be careful about staff motivation. Appendix Department of Management Studies Faculty of Business Studies University of Dhaka Questionnaire about HRM issues of IFIC bank Ltd. Purpose of the Study: The purpose is to help a MBA student to prepare an report about HRM issues in the banking sector in Bangladesh in the light of the IFIC bank, Dhaka. 1. Name: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 2. Designation: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢ € ¦Ã¢â‚¬ ¦.. 3. Age: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 4. Gender: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 5. Duration of employment: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 6. Duration of employment in this bank: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 7. Why do you choose job in the banking sector? a) High remuneration b) Easy job ) Comfortable environment d) Challenging job e) Other, please specify: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 8. Why do you choose job this bank? a) Highly paid b) Easy to develop career c) Better performance d) Better HRM policy e) Other, please specify †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 9. How do you feel about your job? a) Pleasant b) Unpleasant c) Indifferent 10. Your satisfaction level in the bank job: a) Very high b) high c) moderate d) Low e) very low 11. Most pleasurable thing in this bank job: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦.. 12. Your satisfaction level in the bank: a) Very high b) high c) moderate d) Low e) very low 13. Your relationship with your organization members: ) Very high b) high c) moderate d) Low e) very low 14. Most difficult things in the bank job: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 15. Most pleasurable thing in this branch: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 16. Your satisfaction level in training: b) High c) moderate d) Low 17. Educational qualification (last): a) Lower than SSC b) SSC c) HSC d) Graduate e) postgraduate 18. Are you satisfied with the culture of this branch? a) Yes b) No c) indifferent 19. Are you satisfied with the HRM policy of the bank? a) Yes b) No c) indifferent 20. Your special suggestions to improve the bank or branch Bibliography 1) Werther, William B. nd Devis, Keith, Human Res ource Management, 5th edition. 2) Griffin, Rikey W. , Management 5th edition. 3) Lesikar, Raymond V. and Pettit, john P. , Business Communication, 6th edition. 4) Academic calendar 2007, IFIC Bank Limited. 5) Different documents of the IFIC Bank Ltd. taken from Head Office the Branch 6) Web site: www. ificbankbd. com. [pic] ———————– Plan for dealing with predicted shortfalls or over staffing Compare future demand and internal supply Forecast external supply Forecast internal supply Predict Demand Assess trend in: ? External labor market ? Current employees ? Future organizational plans ? General economic condition Name ID NO. (1) Md. Mosharref Hossain 36 (2) Saheli Nargis64 (3) Md. Rashedul Hasan78 (4) Zubaer Shoaib86 (5) Md. Naharul Islam92 Name [pic][? ] |67Y[cdoeaO? A?  ©s†¹s†¹s|f|WQHh? â€Å"h†¡9 ©CJh†¡9 ©CJh? â€Å"h†¡9 ©B*[? ]CJ,aJ phy+jhDpB*[? ]CJ,U[pic]aJ mHnHphyu[pic]hOj h†¡9 ©B*[? ]CJ2aJ4phyhX[pic]? h’duB* CJ4aJ4phâ‚ ¬Ã¢â€š ¬hX[pic]? h†¡9 ©B* CJ4aJ4phâ‚ ¬Ã¢â€š ¬hX[pic]? h@4iB* CJ4aJ4phâ‚ ¬Ã¢â€š ¬hemUB* CJ4aJ4phâ‚ ¬Ã¢â€š ¬ho ©B* CJ4aJ4phâ‚ ¬h†¡9 ©CJh? â€Å"ho! nCJ-aJ h[? ]’GhU /5? CJ h#5? CJ jRoll no. Signature 1. Md. Mosharref Hossain36†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 2. Saheli Nargis64†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 3. Md. Rashedul Hasan78†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 4. Zubaer Shoaib86†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 5. Md. Naharul Islam 92†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ How to cite Human Resource Practice, Papers

Symbolic interactionism free essay sample

Mead was undoubtedly the Individual who transformed the inner structure of the theory, moving It to a higher level of theoretical complexity. (Herman-Kinney Reynolds Herbert Blumer, a student and nterpreter of Mead, coined the term and put forward an influential summary of the perspective: people act toward things based on the meaning those things have for them; and these meanings are derived from social interaction and modified through interpretation. Blumer was a social constructionist,and was influenced by Dewey as such this theory is very phenomenologically based. He believed that the Most human and humanizing activity that people engage In Is talking to each other (Griffin Two other theorists who have Influenced Symbolic Interaction theory are Yrjd Engestr ¶m and David Middleton. Engestr ¶m and Middleton explained he usefulness of symbolic interactionism in the communication field in a variety of work setting including, courts of law, health care, computer software design, scientific laboratory, telephone sales, control, repair, and maintenance of advance manufacturing systems. 3] Other scholars credited for their contribution to the theory are Thomas, Park, James, Horton, Cooley, Znanleckl, Baldwin, Redfield, and Wirth. [4] Basic premises and approach[editl The term symbolic interactionism has come into use as a label for a relatively distinctive approach to the study of human life and human conduct (Blumer, 1939). With Symbolic Interactionism, reality Is seen as social, developed Interaction with others. Most symbolic interactionists believe a physical reality does indeed exist by an individuals social definitions, and that social definitions do develop in part or relation to something real. People thus do not respond to this reality directly, but rather to the social understanding of reality. Humans therefore exist in three realities: a physical objective reality, a social reality, and a unique reality[clariflcatlon Both individuals and society cannot be separated far from each other for two reasons. One, being that they are both created through social interaction, and two, one cannot be understood in terms without the other. Behavior is not defined by forces from the environment or inner forces such as drives, or instincts, but rather by a reflective, socially understood meaning of both the internal and external incentives that are currently presented (Meltzer et al. , 1975). [5] Herbert Blumer (1969) set out three basic premises of the perspective: Humans act toward things on the basis of the meanings they ascribe to those things. The meaning of such things is derived from, or arises out of, the social interaction that ne has with others and the society. These meanings are handled in, and modified through, an interpretative process used by the person in dealing with the things he/ she encounters. The first premise includes everything that a human being may note in their world, including physical objects, actions and concepts. Essentially, individuals behave towards objects an d others based on the personal meanings that the individuals has already given these items. The second premise explains the meaning of such things is derived from, or arises out of, the social interaction that one has with other humans. Blumer, following Mead, claimed people interact with each other by interpreting or defining each others actions instead of merely reacting to each others actions. Their response is not made directly to the actions of one another but instead is based on the meaning which they attach to such actions. Thus, human interaction is mediated by the use of symbols and signification, by interpretation, or by ascertaining the meaning of one anothers actions (Blumer 1962). Meaning is either taken for granted and pushed aside as unimportant[clarification needed] or it is regarded as a mere neutral link[clariflcation needed] between the factors esponsible for human behavior and this behavior as the product of such factors. (Blumer 1969). Language is the source of meaning[dubious discuss][citation needed] and is negotiated through the use of it. We have the ability to name things and designate objects or actions to a certain idea or phenomenon. The use of symbols is a popular procedure for interpretation and intelligent expression. Blumer contrasted this process with behaviorist explanations of human behavior, which does not allow for interpretation between. In Blumers third premise the idea of minding comes into play. Symbolic nteractionists describe thinking as an inner conversation. (Griffin 62). Mead called this inner dialogue minding. Minding is the delay in ones thought process that happens when one thinks about what they will do next. The third premise is that these meanings are handled in, and modified through, an interpretative process[6] used by the person in dealing with the things he encounters. We naturally talk to ourselves in order to sort out the meaning of a difficult situation. But first, we need language. Before we can think, we must be able to interact symbolically. (Griffin 62). brought on attention to the roles people play. Role-taking is a key mechanism that permits people to see another persons perspective to understand what an action might mean to another person. Role-taking is a part of our lives at an early age. Playing house and pretending to be someone else are examples of this phenomena. There is an improvisational quality of roles; however, actors often take on a script that they follow. Because of the uncertainty of roles in social contexts, the burden of role-making is on the person in the situation. In this sense, we are proactive participants in our environment. [7] Mind, Self and Society[edit] Mind, Self and Society is the book published by Meads students based on his lectures and teaching. The title of the book serves as the key concepts of symbolic interaction theory. The mind refers to an individuals ability to use symbols to create meanings for the world around him. Individuals use language and thought to accomplish this goal. Self refers to an individuals ability to reflect on the way that he/ she is perceived by others. Finally, society, according to Mead is where all of these interactions are taking place. The l and the While establishing the idea of self, Mead introduces a distinction between the l and he me, respectively, the active and socialized aspects of the person. The me is a similar concept to Cooleys looking-glass self. An example of these concepts is the pygmalion effect whereby a person (l) behaves to match the sense of self (me) they derive from others, in a form of self-fulfilling prophecy.