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CHAPTER - 1 INTRODUCTION Background of the Study Origin of the Report Scope of the Report Objectives of the Report Methodology of the study Limitations of the Report Literature Review
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1 | P a g e 1.0 Background of the Study Human Resource Management (HRM) has never been as significant as it is today. Companies want to attract, retain and motivate brains to meet objectives. Today Humans are regarded as one of every company’s assets so they need to be efficiently and effectively managed. One of the tools companies use to attract, retain and motivate its people is Compensation Management. Compensation is an integral part of human resource management which helps in motivating the employees and improving organizational effectiveness. Employees today are not willing to work only for the cash alone, they expect 'extra'. This extra is known as employee benefits. Also known as fringe benefits, Employee benefits are nonfinancial form of compensation offere d in addition to cash salary to enrich workers’ lives. Human Resource is the most vital resource for any organization. It is responsible for each and every decision taken, each and every work done and each and every result. They should be managed properly and motivated by providing best remuneration and compensation as per the industry standards. The lucrative compensation will serve the need for attracting and retaining the best employees. So, Human Resource managers’ task is to carefully design the organization’s benefit package. They have to plan about what benefits should offer to whom and on which basis? Definitely all the employees will not get the same benefit. A sales person and a receptionist will get different benefit but inadequate benefits do contribute to low satisfaction level and increase absenteeism and turnover in employees. 1.1 Origin of the Report This report has been prepared as the requirement of our MBA program. We have prepared this report on the basis of employee compensation and benefits of Partex Furniture Industries Limited and analyzing questionnaire and under the supervision of Dr. Sumayya Begum, Assistant professor of Department of Business Administration in Management Studies, Bangladesh University of Professionals. She approved the topic on which we have prepared our report.
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2 | P a g e 1.2 Scope of the Report The report covers the Employee compensation & benefits of Partex Furniture Industries Limited. The report presents employee compensation, allowance, incentives, provident fund, gratuity, insurance, employee leave, medical facilities and satisfaction level of Partex Furniture Industries Limited employees. This report has been prepared according to the interviews of the employees of the Partex Furniture Industries Limited, questionnaire and review of literatures.
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