Daffodil International University
Institutional Repository
Business Administration
Project Report of BBA
2014-12-22
EVALUATION OF HUMAN RESOURCE
MANAGEMENT PRACTICES OF
PLACID EXPRESS
Aminur Rahman, Md.
Daffodil International University
http://hdl.handle.net/20.500.11948/1343
Downloaded from http://dspace.library.daffodilvarsity.edu.bd, Copyright Daffodil International University Library
INTERNSHIP REPORT
ON
EVALUATION OF HUMAN RESOURCE
MANAGEMENT PRACTICES OF PLACID
EXPRESS
Date of Submission: 22/12/2014
Copyright note: “©Daffodil International University” Page 1 INTERNSHIP REPORT
ON
EVALUATION OF HUMAN RESOURCE
MANAGEMENT PRACTICES OF PLACID
EXPRESS
Prepared to
Sheakh Md. Abdur Rahim
Assistant Professor and Head
Department of Real Estate and Department of Commerce
Faculty of Business & Economics
Daffodil International University
Prepared by
Md. Aminur Rahman
ID: 093-11-1255
24th Batch
BBA Program
Major in HRM
Daffodil International University
Date of Submission: 22/12/2014
Copyright note: “©Daffodil International University” Page 2 Letter of Transmittal
Date: 22/12/2014
Sheikh Md. Abdur Rahim
Assistant Professor and Head
Department of Real Estate and Department of Commerce
Faculty of Business & Economics
Daffodil International University
102, Sukrabad, Mirpur Road, Dhaka- 1207
Subject: Submission of Internship Report on “Evaluation of Human Resource
Management Practices of Placid Express”.
Dear Sir,
With due respect and humble submission I am submitting my internship on
“Evaluation of Human Resource Management Practices of Placid Express” as per our
BBA program requirements. I have been placed in Placid Express.
I worked over there in every department from 15st February to 30th May, 2014. I have
prepared this report based on the data and information which I have worked over. I
have given special attention on HR & Admin Section of this institution.
It would be pleasure for me if this report can serve its purposes and I will be available
to explain any queries if you feel necessary.
Sincerely yours,
………………..
(Md. Aminur Rahman)
BBA 24th Batch
ID No. 093-11-1255
Faculty of Business and Economics
Daffodil International University
Copyright note: “©Daffodil International University” Page 3 Letter of Authorization Date: 22/12/2014
Sheikh Md. Abdur Rahim
Assistant Professor and Head
Department of Real Estate and Department of Commerce
Faculty of Business & Economics
Daffodil International University
102, Sukrabad, Mirpur Road, Dhaka- 1207
Subject: Declaration regarding the validity of the internship report.
Dear Sir,
I am Md. Aminur Rahman, student of B.B.A 24th Batch bearing ID: 093-11-1255,
hereby declare that the internship report on “Evaluation of Human Resource
Management Practices of Placid Express” is prepared by me after successful
completion of an internship program.
I also confirm that the sole intention of preparing this report is only to meet academic
requirement not for other purposes. It will not act anything that will hamper the
secrecy and interest of that institute.
I also declare that the Report is an original work and not copied from others.
Sincerely yours,
………………..
(Md. Aminur Rahman)
BBA 24th Batch
ID No. 093-11-1255
Faculty of Business and Economics
Daffodil International University
Copyright note: “©Daffodil International University” Page 4 Letter of Acceptance This is to certify that Md. Aminur Rahman, ID: 093-11-1255, Program: BBA, Major:
Human Resource Management is a regular student of the department of Business
Administration under the faculty of Business and Economics, Daffodil International
University. He has successfully completed his internship program at the Placid
Express and he has prepared his internship report under my supervision. I think that
the report is a worthy of fulfilling the partial requirements of BBA degree at Daffodil
International University.
I wish him happiness, good health and every success in life.
………………………………....
Sheikh Md. Abdur Rahim
Assistant Professor and Head
Department of Real Estate and Department of Commerce
Faculty of Business & Economics
Daffodil International University
102, Sukrabad, Mirpur Road, Dhaka- 1207
Copyright note: “©Daffodil International University” Page 5 Acknowledgement At the very beginning I would like to express my deepest gratitude to almighty Allah
for giving me the strength and the composure to finish the task within the schedule
time.
I have the pleasure to declare that I am fortunate to get the cordial guidance and
supervision from my Guide Sheikh Md. Abdur Rahim. My heartiest gratitude to him
for giving me valuable suggestions to complete the whole thing in a right manner.
My thanks and gratitude to the authority of Placid Express to allow me to complete
my Internship at their institute . I would like to express my indebtedness to Mr. Md.
Abdul Kadir (Head of HRM, Dhaka Office), I am also thankful to Mr. Md. Abdul
Kadir, who gave special attention to me right from the very beginning of my stay at
Placid Express.
Lastly I like to give many special thanks and inexpressible greets to my both senior
and fellow BBA students for giving me good advice suggestion and for inspiring me
in some cases. Thanks for all from the core of my heart.
Copyright note: “©Daffodil International University” Page 6 PREFACE Practice makes a man perfect. In order to earn something more, one has to cultivate
his field of study. The study entitled “Human Resource Management Practices in
Placid Express” is an attempt to evaluate the causes and ways of removing this
problem and get suggestion about this aspect.
I express my gratitude to my honorable teacher Sheikh Md. Abdur Rahim, Daffodil
International University. The success of this report greatly depends on his sincere
supervision. I would like to convey my sincere gratitude to the head of HRM & other
office employees of the Placid Express who have extended their fullest co-operation
during the period of my internship.
However, I personally remain responsible for my any shortcoming in my report. My
effort will be meaningful if the report serves the purpose effectively.
Copyright note: “©Daffodil International University” Page 7 Human Resource Management Practices of Placid Express SL No. Topics Page No. Letter of Transmittal 03 Letter of Authorization 04 Letter of Acceptance 05 Acknowledgement 06 Preface 07 Chapter 1 INTRODUCTION 1.1 INTRODUCTION 11 1.2 Origin of the Study 1.3 Scope of the Study 12 1.4 Objectives of the Study 12 1.5 Methodology of the Study 13 1.5.1 Data Sources 13 1.5.2. Data Collection Methods 13 1.5.3. Data analysis technique 13 1.6. Limitation of the Study 14 Chapter 2 COMPANY PROFILE 12 2.1. Background of Placid Express 16 2.2 Corporate Information 17 2.2.1 Vision and Mission 18 2.2.2 Achievement 18 2.2.3 Management of Placid express 18 2.2.4 Human resource management of Placid express 20 2.2.5 Hierarchy of position in Placid Express 21 Chapter 3 ANALYSIS 3. Definition of Human Resource Management 23 3.1 Functions Human Resource Management of Placid Express 23 Job Analysis 23 Job Analysis of Placid Express 24 Human Resource Planning 24 Human Resource Planning of Placid Express 25 Recruitment & Selection 25 3.1.1. 3.1.1.1. 3.1.2. 3.1.2.1. 3.1.3. Copyright note: “©Daffodil International University” Page 8 Human Resource Management Practices of Placid Express
Topics 3.1.3.1 Definition of Recruitment 25 3.1.3.2. Definition of Selection 26 3.1.3.3. Recruitment & Selection process of Placid Express 26 3.1.4. Training and Development 27 3.1.5. Performance Appraisal Systems 27 3.1.5.1. Performance Appraisal System of Placid Express 28 3.1.5.2. Performance Appraisal Method 28 3.1.6. Rewards and Compensation Packages 29 3.1.6.1 Salary Arrangements 29 3.1.7. Disciplinary and Grievance Procedures 29 3.1.7.1 DISCIPUNARY PROCEDURE 29 3.1.7.2 PROCEDURE FOR FORMAL INVESTIGATION 31 3.1.7.3 WARNINGS 32 3.2. Other Operations of Placid express 34 3.2.1 Parties related and conducted with Placid express: 34 3.2.2. Receivable Risk Management system 34 3.2.3. Exchange rate setting policy and procedure 35 3.2.4. Setting special agency rate 35 3.2.5. Setting payee rate 35 3.2.6. Word wide correspondent of Placid Express 36 Chapter 4 FINDINGS, RECOMMENDATIONS and CONCLUSION 4.1 Findings of the Study 39 4.2 Recommendations 40 4.3 Conclusion 41 4.4 References 42 Copyright note: “©Daffodil International University” Page 9 CHAPTER ONE INTRODUCTION Copyright note: “©Daffodil International University” Page 10 1.1 INTRODUCTION
Human Resource Management is an essential part for any organization. Moreover,
development of this department is the first step, the ground on which the future of the
company depends.
Organizing Human resources at Placid Express Management focuses on the
acquisition and retention of highly skilled and knowledgeable employees so that it can
maintain its top position. It provides such conditions of employment and procedures
that enables all employees to develop a sense of unity and to carry out their duties in
the most willing and effective manner. It also provides for the security of employment
to the workers so that they may not be distracted by the uncertainties of their future.
These objectives, strategies, policies, and programs are pre-specified by the company,
which guides the management and unions in taking decisions.
Job analysis is the procedure for determining the duties and skill requirements of a job
and the kind of person who should be hire for it. Job analysis consists of two products
one is job description and second job specification. Placid Express HR department
check its own job description and job analysis in which they get the information about
employees work activities, human behavior, performance standard, job context and
human requirements and also other information related to this conduct. HR
department of Placid Express used this information for Recruiting, selection,
compensation, performance appraisal, training, and employee’s relationship.
The process of deciding which position is the firm will have to fill and how to fill
them. Placid Express HR department involves in company strategic planning and they
also make sufficient planning for hiring new employees in the future. They forecast
for the expected employees needs in the organization. After planning they send this
report to the head office for approval. If they get approval from the head office then
they start recruitment process
Employees Happiness is important assets of every company so it is very important to
give them importance. The satisfaction of the employees makes the company
successful.
HR department manage says that employees are their assets, there for they are careful
about employees’ health and benefits. They give following compensation and
benefits: Basic salary Bonus Medical facility Pick and drop Gratuity fund Social
security. Copyright note: “©Daffodil International University” Page 11 1.2 Origin of the Study
The internship program is required course for the students who are completing BBA
from the department of Business Administration, Faculty of Business and Economics,
Daffodil International University. In the world only academic education does not
make a student perfect to become competitive with the outside world. Internship is
highly needed to gain idea knowledge and experience. Daffodil International
University of Bangladesh is one of the most reputed Universities in Bangladesh has
been designed the curriculum of the BBA course such a way that the International
standard graduates will be produced. Placid Express is a place where I could learn the
HRM practices. As an intern student I have got the opportunity to work with this
organization for three months and acquire idea about real HRM practice in the world.
The topic of internship has been selected with consultation of my academic honorable
advisor, Sheikh Md. Abdur Rahim, Assistant Professor and Head, department of Real
Estate and Department of Commerce, Faculty of Business and Economics, Daffodil
International University.
1.3 Scope of the Study
This study covers the HRM practices of Placid Express along with some
recommendations to improve the HRM policies of the company. By preparing this
report we can compare the theoretical knowledge which will be more helpful for us in
our practical professional life.
1.4 Objectives of the Study
The study is undertaken with the following objectives:
i. To investigate the human resource management practices of Placid Express
ii. To evaluate the human resource management practices of Placid Express
iii. To find out the problems relating to the human resource management practices
of Placid Express
iv. To recommend some suggestion to overcome the identified problems relating
to the human resource management practices of Placid Express
Copyright note: “©Daffodil International University” Page 12 1.5.Methodology of the Study
This report has been prepared on the basis of experience gathering during the period
of internship. The study requires systematic procedure from selection of the topic. To
conduct the study, Data sources are to be identified and collected, there to be
classified, analyzed, interpreted and presented in a systematic manner and key points
are to be formed out. In addition everyday instruction with the employees of the
company has proved to be an extremely effective source and method for receiving
information.
1.5.1 Data Sources
There are two sources of data. There are as follows:
(a) Primary Sources
(b) Secondary Sources
1.5.2. Data Collection Methods
The primary data has been collected through the following ways:
¾ Personal Observation.
¾ Discuss with the Manager, Human Resource Department.
¾ Discuss with senior executive of Training and Development
The primary data has been collected from the following ways:
¾
¾
¾
¾
Annual report of the Placid Express
Consultation of related book and publications.
Different statement
Internet
1.5.3. Data analysis technique
In the study, the data has been analyzed through Microsoft Office Package®.
Copyright note: “©Daffodil International University” Page 13 1.6. Limitations of the Study
A big number of limiting factors were faced while collecting information about the
report. In preparing this report I tried my best to overcome the limitation. But this
report was not out of limitation. So in my report all the information I have learnt from
my practical work.
1. Large scale research was not possible within the stipulated time. (03 months)
2. Research on some relevant data and documents were difficult due to the
organization confidentiality.
3. To complete such kind of repot need a lot of experience. But I had very little
experience in this work field. So errors are possible in this report.
4. All the HR activities and development information are verbally collected.
5. Most of the issues are identified through observation method.
6. Secrecy of data.
7. Lack of Experience.
8. Communication problems.
9. Unavailability of data.
Copyright note: “©Daffodil International University” Page 14 CHAPTER TWO COMPANY PROFILE Copyright note: “©Daffodil International University” Page 15 2.1. Background of Placid Express
Founded in 1996, Placid Express is an affordable and efficient alternative choice for
consumers in a variety of destination countries. Currently, Money Transfer services of
Placid Express can be utilized from many of the top MSAs of the United States, Italy
and Malaysia. Additionally, its service is available via partner networks in Spain, UK
and U.A.E. Many local businesses were eager to provide a secure and affordable
Money Transmission service to their customers and have approached Placid Express
regarding the possibility of becoming an 'Authorized Agent'. Shortly after, Placid
Express launched its Agent Program through which the company's services expanded
quickly throughout New York and New Jersey. As its commitment to increase service
availability to an international audience, Placid Express applied for and received
permission to operate as Money Remittance Company in Malaysia. The thousands of
migrants residing in Malaysia were able to immediately take advantage of Placid
Express' affordable and reliable Money Transfer services. 2007 also marked the
launch of a Tier 1 Cash Pickup service titled, 'spotCash!' in Bangladesh, Nepal and Sri
Lanka. After receiving an overwhelming number of requests from the members of the
Bangladeshi community, the company proceeded to expanding its presence to the
state of New York. After obtaining the required Money Transmission license from the
New York state Placid expressing Department, the company established its first
branch in the culturally diverse neighborhood of Astoria, NY. 2006 marked Placid
Express' entrance into the European Union by making its low cost Money Transfer
services available to the diverse communities residing in Italy. After procurement of
license from the Central Placid express of Italy (Banca D' Italia), Placid Express
quickly established a foothold with the help of fast growing agent network. Placid
Express also continued expansion at home by obtaining Money Transmission licenses
in Florida and Michigan. As the popularity of our Money Transfer service continues
to increase as evidenced by the increasing number of small businesses and consumers
seeking to partner with us in Italy, we decided to expand our service availability to
other EU nations. With the acquisition of permission under the European Payment
Systems Directive, Placid Express will soon enter into additional markets such as
Belgium, Germany, Greece and France.
Copyright note: “©Daffodil International University” Page 16 2.2 Corporate Information
Name of the Company: Placid Express
Service of the Company: Worldwide money transmitter
Date of Incorporation: 1996
Board of Directors: Dr. Kamal U. Ahmed and Mohammed H. Rashid.
Name of President and CEO: Dr. Kamal U. Ahmed.
Name of Vice President and CFO: Mohammed H. Rashid.
Name of M.D. and COO: AKM F. Hoq
Registered office: 35-01 Queens Blvd.
Long Island City, New York 11101
Copyright note: “©Daffodil International University” Page 17 2.2.1 Vision and Mission
Placid Express aim to offer the best choice of flexible Money Remittance services
specifically designed to address the needs of today’s diverse, rapidly changing global
community, allowing individuals to and receive money worldwide in a timely, secure
and affordable manner. It strives to offer our customers with a customized service to
keep them coming back!
2.2.2 Achievement
Since 1996 Placid express providing remittance service to more then 50 countries.
Because of there quality service they have already established there business in north
America and they have got the European Union license to starting there business in all
over the European countries. It’s a huge achievement for this company. In the year
2009 US Placid expressing institute choose Placid express to one of the most
promising remittance service provider and they have awarded Placid express because
of there performance in remittance world. This was basically possible because of the
sincerity of honorable Managing director of Placid express.
2.2.3 Management of Placid express
Management is the process of planning, organizing, leading and controlling the work
of organization members and of using all available organizational resources to reach
stated organizational goals. The strength of any organization depends of the strength
of its management team. Placid express is proud to have a team of highly motivated,
well-educated and experienced executives who have been contributing substantially to
the continued progress of this company.
Copyright note: “©Daffodil International University” Page 18 Management team
Management Team of Placid Express, USA
Copyright note: “©Daffodil International University” Page 19 2.2.4 Human resource management of Placid express
Human resource is the fundamental asset of the organization. Human resource
approach is concerned with the growth and development of people toward higher
level of competency, creativity and fulfillment. Therefore, human resources
development has been given its due importance in an environment that values
performance, teamwork, fairness and integrity, it has both qualitative and quantitative
dimension. Placid express recognizes that intellectual capital is the most important
asset for a financial institution. Without them, no organization can run its operations.
Placid express believes that the professional competence, personnel and its
commitment for accomplishing assigned responsibilities are a first line of defense to
prevent irregularities.
The objectives of Human Resource management of Placid express are as follows:
¾ Conducting job analysis
¾ Planning employee needs and recruiting job candidates
¾ Selecting of candidates
¾ Orienting and training new employees
¾ Managing wages and salaries (Compensating Employees)
¾ Providing incentives and benefits
¾ Appraising performance
¾ Communicating (interview, counseling, disciplining)
¾ Training and developing managers
¾ Building employee commitment
¾ Provide training about new services
Copyright note: “©Daffodil International University” Page 20 2.2.5 Hierarchy of position in Placid Express
EXECUTIVE
PROFILE
MANAGEMENT COMPLIANCE
ACCOUNTS CUSTOMER SERVICE SENIOR ACCOUNTANT ACCOUNTS COORDINATOR CS COORDINATOR CS OFFICER ACCOUNTS OFFICER Management Trainee CHIEF COMPLIANCE OFFICER SENIOR COMPLIANCE OFFICER COMPLIANCE OFFICER Jr. ACCOUNTS OFFICER Copyright note: “©Daffodil International University” Page 21 CHAPTER THREE ANALYSIS Copyright note: “©Daffodil International University” Page 22 3. Definition of Human Resource Management
Human Resource Management is The policies and practices involved in carrying out
the people” or human resource aspects of a management position, including
recruiting, screening, training, rewarding, appraising and so on in an organization.
While managers have probably managed strategically for many years, the strategic
approach is relatively new to management literature. The concept of strategy has its
roots in military literature, particularly which developed by the Chinese strategist Sun
tzu.
Scholar definition:
i.
ii.
“Human resource planning are the process of assessing the organization’s
human resources need in light of organizational goal and making plans to
ensure that a competent stable workforce is employed”.---Wendell French.
“Personnel planning are the process of deciding what positions the firm
will have to fill and how to fill them”—Garry Dazzler.
3.1Functions Human Resource Management of Placid Express
¾
¾
¾
¾
¾
¾
¾
Job Analysis
Human Resource Planning
Recruitment & Selection
Training and Development
Performance Appraisal Systems
Rewards and Compensation Packages
Disciplinary and Grievance Procedures
3.1.1. Job Analysis
A job analysis is a systematic exploration of the activities within a job. It is a basic
technical procedure, one that is used to define the duties, responsibilities, of a job.
This analysis involves compiling a detailed description of task, determination the
relationship of the job to technology and to other jobs and examining the knowledge,
qualification or employment standards accountabilities and other incumbent
requirement.
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.
Copyright note: “©Daffodil International University” Page 23 3.1.1.1. Job Analysis of Placid Express
Placid Express used the following steps regarding job analysis:
¾ Collecting and recording job related information.
¾ Writing job description based on information.
¾ Using the information to determine what skills, knowledge and abilities are
required for the job.
¾ Update the information from time to time.
The supervisor Of HR specialist of Placid Express normally collects one of the
following types of information:
¾ Education and qualification;
Collect the information about educational background and qualification about the
applicant;
a)
b)
c)
d)
e)
Experience needed for doing any job in Placid Express
Experience and skill for all above job;
Candidate must have experience to work with world reputed buyers.
Good writing and communication in English.
Computer literacy in ms word, excel, email etc.
3.1.2. Human Resource Planning
Definition of HR planning:
“The processes by which management ensures that it has the right personnel, who are
capable of completing those tasks that help the organization, reach its objectives.”
There are many ways to define HR planning, or explain what it is, but the following
definitions, taken from the Government of Canada human resources site, is a good,
useful working definition:
“Rigorous HR planning links people management to the organization’s mission,
vision, goals and objectives, as well as its strategic plan and budgetary resources. A
key goal of HR planning is to get the right number of people with the right skills,
experience and competencies in the right jobs at the right time at the right cost.”
Copyright note: “©Daffodil International University” Page 24 3.1.2.1. Human Resource Planning of Placid Express
In Placid Express HR department makes their HR plan generally in December with
all the top level executive.
3.1.3. Recruitment & Selection
Discuss Recruitment & Selection in the below.
3.1.3.1. Definition of Recruitment
Recruitment is the process of searching for perspective employees and simulation and
encouraging them to apply for jobs in an organization. Recruitment involves
prospecting or searching of candidates.
Recruitment is the process of finding and attracting capable applicants for
employment. The process begins when new recruits are required and ends when their
applicants are submitted.
According to Stephen P. Robbins, “Recruitment is the discovering of potential
applicants for actual or anticipated organizational vacancies, or from another
perspective it can be looked at the linking activity bringing together those with jobs
and those seeking job.
¾ Method for internal recruiting:
a) Job posting: Job position involves announcing job openings to all current
employees. The announcement carries information about the nature of the
position and the qualification needs any employees who are interested may be
on the job.
b) Employee referrals: Another way to find applicants for Placid Express is
through employee referrals by other departments. Informal communications
among managers can lead to the discovery that the best candidate for a job is
already working in a different section of the organization. In Placid Express
most of the employees are taken by employee referrals.
c) Skill inventories: Information about every employee’s skills, education,
working history and other important factors are stored in a data base, which
can be used to identify employee with the attributes needed for a particular
job.
Copyright note: “©Daffodil International University” Page 25 ¾ Method for external recruitment:
a) Advertising: Advertising is one of the most popular methods. The most useful
advertisement is one that specifies the exact nature of the job, the qualification
required and the salary range.
b) Employment Agencies: There is couple of employment agencies like Bdjobs,
Daily Prothom Alo.
c) Personal contact: Another means of recruiting is the personal contact.
Sometimes personal and good communication can provide an opportunity to
get experienced person as well as better job offer. Personal contact is another
way to recruit another employee for Placid Express.
3.1.3.2. Definition of Selection
Selection is a process of picking individuals (out of the pool of job applicants) with
requisite qualifications& competence to fill jobs in organization.
Recruitment attracts many but Selection seeks to eliminate as many disqualified. The
key to employee selection is ‘to choose those who are most likely to perform their
jobs with max-effectiveness & tend to remain with the organ. Selection is the process
of deciding which candidate, out of the pool of applicants developed in recruiting, has
the abilities, skills, and characteristics that most closely match job demands.
Selection of candidates must be done through written test, viva and any other test
suitable for the position. The purpose of the selection tests is to assess candidate’s
suitability for the position. The selection must be made on the basis of consensus
among the members of interview board. The interview panel finalizes its
recommendation by using prescribed interview assessment sheet as soon as the
interviews are completed.
3.1.3.3. Recruitment & Selection process of Placid Express
¾ Placid Express does not follow the standard recruitment procedure to select
and employ the most suitable candidate s for the available position to meet
company. Some time selection standards are not relevant to skill, training,
experience, education and knowledge crucial for successful job performance.
Some time recruitments are managed by HR department without consultation
with respective Unit/Development.
¾ Company recruits employees on reference. In this case the candidates need not
have necessary skills.
¾ HR department of the company does not provide job description to ass
employees for better performance.
¾ Vacancy announcement has been published through national newspapers and
web.
Copyright note: “©Daffodil International University” Page 26 ¾ HR department make short list of the CVs from a panel of Applications
without discussing the concerned department.
¾ Reference candidates are not called for written test. They are selected only
through interview.
¾ Finally selected candidates are getting appointment letter with job description.
¾ After joining all employees are not being oriented for better adaptation in new
environment.
3.1.4. Training and Development
Training and Development Policy
The Company aims to provide training opportunities which will provide:
•
•
An induction programmer which all staff will be required to undertake and
will assist staff settling into their new role/job.
A progressive training and development scheme to enable staff to develop,
relevant skills and acquire knowledge to underpin their current role and career
aspirations
Personal Development Planning
The Company has a Personal Development Planning Scheme. The aims and purposes
of the Scheme are:
•
•
To help managers and staff to make effective arrangements to identify and
meet learning needs
To develop the skills, knowledge, values and behavior that staff need to do
their current jobs well.
3.1.5. Performance Appraisal Systems
Performance appraisal is the process of assessing employee’s past performance,
primarily for reward, promotion and staff development purposes. It is a process that
identifies evaluation and development of employee performance to meet employee
and organizational goals.
Generally, the aims of a performance appraisal are to:
¾
¾
¾
¾
Give feedback on the performance to employees.
Identify employee training needs.
Document criteria used to allocate organizational rewards.
Form a basis for personnel decisions: salary increment, incentive, promotion,
disciplinary actions, etc.
Copyright note: “©Daffodil International University” Page 27 ¾ Provide the opportunity for organizational diagnosis and development
¾ Facilitate communication between employee and administration.
3.1.5.1. Performance Appraisal System of Placid Express
Placid Express has a performance appraisal system closely similar to a merger of
Behavioral anchor ratings scale performance Appraisal mechanism. The performance
is done using:
a) Appraisal by Achievement against certain behavior;
b) Competence profile in current job, which includes rating or leadership quality,
resource management, business development, communicative Etc.
c) The organization views the system as year round process. Every employee at
Placid Express is evaluated once in a year and employees are also evaluated
when their working period is more than six month. Placid Express will have
three types of performance appraisal form; these are — top level, mid-level
and entry level, as all the employees cannot be evaluated in same manner.
d) Special salary increment: if an employee’s contribution to the company is
extra ordinary that can be recognized by rewarding a special salary increment
e) Promotion: Whether or not an employee is eligible to get promotion can be
decided by his her performance review.
f) Unsatisfactory Performance: Any unsatisfactory performance of an employee
can be pinpointed easily and objectively through this procedure.
3.1.5.2. Performance Appraisal Method
Standard group uses only behaviorally anchored rating scales method for performance
appraisal of an employee.
Copyright note: “©Daffodil International University” Page 28 3.1.6. Rewards and Compensation Packages
3.1.6.1 Salary Arrangements
Your salary will be paid monthly in arrears on each month by direct credit transfer to
your designated bank account.
Your basic pay was outlined in your letter of appointment / statement of terms and
conditions. Any subsequent amendments to your basic pay will be notified to you in
writing by the Company.
If any queries arise with regard to pay, or if it looks as if a mistake has been made,
speak It, HR. Department immediately so that they can take appropriate action.
Unless agreed otherwise, any pay errors, whether of over or underpayment, will be
rectified in the next salary payment.
Appropriate deductions will be made from pay including income taxes which are
subject to each employee’s earning level, family status and the number of hours
worked.
3.1.7. Disciplinary and Grievance Procedures
3.1.7.1 DISCIPUNARY PROCEDURE:
¾ SCOPE
The Company Disciplinary Procedure will be used only when necessary and as a last
resort. Where possible, informal or formal counseling or other good management
practice will be used to resolve matters prior to any disciplinary action being taken.
Line Manager. Can help clarify employees’ rights as well as give guidance and
support where it may be needed. Every individual has the right to representation at
any point during the disciplinary process.
¾ SUSPENSION
Suspension is not disciplinary action. The purpose of suspension is manifold and can
be used when it is necessary to remove a member of staff from the workplace pending
an investigation for example, to allow time for a ‘cooling down period’ for both
parties, for their own or others protection, to prevent them influencing or being
Copyright note: “©Daffodil International University” Page 29 influenced by others or to prevent possible interference with evidence. Only the
Manager in charge of that individual, at that time or their superior, have the authority
to suspend an individual.
An employee suspended from duty will receive written confirmation within three days
of:
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•
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The reason for the suspension;
The date and time from which the suspension will operate.
The timescale of the ongoing investigation.
The right of appeal to the immediate manager of the suspending manager
should the suspension last more than 7 days.
¾ COUNSELUNG
Counseling is an attempt to correct a situation and prevent it from getting worse
without having to use the disciplinary procedure. Where improvement is required, the
employee must be given clear guidelines as to:
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•
•
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what is expected in terms of improving shortcomings in conduct or
performance;
the time scales for improvement;
when this will be reviewed;
The employee must also be told, where appropriate, that failure to improve
may result in formal disciplinary action.
A record of the counseling should be given to the employee and a copy retained in
their personnel file. it is imperative that any counseling should be followed up and
improvements recognized and recorded. Once the counseling objectives have been
met, any record of the counseling will be removed from the employees file.
If during counseling it becomes clear that the matter is more serious, then the
discussion should be adjourned, and pursued under the formal disciplinary procedure.
Copyright note: “©Daffodil International University” Page 30 3.1.7.2 PROCEDURE FOR FORMAL INVESTIGATION
Formal investigations should be carried out by the most appropriate coordinator who
is not directly involved with the incident being investigated. This manager may
involve others to assist with the investigation process. All the relevant facts should be
gathered promptly as soon as is practicable after the incident. Statements should be
taken from witnesses at the earliest opportunity. Any physical evidence should be
preserved and/or photographed if reasonable to do so.
A report should be prepared which outlines the facts of the case. This should be
submitted to the appropriate senior who will decide whether further action is required.
Where appropriate, this report may be made available to the individual and their
representative.
In most circumstances where misconduct or serious misconduct is suspected, it will
be appropriate to set up an investigatory hearing. This would be chaired by the
appropriate Senior, who would be accompanied by another manager. The
investigating manager would be asked to present his/her findings in the presence of
the employee who has been investigated. Witnesses should be ca fled at this stage,
and the employee allowed questioning these witnesses. The employee has a right of
representation at this hearing.
Following the full presentation of the facts, and the opportunity afforded to the
employee to state his side of the case, the hearing should be adjourned, and everyone
would leave the room except the senior hearing the case, and the other manager. They
would discuss the case and decide which of the following option was appropriate:
1.
Take no further action against the employee;
2.
Recommend counseling for the employee;
3.
Proceed to a disciplinary hearing;
All parties should be brought back, and informed as to which option has been chosen.
Should the decision be taken to proceed to a disciplinary hearing, then this may
follow on immediately from the investigatory hearing if the following criteria have
been met.
•
•
•
The employee has been informed by letter that the investigation may turn into
a disciplinary hearing, and that he has the right of representation;
He has been told in advance what the nature of the complaint is, and had time
to consult with a representative;
All the facts have been produced at the investigatory hearing, and the
coordinator is in a position to decide on disciplinary action;
Copyright note: “©Daffodil International University” Page 31 •
The manager should inform the employee and their representative that the
hearing would now become a formal disciplinary hearing, and invite them to
say anything further in relation to the case.
It may be appropriate at this point to adjourn proceedings, whilst necessary
arrangements are made for a representative to attend the hearing at the request of the
employee.
Should anyone who is subject to disciplinary action resign during the course of it, the
action will cease unless there are extenuating circumstances which require it’s
continuance. The subject of the discipline may also request that the disciplinary action
continue.
3.1.7.3 WARNINGS
Examples of Minor Misconduct
Below are listed examples of misconduct which may warrant either a Verbal Warning
or a First Written Warning. It is stressed however that this list is not exhaustive and
that on all occasions a full and proper investigation must take place prior to the issue
of a warning.
•
•
•
•
•
•
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Persistent lateness and poor time-keeping.
Absence from work, including going absent during work, without valid
reason, notification or authorization.
Smoking within unauthorized areas.
Failure to work in accordance with prescribed procedures.
Incompetence.
Unreasonable standards of dress or personal hygiene.
Failure to observe Company regulations and procedures.
Verbal Warning
A Verbal Warning is appropriate when it is necessary for the manager in charge to
take action against an employee for any minor failing or minor misconduct.
Copyright note: “©Daffodil International University” Page 32 First Written Warning
A First Written Warning is appropriate when:
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•
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A verbal warning has not been heeded and the misconduct is either repeated or
performance has not improved as previously agreed.
An offence is of a more serious nature for which a written warning is more
appropriate.
The recurrence or accumulation of offence/offences, if left, will lead to more
severe disciplinary action.
Examples of Gross — Misconduct
Listed below are examples of misconduct which may be considered to be Gross
Misconduct and may warrant a Final Warning, Demotion or Dismissal. It is stressed
however that this list is not exhaustive and that on all occasions a full and proper
investigation must take place prior to the issuing of a Final Warning, Demotion or
Dismissal.
•
•
•
•
•
•
•
•
•
•
Theft, including unauthorized possession of Company property.
Breaches of confidentiality, prejudicial to the interest of the Company,
Being unfit for duty because of the misuse/consumption of drugs or alcohol.
Refusal to carry out a management instruction which are within the
individuals capabilities and which would be seen to be in the interests of the
Company.
Breach of confidentiality / security procedures.
Physical assault, breach of the peace or verbal abuse.
False declaration of qualifications or professional registration.
Failure to observe Company rules, regulations or procedures.
Willful damage of property at work.
Incompetence or failure to apply sound professional judgment.
Final Written Warning
A Final Written Warning is appropriate when:
•
•
An employee’s offence is of a serious nature falling just short of one justifying
dismissal.
An employee persists in the misconduct which previously warranted a lesser
warning.
Copyright note: “©Daffodil International University” Page 33 3.2. Other Operations of Placid Express
All business concerns earn a profit through selling either a product or service. Placid
express does not produce any tangible product to sell but does offer a variety of
financial services to customers.
3.2.1 Parties related and conducted with Placid Express
Agents:
Placid express have more than 500 authorized agent all over the world by which they
are doing their daily transactions.
Payees:
For a remittance provider every individual remittance company should have
agreement with some payee banks that are basically responsible to pay remittance to
receiver on behalf of that remittance company.
Depository banks:
Placid also have account with some depository banks where the agents and branches
are basically depositing their daily transacted amount.
Placid basically maintain four main departments worldwide:
¾
¾
¾
¾
Accounts department
Compliance department
Customer care department
Human resource department.
3.2.2. Receivable Risk Management system
Managing receivable is one of the biggest challenge for a company who basically
business through agents.
As I have earlier discussed Placid express doing transactions on base of there
authorized agencies so it’s becoming a challenge for them to make there receivable
zero.
For controlling the receivable Placid express have own software applications call
RRMS.
RRMS stand for Receivable risk management system and the parts related with it are
discussing below:
In RRMS there is several type of ticketing options. By using those tickets the
receivable officers are controlling receivable.
Copyright note: “©Daffodil International University” Page 34 3.2.3. Exchange rate setting policy and procedure
Exchange rate is one of the most important parts of all remittance houses. Placid
express maintaining their own policy and procedure to setting exchange rate for
individuals countries that they have. Placid Nk Corporation has business in Italy and
Malaysia. For them Placid Nk need to set the settlement rate on basis of the
destination countries (For Example: TK, RS, CAD) currency exchange rate against
US dollar. This is basically the rate that Placid NK getting from destination countries
payee banks. On basis of that Placid NK offer the settlement rate.
3.2.4. Setting special agency rate
Placid have some special agency for them Placid maintaining a different policy and
Procedure. Setting rate for Prime Currency: This rate will have to the rate that given
by Muslim commercial bank. If the MCB bank rate id 100.00 RS against USD the
Prime currency rate should be 100.00.Setting rate for Soni express this rate will be the
rate that Placid is offer for Pakistani invoices from USA. If the Customer rate for
Pakistani invoices from USA is 88.50 the special agency rate for Soni express will be
the same.
3.2.5. Setting payee rate
Policy: The rate that given by all the payees of Placid express need to consider as
Payee rate. Suppose one of Placid Payee Jamuna bank given rate is 77.50 TK against
USD. The rate will have update is the system as Jamuna bank rate.
Copyright note: “©Daffodil International University” Page 35 3.2.6. Word wide correspondent of Placid Express
Placid express arranged with more than 60 payee banks for their worldwide
operations. Placid express worldwide correspondent list:
Copyright note: “©Daffodil International University” Page 36 Copyright note: “©Daffodil International University” Page 37 CHAPTER FOUR FINDINGS, RECOMMENDATIONS AND CONCLUSION Copyright note: “©Daffodil International University” Page 38 4.1 Findings of the Study
The findings of the study are as follows:
i.
Lack of standard job analysis policy
The job analysis program is not standard as well as the manager of Human Resource
Department is not capable of apply the various HRM functions.
ii.
Lack of effective human resource planning policy
Effective human resources planning policy are those that include having sufficient
staff, with the right mixture of talent, who are in the appropriate locations, performing
their jobs when needed. But Placid Express does not have any human resources
planning policy for managing its human resources.
iii.
Lack of ideal recruitment and selection policy
Through the organization is not in lacking of employees, but I think there is lacking of
proper staffing- that means “lack of right people in right place”. So the main problem
is found, lack of ideal Recruitment and Selection program.
iv.
Lack of standard training and development policy
In the company staff development policy is not appropriate. Employees training and
orientation is not arranged frequently basis in the company. As a result, employees
fail to properly communicate with the customers.
v.
Lack of effective performance appraisal policy
The company does not accurately follow the performance appraisal program. There is
being accurse some discrimination, nepotisms are exercised. Consequently,
employees with some efficiency are given different score by different author.
Copyright note: “©Daffodil International University” Page 39 4.2 Recommendations
In the light of the findings, the recommendations are as follows:
¾ To conduct proper job analysis program
The top management should conduct proper job analysis for having better output.
¾ To formulate standard human resource planning policy
The company should set a standard human resource planning for its betterment.
¾ To formulate an ideal recruitment and selection Policy
Recruitment and Selection is one of the most important part of HR department so they
should be more careful about the Recruitment and Selection policy.
¾ To formulate an effective training and development policy
Regular training may be arranged for officers and HR officers in order to ensure the
smooth operations of the company and to get the desired momentum in day to day
work. Training calendar may be prepared on the basis of TNA. An annual budget may
be allotted for training purpose.
¾ To conduct standard performance appraisal program
HRM should follow accurate performance appraisal program and giving up nepotism
or disparity should be strict on performance appraisal, otherwise, company might be
fall in problem due to unfair standard performance appraisal.
Copyright note: “©Daffodil International University” Page 40 4.3 Conclusion
The flourishing of any industry requires combined efforts and co-operation from
several parties. Social political and macroeconomic environment play vital role in this
regard. Though Placid Express is established company in the networking sector its
growth and expansion is praiseworthy. It is contributing the country and serving the
nation. If it can up hold its much toward advancement it will be set a role model in
our country. In this report the overall work of the human resources management
practices is focused and described. After analyzing the report, it can be said, in
present competitive and dynamic environment, human resources are now being
viewed as the most valuable mean for gaining advantages over other. Competitive
advantages can only be achieved by building up highly motivated and skilled
employees.
Copyright note: “©Daffodil International University” Page 41 References
¾ C.R Kotheri, “Research Methodology” 3nd Edition, 2007-2008, Wishwa
Prakashan, Calcutta, India.
¾ Frederic S. Miskhin, “The Economics of Money Banking & Financial Market”
7th Edition, 2008, Boston.
¾ Stephen P. Robbins, Organizational Behavior, 10th Edition. (United States of
America: Prentic – Hall, Inc, 2003)
•
http://www.placid.net/
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http://www.fincen.gov/
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http://www.moeygram.com/
•
http://www.uaeexchange.com/
Copyright note: “©Daffodil International University” Page 42