HR Practices in Renata Limited
Bangladesh is a developing country in south Asia. Its economy depends mostly on agriculture. In the earliest period jute and tea industry were very raising industry. But the scenario is changed. Now our economy mostly depends on Ready Made Garments industry. Apart from garments industry Pharmaceuticals industry is a raising industry in Bangladesh. So the scenario is changing. Now there are 225 registered pharmaceutical companies in our country. Most of them are local, but there are also some multinational and joint venture companies operating their business in our country. They are also contributing to earn foreign exchange in our country.
Renata is one of the most leading pharmaceuticals company in Bangladesh. Its corporate headquarters is at plot no- 1, milk vita road, sec- 7, mirpur and it has two production sites (one is at Mirpur and another is at Rajendrapur). Modern sophisticated machineries and highly qualified and skilled professionals are the main instrument for this Renata’s success. In this report we have gone through the overall HR policies and practices of Renata Limited. Renata’s HR functions like Recruitment & Selection, Training & Development, Compensation & Benefit and Employee Relation are very systematic and legal. Renata always tries to recruit efficient candidates for the vacant position. They provide management development training, overseas training, and Field forces training and development program, manager training, training program for distribution assignments and data entry operations, on the job training and off the job training, basic training and advanced training etc. Renata concentrates on employee development as well. They provide appropriate compensation and benefits like basic salary, over time, gratuity, different types of bonus etc. I have found that Renata’s HR policies and practices are systemic and sound enough but yet there are some problems like (few misunderstanding, lack of appropriate training to reduce faults). Remove misunderstanding and provide training and appropriate compensation when any accident occurs, authority should cooperate their employees to the problems. I think that is the way they should follow to improve and expand its business.
The company began its journey as Pfizer (Bangladesh) Limited in 1972. It passed two successful decades as a subsidiary of Pfizer Corporation. In the late 1990s Pfizer had shifted from formulations to research and in 1993 the company named as Renata. Since its inception it was conceived to manufacture ethical drugs.
Renata Limited is publicly listed pharmaceutical company which exports to multiple countries. Renata is listed on the Dhaka Stock Exchange with a market capitalization of almost US $400 million. Company profile of Renata is appended below:
Type of Company: Listed Public Limited (Dhaka Stock Exchange)
Turnover: 5090.3 million.
Market Capitalization: $ 400 million.
Main Business: Renata Limited manufactures, markets, and distributes human pharmaceuticals and animal therapeutics of Nutrition products (No. 1 in Market in terms of Sales.)
Production Sites: Two production sites. The Mirpur Site is 12 Acres and Rajendrapur Site is 19 Acres.
Quality Recognition: 1S09001- 2000 (DNV)
No. of Employees: 3,485 employees.
The capabilities of Renata are appended below:
- Offers wide range of products – more than 145 molecules in over 257 dosage forms
- Specialization in manufacturing Hormonal products.
- Offer facilities for Contract-manufacturing.
- Provides assistance in product promotion and training in overseas market.
- cGMP manufacturing facilities, including a UK MHRA approved Potent Product Facility.
Renata has more than 145 molecules in over 257 dosage forms. Few of the products are given below:
- Anti-bacterial Preparations- Furocef
- Anti-spasmodic Preparation- Algin
- Anti-diabetic Preparations- Mepid
- Hemostatics Preparation- Xamic
- Anti-asthmatic Preparation- Odmon 5
- Vaccine- Rabipur
Pharmaceutical Industry of Bangladesh
To ensure peoples body fitness there is no other alternative of medicine. So we have to depend on the pharmaceuticals companies. There are many types’ pharmaceuticals in our country.
However, private and public pharmaceutical is the most common in this field. Pharmaceutical industry of Bangladesh is one of the most raising high tech industry’s which contributes in the country’s economy. After the promulgation of drug control ordinance – 1982, the development of the sector was accelerated. The professional knowledge, thoughts and innovative ideas of the pharmacists working in this industry is the key factors for these developments. Due to recent development of the industry we are exporting medicine to global market including European market. The sector is also providing 95% of the total medicine requirements of the local market. Leading pharmaceutical companies are expanding their business with the aim to expand export markets.
Recently fewer new industries have been established with high tech equipment and professionals which will enhance the strength of this sector. Bangladesh, currently having more than a couple of hundred manufacturing facilities with huge potential in pharmaceutical formulations, is heading on a new path of industry economics for self reliance. Aiming at minimizing the import dependency on basic drugs, the country’s prime concern is about building up of own capability in the manufacturing of active pharmaceutical ingredients, base materials and other Allied industry inputs. The pharmaceutical sector is capturing near about 12% of market capitalization which is the second largest. This position also indicates the positive sign for investment in pharmaceutical sector. The combined capacity of the industry for the pharmaceutical formulation is huge and a number of companies have recently got approval from UNICEF as its global as well as local supplier of pharmaceutical products. Besides, out of the total domestic requirement of medicines almost 95% is met by the local manufacturing and Bangladesh also exports formulations to 27 countries around the world. The current turnover of the industry in Bangladesh is TK. 3000 crore.
According to industry sources, the formulation industry in Bangladesh country grow and the rate of 22%. Today, Bangladesh is dealing with USA, India, Taiwan, Hong Kong, European Union, Singapore, Malaysia, Pakistan, Thailand, and Burma, Nepal, Yemen, Vietnam, Mexico, Colombia, Russia, Kenya, Maldives etc. as well as with the least developing countries where there is hardly any industry for the production of pharmaceutical formulations. Total turnover is about 14% from pharmaceutical industry. This position also indicates the positive sign for investment in pharmaceutical sector. However, the trend is now favorable to the country as the domestic pharmaceutical industry as well as the companies from neighboring countries like India, China and even MNCs have queued up to put in investment on this front as every stakeholder will be benefitted of vast potential that Bangladesh can offer. The local entrepreneurs are capable and willing to invest and collaborate with suitable foreign partners in order to develop the existing API manufacturing facilities. According to S M Shafiuzzaman, president of Bangladesh Association of Pharmaceutical Industries (BAPI), since 1972 the association has been the only recognized association for pharmaceutical manufacturers of Bangladesh playing pivotal role in the development of pharmaceutical sector. The apex and premier pharmaceutical trade and promotion body of Bangladesh has been very actively working on the industry development programs to enhance the existing capabilities and also to promote the countries industrial opportunities among the developed world by attract perspective collaborators in terms of technology, product sourcing infrastructure etc. Presently top pharmaceutical industries in Bangladesh are also in the progress of getting into bulk drug production with collaborative technology, technology transfer and joint venture basis. The large scale players in Bangladesh pharmaceutical industry currently include Square, Beximco, Incepta, Opsonin pharma ltd, Apson chemicals, General pharma, Hudson pharma among others. The MNCs that have a major presence in the country’s Pharma sector are Aventis, Renata Limited, Novartis and Astra Zeneca.
Objectives of the Project
Leading objective of the report is to analyze the “HR Policies and Practices in Renata Limited.’’
- To understand the functions done HR Department, Renata Limited.
- To determine how Renata maintain recruitment and selection process.
- To examine the training and development program practiced in Renata.
- To highlight the compensation and benefits provided by Renata.
- To know how Renata maintains employee relationship with their employees.
- To provide some recommendations to improve the HR practice of the Renata.
HRM Philosophy & Functions
Renata considers human resources as a key department. Renata is well aware of the need for human resource. It recognizes that human capital forms the core of the competencies. The HRM philosophy of Renata is enumerated as under:
- Having a HR philosophy and values consistent with those of the organization.
- Having a HR vision that is actively shared by the entire group and that always value a super ordinate goal. The vision is oriented to the strategic needs of the organization
- Having the best HR product available for the customer.
- Forming a flexible and dynamic structure that brings maximum service to the customer and maximum motivation to the HR staff.
- Having a HR philosophy that is always proactive not reactive
- Being seen as successfully creating a great place to work
HR department of Renata Limited has various functions. Renata Limited provides the highest priority to its people. The HR department presents HR functions for the people guided by the Management. The main activities of Renata’s HR department fall under following general head.
These are appended below:
- Recruitment & Selection
- Training & Development
- Compensation & Benefits
- Employee Relations
- H.R. Development
- H.R. Services
Code of Conduct
For stronger compliance culture the employees of Renata should follow the principles and practices established by the company. These are codified in the code of conduct of Renata Limited. This code of conduct is very important to the employees as it describes the terms and condition of employment. The code of conduct has been adopted in order to describe the following standard of Renata Limited:
- Loyalty to Renata Limited
- Ethical and legal behavior
- Support of and respect the protection of internationally proclaimed human rights
- Professionalism and good business practice
- Fair and appropriate consideration of the interests of the other stake holders and of the environment
- Supports to the protection of the human rights, nondiscriminatory and fair labor standards, protection of the environment, ensure health and safety of the workers.
- Safeguard the confidential business information of Renata Limited
The code of conduct covers the following areas:
- Personal obligations
- Conflicts of interest
- Insider trading
- Compliance with the law
- Use of protection of business assets and information
All Renata employees must make all-out efforts to comply with the code of conduct. Noncompliance from their part will result in disciplinary actions which may include dismissal.
The law and adhere to high ethical standards should be followed by all the employees of the Company. While performing their job they should demonstrate social and environmental responsibility, professionalism and good business practice. Trust and integrity are the fundamental values of Renata. Employee should be familiar with good business practices relevant to their job and should implement their consistency.
Employees should use their good judgment and common sense in all situations when the requirements of the law or good business practice seem to be unclear. In such a situation, employee should seek for suggestions/advices from his/her superior.
Conflicts of interest
- The interest of Renata should be in the mind with most of the priority while conducting a business transaction.
- The employee of Renata can’t get any additional personal interest by using his/her position in the Company. Situation conflicting with the personal interest of the employee and the responsibility of the employee in Renata should be avoided.
Each employee has the right to get due and fair respect and the recognition for his/her cultural, racial, national, regional, gender and also religious standings from his/her colleagues in Renata.
Business dealings should be made in the manner of maintaining the full interest of Renata limited; the official dealings should remain secret to anyone including friends and family.
It should cover the following areas
- Compliance- Nonviolence of antitrust law along with the respect to the principle of fair competition
- Agreement has to be verified- It should be legally compliant
- Prohibited agreements and arrangement. All agreements between competitors aimed at coordinating market behavior are prohibited
- Legal counsel involvement and government notification should be included in acquisition Intellectual property rights.
Compliance with the Law
- Compliance with the Labor Law
- Compliance with the Law of EHS
- Compliance with the Law of IRO
- Compliance with the other Law
Use of protection of business assets and information
- Good business practice with proper business security.
- Maintenance of proper business secrecy
- Safeguard to protect business information
- Respecting the academic freedom of information
Recruitment & Selection
Recruitment: is a process to attract qualified and prospective applicants for a specific position in an organization.
Renata commits to promote best employment equality practice in its efforts to eliminate discrimination and create working environments where are treated fairly and with respect. No written document is maintained its recruitment and selection philosophy is concerned. However the Company believes:
- To have a workforce that reflects the diversity of local communities and the believe that it can best serve the citizens of the country;
- All people should have an equal chance to apply for and be considered for jobs; Harassment, bullying and discrimination are not acceptable; and, People’s differences should be valued.
- Comply fully with and implement legal requirements and employment guidance;
- Ensure all employees are aware of the Company’s Employment Equality Policy Statement. through training and guidance;
- Create working environments that promote fair and equal opportunities; Develop, implement and publish plans for employment equality;
- Monitor the existing workforce and job applicants to see if the policy is working and take action to deal with under representation;
- Regularly monitor and review all employment procedures and make changes to them where they are found to be discriminatory.
- Take seriously any concerns that an existing employee or job applicant raises about discrimination, harassment or bullying.
- Compliance to have strict rules to ensure that the recruitment decisions are based on merit and the aim is to ensure that everyone has an equal chance to apply and be considered for jobs.
Future Focused Hiring
Renata hires for the future. While a new employee has to make economic sense for today’s tasks, the best hires are people who position as to profit the company as the business moves into the future. New people should provide the skills needed in the future, not just match the job demands of today.
The management of Renata believes that finding the right people to hire is much easier when a company first analyzes the job it wants to fill. Best is to determine what kinds of people do the best in a particular job? It is not difficult to have a top performer already in the job, the job of the recruiters to learn from them, observe their behavior, ask those questions and talk with their peers, to get a clear understanding what characteristics make them effective in their job.
Renata makes sure that its hiring process is legal. The process ensures Equal Employment Opportunity and avoids other discrimination.
Standardization of Process
The hiring process of Renata includes criteria-based screening of an adequate number of candidates, a background check, standardized assessments and structured interviews. The more important the position, the more rigorous the hiring process is.
A job analysis provides a list of the personal attributes required to work effectively in the role. This list of attributes is identified first by breaking down a person’s job into logical parts. Next, each job task is analyzed according to the knowledge, skills, abilities and attitudes required to perform the job correctly.
Internal Versus External Recruiting
Renata neither promotes largely from within the organization nor hire from the outside for vacancies at all levels. When there is a sudden vacancy in any position and someone within the organization is found suitable to fill the position, internal recruitment takes place. External recruitment is practiced when suitable candidates for a position are not found.
Renata always recruits people who have creative ideas. Here recruitment is part of constant development of business. Renata wants its employees develop innovative ideas which, if implemented, will bring about a great advancement to the organization.
Renata has developed a corporate culture where employees are not treated mere employees. They are treated as associates of the organization. Together they form a family and all associates are the members of the family.
Some of the common business reasons for hiring by Renata includes following:
- Replacements for turnover
- Current or future business expansion
- Upsizing the caliber of talent because top talent has become available
- Limiting the talent available in the market in order to hurt a competitor’s ability to staff adequately
- Learning from other firms
- Increasing the capability of the firm by adding new skill sets
Recruitment Method & Responsibility
Recruitment method refers to the process of discovering potential job candidates. Standard recruitment process will follow the guidelines given below:
- After receiving the approval from the Managing Director the Human Resource Department starts recruitment as per the preferred method recommended in the Staff Engagement Proposal Form.
- Human Resource Department can select one or multiple suitable methods of recruitment in consultation with the respective Department Head.
- HR Department always maintains a CV Bank in a suitable filing system so that they can be sorted out as and when required before going for costly recruitment process.
- HR Department should introduce an online application system in the website of Renata Limited so that any prospective candidate can apply for a suitable position any time. The HR Department checks the online applications daily and let the applicants know their application status on a regular basis.
- Without written approval from the Managing Director no such employment can be offered.
Manpower Approval Process
Manpower approval process of Renata is detail and systematic. The process is enumerated below:
- Managing Director & CEO is the sole authority to approve manpower for any business or function.
- Whenever a position becomes vacant the department head examines to see if the work can be redistributed amongst the remaining staff or not. If it is possible to redistribute then no such recruitment happens. When it is not possible then Renata depends on new recruitment.
- To recruit new employees the concerned department head will fill up the Staff Engagement Proposal Form and forward the same to the Human Resource Department. The Human Resource Department will evaluate the proposal and forward it to the Managing Director with comments if any.
- Before forwarding any proposal or recommendation to Managing Director, Human Resource Department should ensure that the Job Description and Person Specification are there with the proposal.
- Department Head is responsible for preparing the Job Description and Person Specification while Human Resource Department gives support to the Department Head, if required.
- After receiving the approval from the Managing Director, Human Resource Department keeps the original Staff Engagement Proposal Form and sends a copy to the concern Department Head.
- Only after receiving the approval from Managing Director the Human Resource Department can proceed for new recruitment.
- There will be an exception for Staff Engagement Proposal in case of the entry level field force and distribution of contractual labor. In this case the concerned Department Head takes approval from the Managing Director in the specified Staff Engagement Proposal
Form by 31st December every year which remains valid for next one year. During this period any replacement will not need the approval from the Managing Director. But for increasing the manpower of any Department the concerned Department Head must take approval from the Managing Director.
For any recruitment process HR of Renata follows the guidelines given below:
- Newspaper Advertisement: HR will make a draft for the newspaper advertisement and finalize the contents in consultation with the concerned Department Head. After finalization HR will send the advertisement to the Chosen news paper. The advertisement should be published in such a manner that it ensures the maximum visibility as well as mass coverage. HR considers the conciseness and attractiveness of the advertisement. In case of every vacancy advertisement, copies of the advertisement are placed on the notice board.
- Online Advertisement: HRD has a contract with bdjobs.com. HR Manager has full access to post a circular there. Sometimes HR Manager directly posts the advertisement or her assigned person post the advertisement to bdjobs.com.
- Notice Board Circular: A copy of the advertisement is placed on all the company notice boards for any recruitment so that the employees are informed about the recruitment process and can recommend suitable candidates, if any. It is needless to state that employee recommendation is a way to search good candidates but by no means will it carry any significance in the selection process.
- Interns: The Department Head can recommend an intern or a pre-selected person for employment. The intern must be interviewed and evaluated extensively. The pre-selected person has to be screened in accordance to the established selection procedure. All the documents or assessment in case of an intern along with a CV should be forwarded to the Managing Director for his evaluation and approval.
- Written Approval: Without written approval from the Managing Director no such employment can be offered.
- CV Bank of HR: The Human Resource Department all the time maintains a CV bank with the CVs forwarded to them time to time from different sources, and the retention for a CV should be at least six months from the date of receiving the CV. Whenever any vacancy arises for a single or few positions, HR considers these CVs for interview at first.
- Using Own Field Force: Sometimes it is found beneficial to engage field force to collect CVs from field, especially during a tight recruitment situation. The concerned Department Head can engage the field force in such activities in consultation with HR Department.
- Job Rotation or Transfer: In case of surplus employees prevailing within any department the concerned Department Head can recommend any of them for recruitment against any suitable position provided that the employee possesses the competency level for that position. The concerned Department Head then forward the CV of the surplus employee along with proven competency documents to the HR Department and the HR arranges interview of the person with the department head where the vacancy arises and if the person is found suitable, HR should forward those documents to the Managing Director for approval. Also any employee can apply against any vacancy with a clearance note from the Department Head.
Recruitment Process of Renata
Recruitment refers to the process by which organization locate and attract right people for the right position. Recruitment is one of the main functions of HR department. Recruitment may take place by the recruiters of the Organization directly or sometimes it may take place by an employment agency. To attract applicants through advertising (like- online, newspapers, advertisements placed in windows, through a job center, through campus graduate recruitment programs etc) is a usual part of recruiting process. Generate candidate pool by either internal or Sources of Recruitment Internal sources External sources external recruitment methods and evaluate candidates through selection process. Finally selection of candidates and job offer to the candidates.
In Renata, recruiters try to find and attract capable applicants. Recruiters identify job openings through HR planning or request by the manager. Once openings have been identified the recruiters learn job requirements by reviewing the job analysis information, particularly the job descriptions and job specifications. Recruiters also may supplement their knowledge about the job requirements with discussion to the concern manager. Select the recruitment method depending on the meeting with concern Department Head/ Manager. Either internal or external recruitment; if internal recruitment (presents employees/referrals/temporary workers/contractual employees/ internee) or external recruitment. Select candidates and job offer to them. Satisfactory level of recruitment is ended up.
Selection: is a process starts with gathering information from a candidate’s application and ends with selecting him/her for a particular position of an organization.
Selection Criteria at Renata
To select the appropriate candidate is very important because more attention is paid to the costs of poor selection. The selection decision has always been important as the way for a company to obtain the human resource that is appropriate for the job and company. Renata created selection criteria to make the selection procedure easier.
Developing good selection criteria is a very useful technique for outlining the particular needs of the department for a particular position. This process makes the selection procedure much easier, specific, straight forwarder and less subjective. The three standards followed in Renata are explained below:
- Job Relatedness
Job relatedness means that every standard must be specifically connected to the work to be performed on the job. All qualifications used to screen applicants in the hiring process are directly related to the job being filled. If, for example, there is a requirement for a bachelor’s degree, that standard is shown directly related to the position. A candidate with a Ph.D. (in a field not directly related to the position being filled) would not be more qualified than an applicant with a bachelor degree in a related field. If specific knowledge of budget procedures is given as a requirement, the position must require the application or use of that knowledge.
Minimum qualifications and selection criteria is always measurable and demonstrable. That means they can be measured objectively or clearly demonstrated by the applicant or the applicant’s past history. If a selection criterion called for “maturity” or “attitude,” there might be many interpretations of what those standards mean. Therefore it would be very difficult to measure the applicant against those vague criteria. A standard such as “demonstrated ability to work effectively with supervisors, peers, subordinates,” would much more closely fit the requirement of measurability and demonstrability. Demonstration of this agility is verified through references, letters of recommendation, and checks with previous employers. Even a criterion such as “good typist” is not as easily measurable as “ability to type 60 words a minute with only three errors.”
- Successful Completion of Work
Criteria listed as minimum qualifications or selection criteria must be necessary to perform the work successfully. If a bachelor’s degree is given as a requirement for the job, but it cannot be demonstrated that the actual degree is necessary for the performance of the job, then a criterion like bachelor’s degree or equivalent” is used instead. Relevance and quality of education may be considered in the selection process but must be shown to be necessary for the particular job at hand.
To train employees is a recent trend in our country. Organizations consider training as a prime concern. Training has become a standard process for the development of companies as well as personnel. Renata Limited is highly concerned about the training as an important and essential dimension. The phases of training process are:
Phase 1: Pre Training
The first phase is Pre Training. It determines the reason, method and process of training. To identify the specific job performance, skills need, to analyzed the skills and needs of the prospective trainees, and to develop specific, measurable knowledge and performance objective, instructional deigns are the part of this phase.
Phase 2: Training
Training is to provide the knowledge and techniques, to increase a person’s ability and aptitude.
Phase 3: Post-training
This phase states that there should be an evaluation and follow-up step in which the program’s successes or failures are assessed.
FINDINGS OF THE STUDY
HRM is a very enormousness and an elaborate section of overall management process. Behind every success or failure HR activities are considered the ultimate deciding factor. That is why Renata always gives high priority to the overall HRM practices. In the process of studying the issue, following aspects have been identified and deserve explanation:
- The company uses both internal and external sources of recruitment.The recruitment philosophy of Renata require having a workforce that reflects the diversity of people. It believes that all people should have an equal chance to apply for and be considered for jobs. Renata believes in equal employment opportunities. It discourages any type of discrimination.
- Mainly the executive level employees are recruited from internal source and employees and technical level employees are recruited from external sources. It makes sure that its hiring process is legal.
- Among the external sources, advertisement is extensively used. Renata strongly advocates the use of ″open″ advertisement. It feels that this type of advertisement is most helpful in building company’s reputation. Incidentally this causes a large pool of candidates, which makes the sifting time consuming and the entire process a difficult one.
- Managing director is the sole authority to approve manpower for any business or function. To recruit new employees the concerned department head fills up the staff engagement proposal forms and forward the same to the human resource department. The human resource department evaluates the proposal and forwards it to the managing director with comments if any. After receiving the approval from the managing director the human resource department starts recruitment as per the preferred method.
- On the job training is given to the employees and technicians. Sometimes managerial people are given scope to participate in training program organized by different professional institutions.
- The content of the training program designed on the basis of nature of business, needs of the employees and the organization. Training is given frequently in the organization by the immediate superior executives.
- The company follows market based wage and salary system for their employees, but they set a little lower compared to the other organizations.
- Different incentives, benefits like bonuses, festival bonuses, performance bonus, profit sharing, commission, provident fund, gratuity, medical insurance, group insurance, accidental insurance are prevailed in the organization.
- The company maintains compliance in operating its business. The provisions of Labor act 2006 are followed in the company.
- The labor-management relation in the company is acceptable. The company always tries to maintain good working environment.
- Renata recruits fresh graduates for entry level. For mid level and higher level they prefer internal recruitment. In case the competent candidate is not available then it recruits experience people from the same industry.
- The selection board is formed by the line executives and the HR professionals are also selected as a member of the board. In Renata, both the line managers and HR managers plays different role in the selection process. For initial screening, preliminary interview, Reference Checks, Medical Examination are performed by HR department. Departmental interview is performed by HRD.
- For the training purpose they use needs analysis, Organizational analysis, Task analysis and Person analysis are used widely.
- Renata provide various types of training and development to their employees like on the job training, off the job training, management development training, overseas training, field force training, manager training and training program for distribution assistant and data entry operator.
- Promotion is given on the basis of seniority and performance/merit in Renata. For filling up mid and top level vacancies Renata relies on internal recruitment. However, if a competent candidate is not available in that case only Renata goes for external recruitment.
- Renata provides various types of compensations and benefits to their employees. They also provide various types of leaves to their employees.
- Manpower forecasting is not carried out systematically in Renata. Forecasting is carried out for a period of less than a year. As such recruiting and selection is not based on long term perspective and is not systematic.
- The quality of recruits attracted by Renata is not up to mark. The recruitment and selection process is standard and unbiased. It is free from discrimination. Renata follows valid selection process. But the pressure enforced by concern department for filling up vacancy often distorts the selection process.
I would like to recommend the followings to improve of the HR practices in Renata to help the organization to achieve competitive advantage.
They are as follows:
- The selection procedure should be made less complex because time is important in this modern world.
- Time is important, but a valid selection process is also important. The HRD must ensure a valid selection process and should not compromise with time pressure as imposed by concern department to fill up vacancy.
- Internal recruiting is not always cost effective for higher level recruitment. Certain percentage of vacancies may be filled up by external recruiting to get more competent candidates. Even the company may go for global search.
- HR policy should be designed to attract more efficient workers for the organization for improvements.
- The compensation policy should be reorganizing to attract efficient people to the organization, because the basic salary is not high at Renata.
- Skill and knowledge based pay system should be introduced at Renata. It motivates employees to give their best performance.
- The women should provide better performance to the organization, for this they should be more trained.
- Discrimination related to gender and race should be strictly avoided. It will improve the working environment.
- Disabled people should be hired and placed in such positions where they can work easily.
- The workers should be well trained so that they can work without accidents and accident avoiding measurements should be taken to the factories.
- After every few days later there should be a drill for avoiding accidents like fire, thquake etc.
- E-learning should be introduced to the organization. It will increase productivity and efficiency.
- The contribution of employees to the organization should be recognized properly and provide feedback to them.
- Pay should be designed in such a way that employees understand it properly and recognize it as a fair, equitable and consistent.
Pharmaceutical companies provide both products and services. Renata is the most known and leading pharmaceutical company in our country. HRM is a very vast and an elaborate section of overall management process in any organization. Behind every success or failure HR activities are considered the ultimate deciding factor. That is why Renata always gives high priority in the overall HRM practices. I think its HR policy in Renata is ok, but if any problem arises then they should reduce it in a proper way. To prosper, they should develop their human resource or capital properly. As I am did internship at Renata so I am very grateful to the authority and Renata family. I wish that Renata will be number one pharmaceutical company in Bangladesh for its potential Human Resources Department.
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