HRM-370 (MID-TERM EXAM) AUTMN 23

Name: Nafiz Imtiaz Shakil

ID: 1920570

Answer To the Question No: 1

1: Employment
Employment includes all members of the labour force who are actively engaged in economic
activities and receive compensation or pay in exchange for their efforts. These people are
vital to the country's economy because they actively participate in the labour force,
contribute to the production of goods and services, and earn money. Working for an
employer, being self-employed, or doing freelance work are all examples of employment.
Those who work play an important role in sustaining the nation's economic vitality. Their
earnings are used for personal expenses, savings, and investments, boosting economic
growth.

2: Unemployment
Unemployment refers to people in the labour force who are not currently working for a
living. Unemployment can be divided into two categories:

Individuals Actively Seeking Work: This group consists of people who are actively looking for
work. They devote time and energy to job hunting, which includes submitting applications,
attending interviews, and utilising various job search resources. This category denotes a
thriving labour market with a pool of eager employees eager to contribute.

Expecting a Recall Following a Layoff: Some people may have lost their jobs due to
temporary circumstances, such as seasonal layoffs or company closures. Unemployed
people who expect to be rehired by their previous employer once their temporary situations
change are also classified as unemployed.

Unemployment is a key indicator of a country's overall economic health. High

unemployment rates can cause social and economic problems such as income inequality,
reduced consumer spending, and the need for government assistance programmes.
Unemployment rates are closely monitored by policymakers and governments in order to
gauge labour market dynamics and develop strategies to reduce unemployment and
promote economic growth.

Finally, distinguishing between employment and unemployment is critical for assessing a

country's labour market. Individuals who are employed are actively contributing to the
economy, whereas those who are unemployed are either actively seeking employment or
expecting recall. These categories provide important insights into a country's economic well-
being and help to guide policy decisions.
Answer To the Question No: 5

In Bangladesh, as in many parts of the world, organizations are acutely aware of the
significance of creating value for their employees through compensation packages. This
practice extends to incentives, benefits, and base pay, and is driven by several key
considerations.

To begin with, the competitive nature of the Bangladesh job market forces companies to
offer compensation that is competitive with industry standards and market demands.
Businesses understand the value of offering competitive base salaries in order to attract and
retain top talent. This is especially noticeable in industries that rely on specialised skills and
expertise, such as technology and finance.

Furthermore, employee retention is a top priority for Bangladeshi businesses. High turnover
rates can be expensive and disruptive to a business's operations. Companies frequently
develop strategies that include competitive compensation, such as retention bonuses and
long-term incentives, to keep valuable employees committed to the organisation.

Another important goal of compensation packages in Bangladesh is to motivate employees

and drive performance. Performance-based bonuses and rewards are commonplace in
structured incentive programmes. These initiatives encourage employees to perform well in
their jobs, which benefits both the individual and the organisation.

Furthermore, many businesses take a "total rewards" approach to compensation. This

approach includes both monetary and non-monetary benefits such as healthcare,
professional development opportunities, work-life balance programmes, and recognition.
Organisations strive to provide a comprehensive value proposition that goes beyond
monetary rewards by taking into account employees' overall well-being and satisfaction.

Market research and benchmarking are essential components of Bangladeshi companies'

compensation practises. They can tailor their packages to be competitive and appealing to
potential hires by understanding industry-specific compensation standards and best
practises. Compliance with local labour laws and regulations is also an important aspect of
Bangladeshi compensation practises. Employers must follow statutory requirements such as
minimum wage and other mandated benefits. Finally, economic conditions, including
inflation, influence compensation decisions. Companies must adjust their compensation
packages to account for rising living costs while remaining competitive.

Finally, it is clear that Bangladeshi businesses place a high value on developing value for
their employees through competitive compensation packages. This strategy not only
attracts and retains talent, but it also motivates employees, complies with regulatory
requirements, and adapts to changing economic conditions. By doing so, these businesses
contribute to their overall success and growth.