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LETTER OF TRANSMITTAL
November 29, 2011 MS.SILVIA AKHTAR Independent University, Bangladesh Subject: Recruitment and Compensation System of an Organization in Bangladesh Dear Ms. Silvia As our due date for the term paper is on November 29, 2011, we are submitting you the report entitled Recruitment and Compensation System of an Organization in Bangladesh. The purpose of this report is to understand the strategies used by a company for Recruitment and compensating its employees for various business needs. The report tries to provide the entire Recruitment and Compensation System of a local company in Bangladesh. It includes an overview of the company chosen, its structure, and the recruitment and compensation strategy used by the company. This report reviews in details the recruitment and compensation components and all the recruitment process and compensation and non-compensation dimensions used in the company for its employees. We hope this report will prove to be satisfactory.
Respectfully yours, _______________________ Mariyam Abedin(On behalf of Team Unity)
Ms. Mr. We would like to express our sincere gratitude and appreciation to my supervisor. Page 3 . It would not have been possible for me to complete this report without her help. advice and overall supervision. Head Office. This report entitled RECRUITMENT AND COMPENSATION SYSTEM OF United Commercial Bank Ltd. Gulshan). we would also like to thank each other of this “RED –BULL” group without the cooperation and efficiency of the every group member this report completion won’t be possible. Equally. Silvia Aktar. This constant encouragement and supervision throughout the period of this study have been greatest inducement for us and directly contributed to the accomplishment of the task. along with others who has been supportive through our report. we are also indebted to Mr. Gulshan). Mia Mohammad Quamrul Hasan Chowdhury (Deputy Managing Director And Head of the Department Of Human Resource of United Commercial Bank. Mamun-ur-Rashid (Deputy Managing Director of United Commercial Bank Head Office.ACKNOWLEDGEMENT All praises are due to Almighty Allah who enabled us to complete this report.
The goal of this report is to link real life experience with whatever topic we are learning from this course. Throughout this report we analyzed the company overview. We entirely covered all the recruitment process of the selected organization and all the compensation strategies that UCBL follows for the employees of all level. Page 4 . We also gone through a questionnaire to collect all the required information related to the topic of the report.Executive Summary This report is presented to fulfill the requirement of HRM 301 course in BBA program. recruitment process and compensation strategies of United Commercial Bank Ltd.
(UCBL) Selection Process Total Compensation and Benefits Package of UCBL Recommendation Conclusion Appendix 26 27-28 12-18 19-24 25 OBJECTIVE Page 5 . Commercial Bank Ltd.TABLE OF CONTENT Name of the Topic Letter of Transmittal Acknowledgement Executive Summery Abbreviation Objective Methodology Limitations Contact Person Company profile Management Hierarchy of United 11 5 6 7 8 8 9-10 1 2 3 Page No.
To recommend ways and means to solve problems differences in practical & theoretical differences in the recruitment process and compensation strategies. Comparing United commercial Bank Limited’s selection process and compensation strategies with Human Resource theory. Specific Objectives Gaining practical knowledge in implementation recruitment process and compensation strategies theory.General Objective This study is a partial requirement of the course on Human Resource Management. METHODOLOGY Page 6 . The general objective of the study is to develop a clear understanding about the recruitment process and compensation benefit strategies in Bangladesh. Making a precise picture of the present situation of employment procedure and compensation strategies in Bangladesh. For making a general evaluation of United commercial Bank Limited’s activities across Bangladesh.
Some officials were not prepared to give the data which could have helped to prepare this report better. Limitations We have faced some barriers or limitations for making a complete and perfect report. These barriers or limitations are as follows: • • • The organization maintains confidentiality about certain information. Less analytical power Company Profile Brief Background of UCBL: Page 7 . They were not willing to give any kind of internal information.Both primary and secondary data sources were used to generate the report.
Management Hierarchy of United Commercial Bank Ltd. Mission Statement of UCBL: United Commercial Bank Limited always tries to meet the demand of the customer and to solve most of their expectations. Vision Statement of UCB: United Commercial Bank Limited wants to be the market leader in the local banks in Bangladesh. the Bank has already made a distinct mark in the realm of Private Sector Banking through personalized service. innovative practices. They have added 100 branches with 21 Authorized Dealer (AD) branches with their name. commerce and industry thorough a creative credit policy (Annual report 2009-2010). With its firm commitment to the economic development of the country. (UCBL) Page 8 . Their main theme is to think from the bottom line of the customers mind to provide their comfort (Annual report 2009-2010). But they also have the contract with Dutch Bangla Bank Limited to use their booths in all over Bangladesh by the UCBL customers. Their target is to be the highest profitable bank in local banking sector (Annual report 2009-2010). aiming to play a leading role in the economic activities of the country. They have total online banking facilities along with no charge in the local transactions. The Bank.United commercial Bank has started their operation in Bangladesh as a local bank in 1983. They have 10 (Ten) Automated Teller Machine (ATM) Booth in Chittagong Sylhet and Dhaka division. dynamic approach and efficient Management. is firmly engaged in the development of trade.
SELECTION PROCESS OF Successful selection activities entail a lot of careful planning & careful thought. which are given below: Page 9 . The standard pattern of selection activities are of seven steps.
At the United Commercial Bank Limited. the applicants passed in the employment written test are called. By comprehensive interview effectiveness. realistic job previews & behavioral interview are measured. They are mailed an invitation for the viva-voce for their post. Page 10 .Interview Comprehensive interview is a selection device used to obtain in-depth information about a candidate.
The test report directly goes to the Human Resource Department and the applicants are not permitted to see it. For permanent job offer they have to pass background examination & medical test steps. At the National Bank Limited. Testing methods United Commercial Bank Limited recruits employees on the basis of newspaper circulation & by online e-application on National Bank Limited’s web site. And if any disparity is found the applicant is not allowed confront the interview committee. Medical/Physical test Medical/physical test is the step where applicants’ physical fitness for essential job performance is measured. United Commercial Bank Limited does not carry the medical fees. The certificates are tested here with the application form information. In this step the theory & practical process is same. Background examination Background examination is the process of verifying information job candidate provides. The applicants are kept unknown about the background enquiry source. It is to be carried by the applicant himself. educational accomplishments etc. The passed applicants are given conditional job offer.The applicants have to bring their original educational certificates for producing the same before the interview committee. This can include candidate’s former employers to confirm candidates work record & to obtain their appraisal of his or her performance. The applicants are to go for a medical check-up to the authorized medical center by United Commercial Bank Limited. At the e-application section candidates are obligatory to drop their CV & on the foundation of United Commercial Bank Limited’s vacancy & precedence candidates are required to follow their selection procedure as follows : Page 11 . the Human Resource Department scrutinizes the background of the applicant and tries to find out all ins and outs of the respective applicant.
Step 4: Background examination The Human Resource Department scrutinizes the background of the applicant and tries to find out all ins and outs of the respective applicant. Such as teachers training college of Dhaka. Step 2: Employment test The Human Resource department mails the admit card to the applicants who have completed the online application successfully via post card. Page 12 . Step 3: Comprehensive interview The applicants passed in the employment written test are called by the bank. The employment test typically holds in any government major educational center. Step 5: Medical test The applicants are to go for a medical check-up to the authorized medical center by National Bank Limited. English and the respective job questions. The questionnaire of the test is based on mathematics. The applicants are kept unknown about the background enquiry source. They are mailed an invitation for the viva-voce for their post. The certificates are tested here with the application form information. It is usually held on 100 marks. etc. The passed applicants are given conditional job offer. National Bank Limited does not carry the medical fees. The test report directly goes to the Human Resource Department and the applicants are not permitted to see it. The applicants have to bring their original educational certificates for producing the same before the interview committee. For permanent job offer they have to pass background examination & medical test steps.Step 1: Completed application The application form is given in the online and completely filled applications are carried forward for the preliminary test (employment test). And if any disparity is f ound the applicant is not allowed confront the interview committee. It is to be carried by the applicant himself.
At the amalgamation day. steps are passed successfully.Step 6: Permanent job offer If the 6th. COMPENSATION AND BENEFIT PACKAGE OF UCBL Objectives This chapter outlines the rules relating to compensation structure and the benefit package of the Bank and gives detailed procedures for exercising them in order to promote fair treatment and consistency within the organisation. Page 13 . If he leaves before completion of 5 years confirmed service or during the probation period he will have t refund to the bank 50% of total salary and allowances drawn to him. the applicants are bound to sign up a ‘Letter of Undertaking’ for five years continuous service to the bank from the date of confirmation. Human Resource Department of National Bank Limited sends an ‘Appointment as Probationary Officer’ letter. and the 7th Medical test. Background examination.
Page 14 . Basic Employee Benefits for Permanent Employees Provident Fund The Company's Provident Fund is a funded scheme. These departments maintain personal file of all employees where all records in regards to the employee are kept in addition to any soft copy (in computer database) maintained by the departments. equal to 10% of the basic salary.. if necessary. Employee Compensation Records Employee Pay Records are maintained by the Personnel & Admin Department for Workers and Supervisors and by the Human Resource Department for the Executives. The Company's Provident Fund is a funded scheme. Finance and the Chief Executive. All confirmed and permanent employees are entitled to be members of the Provident Fund. Admin/HR. both the employee's and the Company's contributions are accredited to the individual employee's account. Revision of Pay Elements The compensation structure may be revised. head). These records are confidential and should not be accessible to any unauthorised persons (authorisation defined by HR or Personnel & Admin dept. with the approval of the Director.Salary Structure Refer to the Salary & Remuneration Package Structure for Supervisors and Executive Staff of UCBL for details regarding the structure of salary and allowances for different units under UCBL. and Head of the Dept. is deducted each month through the payroll. In the Provident Fund Ledger. All long-established and enduring employees are at liberty to be members of the Provident Fund. The employee contribution.
Outside the Dhaka city.Bonuses All confirmed Permanent employees of United Commercial Bank Limited are entitled to one Annual Bonus each equivalent to “Basic Salary” under the following conditions: Attendance in the Calendar Bonus Entitlement Year 200 days + 90 days + 100% of the Bonus 50% of the Bonus Accommodation The Bank on the basis of requirements and availability provides accommodation to UCBL’s Top Executives at their own established facilities in Dhaka city. the Bank provides expenses for the accommodation. Manager 2. Utilities Allowances Electricity Designation (Limit/Month) Taka Gas (Limit/Month) Taka Water (Limit/Month) Taka Telephone (Local & NWD) (Limit/Month) Taka Manager / Sr.500 At Actual At Actual At Actual Page 15 .
though can be utilised for being in contact with the family members. a mobile telephone provided to a permanent or contract employee. if necessary with logical discretion due to the high cost of mobile phone usage. IT upon approvals of the employee’s Department Head and In charge of the site/factory if applicable. To receive this benefit. and then they forwarded that bill to IT department. if it is in the name of the Bank. a written application should be forwarded to the Department Head. so payments can be made by the company. Medical Benefits Medical Benefits for the Executive Staff Page 16 . The mobile phone is to be used first and foremost for business purpose. Mobile Telephone Based on the UCBL’s business need.Electricity Designation (Limit/Month) Taka Gas (Limit/Month) Taka Water (Limit/Month) Taka Telephone (Local & NWD) (Limit/Month) Taka EVP and above At Actual At Actual At Actual At Actual Other employees 1500 450 1000 No The Accounts Department will make compensation payment to the employee within 30 days from the date of submission. Telephone bill has to be forwarded to the HR department.
middle management get allowance for driver and fuel cost but need to buy the car with own expense where loan facility is available from the bank/interest redemption) LOAN SCHEME – All employees are eligible to any purpose loan provided they have served the organization for 2 years Recommendation Based on the above study we have made some suggestions or recommendations Page 17 .The bank will compensate the cost of authorised medical treatments in Bangladesh including hospitalisation. Car purchase scheme has to be changed into(for the top management. Expenditure on medical treatment of Executives is reimbursed by the company. and for all necessary maintenance/repair and administrative cost of the vehicle. surgical and childbirth subject to the conditions mentioned here. The Bank reserves the right to approve the Medical Practitioner consulted. Reimbursement of the cost will be restricted to the treatment of the executive. Every employee is not getting the medical benefits. Driver’s salary. Dental treatment included as defensive measures. Car Purchase Scheme Board of directors are entitled to 24 hours company paid transportation. the Bank will reimburse for ‘Upper and Lower’ dental cleaning twice a year. The company also pays for the fuel at cost. spouse and children.
For example in Bausundhara branch has maximum account with NSU students. • The conditional job offer obtainers go for the medical test where the cost is borne by the applicant. So they should start ‘Call The Applicants’ system along with mailing the invitation cards. They do not to stick themselves into any bounding. • United Commercial Bank Limited does not call the applicants. They only mail the invitation cards. every student can be offered to open their account free of service charge. So the bank should lessen the time period of bonding or call off the bond signing. For the 1th one year or they can be provided with cost effective gift. • United Commercial Bank Limited can perform initial screening step in their selection process because it’ll save time for the organization to select the best suitable applicant. So when this tuition fees taking period’s starts. • United Commercial Bank Limited should sorts the best according to the CGPA obtained and the university ranking at the initial screening step. CONCLUSION Page 18 . Sometimes mailing needs more time in our country. Especially they pay their tuition fees here. But it should be borne by the bank so that it can increase the bank’s reputation. • The 5 years bond for is a great impediment for many of best applicants.Seasonal promotional activities: • Different kind of seasonal promotional activities can be taken for attracting more customers.
It could have been better. we came up with some recommendations. Reference Page 19 . Finally. In our study we have tried to focus on the pay differences. if we might have worked with all types of banks. Here in our study we have worked with only one type of bank. There are some components that are taken into consideration during pay in our country.This study research has been focused on the compensation system. practiced by UCBL private banks of Bangladesh. possible reasons of using different pay components used by the banks in our country. which can be used for both of the banks so that they can perform better. but it varies significantly among banks regarding pay.
Retrieved November 20. Mamun-ur-Rashid (Deputy Managing Director of United Commercial Bank Head Office. Head Office.ucbl. Mia Mohammad Quamrul Hasan Chowdhury (Deputy Managing Director And Head of the Department Of Human Resource of United Commercial Bank. Gulshan) APPENDIX Questionnaire Page 20 . Gulshan) • Mr. 2011 Website: http://www.htm Contact Person • Mr.com/contact_us.
What type of question includes in the questionnaire? 9. What are the marks for the exam? 8. Where UCBL circulates for recruitment? Newspaper or online? 3. Do they have any initial screening for the online application? 5. Who are called for the preliminary test? 6. How UCBL starts the selection process? ANSWER 2.Primary information from United Commercial Bank Limited(UCBL): QUESTION 1. Where does the test typically hold? 7. Who are usually in the interview committee? Page 21 . Do they utilize electronic method or traditional hand written application? 4. How the past applicants are called for the next comprehensive test? 10.
How long is the compulsory service period for the new employee? 18. Is there any there steps excluding the proceedings? Page 22 . What instruments applicants are to bring in the interview? 12.11. Is there any need of bond signing? 17. Who does bear the cost of medical cost? 16. Do passed in the interview get conditional job offer? 13. What about the background investigation? 14. Is medical check-up is done? 15.
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