Compensation Management Practices in BSCIC Industrial Estates: A Study of Rajshahi Division

Abstract

Abstract Compensation management practice is one of the most important activities of human resource management. An organization can go to the peak position by dint of a proper compensation management policy which can ensure the utmost employee satisfaction and loyalty to the organization. A proper compensation management practice is consisted with the issues regarding basic wages and salaries, fringe benefits, employee retention, employee turnover and gender equality. BSCIC is one of the most important institutions which is working with the development of small, cottage and medium scale enterprises of Bangladesh. BSCIC industrial estates are accelerating the industrialization of Bangladesh with facilitating land, loan, consultation and other infrastructural development. But the compensation for the employees working there in are always being ignored. No study has been performed yet to find out the scenario of compensation for the employees. Therefore, this study is aimed at revealing the present scenario of wages and salaries, existing fringe benefits, position of female workers and their wages and salaries, wage and salary discrimination, employee turnover, employee retention policy and so on prevailing in industrial units in industrial estates of BSCIC. The study is basically performed on quantitative data along with significant amount of qualitative data. So, the mixed approach has been used in the study. The study area covered the industrial units in industrial estates of Rajshahi, Bogura and Naogaon. Both primary and secondary data have been used. Managers/owners/entrepreneurs and workers/employees of the selected industrial units of BSCIC industrial estates, KII and FGD have been considered as the sources of the primary data. The sources of secondary data are the publications of BSCIC's MIS division, articles, reports, daily newspapers, journals, books, govt. gazettes, related policies, rules and regulations, published and unpublished dissertations and various websites.