Human Resource Management Practices of Pharmaceutical Industry in Bangladesh: A Case Study on Aristopharma Ltd.

Abstract

Now-a-days pharmaceutical industry is going through an intense competition. In order to gain competitive advantage industry must have to focus on customer satisfaction as well employee satisfaction. Because employees are the direct service provider to the customers. So, the success of any industry largely depends upon the service of employees. It is a great challenge for any organization how efficiently they manage their human resource. This report has emphasized the human resource management practices at Aristopharma Ltd. Aristopharma Ltd performs several tasks in order to properly manage its employees. They start their HRM practices with HR planning by which they define their current manpower and future need of manpower. They select employees both from internal sources and external sources. Most of the cases they prefer to recruit lateral employees. Aristopharma Ltd has its own HR training and development center to train up the employees. Sometime they hire trainer from other training institutions. In the case of foreign training they maintain training bond. Aristopharma Ltd follows 360-degree performance appraisal method which is based on ratings system. They use the appraisal result for promotion, incentives, and punishment. They score the appraisal on 100 marks. On the basis of these score performance appraisal is given. Along with the highly attractive compensation package Aristopharma Ltd provides some other benefits like, provident fund, gratuity, death benefit, retirement benefit and so on. By properly performing these tasks HR division of Aristopharma Ltd plays a vital role on the progress of the industry.