1.

1 Concept and Definitions of HRM

Concept of HRM

HRM is concerned with the human beings in an organization. “The management of man” is a
very important and challenging job because of the dynamic nature of the people. No two
people are similar in mental abilities, tacticians, sentiments, and behaviours; they differ
widely also as a group and are subject to many varied influences. People are responsive, they
feel, think and act therefore they can not be operated like a machine or shifted and altered like
template in a room layout. They therefore need a tactful handing by management personnel.”

HRM is the process of managing people of an organization with a human approach. Human
resources approach to manpower enables the manager to view the people as an important
resource. It is the approach through which organization can utilize the manpower not only for
the benefits of the organization but for the growth, development and self satisfaction of the
concerned people. Thus, HRM is a system that focuses on human resources development on
one hand and effective management of people on the other hand so that people will enjoy
human dignity in their employment.

HRM is involved in providing human dignity to the employees taking into account their
capacity, potentially, talents, achievement, motivation, skill, commitment, great abilities,and
so on. So, that their personalities are recognized as valuable human beings. If an organization
can trust, depend and draw from their bank account on the strength of their capital assets,
they can trust, depend and draw more on their committed, talented, dedicated and capable
people. This is what the HRM is involved in every business, managerial activity or
introduction. The principal component of an organization is its human resource or ‘people at
work’. According to Leon C. Megginson from the national point of view Human Resources
as, “the knowledge, skills, creative abilities, talents and aptitudes obtained in the population;
whereas from the . view point of the individual enterprise, they represent the total of inherent
abilities, acquired knowledge and skills as exemplified in the talents and aptitudes of its
employees.”

Human resource has a paramount importance in the success of any organization because most
of the problems in organizational setting are human and social rather than physical, technical
or economical failure. In the words of Oliver Shelden, “No industry can be rendered efficient
so long as the basic fact remains unrecognized that it is principally

Definitions of HRM

There are two different definitions. The first definition of HRM is that “It is the process of
managing people in organizations in a structured and thorough manner.”(4) 5 This covers the
fields of staffing (hiring people), retention of people, pay and perks setting and management,
performance management, change management and taking care of exits from the company to
round off the activities. This is the traditional definition of HRM which leads some experts to
define it as a modem version of the Personnel Management function that was used earlier.

The second definition of HRM encompasses “The management of people in organizations

from a macro perspective, i.e. managing people in the form of a collective relationship
between management and employees.”*^ This approach focuses on the objectives and
outcomes of the HRM functions. It means that the HR function in contemporary
organizations is concerned with the notions of people enabling, people

development and a focus on making the “employment relationship” fulfilling for both the

management and employees

What Is a Human Resource?

William R. Tracey, in The Human Resources Glossary, defines Human Resources as: "The
people that staff and operate an organization," as contrasted with the financial and material
resources of an organization. A Human Resource is a single person or employee within your
organization.
Human Resources is also the organizational function that deals with the people and issues
related to people such as compensation, hiring, performance management, and training.

Employee Management and Employee Performance Management

Looking for information about supervision, leadership, management, and performance

management? Find information about supervision, leadership, management, and performance
management here.

Business Management and Policies for Workplace Management

Looking for information about business management, stress management, policy

development, and workplace management? Find information about business management,
stress management, policy development, and workplace management.

Motivation, Coaching, Training, and Education for Employees

Looking for information about any aspect of human resources, motivation, coaching, training
or education for your business or organization? You've found the right resource. Here are all
the resources you'll need to effectively start, manage and develop your human resources
department and all aspects of your business. Find information about motivation, coaching,
training or education.

Career Education, Self Help, and Job Search

What can you do to build your career? These sites provide career builders, career
education, career planning, career counseling, career development, and job search
information for you. Look for job openings, job-hunting essentials, executive search
strategies, temporary employment ideas, and more.

Boost your own career or locate staff by exploring these job search and employment sites.

Four Types of Visitors Will Benefit from This HR Section

This Human Resources site offers support and assistance to four types of visitors:
  People who work in or manage any aspect of human resources including training,
organization development, benefits, and more; (The site offers resources for people
who are beginners, mid-career, and later-career professionals.)
 People who manage, lead, or supervise people;
 People who want to increase their personal effectiveness and success or career
effectiveness and success; and
 People who want to improve their ability to work effectively with people at work.

1.3 Objective of the Report:

To identify the training and development process of Lucky bazaar.

To analyze the performance management system of Lucky bazaar.

To perform the understanding of recruitment and selection process of Lucky bazaar.

To find out the Employee Benefit and Facility of Lucky bazaar.

To make a recommendation for the problems.

1.4 Scope of the Report:

Scope means area of operations or field of the study. The scope of this report was extended to

the Human Resource Management Practices of IFIC Bank limited.

1.5 Methodology of the Report:

Both primary and secondary data sources were used to generate this report. Primary data

sources are informal discussion with professionals and observation while working in different

desks. The secondary data sources are annual reports, manuals, and brochures of IFIC Bank

Limited and different publications of Bangladesh Bank. To identify the implementation,

supervision, monitoring and repayment practice- interview with the employee and extensive

study of the existing file was and practical case observation was done.

Primary data sources:

Schedule survey

Informal discussion with professionals

Observation while working in different desks etc.

Secondary data sources:

 Previous internship reports

 Corporate newsletters
 Manual
 Different publications HR

1.6 Limitation of the Report:

There were some problems while I am doing internship. A whole hearted effort was applied

to conduct the internship and to bring a reliable and fruitful result. In spite of having the

wholehearted effort, there exit some limitations, which acted as a barrier to conduct the

program. The limitations were noted below:

Lack of adequate practical knowledge about modern HRM practice.

In many case up to date information is not published.

Unwillingness of the busy key persons.

Unavailability of sufficient documents as required making a comprehensive study.

Company policy should not disclose the confidential matters for many reasons.

Only limited access to human resource policy top personnel are allowed. ©Daffodil
International University
Chapter- II
2.1 Introductions of Organisation:

Lucky Bazaar

2.5 Organization Hierarchy:

 Adviser Chairman

 Managing Director

 Assistant managing

 Director

 Deputy Managing Director

 Senior Executive vice

 President

 Executive Vice President

 Vice President

 Assistant Vice President

 First Assistent Vice

 President

 Senior Principle Officer

 Principle Officer

 Senior Executive Officer

 Management Trainee

 Officer

 Executive Officer

 Officer

 Board of Director