Like the unique Sundarbans that lies at an active delta, the organizational HR trends in Bangladesh stands at a pivotal moment of transition. The independent nation is moving from being a developing economy to an emerging economy, which means there is also a significant shift in people’s expectations and values. In fact, with transformative movements like Globalisation and the IT revolution, people are now better informed about the world, work, and the facilities that modern life has to offer.
Some of the key outcomes of the emerging Human Resource trends in Bangladesh are the new generation of employees that are increasingly concerned about their work-life balance, the meaning of their work, and where they stand in relation to the work.
However, before we delve into the emerging HR trends in Bangladesh, it is necessary to take a look at the challenges of Human resource in Bangladesh.
Challenges of Human Resource Management in Bangladesh
Owing to the emergence of modern HR practices in Bangladesh around the world and the measures that need to be implemented to adopt them, the following are the challenges of human resource management in Bangladesh that need to be addressed:
- The lack of a friendly business environment
- The lack of internal training and development programs for leadership development. More than 25% of organizations do not conduct a training need analysis and do not provide training to employees on a regular basis.
- An ageing workforce and the changing demographics of the workforce
- Innovation in technology and a changing market
- Orgnizational challenges such as workforce diversity, organizational objectives, downsizing, and business process reengineering
- Environmental challenges such as the Globalisation movement and changes in economic outlook, change in socio-cultural-political environment, and technological changes
- Lack of retention programs. About 95% of organizations do not provide long-term incentives to retain employees.
- More than 55% of organizations claimed to not have any defined rewards and recognition programme.
As stark as these statements and figures may look, it also signifies the steps that are being taken overcome the HR challenges in Bangladesh. The following section displays the changes that indicate progress in terms of strategic Human Resource in Bangladesh.
Top 10 HR trends in Bangladesh
“Change is the oximeter for survival.”
In the predominantly industrial economy of Bangladesh, the past two years have been certainly challenging. With the arrival of the pandemic, lifestyles have been in a state of constant change and people are attempting to reconcile with the new normal in their personal and professional lives.
Technology and innovation is the way forward, and employers need to find a way to do right by their employees. Following are the emerging HR trends in Bangladesh that signify a shift its HR practices in Bangladesh.
1. Maintaining a safe and healthy environment
Employers are currently facing a pressure point to maintain a work environment that is safe and healthy. At a time when employers are being watched for how they respond to such a turbulent environment, it is not only important for them to legally meet the health requirements, but must also do their part in being socially responsible.
2. Training employees to be digitally savvy
Technology, digitalisation and innovation has always been on the table for many organizations, but the pandemic has only made the need to adopt it more urgent. A virtual company culture and online presence has become the new normal, and remote working a necessity.
3. Bringing HRM to the corporate board
The role and importance of Human Resource Management Practices in Bangladesh is on the rise. Several companies have established separate HR departments and hired professionals with the relevant knowledge, skills, and experience. The HRM department has taken a seat at the table of the corporate board.
In addition, most public and private universities in Bangladesh are now offering courses with specialization in Human Resource Management, which only asserts the point of its the role’s ascent.
4. Shift in recruitment and selection practices
Organizations in the private sector are beginning to emphasize on competency-based approaches in their recruitment and selection practices. They are also moving away from the traditional view of educational qualifications and experience and focusing more towards individual achievements and skill-related competencies.
5. Talent sourcing through social networking
In this major HR trend in Bangladesh, we see organizations gradually moving towards social networking platforms like Facebook and LinkedIn and away from being dependent of traditional medias and notice boards for their talent sourcing requirements.
6. Increasing investments in employee training and development
Automation and technological changes have placed increased pressure on organizations to upskill and train employees in order to compete in the globalized market of Bangladesh. Rapid industrialization has also intensified competition for talent. With the talent war, organizations are now realising the importance of employee retention techniques such as training and development activities and establishing HR departments for improved communications.
7. Mental awareness and empathy
Job cuts and downsizing where at their high during the pandemic, but was also a necessary measure for an organization’s survival. Changes such as these not only causes mental distress among those who have lost their jobs, but also affect employee morale.
8. Outsourcing the HR function
Some matured organizations are also using the HR outsourcing strategy to enable their internal teams to focus on organisational tasks that cannot be outsourced. Solutions such as developing custom systems for managers and employees are helping organizations streamline their functions with the help of coordination and the right expertise.
9. The introduction of performance-related pay (PRP)
Private sector organziations, such as multinationals and leading local organizations in Bangladesh have introduced performance-read pay as their criteria for pay and promotion. However, public sector organizations still lag behind in implementing these progress practices because of legal complexities.
10. Installing modern technology and adopting Human Capital Management systems
Technology has brought renewed HR trends in Bangladesh and has changed everything to a great extent, such as the process of recruitment and training techniques. These are being being increasingly leveraged to train young & educated workers. Banks and private institutions are increasingly adopting Human Capital Management systems which is marked shift towards a great and promising change.