Human Resource Practices in The Context of IDLC Finance Limited

LETTER OF TRANSMITTAL

Tasnim Rezoana Tanim

Department of Management

North South University

Bashundhara, Dhaka.

Subject: Report on Human Resource Management of IDLC Finance Limited.

Dear Mam,

It is our great pleasure to submit the report on “Human Resource Management of IDLC
Finance Limited” to you. We have prepared this report, as a part of the course Human resource
management. To make this report up to the standard we tried our best to fulfill the requirements
by implementing the knowledge we have gather from the course.

We have tried our level best to make this report holistic & informative enough. Besides this,
there may be some shortcomings. We would be grateful if you consider those from excusable
point.

Sincerely yours,

Ahasanul Kabir-1511017630

Touhidul hasan shanon- 1512066030

Sheikh Sayma siddika- 1511241030

Anowarul Islam- 1510340630

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 Human Resource Practices in The Context of IDLC Finance Limited

Executive Summary

We are doing the report on human resource management of IDLC Finance limited. By this we
find out how IDLC Finance manages their human resources. First, we find out the condition of
the office that their office is friendly and also formal. Their employee has the rights to give
opinion on decision making process. Then we find out their employee hiring process. They
follow quite simple and traditional way. For new employee, they verify them by police
verification. For experience employee, they verify them by their past organization. Each
employee goes through to test one is written another one is viva. They have own training
institute for train their employee. They train their employee by both on the job training as well as
off the job training. They also offered various types of benefit like EID bonus, Pahela Boishakh
bonus, loan facilities & many other facilities with their employees. After overall doing the
research we found out that IDLC Finance limited taking care for their employee. They try their
best to improve the condition of the employee

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Table of Content

Introduction 5

Methodology 5

Background of IDLC Finance Limited 5

Team Leadership Management 7

Current Human Recourse system in IDLC Finance Limited 7

Recruitment 7

Selection Process 9

Training and development 10

Benefit offered11

Implication of Strategic Human Resource Management(SHRM)

Recommendation: 12

Conclusion 13

Reference 14

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 Human Resource Practices in The Context of IDLC Finance Limited

Introduction
IDLC was initially established in Bangladesh in 1985 through the collaboration of International
Finance Corporation (IFC) of the World Bank, German Investment and Development Company
(DEG), Kookmin Bank and Korean Development Leasing Corporation of South Korea, the Aga
Khan Fund for Economic Development, the City Bank Limited, IPDC of Bangladesh Limited,
and Sadharan Bima Corporation. As the company evolved, initial foreign shareholding of 49%
was gradually withdrawn and the last foreign shareholding was bought out by local sponsors In
2009.

Although they initially started with Lease Financing as their core product, IDLC has grown to
become the largest multi-product Non-Bank Financial Institution of Bangladesh, with almost
equal focus in Corporate, Retail and SME sectors. Moreover, IDLC has a significant presence in
the Capital Markets. Their merchant banking arm, IDLC Investments Limited, a wholly-owned
subsidiary of IDLC is a premier brand for investment banking in the country. Their stock
brokerage arm, IDLC Securities Limited, another wholly-owned subsidiary of IDLC is also
amongst the top five brokers in the country.

Over the years, IDLC has attained a significant presence in the corporate sector of Bangladesh.
IDLC is highly respected by their clients, peers, employees and regulators for their strong
corporate governance, statutory compliance, high ethical standards, a progressive and enabling
working environment, and strong commitment to environmental and social development.

Subsidiaries

IDLC Finance Limited has three subsidiaries.

1. IDLC Securities Limited

2. IDLC Investments Limited

3. IDLC Asset Management Limited (AML)

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Vision

 We will be the best financial brand in the country.

Mission

 We will focus on quality growth, superior customer experience and sustainable business

practices.

Strategic Objectives

 Grow and develop our talent pool

 Fully leverage new core banking platform
 Optimize distribution points
 Grow and diversify funding sources
 Grow sales and service capabilities in Consumer Division
 Aggressively grow SME portfolio
 Focus on top-tier clients in Corporate
 Consolidate capital market operations and enhance capabilities
 Embrace internationally accepted corporate governance and sustainable business
practices

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Human Resource Practices in The Context of IDLC Finance Limited

PRODUCTS AND SERVICES:

IDLC’s services are divided into 4 divisions and these four divisions are divided into several
sub-divisions. The 4 divisions are:-

1. Corporate Division

2. Consumer Division

3. SME Division

4. Capital Market

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Employee Relation & Workplace Environment

Fostering a healthy workplace One of IDLC goal is to move towards a comprehensive approach
to creating a healthier workplace. This is in the best interests as individuals and the institution as
a whole. Employees enjoy favorable working hours so that they can ensure a balance between
professional and personal interests. IDLC ensures that the workplace health and safety complies
with internal health and safety policies and procedures. It also develops, coordinates and
implements strategies to prevent workplace injuries and illnesses and sets standards for health
and safety training. In this regard, it arranges training on fire fighting, vaccination programs and
monthly health check-ups by a prescribed physician. Moreover, IDLC covers hospitalization
insurance to ensure holistic medical security of its employees and also, group life insurance
schemes cover the unforeseen risk of death as well. Moreover, special accidental issues related to
the employee and his/ her family members are reviewed by the HR and Compensation
Committee to compensate them in any way possible. Work Environment at IDLC At IDLC, we
appreciate effective internal communications and free flow of ideas, creativity and innovation,
fairness, commitment, teamwork and highest standards of professional excellence and integrity.
Equal Opportunities for All IDLC always committed to maintain a positive environment in
workplace, free from any discrimination in terms of gender, age, race, religion, creed or any
other criteria. We ensure equal opportunities for all in terms of recruitment, selection, promotion,
training, development and rewards. Positive Working Environment We strive to maintain a
friendly and respectful environment at all times that motivates employees to give their best and
contribute to their full potential. We have created an environment of trust and support within the
organization to enable everyone to work together as a team, while at the same time encourage
individuals to be innovative and creative within their own roles. Senior Management is
accessible at all times to provide guidance when required, and encourage ideas that contribute to
business performance and continuous improvement.

We are proud to state that favorable job responsibilities, comfortable working environment and
adequate maternity benefit policies are gradually increasing the number of female members in
our IDLC family.

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 Human Resource Practices in The Context of IDLC Finance Limited

Health and Safety of our Employees Ensuring health and safety of IDLC employees are key
priorities at all times. Keeping this in mind, IDLC regularly arranges routine health check-up for
employees. Moreover, the company also provides hospitalization insurance coverage to ensure
medical security of its staff, as well as group Life Insurance scheme to cover the unforeseen risk
of death. Commit to maintain a work environment that is free from discrimination or harassment
stemming from race (including color, nationality, ethnicity or origin), religion or lack of
religion/belief, creed, sex, disability, age, sexual orientation, or any other characteristics; Work-
Life Balance Try to balance work and private life, and help others do the same. Recognition for
Hard Work Strong Team Spirit Ethical standards IDLC adheres to the highest ethical standards
and considers it to be a key business priority. The management expects employees to fully
embrace statutory compliances. Each employee is required to read and sign the Code of Ethics
every year as a sign of recurrence to the principles enshrined in it. Additionally, IDLC
encourages employees to act with integrity and spread the message of social responsibility to the
community and the world at large. IDLC Ladies Forum (IDLC LF) IDLC has launched its first
‘Ladies Forum’ through a formal ceremony with the participation of all women employees from
different levels of positions, working areas and distribution points to address their views,
problems and opinions to facilitate a good working environment for women. This forum provides
all women employees the opportunity to network and also provides a common platform to share
and raise various issues and problems like discrimination, harassment, negative attitude towards
women and any other issues that may affect them within the Company. This enables IDLC’s
management to better understand and address these issues and develop strategies accordingly.

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Major Focus of Strategic Partner is attracting, developing and retaining Talent by giving special
focus on 4 major areas. The HR development process includes-

1. Recruitment
2. Selection
3. Training & Development
4. Compensation & Benefits

HR Planning & Talent Acquisition (Recruitment & Selection)

The right people in the right place at the right time While the goal is to provide the best
candidate for the Company’s needs, it is also important that we place people in the right
positions at the right time. This requires us to emphasize on the efficiency of our hiring and
staffing processes even as we continue to look for ways to create efficiencies in our hiring
methodologies. We also recognize the need to use further analytics in our recruitment efforts to
enable us to understand our workforce needs, levels and the effectiveness of our recruitment
strategies. The purpose of IDLC’s merit-based recruitment is to ensure that vacancies are filled

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by the most competent incumbents. IDLC provides equal employment opportunities to all
applicants without bias to race, religion, gender, age, disability or any other criteria permissible
by the statutory laws of the country. Recruitment is based solely on job-related criteria. The
recruitment is consistently applied and promotes fairness, diversity and transparency. The
process complies with all state laws, regulations and policies.

Sources of recruitment

Internal Sources External sources

 Employee E-mail of the organization  Newspaper

 Referral  Online portal
 Head counting
 IDLC webpage

Process of recruitment:

Head count planning

Trend analysis

Job posting

CV sourcing and short listing

Written test

Interview

Job offer

Appointment letter

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Following the above method IDLC recruit employees for their company. During recruitment
they also go through the selection process to hire the right person for the job. If they hire wrong
person then their organization in future may face many kinds of ups and downs.

Selection Process:
The different steps of the selection process are described below in detail:

Receipt of Application:
This is the first selection hurdle to join IDLC. Candidates either send their CVs in application for
a specific vacancy, or they send unsolicited CVs for any suitable position. The HR division
collects job applications against each job vacancy. In case of newspaper advertisements, the
applicants are given at least 3 weeks to apply. After a specific period, each and every job is
closed for applying.

Sorting of Applications
The next step is the short listing of CVs. Usually the HR division is engaged in the short listing.
But the HR division may delegate this step to the respective divisions (for which the selection
is being carried out) to save time. To recruit experienced bankers, CVs may be
Sort out from the collection of unsolicited CVs received. Or, another possibility is to find out
experienced and competent bankers in other banks. Once potential candidates are thus found
out, they are contacted and called for an interview.

Informing Candidates
After the applications are sorted out and a preliminary list is prepared, the candidates are
informed and are called for a written exam (for entry level positions) or an interview (for
experienced banker for mid-level or senior level positions). For written tests, the bank issues
admit cards through courier services seven to ten days prior to the exam.

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Interview
The interviews that are conducted are panel interviews and sometimes it’s structured and
sometimes unstructured. The interview board consists of MD, DMD, and the Head of HR.
Even in the selection of fresh graduates for TA or MT positions, those top level and executive
level managers are present. Usually only one interview is conducted for selecting a candidate
for a position. But in case of recruiting experienced bankers, sometimes more than one
interview is conducted.

Test
Selection and employment tests are usually administered after the application has been
examined and candidate appears to be acceptable, test involves both professional and
psychological. The importance of tests is recognized and found more suitable tool for selecting
their employees, primarily tests supplement the information already collected though
application.

Objectives of Tests

 Measuring job applicant’s latent abilities, experience, education and suitability to perform
assigned job.
 Means of eliminating misfits and failure and thus selecting the right man for right job.
 Tests help improving the personnel selection procedure.
 The test seeks to eliminate the possibility of prejudice or bias on the part of an interviewer
for taking selection decisions.
 Test contributes greatly to training programs by identifying the weaknesses and deficiencies
of individuals.

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Types of Test

In broad classification of test, it may be placed in two categories firstly, those tests involving
group approach and applicable to many individual at one time. Secondly, those tests with
individual approach, which require separate examination for each person being tested. Few of the
typical tests in each category

 Intelligence Test
 Aptitude test
 Situational test
 Dexterity test
 Personality test
 Achievement of proficiency test
 IT test is carried out to judge the IT knowledge of the candidates

Reference Check:

Generally IDLC does reference check by two processes:

 Character references as provided by friends and acquaintance of the applicant.

 From previous employers or teachers, the process is mainly regular checks which concerned
with verification or confirmation of factual information as provided in the application.

Final Approval by Competent Authority:

After the interview is conducted and the interviewees are evaluated, the management committee
decides who is to be selected and who is to be rejected. After this final decision, an ‘Offer Letter’
is made for each selected candidate. Once the candidates accept this offer, they are given the
‘Appointment Letter’. The candidates that are rejected are not informed.

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Physical Examination:
After the appointment letters are printed, the candidates are given one month for joining. First,
the candidates have to go through physical examinations. If the result of these physical
examinations is satisfactory, then the candidate is eligible to join the bank.

Joining and Placement:

After the physical examination, the candidate needs to bring the result of the medical tests along
with all the necessary documents and academic certificates for joining. After going through the
formal joining and placement process, the candidates are finally employees of Mercantile Bank
Limited.

Training & Development

Developing people through training a workforce consisting of individuals eager to learn and
grow is a sure sign of a company hiring well. Employees engaged in their jobs and careers seek
to know more about their company and the industry and to learn skills that will improve their
performance. IDLC recognizes the contribution of training towards enhancing efficiency and
profitability. The Company’s training policy applies to all employees and aims at ensuring that
appropriate training is imparted to enable individuals to reach a satisfactory performance level.
IDLC develops centralized and decentralized (both) training program for the employees. IDLC
delivers high-quality learning and provides other suitable initiatives in response to the needs of
individual employees.

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Training & Development

• Training Module Software

• E- TNA and On-line TNA

• Training calendar

• Customized training Programs

• Mandatory training programs

• Diverse training institutes and employees

Training and Development IDLC recognizes the important contribution which training makes to
its continuing efficiency and profitability. The companies training policy refers to all employees
and aims to ensure that appropriate training is available to enable individuals to reach a
satisfactory performance level in their jobs. IDLC develops and delivers high quality learning
and development initiatives appropriate to the needs of the individual employee. Whilst the
company put great emphasis on human resources in training and opportunities for development,
employees are encouraged to take responsibility for their own development.

Training category

 Local
 Foreign
 In-House/ Customized

IDLC fix a special budget for train up talent of future leaders by Foreign training.

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Performance Appraisal & Management

Performance appraisal can benefit employees and organizations by clarifying goals and
expectations, and creating an environment of open communication. The best performance
appraisals offer positive feedback and advice for improvement and typically consist of a
conversation between the management and the employees. IDLC is a performance-driven
enterprise. IDLC performance appraisal is the single-most important tool that enables the
Company to measure the performance of an individual and plan his/ her career progression
accordingly. Participant diary and observation these two methods are applied for evaluation.
After evaluation using some matrices comes out the performance appraisal of employees. Than it
is decided whether the employee needs more training sessions or developments .IDLC tries to
maintain a fair evaluation process. The employees are evaluated twice a year. The employees
first assess themselves and the final evaluation is based on discussion with the supervisors. If the
employees have any objection to their evaluation they can mention it in their evaluation sheet.
Although these systems are in place, employees rarely mention it in their evaluation sheet as they
may think it would deteriorate their relationship with the supervisor. The areas of evaluation are
performance, Capability, Responsibility and attitude. Depend on this evaluation performance
employees are getting benefited, this performance reflected in annual review of salary &
consideration for promotion. IDLC follows all the function, steps and process of performance
appraisal and they follow the strategy fully. They try to develop their employee performance
evaluation is being done by HR department twice a year.

Employee promotion is made by examining all factors necessary to determine the best
qualifications and capabilities to fill the position. Employees are considered for promotion based
on the following criteria:

 Growth in the role dimension and complexity

 Resource classification (key resource, critical resource and HIPO, among others)
 Individual performance track record
 Market liquidity
 Leadership quality
 Attitude and behavior

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 Mobility
 Vintage

Rewards that drive employee motivation IDLC always recognizes the efforts of individuals who
aspire to make a difference. IDLC employees receive a performance bonus annually in
acknowledgement of their individual contribution, hard work and dedication. Moreover, we also
give ‘spot awards’ to appreciate those who have the spirit to take on new challenges and
contribute to areas outside their regular responsibilities. A reward is recognition of employee
contribution that has exceeded expectations. It may or may not be accompanied by monetary
value. At IDLC, employees are especially rewarded by the management to motivate and inspire –
to walk the extra mile.

Compensation & Benefits

HR and Compensation Committee IDLC’s HR and Compensation Committee is a forum for the
discussion of various HR-related issues of the Company. The main role and function of the
Committee is to assist HRD in developing and administering a fair and transparent procedure for
setting policies on the overall human resources strategy of the Company. The Committee’s
responsibility is to ensure that the Company has a wide scope for equal opportunity and
transparency in terms of:

 Suitable recruitment
 Compensation on the basis of merit, qualification and competence
 Adequate training and development facilities
 Performance appraisal and promotions based on individual performance and contribution

In addition, the Committee looks into any other benefits-related issues regarding the Company’s
operating results and comparable market statistics. Compensation & Benefits IDLC ensured be
Competitive in the Market with handsome compensation & benefits. IDLC conduct salary survey
to benchmark the market trend.

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 Compensation & Benefits Survey 2010

 Compensation & Benefits Survey 2014

Various new policies / benefits - Home Loan, Transport Loan, Personal Loan, Loan against PF -
Hospitalization Scheme, Life Insurance, Terminal Benefits - Leave Privilege - Spot Award -
Education Support Scheme, Welfare Fund - Furniture & Electrical equipment allowance -
Transport Maintenance Support Scheme - Mobile Phone & Allowance - Outstation allowance,
Technical Allowance

Perks & Services

 Housing Loan
 Transport Loan
 Personal Loan
 Loan against PF
 Hospitalization Scheme
 Life Insurance coverage
 Leave Privilege (Maternity Leave, Mandatory Leave etc.)
 Furniture & Household Equipment Allowances
 Transport Maintenance Support Scheme
 Mobile Phone

Education Support Scheme Welfare Fund Spot Award Gift hampers for new born babies
Employees’ Birthday Celebration Wedding Gift for Employees Leave Privileges

• Annual Leave:

 25 working days includes 15 calendar days of

• Mandatory Leave

 Leave Accumulation allowed up to 90 working days.

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• Casual Leave

 5 working days

• Prolonged Sick Leave

 First 30 days with full pay Next 30 days with half pay Above 60 days & up to 180 days
without pay

• Maternity Leave

 6 months of paid leave and a gift

Paternity Leave

 5 days

Terminal Benefits Employees Provident Fund

Every confirmed employee shall participate in the Employees Provident Fund by contributing @
10% of his/her basic salary The Company on its part shall also contribute at the same rate.

Gratuity

Completed years of service as confirmed Payment of gratuity for each completed year of
employee service
5 years & above, up to 10 years 1 (one) month basic

10 years & above, up to 15 years 1.5 times of basic

15 years & above 2 times of basic

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IDLC Employees’ Hospitalization Scheme

• All confirmed employees of the Company are entitled to this scheme.

• The conditions for entitlement are governed by the terms & conditions of the agreement signed
between IDLC and Delta Life Insurance Company Limited

• It is entirely the employee’s responsibility to send the duly filled up form to the Administration
& PR department for inclusion of Spouse and Dependent/s in the Hospitalization scheme

• To claim under any maternity related issues the mother (employee/spouse) has to be included
as a member in the scheme at least nine (9) months before any such claim to be made

IDLC Employees’ Welfare Fund Eligibility Criteria:

 Confirmed employees of IDLC

Objective of the Fund:

 the objective of this fund is to provide token of appreciation or financial assistance to the
employees or his/her family members

Organization Development

Organization Development Succession Planning IDLC’s management possesses succession plans

to provide leadership continuity and avoid extended and costly vacancies in key positions,
recognizing that changes in management are inevitable. Succession plan is designed to identify
and prepare candidates for high-level management positions that become vacant due to
retirement, resignation, death or new business opportunities. It is IDLC’s policy to assess the
leadership needs of the Company in a way that ensures the selection of qualified leaders which
matches its mission and goals.

 Succession Planning
 Key Resources Identification & Retention

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Succession planning is intended to support and provide a framework in the following broad
areas:

 Determine pivotal positions and identify and prepare immediate back up to deal with
short-term vacancies in those positions
 Develop viable internal candidates to fill vacancies
 Project future changes in the organizational staffing needs and changing competency
requirements based on institutional goals and workforce trends and predictions
 Develop promising leaders through comprehensive training, mentoring and performance
management programs, and facilitate individual career development plans
 Active development of longer-term successors through ensuring their careers progress,
and by making sure they get the range of work experiences they need for the future
 Encouraging a culture of "progression" through developing employees who are seen as a
‘business resource’ and who share key skills, experiences and values seen as important to
the future of the business

Of the above objectives, it is the active development of a strong ‘talent pool’ for the future which
is often viewed as the most important. Increasingly, this is also seen as vital to the attraction and
retention of the ‘best’ people in IDLC. This plan must be able to satisfy the company’s
objectives in three perspectives:

• The Organization

• Managers

• Individual Employees

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Focused Group of Succession Planning in IDLC

 Divisional Heads
 Departmental Heads
 Branch Managers
 Unit Heads
 Other Key Positions

Process followed for Succession Planning It is obvious that the concerned

Departmental/Divisional Heads are the most accurate source of information about his/her own
successors. Subsequently,

 Human Resources Department circulated a form (attached as Annexure-I) among the

concerned employees.
 All the respective employee, after a thorough analysis carefully selected his/her successor
and duly completed the form for their respective department/ division
 Forwarded the forms to the Human Resources Department for obtaining appropriate
approvals and act accordingly.
 Human Resources Department set the final plan by seating with the individual divisional
head.

Employee Name Designation Successor Designation

HR Operations & Service Delivery

Automating human resource processes with a growing number of employees across different
regions, efficient HR management is becoming a significant challenge. As such, technology
driven solutions are the need of the moment to bring in place more robust processes to increase
efficiency, maximize productivity and ensure precision and security. With this view, IDLC’s HR
Department has undertaken an automation project to launch the HR management software for the

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Group. HR Operation Microsoft Excel Database Satellite Gateway Payroll Software HR Module
Satellite Gateway.

HR Module

Employee Self Service HR Service Manual HR service for IDLC employees is a new web
application which allows employees to do avail a number of HR services: from checking their
personal profile, to applying for leave and loan and many more. The following is a guide about
the major features of the software. On line Leave Application Manual Once an employee submits
his leave application; it cannot be edited or removed. In such a case where the employee has had
a change of heart, his supervisor will need to decline the leave application. An employee cannot
apply for two casual leave applications at once. The first casual leave needs to be
approved/rejected before a new casual leave application can be made. Online Training Need
Analysis Training need analysis menu is designed to schedule the training requirements of
different departments.

 Click on the Training tab.

 Enter Training year, Department is by default the user’s department.
 Under ‘Available Training’ tab, the user can either choose “Create Training” or
can choose from the list of trainings. There are currently two options:
 Create Training
 Choose from Existing Training Available
• Please follow the instruction of below screen shots

Recommendations & Conclusion

Findings & Recommendations

 Highlighting the benefits of HR module system. Most time maximum employees are
unaware of how to apply for leave request or how to download pay slip from system.
There is minimum tendency for request leave application through online system rather
employee send email to their supervisor for leave approval. Later HR officer print out the

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email copy or took down note and later on adjusted in system. Most time employee failed
to view accurate casual/ earned leave status in system as the fully depend on HRD
manual leave status. So strong recommendation for arrange a training session on “Self-
service HR module system” and system modification.
 Upgraded attendance software is highly recommended. Manual tracking of leave
application questioned the usefulness of existing attendance tracking system. So selecting
the right system is mandatory. Employee leave request could not able to merge with
satellite gateway system. As HR office manual track down the leave request in paper.
Later on adjusted the leave request in separate excel sheet.
 Self-service Leave Request Module
 Eid Holidays but System Treated as Absent
 Leave Adjustment in Separate Excel Sheet
 So Link between HR module and attendance system is mandatory. System administration
access to the HR must provide to delete holidays, training, employee visits those are not
treated as leave.
 Late attendance over 12 PM treated as leave as HR policy but system can’t detect as
leave so further modification required.
 Employee profile image not found in personal profile in HR module, so it can be added in
the system.
 Employees must wear the ID card must be visible in office premises. It must be strictly
followed. ID cards are for identity of a person and more over it is a part and parcel of HR
policies. When we talk about professionalism, everything comes into play start in from
the dress code, behavior, attitude and also the ID cards. It can be written down in Code
and Conduct.

Conclusion

IDLC always ensured sufficient training program throughout the year as investment not as
expense. But need to more concern about smooth HR operations through HRIS.

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Reference

- IDLC Website http://www.idlc.com/the-world-of-idlc.php.

- IDLC Annual Report 2014

- Gary Dessler ‘’Human Resource Management’’, 10th Edition

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