Letter of Transmittal

DateMr. Tanzilur Rahman, Assistant Professor,

Department of Business AdministrationLeading University, Sylhet Subject: Submission of project report on Recruitment and Selection Process in Non Banking Financial Institution(NBFI), A Case Study on United Leasing Company Limited, Sylhet BranchDear sir,It is my pleasure to submit the report on Recuitment and Selection Process in Non Banking Financial Institution(NBFI), A Case Study on United Leasing Company Limited, Sylhet Branch I have enjoyed and learned a lot in preparing this report which enriched my practical knowledge of the theoretical concept. I tried to reflect the practical operational aspects of the organization which is complementary to the theoretical lessons.It has been a great pleasure and experience while I was conducting the report. It would be my immense pleasure to furnish you the same on situational method.

Sincerely Yours

.

Shahriar Ahmed Chowdhury

MBA

ID: 1102010713School of Business Studies

Leading University,

Supervisor's CertificateThis is to certify that a project report on "Recruitment and Selection Process in Non Banking Financial Institution (NBFI), A Case Study on United Leasing Company Limited, Sylhet Branch" prepared by Shahriar Ahmed Chowdhury ID-1102010713, Major in Human Resource Management, Department of Business Administration, Leading University as partial requirements of Masters of Business Administration (MBA) Degree from the Department of Business Administration, Leading University.The report has been prepared under my guidance and I wish him bright success in the future.

Tanzilur Rahaman

Date:

Supervisor,

Assistant ProfessorDepartment of Business Administration,Leading University, SylhetACKNOWLEDGEMENTAt first my heartiest thanks to Almighty Allah allowing me to prepare the assignment and in the same time I would like to express my sincere gratitude and cordial thanks to my reverend teacher and instructor of this report Mr Tanzilur Rahman Leading University Sylhet, for his inspiring , guidelines, moral support, valuable instructions and helpful attitudes during the report making.I also express my warm gratitude and cordial thanks to Mr. Rezaul Korim Branch in charge of United Leasing Company, Sylhet Branch for giving the chance to do my project work in his workplace.I also express thanks to junior officer Mr. Fozol Mahmud for providing all valuable information regarding and related to the report of employee recruitment and selection process.I am also grateful to all office staff of Sylhet branch who are the employees of United Leasing Company for providing necessary information concerning to report.

EXECUTIVE SUMMARThe report addresses the critical analysis on Recruitment and selection process of United Leasing company Limited. I am proud to do the report on ULC and this experience will surely help me in my future professional and career life. In this study, I try to investigate the challenging career opportunities for young professionals over the last 23 years that ULC provided. How their goal is to attract, retain and motivate the most competent people. This study emphasis on how maintain high recruitment and selection standards. This is done with a view to encourage human resources development by continuously upgrading human resources skills, abilities and knowledge and to meet organizational needs to face future challenges in the ever changing financial services industry. It is one of the leading leasing company of Bangladesh. The project report is about recruitment and selection process thats an important part of any organization. Which is considered as a necessary asset of a company? In fact, recruitment and selection gives a home ground to the organization acumen that is needed for proper functioning of the organization. It gives a organizational structure of the company. Its a methodology in which the particular organization works and how a new candidate could be recruited in such a way that he/she would be fitted for the right kind of career.

There are two types of factors that affect the Recruitment of candidates for the company

Internal factors

External factors

The objective of selection decision is to choose the individual who can most successfully perform the job from the pool of qualified candidates. Selection process or activities typically follow a standard patter, beginning with an initial screening interview and concluding with final employment decision.CHAPTER-1IntroductionIntroduction As a part of the Program of Masters of Business Administration program, I was assigned for doing my project report in United Leasing Company. In United Leasing Company (ULC), I was assigned in Markets Department. My project was to explore Recuitment and Selection Process in Non Banking Financial Institution (NBFI), A Case Study on United Leasing Company Limited, Sylhet Branch". This was assigned by my faculty supervisor Mr. Tanzilur Rahman, Assistant Professor, Leading University, and my organizational supervisor also approved the project and authorized me to prepare this report. I have been given to prepare a report concerning recruitment and selection process and we elected United Leasing Company Limited which we analyzed and synthesized on it. Recruitment refers to the process of attracting, screening, and selecting qualified people for a job at an organization or firm. It is undertaken by recruiters. It also may be undertaken by an employment agency or a member of staff at the business or organization looking for recruits. In ULC recruitment and selection is done by a specific process and which is very much modern. It starts with manpower requisition and ends with appointment. And after that ULC arrange various types of training and development program for the employees to develop their skill. In true sense ULC follow a developed recruitment process for selecting right people in right place. ULC Employee Selection is the process of putting right men on right job. It is a procedure of matching organizational requirements with the skills and qualifications of people. Effective selection can be done only when there is effective matching.

Background of the study There is no doubt that the world of work is rapidly changing. As part of an organization then, HRM must be equipped to deal with the effects of the changing world of work. For them this means understanding the implications of globalization, technology changes, workforce diversity. Changing skill requirements, continuous improvement initiatives contingent workforce, decentralized work sites and employee involvement are the issue for confront. Now it is a big challenge for the HRM to support the organization by providing the best personnel for the suitable position in shortest possible time.

Starting with recognizing the vacancies and planning for them is a great task. Moreover selecting attracting the suitable candidates and selecting the best person in time is a challenge. The cost of the recruitment is significant. So, proper planning and formulate those plan is the task that require more focus and improvement. Equal opportunity and sourcing is also a vital part. Realizing this need we tried to find the difference and similarities between theoretical aspects with the practical steps taken by the company. We took an attempt to demonstrate the feature for the further improvement.Objectives of the Study Broad Objective: To know overall about the company of ULC and also know each and every parts of the recruitment and selection process of that company.

Specific Objectives: 1. To focus on major elements of Recruitment and Selection process.

2. To focus on the process of Recruiting and selecting personals.

3. To focus on the updates and the batter methods of modern technique4. To identify the limiting factors in the way of effective recruitment and selection process.

5. To suggest important options for improvement of the recruitment and selection processes and practices in United Leasing Company Ltd. Methodology

Source of Information: 1. Primary: The primary information collected through face to face interview, observation, and by participation in the recruitment and selection process.

2. Secondary: The secondary information collected from website, Magazine, Memorandum, Journals, books and some other relevant sources.

Both primary and secondary data sources has been used to generate this report. Primary data sources are scheduled survey, informal discussion with professionals and

Observation while working in different desks. The secondary data sources are different published reports, manuals, price updates and different publications of ULC.

Scope of the report The report deals with the recruitment and selection process in terms of theoretical point of view and the practical use. The study will allow learning about the recruitment and selection issues, importance, modern techniques and models used to make it more efficient. The study will help to learn the practical procedures followed by the leading organizations. Moreover the study will help to differentiate between the practice and the theories that direct to realize how the organization can improve their recruitment and selection process.

Limitations of the research The main constraint of the study is the collection of information. Because most of the information are confidential. So they dont want to disclose us. Another limitation is time by virtue of inadequate time we are not become able to get more information regarding recruitment and selection process of them. Outline of the report This report papers is arranged as follows:

Part II provides a general background of United Leasing Company Ltd, its structure and performance.In Part III, briefly explained about Non Banking Financial Institutions (NBFI) and their role in our economy

Literature review about the recruitment and selection process is presented in part IV.

Part V provides the details about how ULC maintains its recruitment and selection processSWOT analysis of ULCs recruitment and selection process is presented in part VI.

And finally, Suggestions, Recommendations & Conclusion is given in chapter VII.CHAPTER-2COMPANY OVERVIEW

Background of United Leasing Company Limited: United Leasing Company Limited is a NON-Bank Financial Institution engaged mainly in lease finance business and bills discounting. It was incorporated on 27 April 1989 as a public limited company under the COMPANIES ACT 1994 with an authorized capital of BDT 1,000 million. From the beginning, ULC managed to grow rapidly with an average operational growth of above 30%. In April, 1994 the company issued 10.71% of its shares for public subscription at 50% premium and was oversubscribed. Now it is listed on the Dhaka Stock Exchange (DSE) and from the date of listing, its shares are enjoying high price. Foreign sponsors of the company are Asian Development Bank (ADB), Commonwealth Development Corporation and Lawrie Group Plc of the UK. Sponsors in Bangladesh are Duncan Brothers (Bangladesh) Ltd, Shaw Wallace Bangladesh Ltd, National Brokers Limited, Octavius Steel & Co. of Bangladesh Limited and the United Insurance Company Limited.Company MilestonesIncorporation of the CompanyApril 27, 1989

Commencement of operationSeptember 12, 1989

Public Issue of sharesMarch 28, 1994

Trading of shares on Dhaka Stock ExchangeJune 23, 1994

First dividend declaredApril 20, 1995

Authorized capital increasedMay 18, 2000

Launch of Fixed Investment ProductsSeptember 2005

Commencement of Factoring OperationOctober 03, 2005

Commencement of Extended Head Office (Noor Tower)June 13, 2008

Commencement of Training CentreMay 15, 2010

Commencement of Booth Office

(Belkuchi, Sirajgong)September 19, 2010

ULC has opened eight branches so far. The name of the branch offices of ULC with their opening date is given below: Chittagong Branch: June 16, 1994

Jessore Branch: December 26, 2005

Gazipur Branch: February 19, 2006 Bogra Branch: June 19, 2006 Sylhet Branch: February 27, 2010 Rangpur Branch: November 23, 2010

Chudanga Branch: December 14, 2010 Bongshal Branch: January 23,2011

Shareholding Structure ULC was formed by reputed foreign and local institutions in collaboration with International Development Agencies. It was granted license under the Financial Institutions Act, 1993.

Particulars Taka

Authorized Capital 1000 million

Paid-up Capital 528 million

Shareholdings of Associated companies and other related partiesName of Shareholders No of Shares Shareholding

United Insurance Co. Ltd. 544,845 20.64%

Lawrie Group Plc, U.K. 528,000 20.00%

Surmah Valley Tea Co. Ltd. 218,425 8.27%

Duncan Brothers (Bangladesh) Ltd. 26,400 1.00%

Macalms Bangladesh Trust 25,453 0.96%

Octavius Steel & Co. of BD Ltd. 18,857 0.71%

The Lungla (Sylhet) Tea Co. Ltd. 15,313 0.58%

Camellia Duncan Foundation 3,019 0.11%

The Chandpore Tea Co. Ltd. 1,846 0.07%

The Allynugger Tea Co. Ltd. 1,570 0.06%

Amo Tea Co. Ltd. 1,620 0.06%

Chittagong Warehouses Ltd. 1,572 0.06%

The Mazdehee Tea Co. Ltd. 1,569 0.06%

Duncan Products Ltd. 1,568 0.06%

Vision To be the leading financial institution in the markets we serve.

Target Market Small and medium scale companies who are at the same time low profile good performers and potential performers as well are the target market of the ULC. The low profile good performers are those who perform very well in business due to sincerity and devotion of the sponsors though they lack proper management structure, and professional financial reporting. The potential performers are the companies which have no proven record but have identified themselves as good projects and are sincere in approach to exploit the business. In a nutshell the main targeted customers of ULC are those companies who have potentiality, sincerity and devotion, but are in a position, that are not favorable to overcome the rigid procedures for loan financing but badly in need of investment in equipment to grow. Since the large, well performing companies enjoy lower business and financial risk, they are persuade by all financial organizations and they have the opportunity to shop around for cheaper credit package. So leasing is not attractive to them. But due to low credit risk, they may be offered lower rate lease package for their perusal. Among these blue chips, those who want to finance equipment without straining the existing credit line may become within the focus of ULC. Also the sister concerns of well reputed large companies, even though they are green fields may come forward for the services of ULC.Mission ULC aims to achieve its vision through being number one not only in terms of market share, but also by being an employer of choice with up-to-date knowledge and products geared to address the ever changing needs of our budding nation.Chapter 3The Role of Non-Bank Financial Institutions (NBFIs)

Non-Bank Financial Institutions (NBFIs) play a significant role in meeting the diverse financial needs of various sectors of an economy and thus contribute to the economic development of the country as well as to the deepening of the countrys financial system. According to Goldsmith (1969), financial development in a country starts with the development of banking institutions. As the development process proceeds, NBFIs become prominent alongside the banking sector. Both can play significant roles in influencing and mobilizing savings for investment. Their involvement in the process generally makes them competitors as they try to cater to the same needs. However, they are also complementary to each other as each can develop its own niche, and thus may venture into an area where the other may not, which ultimately strengthens the financial mobility of both.

In relatively advanced economies there are different types of non-bank financial institutions namely insurance companies, finance companies, investment banks and those dealing with pension and mutual funds, though financial innovation is blurring the distinction between different institutions. In some countries financial institutions have adopted both banking and non-banking financial service packages to meet the changing requirements of the customers. In the Bangladesh context, NBFIs are those institutions that are licensed and controlled by the Financial Institutions Act of 1993 (FIA 93).

NBFIs give loans and advances for industry, commerce, agriculture, housing and real estate, carry on underwriting or acquisition business or the investment and re-investment in shares, stocks, bonds, debentures or debenture stock or securities issued by the government or any local authority; carry on the business of hire purchase transactions including leasing of machinery or equipment, and use their capital to invest in companies. The importance of NBFIs can be emphasized from the structure of the financial system. In the financial system of Bangladesh, commercial banks have emerged in a dominant role in mobilizing funds and using these resources for investment. Due to their structural limitations and rigidity of different regulations, banks could not expand their operations in all expected areas and were confined to a relatively limited sphere of financial services. Moreover, their efforts to meet long term financing with short term resources may result in asset-liability mismatch, which can create pressure on their financial base. They also could not broaden their operational horizon appreciably by offering new and innovative financial products. These drawbacks led to the emergence of NBFIs in Bangladesh for supporting industrialization and economic growth of the country.

The listing of NBFIs (as of December 2006)

Name of Non-Bank Financial Institution Year of Commencement

1 Industrial Promotion and Development Company of Bangladesh Ltd (IPDC) 1981

2 Saudi-Bangladesh Industrial and Agricultural Investment CompanyLtd (SABINCO) 1984

3 Industrial Development leasing Company of Bangladesh Ltd (IDLC) 1985

4 The UAE Bangladesh Investment Company Ltd 1989

5 United Leasing Company Ltd (ULCL) 1989

6 Phoenix Leasing Company Ltd 1995

7 Uttara Finance and Investment Ltd 1995

8 International Leasing and Financial Services Ltd (ILFSL) 1996

9 GSP Finance Company (Bangladesh) Ltd. 1996

10 Prime Finance and Investment Ltd. 1996

11 Oman Bangladesh Leasing and Investment Company Ltd 1996

12 Bay Leasing and Investment Ltd 1996

13 Peoples Leasing and Financial Services Ltd. 1996

14 First Lease International Ltd 1996

15 Delta BRAC Housing Finance Corporation Ltd (DBH) 1996

16 LankaBangla Finance Ltd. 1997

17 Infrastructure Development Company Ltd (IDCOL) 1997

18 Bangladesh Industrial Finance Company Ltd (BIFC) 1998

19 Union Capital Ltd (UCL) 1998

20 National Housing Finance and Investments Ltd 1998

21 Midas Financing Ltd (MFL) 2000

22 Bangladesh Finance and Industrial Company Ltd (BFIC) 2000

23 Industrial and Infrastructure Development Finance Company Ltd (IIDFCL) 2001

24 Islamic Finance and Investment Ltd (IFIL) 2001

25 Fidelity Assets and Securities Company Ltd 2001

26 Fareast Finance and Investment Ltd 2001

27 Premier Leasing International Ltd 2002

28 Self Employment Finance Ltd 2002

29 Ahsania-Malaysia Hajj Investment and Finance Company Limited 2006CHAPTER-4 Literature Review on Recruitment & SelectionHistory of Human Resource Management The History of Human Resource Management is the strategic and coherent approach to the management of an organization's most valued assets - the people working there who individually and collectively contribute to the achievement of the objectives of the business. The terms "human resource management" and "human resources" (HR) have largely replaced the term "personnel management" as a description of the processes involved in managing people in organizations. Human Resource management is evolving rapidly. Human resource management is both an academic theory and a business practice that addresses the theoretical and practical techniques of managing a workforce.

Human resource management has its roots in the late and early 1900's. When there are less labor then there are more working with machinery. The scientific management movement began. This movement was started by Frederick Taylor when he wrote about it a book titled The Principles of Scientific Management. The book stated, "The principal object of management should be to secure the maximum prosperity for the employer, coupled with the maximum prosperity for each employee. Taylor believed that the management should use the techniques used by scientist to research and test work skills to improve the efficiency of the workforce. Also around the same time came the industrial welfare movement. This was usually a voluntary effort by employers to improve the conditions in their factories. The effort also extended into the employees life outside of the work place. The employer would try to provide assistance to employees to purchase a home, medical care, or assistance for education. The human relations movement is the major influence of the modern human resource management. The movement focused on how employees group behavior and how employee feelings. This movement was influenced by the Hawthorne Studies.Functional area of HRM Human resource auditing

Human resource strategic planning

Human resource planning

Manpower planning

Recruitment / selection

Induction

Orientation

Training

Management development

Compensation development

Performance appraisals

Performance management

Career planning / development

Coaching

Counselings

Staff amenities planning

Event management

Succession planning Talent management

Safety management

Staff communication

Reward

Recruitment Recruitment refers to the process of attracting, screening, and selecting qualified people for a job at an organization or firm. It is undertaken by recruiters. It also may be undertaken by an employment agency or a member of staff at the business or organization looking for recruits.Sourcing Sourcing involves the following steps:

Internal sources: The most common internal sources of internal recruitment are

1. Personal recommendations

2. Notice boards

3. Newsletters

4. Memoranda

External sources: There are many sources to choose from if you are seeking to recruit from outside the company.

1. Word of mouth

2. Notices

3. Job centers

4. Private agencies and consultants

5. Education institutions

6. The press

7. Radio

8. Television

Recruiting internally and externally Internal Recruiting: Recruiting from among the existing workforce offers many advantages. Seeing your employees at work on a day-to-day basis will enable you to evaluate their particular strengths and weakness accurately and choose the most suitable person for the position. When the company recruits from within the organization the employees will feel important and highly valued since it appears that the organization immediately turns to them whenever a vacancy occurs. Their work rate and performance should improve as well as they will realize that increasing job opportunities are available to them if they are industrious and successful at their jobs. However any method has its own merits and demerits. Merits It improves the morale of the employees

The employee is in better position to evaluate those presently employed than outside conditions

It promotes loyalty among the employees, for it gives them a sense of job security and opportunities of advancement.

These people are tried and can be relied upon

Demerits It often leads to inbreeding and discourages new blood from entering into an organization.

There are possibilities that internal sources may dry up and it may be difficult to find the requisite personnel from within an organization. No innovation are made no new thinking so on new inputs which is very much essential for the growth of the organization

Usually promotions are based on seniority so the danger is that really capable hands may not be chosen.External Recruiting: When a company is involved in large expansions and is more oriented towards achieving high growth and high market share, with more focus on quality of the product and high customer satisfaction then it is inevitable for any organization to go for external recruiting. External recruiting is nothing but recruiting the people in your organization from outside the company. It will help the company to make best use of other sources that are lying outside the organization like for example campus recruits is an effective and efficient way of recruiting when a company wants new minds that are more creative and go-getters for any task. If a company wants to concentrate only on its core activities and wants to relieve the burden of the task of recruitment then the more feasible option would be third party recruiting or recruitment process outsourcing RPO. The experienced persons but unemployed can be recruited into the company which may reduce the training cost if they are from same industry. Retired and experienced people can yield more by enhancing their prior experience in new business situations. Merits New entrant to the labor force i.e., young mostly inexperienced potential employees fresh graduates or postgraduates can be taken and mould in accordance with companys culture.

External recruiting results in best selection from the large sources

In the long run this source proves economical because potential employees do not extra training.

Many different ways of recruiting is available.

The excess applications generated for current requirement may be utilized for future vacancies. Demerits Extra time is required by the people to adjust them selves to the present working situations.

If the recruiting is done from large source then it will be more time taking as the applications generated are more and short listing becomes critical.

Cost of recruiting will be comparatively more than internal recruiting.

Sometimes it creates employee dissatisfaction as there may be mismatch between the employee expectation with the company and the companys expectation with the employee.Selection

Employee Selection is the process of putting right men on right job. It is a procedure of matching organizational requirements with the skills and qualifications of people. Effective selection can be done only when there is effective matching.

The employment selection process takes place in following order:1. Preliminary interview or screening

2. Application form

3. Employment test

Written test

Aptitude or potential ability test Achievement test Personality test, Comprehensive interview

4. Technical interview

5. Background check and inquires

6. Medical examination

7. Final selection

Chapter 5Recruitment and Selection process in ULCHR practice in ULC:

ULCs HR Vision:

ULC believes that its human resources are its greatest assets and recognize them as building blocks on which Company's performance and development are based. ULC continues to develop and implement appropriate human resources management policies and practices to build up its employees, and to ensure their optimum contribution towards the achievement of corporate goals. As our human resources give the organization a significant competitive edge, we continue our policy of recruiting best people and implementing programs to develop and retain high quality human resources.

Recruiting process that ULC follows:

The selection of external recruits consists of the following steps:

1. CV Submission

Potential candidates interested in joining in the ULC are required to send their complete curriculum vitae. An acknowledgement of receipt is sent for all submitted applications to the candidate's email.

2. Application Evaluation

The Human Resources department evaluates all incoming applications, against prerequisite abilities and skills set for all current openings. All applications are kept based on strengths and specialization, for future reference.

3. Ability Tests

Potential candidates will be invited to participate in aptitude tests i.e. numerical, verbal, English and psychometric, when deemed necessary.

4. Capability Based Interviews

To ensure that our recruitment process is fair and consistent, all candidates who are successful at the exams are invited for a capability based interview. Interviews are based against capabilities, required for each position for which the candidate is interviewed for. A capability or competency is an ability described in terms of skills & behaviors that are essential to effectively perform within a job.

5. Reply Letters

At all stages of the process candidates are kept informed of the status of their application with an email reply letter.

6. Job Offer

If a candidate successfully reaches the final stage, a position offering is made in conjunction with a competitive reward package.

Internal selection is done through competency based recruiting, succession process.

ULC uses some external sources for recruitment. These are:

Internet

Off shoring

Referrals

Advertising

Internal recruiting is very high in ULC. ULCs training and development activities are very high in quality so the recruiters emphasize to recruit internal capable candidates for the respective post. ULC also uses HRIS for succession planning. It is also a method of the internal recruitment of ULC.Selection:

In ULC If a candidate completes the telephone interview successfully, they will invite to the location most appropriate to them. Face-to-face selection is done in the head HR departments office where the job is described eventually.

The final step to success

It is a candidates opportunity to meet and find out as much as possible about their experiences.

ULC wants candidates to be able to make an informed decision a candidate should receive an offer.

There are some techniques that ULC Finance ltd. followed:

Face-to-face interview

Written case study

Presentation

This is our opportunity to see how candidates perform in a number of different situations, against clearly defined criteria. Head Hunting process is very effective for ULC. Through this they can easily recruit and select top level managers, though they are offering a very attractive compensation.Chapter-6SWOT Analysis of ULCs Recruitment and Selection processStrengths1. Brand equity of United Leasing Company.2. Rigorous Pre-Hiring assessment tests to understand aptitude and personality of candidates.3. Proper reference checks to ensure that only Bona fide candidates are appointed.4. Adequate number of channel partners to generate footstep for each location. 5. Footfall MIS being maintained at each branch locally by Admin.Weaknesses1. Pre assessment tests are costly. 2. Conversion of footfalls is low.3. Lengthy pre-offer formalities.4. Huge employee turnover.Opportunities1. Campus recruitments have huge potential for fulfilling manpower requirements cost effectively.2. Tie up with recruitment agencies on supplying fixed number of footfalls week on week.3. Develop exclusive contract with channel partners to meet the manpower requirements.4. Make blue form brief and to the point.5. Reduce turn around time of making an offer.Threats1. Increasing number of private companies in banking sector creates ample choices, frequent and easy mobility for employees.2. Same channel partners are handling all leasing/banking/insurance companies. This leads to same pool of candidates being circulated to all partners.3. Increasing spill over as a candidate has more than one offer at the time of making a job shift.Chapter -7Suggestions, Recommendations and conclusionSuggestions:Tie up with more & more consultants from multiple segmentsSince the limited placement agencies are sourcing candidates to all banking companies, there often comes the problem of duplication of data. Therefore it is recommended that more and more consultants should be tied up from multiple segments to attract large pool of new and fresh talent.Know what you're looking for in candidates.It is observed that the candidates sourced by placement agencies and send for further rounds of interviews are rarely found suitable by the hiring managers. Therefore, in case there is need to utilize the service of a placement agency, then it is recommended that these placement agencies be given a well drafted job description and job specification. This can also be circulated to internal employees under the employee referral scheme. This will help people to get a clearer picture and provide for most suitable candidates. Thus making efficient utilization of the existing resources.Reduce the pre offer formalities:Pre-offer documentation includes filling of a lengthy Blue form which includes all personal, educational and professional details of candidate. This is very time consuming and even after taking these details from candidate its not sure that offer will be made or not. This also becomes frustrating for the candidate sometimes. So, it is recommended that unnecessary details should not be asked before we make the final offer to the candidate. Blue form should be made consise.One size doesnt fits allAn effort must be made to study local condition, education levels. Since applying common test for all candidates across entire country can overshadow a candidates capabilities. This factor must be given importance since Indian society is divided on various parameters such as education, language, infrastructure etc. A test with high level of English and complicated sentence structure can be a hurdle in areas where language itself is barrier. An option is to have different tests for different regions.Blend technology into every aspect of your recruiting and hiring process.

Web-based technology lets you increase hiring speed and quality while reducing costs. Currently, job boards constitute the biggest use of the Web, offering access to thousands of resumes within hours. But the Web can also be a powerful tool for screening and qualifying that flood of resumes. Companies have begun to use the Web to collect and instantly match data on candidate skills, motivations, and experiences against job criteria. Other uses of Web-based technology include online interviewing, candidate assessment and testing, applicant self-scheduling, and tracking. Work the Web wisely and you save time for recruiters and hiring managers and nab top candidates before your competitors can. It is recommended that apart from the person-job fit, method must be devised to check for person-organization fit. A person-organization helps to assess how well a candidate is suited the organization. Whether the attitude he/she carries will promote both organizational as well personal goals. This takes a great importance especially when attrition is high. It will help the organization to retain its employees for a longer period of time and less burden on recruitment staff. Build and manage your candidate pool as a precious resource. A "candidate pool" is a group of individuals who have shown interest in working for your company and are qualified for and ready to fill certain positions. Rather than undertaking the time-consuming process of filling one job at a time, you draw on the candidate pool and fill jobs as they become available. How do you keep a pool active? Some companies send their newsletters to pool candidates, give them product coupons, and keep in touch through e-mail. Pool management is not easy in a tight labor market --good candidates often go elsewhere. But many organizations, especially those with a reputation as a great place to work, are able to fill positions quickly using the pool concept. Create winning impression even on those who are not selectedIts very important to create a favorable impression of your organization on all those who come for interview. Those who are not selected in the first round of personal interview should also carry this impression that they have missed the opportunity to work in a great company. For this, there must a proper coordination of the interview of the candidate and greater degree of professionalism. A candidate when invited for a interview must be attended as soon as possible and should be made to wait for hours together. Interviews conducted on a scheduled time leave a good impression on the candidate. Even if he is not selected, a good impression about the will make him recommend the name to his people.Recommendations Strategic planning: Successful employment planning is designed to identify an organization human resources need. ULC . can use software to keep employees update; which type of qualified employees they have; forecast future requirement of qualified employees like other NBFIs.

Checking Policy: When the candidates come for interview or written exam the authority doesnt check the person with the picture that the candidates attached with the application.

Using 3rd party: The Company can use 3rd party for all the department to reduce cost. And it is not possible all time to get the best CV, in that case 3rd party can help me.

Vacancy Fill up: Most of the time company filled the vacant position from outside. But they can fill it by promoting appointment or suitable person in the organization. Emphasize on internal search: ULC basically relied on external search for recruiting purpose. They must attempt to develop their own.Low level employees for higher positions through more internal search. To do so they must ensure a communication network notifying interested persons of opportunities, including advertising within the organization like position open bulletin board in every department.

Job fair: All of these organizations must use open up recruiting efforts to the external community like job fair through external search. They can participate in career and job fairs and open houses and must develop and support educational programs and become more involved with educational institution that can refer more diverse talent pool.

Background investigation: HR department should undertake a background investigation of applicants who appear to offer potential as employees. They should verify an individual legal status to previous work through checking credit reference, criminal records and so on.

CONCLUSION

In recent years, Human Resources issues have become central to business deliberations in this ever-changing business environment. Today's most successful organizations recognize the bottom line impact of the emerging HR practices. Effective Human Resources Departments are upgrading themselves every now and then to attract, develop and retain talents. It is apparent that effective HR practices deliver shareholder return much higher than those of companies without such practices. It is important for HR professionals to acquaint with HR best practices to build

organizational capabilities in delivering sustainable results.

ULC is a big finance organization in Bangladesh. This organization is also very important and influential in the industry. Human resource department is a basic part of business now days. So to run a business this department has a lot of activities to do. ULCs HR department is the department from where the organization is actually monitored and controlled over time. ULC is operating for 23 years and have grown significantly. So after all the details it is clear that to run an organization effectively and efficiently it must have to do some HR jobs because the resource of an organization helps it to grow. And the effective use of the resource makes the organization to reach up to its expectations and objectives.Reference:1. DeCenzo, David A. and Robbins, Stephen P. (2006). Fundamentals of Human Resource Management, Ninth. Edition. New York: John Wiley and Sons, 2. Human Resource Management Practices in Bangladesh:http//www.hrmpb.com/ 3. Human Resource Management Practices in the 21st Century: http//www.hrmp21.com/4. www.ulc.com.bdQuestionnaire

On

Human Resource Management (HRM) Practices of

BangladeshThe questionnaire has been prepared as part of survey about knowing the employee recruiting and selection process of a financial organization, as I select ULC. All the data and information collected by this instrument will be used only for the purpose to prepare a research paper. Open ended and closed ended questions are used in this questionnaire. The overall estimated time for ticking up is 10 minutes. Thank you for your participation.1. In your organization which department is mainly practice?

HRM (Human Resource Management) PM (Personnel Management)

2. Who is the responsible person for planning the HRM/PM in your organization?

..

..

............

3. In the recruitment process what kind of sources is used by your organization?

External Internal

4. For recruitment the employee which things is followed by your organization?

Advertisement Campus Recruiting

5. In case of selection: How your organizations select the best candidate among the

available candidate?

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6. How do you evaluate the working efficiency of the employees of your organization?

7. For the job analysis of the employee which method is performed by your organization?

Observational Interview Questionnaire Functional

8. For developing the working efficiency of the employees do you provide any training

program?

9. If you arrange any training program for the employees, which type of training programs

are those?