PERFORMANCE MANAGEMENT SYSTEM OF BEXIMCO Performance management is highly recognized in today's society. Organizations cannot achieve their goals unless they are able to manage the performance of their own employees. The field of human resource management encompasses a wide range of topics, but my primary focus at Beximco Pharmaceuticals Ltd. has been performance management. As part of my efforts to achieve the goal efficiently, I endeavored to learn about the procedures used by the firm to monitor and assess employee performance in order to do so. The organization has implemented a performance management system. PLANNING The organization sets a strategy for improving performance. In order for the employee to fulfill duties, sensible objectives must be set. The job profile of the employee must also be updated, and a development plan must be developed. During a crisis, the first priority is to ensure that personnel follow all applicable health and safety requirements while on the clock at the factory. Another significant issue in the current covid-19 dilemma is the assurance of the quality of manufactured goods. The primary focus of the organization has always been on the production of high-quality products. This is supposed to be accomplished using a variety of techniques. In order to ensure that all employees are aware of the strategies and plans that will be implemented in order for the business to achieve its goals and objectives, the plans are communicated to all employees. MONITORING Beximco Pharmaceuticals never compromises on product or service quality. As a result, they closely monitor each employee's performance in order to ensure that the high quality of the output remains consistent. Quality control is overseen by a team of professionals who work to guarantee that all employees adhere to the highest standards. Each level of personnel is obliged to report directly to their immediate superior at the highest level. A variety of work units are allocated to supervisors for oversight. The management of the human resources department keeps track of the entire work process. Both on an individual and a team player basis, employees are evaluated on their performance. Furthermore, the performance evaluation is reliant on the results of the evaluation. In addition, a staff is on hand to watch the actions through the use of a CCTV camera. DEVELOPING The performance of an employee is determined by the training and job assignments that they get. It is acceptable to use this word when they are improving themselves while also supporting the organization in achieving its objectives. When a new employee is hired for the first time, he or she is placed on probation for a period of time. Over the course of this time period, top management supervisors will observe their work and provide them with training as needed. As soon as they complete their probationary period, the human resources department and other management will evaluate them on the basis of their performance and assign them to a job inside the company. The firm provides training opportunities to its employees in order for them to be able to deal with new ways in a variety of situations. Apart from that, staff are given a variety of tasks to complete, which allows for the evaluation of both individual and team performance. It is via this process that employees learn how to be proactive and accountable at work, and they also have the opportunity to develop and learn new abilities. RATING Assigning rating records might let employees understand that their actions are being recorded and their performance is being reviewed. This is a useful tool for spotting employees that put in extra effort, as well as those who aren't up to snuff. Every employee's performance and task completion are assessed while they are being supervised. Managers in the mid- and upper-levels are also judged on their job output and effort. During the monitoring process, employees are monitored and then rated. As a result, employees will be better able to focus on their tasks and their performance, and will be more ready to put in their best effort. REWARDING Giving recognition to an employee who has demonstrated superior performance might drive the reward owner as well as the other employees to strive even harder in order to earn the reward. Employees are promoted depending on their ability to provide results. In the case of the employees, they get compensated for the additional time that they put in. The techniques of evaluation are mostly determined by the nature of the task. Compensation is often an important component of appraisal methodologies. PERFORMANCE APPRAISAL The word "performance appraisal" refers to the process of evaluating an employee's job performance and contribution to the organization's goals. In a nutshell, it is an annual evaluation of an employee's performance. While studying performance appraisal, the issue "whose performance should be evaluated?" emerges. To this question, the answer is, of course, the personnel. However, which employees? On what grounds? Then the following question arises. When it comes to group assignments, the person who puts in the most effort should be regarded; but, when it comes to individual assignments, the person who contributed to the organization meeting its goals should be considered. There are two methods for evaluating employees: classic and modern. PERFORMANCE APPRAISAL METHOD IN BEXIMCO Beximco Pharmaceuticals Ltd. is a well-known company that never makes a sacrifice in terms of quality. Beximco Pharmaceuticals Ltd., for the most part, uses the Checklist technique. The HR manager creates a checklist and sends it to the rater using this manner. The checklist may comprise a series of questions about the employee's behavior and job performance. At the conclusion of the year, an E-mail is sent to all HR executives with a printed form. There are certain details about the personnel in that form, such as their name, designation, department, reporting supervisor, job description, and functional area. Each executive, from junior executive to senior general manager, should complete this form if they require appraisal. After completing the form, they should email it to the human resources department within a specified time frame. Generally, forms are sent to executives at the start of a new year (January). They have a maximum of 15 days to complete and submit it. Human resources executives submit their forms to the head of the department, and the head of the human resources department submits his appraisal form to the chief executive officer. Following the directors, the C.E.O. is in charge of the entire Pharmaceuticals division. Thus, he is not need to appraise for promotion, but there is an opportunity to enhance his income and other benefits. As a result, he is also submitting his appraisal form to the directors, as no one can increase his income or provide self-promotion without the approval of the directors. The appraisal report is published in two to three months. However, it takes effect at the start of the year, which implies that the appraisal begins in January. Those who are promoted or receive an increment receive a "CONGRATULATIONS" card from HRD along with a rose stick. Permission is not simple to obtain each year, but at Beximco pharmaceuticals, everyone receives an annual raise. The corporation deducts tax from the salaries of individuals who are eligible. Executives do not work overtime. That is why the majority of assistants resisted advancement; we discovered that an assistant earns more than an executive in all salary categories. WHO IS THE EVALUATOR ? For Beximco Pharmaceuticals Ltd., raters are senior managers from the human resources department. The human resources department employs some really capable specialists. Several of them have over thirty years of expertise. HOW DO THE RATERS OP ERATE? To begin, the human resources department gathers pertinent information on the employees. They compile the data on a preliminary appraisal sheet. They deliver this information gathering document to all executives via email. After that, they form a panel to analyze and justify all of the sheets. Following that, the panel determines whether or not the individual is qualified for promotion. As a result, they create the performance appraisal form. Additionally, for this eligibility, the employee's experience must be verified, and the individual must have worked for the company for at least one year. COMPLIANCE OF BEXIMCO PHARMACEUTICALS LIMITED Beximco complies because it abides by the rules set forth by the company. The goal of establishing a strategy on health and safety is to ensure that the workplace is safe and healthy in compliance with the Factories Act 1965, guidelines supplied by the World Bank and ILO Convention on the protection of employees against occupational hazards in the Working Environment. In order to make sure that the factory premises are free of any fire hazards and that any fire events can be dealt with effectively in order to save lives and property damage. Injured workers should have access to the proper Medicare facility, and if necessary, better clinical admission facilities should be arranged for those who require further treatment. Beximco Pharma's perfect human resources management meant that these talents were nurtured to their full potential by working in an atmosphere with state-of-the-art production facilities and receiving the satisfaction of a job well done and compensation. With Beximco's commitment to upholding the internationally recognized and approved standard of compliance, the firm has been able to not only attract but also retain top talent, resulting in a string of impressive textile and apparel industry accomplishments and awards. Success, successes, and glory of the firm and its subsidiaries or divisions are all based on the participation of its human resources and adherence to compliance concerns at all levels, beginning with accumulating the resources and moving through processing and distribution. REFERENCES Compliance issues in Beximco Pharma. Beximco Pharmaceuticals Ltd.. Available at: https://beximcopharma.com/investors/corporate-governance [Accessed April 1, 2022]. Strategic performance measurement - researchgate.net. Available at: https://www.researchgate.net/profile/Md-Saiful-Alam2/publication/319128850_Strategic_Performance_Measurement_of_Beximco_Pharmac euticals_Limited_with_compare_to_Square_Pharmaceuticals_Limited_An_Application _of_CORE_Analysis/links/5ffbaec2299bf14088885d14/Strategic-PerformanceMeasurement-of-Beximco-Pharmaceuticals-Limited-with-compare-to-SquarePharmaceuticals-Limited-An-Application-of-CORE-Analysis.pdf [Accessed April 1, 2022]. Deb, P.D., 2020. Assessment of Financial Appraisal: A Scrutiny on Beximco Pharmaceutical Ltd.. SSRN. Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3665380 [Accessed April 2, 2022].
