Compensation Management of Esquire Knitewear Ltd

Abstract

Esquire Knitewear Ltd. is regarded as a very innovative clothing factory in Bangladesh. The enterprise commenced with the primary objective of maximizing productivity while safeguarding the interests of all shareholders. The company aspired to serve as a role model within the Ready-Made Garments (RMG) sector and has duly established itself in this position. The growth of the Ready-Made Garments (RMG) industry in Bangladesh during the mid-90s might be characterized as a thrilling experience. This study is only made on the "compensation management of Esquire Knitewear Ltd," which plays a crucial role and serves as the most significant element for the organization. In the realm of the Ready-Made Garments (RMG) industry, the integration of human resources (HR) practices and compliance measures plays a crucial role in optimizing the objectives of both HR management and competitive business operations. The RMG region possesses a substantial workforce. Proficient workers possess a significant impact on organizational dynamics and are highly sought after by competitors, resulting in turnover driven by the benefits offered to personnel. In contrast, the term "business family members" encompasses a broad yet specific definition. The term "industrial relations," broadly speaking, pertains to the dynamics and communications of distinct labor unions, the state and unions, as well as the relationships between different corporations and the government. The term encompasses a wide range of communications involving employers and employees, labor unions and management, employers and unions, and workers and employees in the most comprehensive meaning. Additionally, it encompasses other forms of associations within the organization, including both formal and informal relationships. In order to maintain healthy relationships, the industrial family system develops standards and rules. The government use a variety of mechanisms, including legislation, policies, agreements, and contextual factors, to influence labor relations. The economic composition of the family device involves various parties. The primary stakeholders in this context include employers and employer associations, employees and labor unions, and the government. The establishment of the economic members of the family framework involves the interplay of three events within the financial and social setting. They undergo modifications in accordance with the evolving structure and circumstances of the firm. The relationships between individuals and groups are encompassed within the commercial affiliations of family members.