Industrial Tour Report

On
HUMAN RESOURCES MANAGEMENT OF
MIDAS SAFETY BANGLADESH LTD. (IHPL)
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Industrial Tour Report

On
HUMAN RESOURCES MANAGEMENT OF

MIDAS SAFETY BANGLADESH LTD. (IHPL)

Submitted To
Dr. Mohammad Harisur Rahman Howladar
Professor
Department of Management

Submitted By
Mahmudul Hassan Pabel
ID-15302104
Session: 2014-2015
BBA Program
Department of Management
University of Chittagong
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Letter of Submission
3rd July, 2020

Dr. Mohammad Harisur Rahman Howladar

Professor

Department of Management

University of Chittagong

Subject: Submission of Industrial Tour report on ―Human Resources Management of MIDAS Safety
Bangladesh Ltd (IHPL).‖

Dear Sir,

With due respect, I would like to inform you that I have prepared my Industrial Tour report on ―Human
Resources Management of MIDAS Safety Bangladesh Ltd.‖ for the BBA program. I have prepared this
report based on the practical experience and information collected through interview and observation of
the working process of MIDAS Safety Bangladesh. There might be errors through oversight in the report
and I sincerely apology for such unintentional errors. I would be grateful to you if you kindly consider
my mistakes.

I hope you would be kind enough to accept my industrial tour report and oblige thereby.

Thanking you

-------------------

Mahmudul Hassan Pabel

ID-15302104

BBA program

Session-2014-15

Department of Management

University of Chittagong
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Acknowledgement

First of all, I would like to thank and express my deep gratitude towards the Almighty Allah for making
me enable to complete this report.
I express my heartiest gratitude and respect to my supervisor for his excellent guidance and support to
complete this report properly.
My sincere gratitude toward the MIDAS Safety Bangladesh officials Mr. Kamal for helping me to
complete this report with giving information.
Finally, my deep and sincere gratitude to my family for their continuous and unparalleled love, help and
support. I am forever indebted to my parents for giving me the opportunities and experiences to
complete this report successfully.
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Executive Summary
This industrial tour report is prepared on Human Resource Management of Midas Safety Bangladesh
Ltd. This report is prepared on the basis of primary and secondary knowledge. During the industrial tour
we have visited Human Resource Management department of Midas Safety Bangladesh Ltd. In Midas
Safety HR professionals manage the human capital of an organization and focus on implementing
policies and processes. They can specialize in finding, recruiting, training, and developing employees, as
well as maintaining employee relations or benefits.

The first part of the report gave a short discussion about, introduction on Midas Safety Bangladesh. This
report is tailored to focus on the human resources management of MIDAS SAFETY that is well
organized. In MIDAS, HR department is usually responsible for creating, putting into effect and
overseeing policies governing workers and the relationship of the organization with its employees.

The second part is about background of the company, business vision and mission, product portfolios,
organization structure and performance. The performance of Midas Safety is good. Customer
satisfaction rate is more than 98%.

The third part is about findings from the study of Human Resources Management of MIDAS Safety
Bangladesh Ltd. Here included short discussion about Recruitments process, Selection process and
training program. Training and development professionals ensure that employees are trained and have
continuous development. This is done through training programs, performance evaluations, and reward
programs. An employee relation deals with the concerns of employees when policies are broken, such as
cases involving harassment or discrimination. Managing employee benefits includes developing
compensation structures, parental leave programs, discounts, and other benefits for employees.

Finally at last part brief Recommendations and conclusions prepared from my brief knowledge on Midas
Safety Bangladesh Human Resources Management department.

MIDAS Safety Bangladesh has their efficient HR department and they take various steps for their
employees. Although the HR department is efficient it has faces major challenges selecting the best
candidate and making the hired candidate familiar with the environment and culture. Hiring employees
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is not only the challenge that HRM faces; retaining them is also one. Retention of employees is essential
to minimize employee turnover rate. Considering all these issues, the HRM department of Midas Safety
Bangladesh is quite efficient.
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Table of Contents

1.Intruduction 10

1.1 Introduction 11

1.2 Objectives of the Study 12

Chapter 01 1.3 Methodology of the Study 12

1.4 Scope of the Study 13

1.5 Limitation of the Study 13

2.Organizational Overview 14
2.1 Background of the Company 15-17

2.2 Vision of MIDAS Safety 18

Bangladesh
2.3 Mission of MIDAS Safety 18
Bangladesh
Chapter 02
2.4 Product Portfolio 18-21

2.5 Organization Structure 22

2.6 Short Discussion of the 23

Department
2.6.1 Production Department 23

2.6.2 Quality Assurance and Quality 23

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Control
2.6.3 Supply Chain Management 24
2.6.4 Finance and Accounting Department 24
2.6.5 Human Resources Management 25

2.6.6 Research and Development 25

2.6.7 Technical 26

2.7 Performance 26

3.Findings 27

3.1 Manpower Condition of MIDAS 28

Safety
3.2 Recruitment Process 28-29

3.3 Selection Process 30

Chapter 03
3.4 Training Program 31

3.5 Coaching 32
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3.6 Performance Appraisals 33

3.6.1 Key Performance Indicator 33-34

3.6.2 Performance Improvement 34-35

Board
3.6.3 Talent Review Meeting 35-36

3.7 Compensation 37

3.8 Total Reward 37-38

3.9 Employee Relation 38-39

3.10 Friendly Environment 39

3.11 Career Mobility 40

3.12 Leadership Development 40

4.Recommendation & Conclusion 41

Chapter 04 4.1 Recommendation 42
4.2 Conclusion 43

References 44
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Chapter 01
Introduction
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1.1 Introduction:
Human resource management (HRM or HR) is the strategic approach to the effective management of
people in a company or organization such that they help their business gain a competitive advantage. It
is designed to maximize employee performance in service of an employer's strategic objectives.
(Johnason, 2009). Human resource management is primarily concerned with the management of people
within organizations, focusing on policies and systems. (Collings & Wood, 2009). HR departments are
responsible for overseeing employee-benefits design, employee recruitment, training and development,
performance appraisal, and reward management, such as managing pay and benefit systems. (Paauwe &
Boon, 2009). HR also concerns itself with organizational change and industrial relations, or the
balancing of organizational practices with requirements arising from collective bargaining and
governmental laws. (Klerck, 2009). The overall purpose of human resources (HR) is to ensure that the
organization is able to achieve success through people. (Mark, 2014, Bath, 2014, p. 3). HR professionals
manage the human capital of an organization and focus on implementing policies and processes. They
can specialize in finding, recruiting, training, and developing employees, as well as maintaining
employee relations or benefits. Training and development professionals ensure that employees are
trained and have continuous development. This is done through training programs, performance
evaluations, and reward programs. (Mayo, 1945). Employee relations deal with the concerns of
employees when policies are broken, such as cases involving harassment or discrimination. Managing
employee benefits includes developing compensation structures, parental leave programs, discounts, and
other benefits
for employees. (Hale, 2014).

This report is tailored to focus on the human resources management of MIDAS SAFETY that is well
organized. In MIDAS, HR department is usually responsible for creating, putting into effect and
overseeing policies governing workers and the relationship of the organization with its employees.
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1.2 Objective of the Study:

The main objective of the study is to know about the HRM practices of the MIDAS SAFETY Ltd.

The other objectives of this industrial tour are as below:

 To know the organizational overview of MIDAS SAFETY Ltd.

 To know the recruitment strategy adopted by MIDAS SAFETY Ltd.
 To know the compensation policies of the Company.
 To know the training and development process of the Company.
 To look into the performance appraisal of the MIDAS SAFETY Ltd.

1.3 Method of the study:

The study is conducted primarily in participatory research analysis method and secondary on practical
and theoretical analysis. The report has been conducted on the basis of experience gathered during the
industrial tour at Industrial Hand Protection Ltd. (IHPL).The report are prepared both primary and
secondary data are used.

The primary sources are as follows:

 Face-to-face conversation with the respective offices and stuffs of the branch.

 Face-to-face conversation with HR related employees.

 Observation of the employee and Management sector of the company.

 Related field study as provided by the officer.

 Personal observation.

The secondary sources of data and the information are:

 Annual report.
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 Website address.

 Book basis articles.

1.4 Scope of the study:

 The scope of the study is Human resource management and employee performance of MIDAS
Safety Bangladesh Ltd.

 The report is prepared to fulfill the requirement of the industrial tour.

1.5 Limitation of the study:

We have tried our level best to collect all available information through direct visit to the MIDAS
SAFETY and interviewing the Head of HR Admin & IR .Despite the report is not tree from all
limitations. While I was preparing this report I faced some problems. Which are given below:

1. Authorities are not willing to disclose some confidential information.

2. Time for the visit is not sufficient.

3. Only HR, Admin and IR manager, Deputy Manager and officer conduct a session so they could
not provide all information about this company.

4. We visit only one factory in Bangladesh which is not enough to get full overview of the
company.

5. Lastly, our personal limitations as very first in this type of study and report making.
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Chapter 02
Organizational Overview
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2.1 Background of the company:

MIDAS was started in 1979 in Pakistan. Currently Head Quarter of Midas safety Bangladesh is in
Canada. The name of the sub-project of MIDAS SAFETY is Industrial Hand Protection Ltd. It is located
in Chittagong Exports Processing Zone (CEPZ). It is also known as Midas Safety Bangladesh. It is only
related with production of different types of protecting hand gloves. It does all production according to
the policy of head office which is situated in Canada. Head office determines all types of production,
marketing, financial policy. Industrial Hand Production Ltd implements the policy that is taken by head
office. It produces different types of industrial gloves for the purpose of export. MIDAS SAFETY
BANGLADESH is fully export oriented industry.

Table 1: Company Profile

Group Name MIDAS SAFETY

Name Industrial Hand Protection Limited(MIDAS

SAFETY BANGLADESH)
Address Plot No.6, Sector 1/A, Road No.5, C.E.P.Z,
Chittagong-4223, Bangladesh.
Year of Incorporation 2009
Year of Commercial Production 2010
Head office : Canada.
Head Office address 255 Duncan Mill Road, Suite 904Toronto,
Ontario, Canada M3B 3H9
Type of operation Manufacturing
Manufacturing Location: India, Pakistan, Bangladesh, UAE and Sri
Lanka.
Legal status of the company: Private Limited Company
Nature of ownership: 100% Private Ownership
Initiative organization to establish this Foreign Direct Investment (FDI)
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industry:
Product Safety Gloves.
No of Employee 150
No of Worker 850
Types 100% Foreign Investment (C Type)
Gloves production in Bangladesh: Automated process, Semi-Automated process
Market Europe, North America, South America, Asia,
Africa
Exporting Countries: USA, Canada, Australia, South Africa, Spain,
Russia, Holland, India Etc.

Various processes involved in

production

Working hours for worker Day: 8:30 am. To 8:30 pm. / Night: 8:30 pm. to
8:30 am.

Working hours for staff 8:30 am. to 6:30 pm

Workers‘ Absenteeism and Labor*& -5%

Turnover (percentage)* -5%

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Workers‘ Council Workers‘ Representative Welfare Council

(WRWC); in Process

No labor Union

Security Measures adopted by the

organization:
-way entry

-fighting demonstrations every six

months

Type of company: Both Labor and Capital Intensive

Working Environment: Friendly

Business Strategy: Capture the Market through quality maintaining

Mode of Transaction: By letter of Credit

Product concern: Large

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2.2 Vision:

The main vision of MIDAS is one of the leading positions of 5 safety companies in the world. The
vision of Midas safety is to develop customer-centric innovative products of high quality. The ambition
of MIDAS is to deliver the right product in right time.

2.3 Mission:

1. Great team work.

2. Quality And innovative production.

3. Brand recognition in emerging world market.

2.4 Products:

There are different kinds of hand gloves are producing MIDAS SAFETY BANGLADESH. Products are
as follows –
 Journey gloves
 Industrial gloves
 Chemical resistance gloves
 Hit resistance gloves
 Fashion garments gloves
 Medical gloves
 Cut resistance gloves
 Sports gloves etc.
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While an unabridged list of safety gloves may never be feasible the following accounts for the styles,
applications, and image of some glove types.

Table 2: Product types

Name Application Image

PVC | Flex Shield™  Handling of grease-

coated products
 Materials handling
 Commercial fishing
 Food processing
 Chemical handling

Laminated Rubber |  Construction

Resistor™  Agriculture
 Recycling
 Glass and sheet metal
handling

 Sheet metal handling

Latex Coated  Glass and ceramics
handling
 Stationary blade handling
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 Food processing
Cotton/Polycotton | Polyester
 Shipping and receiving
Blends
 Light fabrication

 General maintenance

Cotton/Polycotton | Nitrile Materials handling

Palm/Blocks
 Agriculture

 Bottling industry

Kevlar® | 100% Kevlar® Glass and ceramics handling

Gloves
 Automotive
manufacturing

 Paper industry

Nylon/Polyester | 100% Inspection

Nylon Lint Free
 Pre- and post-painting

 Electronics fabrication

 Delicate assembly
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Next-Gen | plash Construction work

Nitrile - Cut Resistant  General maintenance

 Mechanical work

Nitrile | Hercules™ Lite Shipping and receiving

7000 Series  Gardening

 Light/medium fabrication
 Durable goods assembly
 General plant use

Special Pvc | Shield Commercial fishing

200™ With Chips  Forestry

 Mining
 Recycling operations
 Waste management

DIPPED PVC | SHIELD Parts cleaning

ECONOMY 200  Maintenance

SERIES™  General plant use

 Basic liquid protection
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2.5 organization structure:

General
Manager

Man Man Man Dy Mana Mana Mana Mana Mana Dy Dy

ager ager ager Mana ger ger ger ger ger Manag Mana
ger er ger
HR, SCM Fin & Project QA/Q Produc U3 R&D
Admi Acc ,IE & C tion
Intern Techni Maint
n& HSE U1&
al cal enanc
IR 2
Audit e
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2.6 Short discussion of the department:

2.6.1 Production Department:

Production is the process of converting raw materials into finished goods that have utility values.
Production refers to the processes and methods employed to transform tangible input (Materials, semi-
finished goods, or subassemblies) and intangible inputs (ideas, information, knowledge) into goods or
services. Production management refers to the job of coordinating and controlling the activities required
making a product, typically involving effective control of scheduling, cost, performance, quality, and
waste requirements. Midas Safety production system is customer based. So Midas Safety production
system is intermittent. Midas Safety production planning and production scheduling is order based.
Midas Safety does not use any software for production planning.

2.6.2 Quality Assurance and Quality Control:

Quality assurance is the part of quality management focused on providing confidence that quality
requirements will be fulfilled. All the planned and systematic activities implemented within the quality
system that can be demonstrated to provide confidence that a product or service will fulfill requirements
for quality.

Quality is a core value at Midas Safety. This uncompromising principle is owned by everyone in Midas
Safety, and forms the foundation of all their work. This is critical in their role of delivering quality
products. Midas Safety is committed to offering consistent quality and innovative solutions to their
customers across 50 countries.
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2.6.3 Supply Chain Management:

Supply chain management is the management of the flow of goods and services and includes all
processes that transform raw materials into final products. It involves the active streamlining of a
business's supply-side activities to maximize customer value and gain a competitive advantage in the
marketplace.

In Midas Safety the operation of Supply Chain starts with Demand Planning for products and then
Supply Planning is prepared basis on the Demand Planning for products and then Supply Planning is
prepared basis on the targeted Demand. On the basis of Supply Planning the Raw Materials and
Packaging materials are being procured by Procurement from National and International Suppliers
where Inbound Logistics releases the imported materials from port following customs formalities. This
is then used for Production and later Primary Sales (invoicing) is done by Customer Service and
Distribution.

2.6.4 Finance and Accounting Department:

The important part of an organization is that manages its cash flow. The business functions of a finance
department typically include planning, organizing, auditing, accounting for and controlling its
company's finances. The finance department also usually produces the company's financial statements.
Finance and Accounting Department is to provide cost effective and efficient accounting and financial
management services to the Board, stakeholders and subsidiary companies of the Midas Safety. The
total paid-up capital is Midas Safety 14.39 cr. The total sale of Midas Safety is 30 million and the total
profit of Midas Safety is 3 million in last year. The last reported AGM (Annual General Meeting) of the
company, as per their records, was held on September, 2019. Also, as per their records, its last balance
sheet was prepared for the period ending on 31 March, 2019.
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2.6.5 Human Resources Management:

Human resource management (HRM) is the practice of recruiting, hiring, deploying and managing an
organization's employees. HRM is often referred to simply as human resources (HR). ... As with other
business assets, the goal is to make effective use of employees, reducing risk and maximizing return on
investment (ROI).

Approximately 1100 people are employed in Midas Safety, where 70% are male and 30% are female.
Selection of a candidate in Midas Safety is strictly based on his or her merit. The training needs of the
employees in Midas Safety on the basis of their performance appraisal. Per year all employee must need
to take 16 hour training. The pay is provided by Midas Safety is best in compared in other organization.
Rewards and incentives are fairly distributed in Midas Safety. Midas Safety follows policies and
practices that serve combined interest of both employees and the organization.

2.6.6 Research and Development:

The Research & Development department can help direct the future of a business because it provides
essential information and ideas that support strategic decision-making. By investing in R&D, a company
is investing in technology and future capabilities, transforming these into new processes, products and
services.

In Midas Safety 70% of their total budget are used in R & D department. In Midas Safety the main goal
of R & D department is to produce the highest quality products in the market with unique benefits that
exceed customers‘ expectations. The process of new product development is streamlined to validate
product and processes, before it is launched. All permanent changes in specs, performance and raw
material have to be verified and validated. Their designers use unique processes, materials and textiles to
provide the benchmark in performance in terms of abrasion resistance, water repellency, comfort,
breathability and insulation.
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2.6.7 Technical:

Technical is something having to do with an industrial or mechanical art or an applied science.

Technical means involving the sorts of machines, processes, and materials that are used in industry,
transport and communications.

Midas Safety is fully automated manufacturing company. In Midas Safety manufacturing plants are
equipped with the best machinery and technology. Each location adheres strictly to the core rules that
ensure that the final product performs its job perfectly.

2.7 Performance:

Performance is understood as achievement of the organization in relation with. It includes outcomes

achieved, or accomplished through contribution of individuals or teams to the organization's strategic
goals. The performance of Midas Safety is good. The total sale of Midas Safety is almost 30 million in
every year. The profit margin of Midas Safety is 8% or 10% of its total sales in every year. Midas Safety
produce 100% quality products according to their customers demand. The target of Midas Safety is to
achieve 100% OITF (on time in full) and it is achieved in continually in almost 3 years. Customer
satisfaction rate is more than 98%.
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Chapter 03
Findings
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3.1 Manpower Condition of Midas Safety:

Almost 15000 people work in Midas Safety all over the world. Midas Safety produced 177 types of
gloves. The sales head office of Midas safety is situated in Canada. Approximately, 1100 people are
employed in Midas Safety Bangladesh, where 70% are male and 30% are female and 130 people are
work in executive level. Midas Safety is a recommendable place to work. It places the right person in the
right job. In Midas Safety employees are work with a sports environment. They arrange cricket,
badminton and other sports for their employee‘s refreshment and enjoy. They also arrange several types
of program and annual picnic in national days. Which are motivated their employees as well as making
good bonding to each other. Midas Safety grows their people to be autonomous, responsible and
engaged. Midas Safety makes the right decisions at the right time with a strong sense of accountability.
They value courage and learn from their mistakes. Midas Safety encourage decision making at every
level of the organization to develop employees confidence and employees take complete ownership of
their work realizing how it contributes to the company‘s success. Midas Safety provides prompt and
constructive feedback where required. Midas Safety cares about their employee‘s opinion such as Idea
competition, Idea box etc. They treat each employee with genuine respect.

3.2 Recruitment Process:

In Midas Safety Recruitment refers to the overall process of attracting, shortlisting, selecting and
appointing suitable candidates for jobs either permanent or temporary. Selection of a candidate of Midas
Safety is strictly based on his/her merits. Sources of recruitment in Midas Safety in mixed. They used
not only internal sources but also external sources. Midas Safety used Facebook media for recruitment
their employees. Midas also used early potential program which is now replaced by internship
assessment. The Early Potentials program is designed to identify and nurture talented initiative seekers
who are planning on launching their career. The incumbent must possess the skills and attitude to grow
among the ranks at Midas Safety.
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Midas Safety provides young graduates and Professionals with less than 3 years of experience the
platform to hone their talent and an opportunity to experience first-hand values of ‗Great work, great
life‘! In this program internees are evaluated and inducted as Management Ambassadors or high caliber
graduates who wish to get ahead with a global career. The Management Ambassador is selected for a
specific function of Midas Safety and spends a fast paced year delivering on projects before deadlines.

Midas Safety uses six steps recruitment process.

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3.3 Selection Process:

In Midas Safety selection process can be defined as the process of selection and shortlisting of the right
candidates with the necessary qualifications and skill set to fill the vacancies of the organization.
Selection is the process of choosing the most suitable candidates from those who apply for the job. It is a
process of offering jobs to desired candidates. Once the potential applicants are identified, the next step
is to evaluate their qualification, qualities, experience, capabilities, etc. & make the selection. Selection
of a candidate of Midas Safety is strictly based on his/her merits. Midas Safety also used early potential
program which is now replaced by internship assessment. The Early Potentials program is designed to
identify and nurture talented initiative seekers who are planning on launching their career. The
procedure of selection may vary from industry to industry, company to company and even from
department to department. Midas Safety designs its selection process, keeping in mind the urgency of
hiring people and the prerequisites for the job vacancy. The selection process is quite lengthy and
complex as it involves a series of steps before making the final selection.

Midas Safety follows six steps in the selection process.

1. Placing a job advert.

2. Screening applications.

3. Candidate interviews.

4. Verifications and references.

5. Final selection.

6. Making a job offer.

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3.4 Training Program:

Rule at Midas Safety stands for the relationship between education, exposure and experiences that
collectively enable best employees to climb up the ranks as senior members of the Midas Safety family.
The belief that ―learning never stops‖ is put into practice at Midas Safety. Everyone has a chance to grab
the opportunities that come their way, via training and learning at Midas Safety, to keep themselves
ahead. Once any one are part of Midas Safety's family, Midas Safety invest every resource available to
their employees to ensure employees development and comfort with their responsibilities. Necessary
training modules and workshops are a regular part of the exposure and experience component of the
learning model, and these are available to everyone in the company. There are also opportunities to
travel to their global offices for training related to employee‘s professional responsibilities. The training
needs of the employees in Midas Safety are assessed on the basis of their performance appraisal. The
contents of the training programs organized are always relevant to the changing needs of their job and
their business. Most of the supervisors in Midas Safety encourage employees to discuss their problem
with them. All employees must need to take 16 hours compulsory training in each year. Safety training
is also compulsory for every employee. Almost every month ISO provide training in Midas Safety. They
allocate At least 40000 taka budget for training in every month.

Midas Safety provides two types of training:

1. Functional Training

2. Situational Training

Midas Safety hired foreign experts for providing training to their employees. Example: HR for line
manager. Small training will provide in factory is called house training. Midas also used early potential
program which is now replaced by internship assessment. Midas Safety also provides basic education to
their employee and also provide certificate according to their performance.
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3.5 Coaching:

In Midas Safety coaching is a form of development in which an experienced person, called a coach,
supports a learner or client in achieving a specific personal or professional goal by providing training
and guidance. In Midas Safety coaching differs from mentoring by focusing on specific tasks or
objectives, as opposed to more general goals or overall development. Midas Safety provides positive
support, feedback, and advice on an individual or group basis to improve personal effectiveness in the
business setting, many a time focusing on behavioral changes through psychometrics or 360-degree
feedback. Midas Safety care as much as their employees according to their performance. This is why
Midas Safety has a strong mentorship program where junior members are paired with volunteering
senior executives and employees to help counsel them on work and personal matters. Midas Safety
believes in developing long-term bonds. In Midas Safety coaches help their clients advance towards
specific professional goals. These includes career transition, interpersonal and professional
communication, performance management, organizational effectiveness, managing career, and personal
changes, developing executive presence, enhancing strategic thinking, dealing effectively with conflict,
and building an effective team within an organization.
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3.6 Performance Appraisal:

Midas Safety appraises the performance of their employees at regular intervals. Performance appraisal in
Midas Safety aims at improving employee‘s performance and strengthening their job skills. The
performance appraisal of Midas Safety has been fair and objective. In Midas Safety employees receive
proper feedback on how they are performing. In Midas Safety good performer get promoted first. Midas
Safety uses 3 steps performance appraisal.

3.6.1 Key Performance Indicators (KPI):

Key Performance Indicators (KPIs) are the critical indicators of progress toward an intended result. KPIs
provides a focus for strategic and operational improvement, create an analytical basis for decision
making and help focus attention on what matters most. Midas Safety use KPI (Key Performance
Indicators) for appraising the employee‘s performance. KPI will decide in 5 ways. KPI of Midas Safety
is very stronger.
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3.6.2 Performance Improvement Board (PIB):

Performance improvement Boards are displays that enable leaders to visually track People, Quality,
Delivery, Cost and Process Improvement. These are forms of Visual Management often used during
Leader Huddle Meetings to ensure the organization is on track. Midas Safety also uses (performance
improvement board) for 3 month at regular basis for measuring their employees performance.
Performance results of the employees are very confidential and only informed to the employees.
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3.6.3 Talent Review Meeting (TRM):

A talent review is formal meeting where senior leaders discuss information related to past performance
an employee how well and he has done and future potential of an employee capable of doing in the
future and how particularly of those employees being considered to occupy key positions in alignment
with the business strategy. Key positions are those that would stop a business from operating if they
become vacant unexpectedly and no one else is ready to occupy them. Talent review meeting is another
performance indicator of Midas Safety. They classified their talent review meeting into three categories.
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The employee turnover rate is very low in Midas Safety. Performance bonus will give to the employee
according to their performance and productivity.

Table 3: Talent Review Meeting

Not Possible Latest Solid

Ex

Out

FB

Note: = Future Leader, Core Employee, and Retention Must.

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3.7 Compensation:

Midas Safety paid adequately to their employees. The pay they provide is competitive compared to that
of employees doing similar work in other organization. Pay increments offered by Midas Safety are
satisfactory. Starting salary for graduate employees are 25000+ and also providing car facilities for
Deputy Manager. Midas Safety makes all payments due to their employees in time. They provide salary
to their employees within (25 To 28) date as like bank. A number of recreational activities and
occasional celebrations are organized in Midas Safety in order to let employees show their creativity and
enjoy. Midas Safety provides religion rituals bonus to their employees. They also provide medical
allowances and free treatments to their employees as per their needs. Example: Health checkup, Eyes
checkup etc. Provident fund is provided by Midas Safety to each employee, after 3 years it will be
double and before 3 years 100% provided. Midas Safety provides daily food facilities for their
employees with two or three items. Promotion will provide after 3 years but Extraordinary and
Outstanding employees will get promotion within 1 year. Midas Safety concerned about employee
satisfaction at work. Midas Safety believes that their management follows policy and practices that serve
combined interests of both employees and the organization. Midas Safety provides 12 days‘ vacation in
a year. Rewards and incentives are fairly distributed in Midas Safety and Rewards are strictly linked
with employee‘s performance. In Midas Safety they do not give threat to their employee of losing job.

3.8 Total Rewards:

Midas Safety's acknowledge the people who are committed to giving Midas Safety their all, because of
their deep-seated commitment to excellence. In addition to yearly performance based bonuses Midas
Safety employees enjoy appraisals based on performance, recommendation and tenure with the company.
The efforts of Midas safety's team members are recognized and promote people who have proven their
ability by consistently meeting targets and who demonstrate the competency to handle challenging
problems in a collaborative and effective manner. Midas Safety implements transparent and simple
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criteria for career advancement that fosters a culture of trust and empowerment. Extraordinary
employees will get promotion within 1 year.

3.9 Employee Relation:

In Midas Safety employee relations refers to a company's efforts to manage relationships between
employer and employees. Midas Safety provides fair and consistent treatment to all employees so that
they will be committed to their jobs and loyal to the company. Such programs also aim to prevent and
resolve problems arising from situations at work. In Midas Safety Employee relations programs are
typically part of a human resource strategy designed to ensure the most effective use of people to
accomplish the organization's mission. Midas Safety encourage decision making at every level of the
organization to develop employees confidence and employees take complete ownership of their work
realizing how it contributes to the company‘s success. Midas Safety care as much as their employees
according to their performance. Midas Safety believes in developing long-term bonds. Midas Safety are
committed to the personal and professional development of their employees. Enables their employees to
communicate freely with co-workers and managers, and ensures their safety and wellbeing. A number of
recreational activities and occasional celebrations are organized in Midas Safety in order to let
employees show their creativity and enjoy. They concern about employee satisfaction in the workplace.
Midas Safety believes that their management follows policy and practices that serve combined interests
of both employees and the organization. Complete satisfaction is derived from work if a person is valued,
and that is what they do at Midas Safety. Midas Safety cares about their employee‘s opinion such as
Idea competition, Idea box etc.

Midas Safety maintains 5 Common Employee Relations Issues.

 Conflict Management.

 Hour and Wage Management.

 Adequate Safety in the Workplace.

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 Annual Leave Disputes.

 Timekeeping and Attendance Issues.

3.10 Friendly Environment:

Midas Safety believe in creating a work environment that allows you to achieve excellence at work and
happiness in life, enables their employee to communicate freely with co-workers and managers, and
ensures their safety and well-being. They live the credo that ―people make the organization‖. Midas
Safety is committed to the personal and professional development of their employees. What makes
Midas Safety a great place to work at is the respect every individual has for the other. They are like a
close-knit family. Everyone brings forth their skills, communicates with open-mindedness, and works
towards with the common goal. They are happy to raise the bar of employee‘s performance because of
their employee‘s achievements. Complete satisfaction is derived from work if a person is valued, and
that is what they do at Midas Safety. Midas Safety ensures that their employees are provided the
platform to unlock their true potential through necessary training and opportunities to prove themselves.
In fact it‘s the teams that make Midas Safety the kind of company it is – a cultured family professionals
that speaks multiple languages.

The fundamental pillars of the friendly environment at Midas Safety are:

 Achievement of Organizational Objectives – inspiring, delivering, growing

 Working Together as a Family – sharing, supporting, collaborating

 Give their Personal Best –excelling, committing, enjoying.

To contribute happily in the workplace, Midas Safety believes their people should work in a way that
leaves them ample time to pursue the other activities that make their lives well-balanced.
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3.11 Career Mobility:

The career mobility program bridges Midas Safety's global business needs with workplace skills and
optimizes workers‘ inter-company mobility. If the opportunity exists, employees at Midas Safety may be
able to transfer out to another Midas Safety location across the globe, or apply their skills to a different
function by discovering open roles on their job portal. Existing employees are given greater preference if
their immediate manager feels the employee deserves the transition. Career Planning and Talent
Management Systems ensure that each position is filled by a deserving candidate. There is always an
eye out for some to explore opportunities in Midas Safety other global factories and offices. At Midas
Safety they put their people at the center of everything they do — from ensuring employees safety to
helping them succeed personally and professionally. No matter where you are in your career, Midas
Safety offers continuous growth opportunities and training to help you cultivate your skills and expand
your career within a truly global workplace.

3.12 Leadership Development:

In Midas Safety their succession planning philosophy is, ―Leading from the inside out‖. They have a
keen eye out for the potential candidates who will go on to assume great responsibility at Midas Safety.
In Midas Safety their leaders are transformational rather than transactional. They are revolutionaries and
unconventional in their daily lives and even more so at work. Exposure to global practices hones their
skills for leadership positions with greater responsibilities.
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Chapter 04
Recommendation & Conclusion
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4.1 Recommendations:

MIDAS safety should follow the following recommendations to improve HRM practices:

 Midas Safety should participate in job fairs for collecting skilled employees.

 Implement mandatory training program for improvement skills of their employees.

 The Investment in training program should be increased in every year.

 Midas Safety should try to involve theirs employees with safety training.

 Midas Safety should try to involve foreign trainers in the training program to support their
employees.

 Midas Safety should create a work environment that allows theirs employee to achieve
excellence at work and happiness in life.

 The performance appraisal of Midas Safety should be fair and objective and should provide
proper feedback to their employees.

 Pay increments offered by Midas Safety must be satisfactory and make all payments in time.

 Rewards should be strictly linked to employee‘s performance and organization should care the
general satisfaction of employees at work.
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4.2 Conclusion:

This is a matter of proud for Midas Safety that it never incurred a loss since 2010. The products of the
company have wide market demand all over the world. The company earns a lot of foreign exchange
which plays an important role in our national economy. Rule at Midas Safety stands for the relationship
between education, exposure and experiences that collectively enable best employees to climb up the
ranks as senior members of the Midas Safety family. The belief that ―learning never stops‖ is put into
practice at Midas Safety. Midas Safety is already role model for export oriented industry sector within
few years. Because of its quality product, uniqueness of their employee, export volume, on-time
shipments and so on. Some of the strong points of Midas safety are: Innovation, varieties of product,
best quality ensured at reasonable price, skilled personnel. Midas Safety grows their people to be
autonomous, responsible and engaged. They make the right decisions at the right time with a strong
sense of accountability. Midas Safety encourage decision making at every level of the organization to
develop employees confidence and employees take complete ownership of their work realizing how it
contributes to the company‘s success. Midas Safety are committed to the personal and professional
development of their employees. One of the main problem is that Midas Safety uses automated
machineries which hamper targeted production in case of electricity disruption. If Midas Safety can
overcome its drawbacks it will increase a large extent the volume of profit. The production capacity of
Midas Safety is limited because of their limited area. So this need to be considered by concerned
authority.
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Reference

 http://bd.midas-safety.com

 https://en.wikipedia.org/wiki/Personal_protective_equipment

 Magazine, M. S. (2016). Midas Safety Bangladesh (IHPL). Chittagong, Bangladesh: Midas

Safety www.midassafety.careers/corporate_principles. (2018, August 26). Retrieved August 26,
2018, from Midas Safety: http://midassafety.careers/corporate_principles.

 www.midassafety.com/quality. (2018, August 26). Retrieved August 26, 2018, from Midas
Safety:

 http://www.midassafety.com/quality.

 https://www.midassafety.com/.

 https://bangladesh.tradeford.com/bd387822