COMPENSATION AND BENEFITS PRACTICES IN BEST INSPECTION CENTRE (BIC) BANGLADESH LIMITED

This study aimed to explore the compensation and benefit factors influencing employees in the garments sector, focusing on BIC Bangladesh Ltd. in Chittagong, Bangladesh. A quantitative method was employed to develop hypotheses and gather numerical data, with a random sampling method chosen for data selection. The source of interviewees was BIC Bangladesh Ltd., and data were collected using survey questionnaires administered to thirty randomly selected employees from the organization. The findings indicated that BIC Bangladesh Ltd. needed to update its Standard Operating Procedures (SOP) to comply with labor laws, as well as to review and enforce policy implementation. Adjusting wages to align with inflation rates, rather than merely adhering to the minimum rate set by Bangladesh labor law, was also recommended. Additionally, implementing an efficiency matrix SOP to collect real-time data on individual performance would enable the company to appropriately reward highly efficient employees. The study suggested that BIC Bangladesh Ltd. should prioritize providing leave benefits to enhance employee satisfaction and retention. Offering more leave would likely result in greater benefits in terms of employee loyalty and reduced turnover. The study’s findings on compensation and benefits practices at BIC Bangladesh Ltd. may have significant implications for the broader garments sector. Understanding and evaluating these factors could help the industry develop measures to enhance compensation practices, ultimately promoting productivity among garment employees.