HRM practices and employee retention of RMG industry in Bangladesh: a case study on Sterling Styles Limited (Sterling Group)

Abstract

The report includes the workspace knowledge and internship experience gathered from Sterling Styles Limited. It also aims to address the drivers of HR in Sterling Styles Limited and their influence on it. The aim of this study is to collect data, observe, assess, and demonstrate the influence of the drivers of HR on RMG sector in Bangladesh. HRM practices under investigation include recruitment and selection, training and development, rewards and benefits, career development opportunities, and employee participation are examined in the context of their impact on employee retention rates. Preliminary findings reveal a strong positive correlation between three out of these five areas that emphasize employee retention. Employees who feel secure in their jobs and are satisfied with HRM practices are more likely to exhibit innovative and creative behavior, contributing ultimately to the retention or turnover rates. In conclusion, this research sheds light on the critical role of HRM practices in enhancing employee retention and, subsequently, fostering to high retention in the company. The results highlight the importance of creating a supportive work environment through fair recruitment and selection and offering adequate training and development facilities, offering opportunities for employee participation and development along with adequate rewards and recognition, and recognizing the influence of HRM practices on the creative potential of the workforce. Understanding these relationships can assist organizations in formulating more effective HRM strategies and ultimately lead to improved employee retention and a more innovative and competitive workforce.