Importance of Human Resource Management and the Competitive Advantage: A case analysis on basis of the Textile Industry of Bangladesh

Abstract

Industry plays an important role in Bangladesh economy. It captures 40% of total manufacturing and 50% of total employment. A huge 78 percent of the country's export earnings come from textiles and apparel, according to the latest figures available. Bangladesh exports its apparel products worth nearly $5 billion per year to the United States, European Union (EU), Canada and other countries of the world. It is the sixth largest apparel supplier to the United States and EU countries. The industry employs about 3 million workers of whom 90% are women. So, people are most valuable asset. The early part of the century saw a concern for improved efficiency through careful design of work. During the middle part of the century emphasis shifted to the employee's productivity. Recent decades have focused on increased concern for the quality of working life, total quality management and worker's participation in management. These three phases may be termed as welfare, development and empowerment. So, Human Resource Management (HRM) is the function within an organization that focuses on recruitment of, management of, and providing direction for the people who work in the organization. Human Resource Management can also be performed by line managers.