Business

Recruitment in Bangladesh

Bangladesh is a developing country in South Asia with a population of over 160 million people. The economy of Bangladesh is characterized by its strong agricultural sector, which employs a large portion of the population, and its rapidly growing textile and garment industry. In recent years, the country has also been focusing on developing its service sector, particularly in areas such as banking, insurance, and telecommunications.

The economy of Bangladesh has been growing at a steady pace in recent years, with GDP growth averaging around 6-7% per year. The country has made significant progress in reducing poverty, with the poverty rate declining from 45% in 2000 to around 21% in 2018.

The textile and garment industry is a major contributor to the economy of Bangladesh, accounting for over 80% of the country’s export earnings. The industry has grown rapidly in recent years, driven by the country’s low labor costs, favorable government policies, and access to global markets.

The government has also been working to promote economic development by investing in infrastructure, such as ports, airports, and power plants, and by promoting foreign investment and trade. Additionally, the government has been working to improve the business environment and to promote the development of small and medium-sized enterprises (SMEs).

Despite the progress that has been made, the country still faces significant challenges. These include a lack of infrastructure, particularly in rural areas, a shortage of skilled labor, and a lack of access to finance for small businesses. Additionally, the country is prone to natural disasters and is affected by climate change.

 

Why use a Recruitment Agency instead of an Employer of Record

Employers may choose to use a recruitment agency instead of an Employer of Record (EOR) for several reasons:

  1. Access to a larger pool of candidates: Recruitment agencies typically have access to a larger pool of job seekers, which increases the chances of finding the right candidate for the job.
  2. Reduced time and costs: Recruitment agencies can save employers time and money by handling the recruitment process for them. This includes advertising job openings, screening resumes, and conducting initial interviews.
  3. Specialization: Recruitment agencies often specialize in certain industries or types of positions, which means they have a deeper understanding of the job market and the qualifications required for specific roles.
  4. Legal and compliance: Recruitment agencies can also help employers with legal and compliance matters related to the worker’s employment, such as payroll, taxes, and benefits, which can be complex and difficult to navigate for foreign companies.
  5. Flexibility: Recruitment agencies can offer temporary or contract-based solutions for employers that need to fill a position for a short period of time or have a fluctuating workforce.

On the other hand, an Employer of Record (EOR) is a company that acts as the official employer of a worker, while the worker remains under the supervision and direction of the client company. The EOR is responsible for payroll, benefits, taxes, and compliance with labor laws and regulations. EORs are typically used by companies that want to expand into new countries or want to outsource the employment process.

In summary, Recruitment Agencies are used to find the right candidate for a job opening, while EORs are used to outsource the employment process. Employers can choose the option that fits their needs and goals.

 

The history of Recruitment Agencies

The history of recruitment agencies dates back to the 19th century, when the first employment agencies were established to match workers with job opportunities. These early agencies were typically run by private individuals and were focused on placing workers in manual labor jobs, such as factory work and domestic service.

During the early 20th century, the employment agency industry continued to grow and became more professionalized. Agencies began to specialize in certain industries or types of positions, and the focus shifted from manual labor to white-collar jobs, such as clerical and secretarial positions.

In the post-World War II period, the employment agency industry experienced rapid growth as the economy boomed and companies expanded. The use of recruitment agencies became more widespread, and agencies began to offer a wider range of services, such as executive search, temporary staffing, and outplacement services.

In the late 20th century, the internet and technology revolutionized the recruitment industry. Online job boards and recruitment software made it easier for employers and job seekers to connect, and recruitment agencies began to use technology to automate and streamline the recruitment process.

Today, recruitment agencies continue to play a vital role in connecting job seekers with employment opportunities and helping employers to find the right candidates for their job openings. They have adapted to the new digital environment and have evolved to provide a wide range of services, such as background checks, psychometric testing, and assessment centers.

Benefits of Recruitment Agency with INS Global

Recruitment can offer several benefits to employers. One of the main benefits is that it provides access to a larger pool of candidates, which increases the chances of finding the right person for the job. This can be especially beneficial for positions that require a high level of skill or experience. Additionally, recruitment agencies can save employers time and money by handling the recruitment process for them, which includes advertising job openings, screening resumes, and conducting initial interviews.

Another benefit of recruitment is that it can help job seekers improve their chances of getting a job. This can be done through additional services such as resume building and interview coaching, which can help job seekers to present themselves in the best possible light. Recruitment agencies can also help job seekers to understand the job market, the qualifications required for specific roles, and the cultural and social norms of the country.

Additionally, recruitment can provide benefits in terms of legal and compliance matters, especially for companies that are not familiar with the country’s regulations. Recruitment agencies can help employers to navigate legal and compliance matters related to the worker’s employment, such as payroll, taxes, and benefits. They can also help employers to understand and comply with local labor laws and regulations, which can be complex and difficult to navigate.

Conclusion

In conclusion, recruitment is a valuable process for employers looking to hire in Bangladesh. Recruitment agencies can offer several benefits to employers, such as access to a larger pool of candidates, reduced time and costs, and expertise in specific industries and positions. Additionally, they can help employers understand the cultural and social norms of Bangladesh, navigate legal and compliance matters, and overcome language barriers.

However, recruitment also has its disadvantages. It can be time-consuming, costly, and there’s a risk of misrepresentation of qualifications. Therefore, it’s important for employers to carefully evaluate their hiring needs and consider using recruitment agencies that have a good reputation and experience in the local market.

Overall, recruitment is an important process for employers looking to hire in Bangladesh, and with the right approach, it can help them to find the best-suited candidate for the job. Additionally, it can help job seekers to improve their chances of getting a job, and offer them additional services such as resume building and interview coaching. Employers should keep in mind that recruiting the right candidate is not only essential for the success of the company but also to foster a positive work environment and improve employee retention.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button