Evaluating Employee Fringe Benefits Provided by the Entrepreneurs in BSCIC Industrial Estates
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Purpose: The objective of this study is to evaluate the fringe benefits provided by the entrepreneurs in BSCIC (Bangladesh Small and Cottage Industries Corporation) industrial estates in light of the relevant labor laws of Bangladesh. Research question: Fringe benefits are one of the major factors in compensation that play a vital role in employee satisfaction. However, the issue has yet to be taken into consideration in the industrial units. So, the question arises: what is the present condition of employee fringe benefits in industrial estates? Research design, data, and methods: To conduct this mixed-methods research, a total of 222 respondents were selected randomly from employees and entrepreneurs. Two sets of self-administered questionnaires and KIIs were used to collect primary data, while SPSS was used to analyze the data. Major findings and conclusions: The study shows that the conditions of leave and holidays do not comply with labor laws. Further, aspects of maternity leaves, disability/death benefits, retirement benefits, and other financial and non-financial benefits are found not to be at a satisfactory level and do not comply with the existing labor laws. However, the benefits relating to environmental issues are found to be satisfactory. It is expected that the study findings will contribute to the existing literature related to fringe benefits and will help stakeholders and policymakers in formulating and monitoring compensation packages.
Abstract
Purpose: The objective of this study is to evaluate the fringe benefits provided by the entrepreneurs in BSCIC (Bangladesh Small and Cottage Industries Corporation) industrial estates in light of the relevant labor laws of Bangladesh. Research question: Fringe benefits are one of the major factors in compensation that play a vital role in employee satisfaction. However, the issue has yet to be taken into consideration in the industrial units. So, the question arises: what is the present condition of employee fringe benefits in industrial estates? Research design, data, and methods: To conduct this mixed-methods research, a total of 222 respondents were selected randomly from employees and entrepreneurs. Two sets of self-administered questionnaires and KIIs were used to collect primary data, while SPSS was used to analyze the data. Major findings and conclusions: The study shows that the conditions of leave and holidays do not comply with labor laws. Further, aspects of maternity leaves, disability/death benefits, retirement benefits, and other financial and non-financial benefits are found not to be at a satisfactory level and do not comply with the existing labor laws. However, the benefits relating to environmental issues are found to be satisfactory. It is expected that the study findings will contribute to the existing literature related to fringe benefits and will help stakeholders and policymakers in formulating and monitoring compensation packages.
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