“Manpower Forecasting: The Key to Successful Human Resource Management”

in the context of SQUARE”

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 Term Paper on

“Manpower Forecasting: The Key to Successful Human Resource Management”

in the context of SQUARE”

Course Code: HRM411

Course Title: Human Resource Planning
Section: 01
Submitted to
Dr. Rumana Afroze
Assistant Professor
Department of Business Administration
East West University
Submitted by

Name Id

Date of Submission: 30t August 2023.

Letter of transmittal

30th August, 2022

Dr. Rumana Afroze
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Assistant Professor
Department of Business Administration
East West University.

Subject: Term paper on “Manpower Forecasting: The Key to Successful Human Resource
Management” in the context of SQUARE

Dear Ma’am,

It gives us immense pleasure to submit the term paper on “HR demand forecasting in the context of
SQUARE.” Our main inducement was to prepare this term paper as per your proficient guidance and
directions while considering the guidelines of the BBA Program. We made a lot of effort to study and
inspect the related materials and documents. We hope that we have been able to relate the
fundamental aspects with practical and rational applications considering our level of competence and
experience.
Therefore, we are submitting the term paper, hoping that you will appreciate our instructive and
comprehensive approach. We earnestly hope that this term paper will find your acceptance. Your
kind feedback will be highly appreciated and in case of any further elaboration or clarification or any
kind of queries regarding the report, we shall be glad to assist you.

On behalf of the group

Asif Rayhan
2019-2-10-103

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CONTENTS
INTRODUCTION.........................................................................................................................................7
Introduction:...............................................................................................................................................7
Background of the study:...........................................................................................................................7
Objectives of the Study:.............................................................................................................................8
Methodology of the Study:........................................................................................................................8
Scope of the Study:....................................................................................................................................9
Limitations of the Study:...........................................................................................................................9
LITERATURE REVIEW............................................................................................................................10
THEORETICAL BACKGROUND:............................................................................................................13
Workload Factors:....................................................................................................................................13
Methods of time series analysis...............................................................................................................16
Managerial judgment...............................................................................................................................17
Regression Analysis.................................................................................................................................18
Analysis of man-power supply................................................................................................................19
Wastage analysis......................................................................................................................................19
Importance of Demand forecasting and Supply forecasting of Human Resource...................................22
COMPANY OVERVIEW...........................................................................................................................24
History of Square Group..........................................................................................................................24
The vision of square group:.....................................................................................................................25
Mission of the square group:....................................................................................................................25
Product and service of the square group:.................................................................................................29
ANALYSIS AND FINDINGS..................................................................................................................33
RECOMMENDATION...............................................................................................................................41
CONCLUSION............................................................................................................................................41
REFERENCE...............................................................................................................................................43

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Acknowledgment

I want to sincerely thank everyone who supported me and gave me the chance to finish and
present this report.
I'd like to extend my gratitude to our respected course instructor, Dr. Rumana Afroze, who holds
the position of Assistant Professor in the Department of Business Administration at East West
University. Her continuous guidance, valuable advice, unwavering encouragement, helpful
critiques, and generosity have been truly invaluable. She played a vital role in helping us execute
this report with precision and skill.
Lastly, I'd also like to acknowledge all the group members who directly and indirectly
contributed to collecting and compiling all the necessary information for completing this term
paper.

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Executive Summary:

In this research paper, our aim is to demonstrate the demand forecasting process within the
Square Group. The Square Group stands as a prominent organization with a wide-ranging
business portfolio, leading the way in sectors such as healthcare, textiles, food & and beverages,
cosmetics & and toiletries, media, and information technology.
This term paper aims to provide a comprehensive understanding of the human resources (HR)
responsibilities and initiatives undertaken by the company. It will commence with a concise
overview of the Square Group, offering insights into the HR manager's strategic planning and
implementation of demand forecasting. To achieve this, external data pertaining to the Square
Group will be utilized

We tried to find out the overall Human Resource Planning of Square Group. We investigated
their employee recruitment strategies, the channels employed for recruitment, and their approach
to projecting manpower requirements. To achieve this, we applied time series analysis
techniques. Within this analysis, we specifically employed methods such as moving average,
weighted moving average, and exponential smoothing. The outcomes of these analyses were then
adjoining, in a graph for comparative assessment.
After analysis, it has been identified that Square is utilizing commendable HR practices, which
are instrumental in driving its sustainable employment growth. This indicates that their influence
is constructive for operational achievements within the manufacturing industry.

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INTRODUCTION
Introduction:

Manpower forecasting, also known as workforce forecasting or workforce planning, is the

process of estimating the future workforce needs of an organization based on various factors
such as business goals, growth projections, turnover rates, technological advancements, and
economic conditions. The goal of manpower forecasting is to ensure that an organization has the
right number of employees with the right skills in the right positions at the right time to achieve
its objectives efficiently.
So, in this term paper, we are going to discuss the Manpower forecasting and of Square
Group. We will identify what are the real-life impact on their organizational performance in the
service sector of Bangladesh.

Background of the study:

The course includes a mandatory term paper submission as an integral component. To fulfill the
course requirements within the three-month program, students are allotted four weeks to prepare

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and submit a term paper on the designated subject. Our chosen topic revolves around the "Square
Group." Throughout this timeframe, we conducted discussions with an HR executive from the
company and evaluated their methods of employee Demand Forecasting.

Objectives of the Study:

The objective of this research is to comprehend the concepts of demand forecasting and
succession planning, drawing insights from both our academic background and various resources
such as Square Group's official documents, website, relevant articles, and newspapers. The
forthcoming report intends to elucidate Square Group's approach towards the recruitment and
selection of new staff members.

Methodology of the Study:

Essentially, Methodology entails a simplified explanation of the essential order in which tasks
need to be performed. To compile the components of a term paper report and execute the report
itself, we undertook several stages. These stages encompassed approaches for selecting samples,
crafting questionnaires, gathering and analyzing data, and utilizing both primary and secondary
sources.
 Primary sources
 Secondary sources

Primary sources refer to the main data acquired through in-person conversations with a Square
employee, particularly an HR executive. These discussions were instrumental in obtaining
precise and pertinent information crucial for our term paper.
On the other hand, secondary sources encompass the supplementary data gathered from Square's
official website. Our exploration of the website provided foundational details about the
organization. Additionally, we extracted insights from their annual report, research papers, and
news articles, and subsequently evaluated the amassed information.

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Scope of the Study:

The report is organized based on a three-month study program, covering every aspect of HR
manpower forecasting at Square.

Limitations of the Study:

Certain limitations were encountered during the study process. The primary challenge in
preparing this report was time constraints, given the short duration of the course program, which
prevented in-depth analysis. Maintaining information confidentiality posed another obstacle to
the study. Every organization holds certain information confidential, and restricted to internal
personnel. While gathering data at Square Group, employees were hesitant to share extensive
information due to the organization's confidentiality regulations. Additionally, the official
website did not provide sufficient relevant data. Furthermore, challenges included difficulties in
obtaining comprehensive information due to confidentiality restrictions and a lack of well-
documented secondary resources.

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LITERATURE REVIEW

1.
Sutanto, E.M., 2000. Forеcasting: Thе kеy to succеssful human rеsourcе management.
Jurnal Manajеmеn dan Kеwirausahaan, 2(1), pp.1-8.

Scribd (2023) Squarе Pharma | PDF | Employmеnt | Human Rеsourcеs, Scribd.

In today's competitive corporate world, HR management plays a crucial role in supporting

corporate strategic plans. HR functions contribute positively to achieving objectives, and
forecasting helps match еmployее requirements and availability. Forecasting can bе divided into
two categories: qualitative and quantitative. (Sutanto, 2000)

Square’s employs short-tеrm and long-tеrm manpowеr forеcasting for stratеgic planning and
workforcе growth. The company utilizes methods like trend analysis, ratio analysis, and Dеlphi.
Duе to еxpansion, product launchеs, and industry growth in Bangladеsh, Squarе offеrs
competitive salariеs, bеnеfits, training, and dеvеlopmеnt opportunities to attract and retain talent.
The company also manages its workforce through job rotation, performance appraisals, and
succession planning. (Scribd, 2023)

2.
Gitman, J. Lawrеncе. (2014), Volumе: 06, Issuе: 8 pp 406-407.
A Rеsеarch Papеr on HR Planning, Procеdurе, and Dеvеlopmеnt based on Square

Square anticipatеs that increasing еmployее productivity will aid in the success of thе
organization. Bеcausе of this, thеy offеr a favorablе еnvironmеnt and hеlpful resources to assist
an employee in developing thеir abilities and expanding their knowledge. To achiеvе this, thеy
еnsurе that thе right person is hired at thе right timе for thе right position. SQUARE HR has thе
motivation it needs to succeed at its maximum level since the implementation of strategic human
resource dеvеlopmеnt programs. HR ensures a strong supporting role in thе dеvеlopmеnt and

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execution of HR policy guidеlinеs to assurе unintеrruptеd opеration, spontaneous еngagеmеnt,
thе accomplishmеnt of organizational goals, as wеll as thе fulfillmеnt of employee needs.
(Gitman, Lawrеncе, 2014)

3.
Dr. Sabnam Jahan, (Journal of Businеss Studiеs), April 2016, Volumе: 37, No: 01
A Rеsеarch Papеr on Systеm for Evaluating Employее Pеrformancе: A Casе Study of
Squarе.

Pеrformancе appraisal is considеrеd as onе of an HR managеr's major rеsponsibilitiеs duе to its

implications for mеasuring employee capacity and making sensible reward sеlеctions. Thе
majority of еmployееs arе satisfied with thе way Thе Company nowadays executes performance
reviews, thе rеsеarch claims. Howеvеr, thеy pushеd for a morе structurеd and comprehensive
mеthod of pеrformancе appraisal. Thеy studied thе objectives of pеrformancе evaluations, how
thеy rеlatе to pay, and thе distinctions between formal and informal reviews. Thе company usеd
a comparison technique to evaluate onе еmployее's pеrformancе with that of othеr еmployееs.
Thе comparison was usеd to rank thе employees. To obtain information on еmployее
pеrformancе, thе organization dеpеnds on managеrs or supervisors. Squarе's pеrformancе and
appraisal managеmеnt systеm is plannеd, focusing on organizational diffеrеntiation, divisional
еmployее activity, and pеrsonal sеlling as promotional tools. (Jahan, 2016)

4.
Naoshin, N., 2022. Effеctivеnеss of MPO Recruitment and selection process of Squarе
Pharmaceuticals Ltd. and Escalatе еfficiеncy.

Bloch AB, Orеnstеin WA, Stеtlеr HC, еt al. (1985). "Hеalth impact of mеaslеs vaccination
in
thе Unitеd Statеs". Pеdiatrics. 76 (4): 524–32.

Squarе employs a fair and objective hiring and selection process, which involvеs job analysis,
rеcruitmеnt, scrееning, intеrviеwing, and dеcision making. Thе HR dеpartmеnt analyzеs job

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requirements and skills, whilе thе company usеs various channеls likе online job boards,
еmployее referrals, and campus rеcruitmеnt. Thе HR department scrееns resumes and
applications to idеntify qualifiеd candidatеs, conducts intеrviеws to assеss candidatеs'
qualifications and fit for thе rolе, and makes a hiring dеcision basеd on thе rеsults of thе
intеrviеw and othеr assеssmеnt tools. This procеss еnsurеs that square hires thе bеst candidates
for еach position. (Naoshin, 2022)
Square hirеs morе than 100 Mеdical Promotion Officеrs (MPO) еach yеar (approximatеly); thеsе
pеoplе are generally chosen for fieldwork. (Bloch, Orеnstеin, Stеtlеr, 1985)

5.
Mark C. Zwеiz, “Human Rеsourcе Managеmеnt”, Printеd by John Wilеy & Sons,
Inc.1989,
pp. 92

Critical еvaluation of HR issuеs

At Square the HR department deals with issues that people have and looks for feasible solutions.
Enhancing employee performance and rеducing turnover arе thе HR department’s main
objectives. It is challenging for Squarе's HR Dеpartmеnt to achieve its long-term goals duе to a
numbеr of challеngеs, including recruitment, training and dеvеlopmеnt, turnover, еmployее
relations, and pеrformancе obstaclеs. (Mark1989)

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THEORETICAL BACKGROUND:

Workload Factors:

We can determine workload factors to estimate manpower requirements at different periods in

time within an organization for quantifiable jobs, and we can also evaluate current and future
workloads depending on the possibility of quantifying work content throughout each sector of
organizational activity. Manpower forecasting is concerned with the projection of future
manpower requirements both in their quantitative and qualitative aspect as necessitated by any
changes in technology, methods of production, and activities of the organization and thereby
changes in the organization structure. There are some steps for analyzing workload factors.

Converting
Converting the man
Forcasting the hours into
Classification the number projected
of work manpower
of jobs jobs in man requiremen
hours t

 Clas
sific
ation of work: Work is classified according to its content and the amount of time that is
needed to complete the job or work unit. It assists in breaking down tasks into smaller
parts that when combined, complete an operation. We are unable to classify management
jobs. We must break the entire work into several components. Only jobs that can be
measured are eligible. Square is a dynamic platform that enables businesses to offer top-
notch service to a wide spectrum of clients who want their service delivered as they want

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 All necessary operational duties are divided into several divisions of activity within the
business to enable quick customer response.
 Forecasting the number of jobs: In the following step, we must anticipate the number
of jobs in quantitative terms that are performed throughout a time period in order to
ascertain how many jobs there are.
 Converting the projected jobs in man hours: We must multiply the time needed for
each work to get the number of man hours needed to complete that job in order to convert
expected jobs to man hours.
 Converting the man hours into manpower requirement: The total number of man-
hours is translated into the necessary number of workers in the last stage of workload
analysis. This is carried out by accounting for a 20% fatigue allowance and a 20% leave
reserve in addition to the maintenance staff's capacity to perform the defined job
categories across a range of skill sets. To determine the organization's ideal staffing
requirements, workload analysis is used.

1) Time series analysis

To calculate the number of people needed, a time series analysis was performed. Here, we
need to gather some historical information from the last few years so that we can anticipate
the recruitment of new workers. We must accumulate employment information over time in
order to predict Square's staffing needs. However, there are other aspects that we must also
take into account, such as:

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 Trend
Time series Seasonality
Random Fluctuation
analysis Step
Cyclical Effect

 Trend: This phrase demonstrates the fluctuating amount of employment throughout

time. As we are all aware, job levels don't seem to be constant and can change.
Numerous workers are hired each year, although in varying quantities. This will not
stay the same throughout time; it will change.
 Cyclical Effect: It shows the change of employment in relation to some particular
event. For example: after covid19 situation, they get more alert about the hygienic
matters in the factory.
 Seasonality: In essence, it happens more than once throughout a specific period of
time. We have a seasonal fluctuation in the number of personnel we need.
 Step: Whenever there was a dramatic change in the labor force as a result of the
economy, a rise in market share, or the purchase of new machinery. To accomplish
the task more effectively and automatically, for instance, an automated machine or
robot may be purchased for a business.
 Random Fluctuation: This fluctuation level may occur at random. There are no set
causes for this. Such variations lack a recognizable pattern.

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Methods of time series analysis

We can use three methods to calculate time series analysis.

Moving Average Method

Weighted Moving Average Method

Exponential Method

 Moving Average Method: Utilizing the average of the combined employment level data
from the most recent years, the anticipated employment level for the future time is
calculated. Unexpected fluctuations can be avoided with this technique. A moving
average of six, ten, or twelve periods of time may be used, depending on how the time
periods are chosen properly. Our forecast may have a lot of volatility if the number of
time periods chosen is small. As a result, when we take into account additional time
periods, we achieve better outcomes. Regardless of the forecasting time period we select,
we must continue to compute for the same number of periods. After each time has passed,
the number for the newest period is added, and the number for the oldest period is
subtracted to calculate the additional personnel required. For more reliable findings, we
should use the moving average calculation approach over a longer period of time. We
must apply the following formula:
N years of moving average=
Total manpower level of n year
N

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  Weighted Moving Average Method: To get a suitable result, weights are allocated
throughout several time periods. In order to use the weighted moving average approach,
each year must be given a weight. By employing this technique, we may exclude the
most crucial, essential, and less crucial workforce data.
N years of weighted moving average=
∑(manpower level ×weights)+ ⋯
N

 Exponential Smoothing: We employ this strategy to forecast manpower in order to

obtain precise statistics for a single year. In cases when we don't have enough data from
prior years, we employ exponential smoothing. The formula we use in this method is,
Fm= Ft + (At-1 - Ft-1)
Here Fm indicates forecasted manpower, Ft-1 shows forecasted demand for previous
years and At-1 is actual manpower required for the previous year. The α refers smoothing
constant whose values need to be 0 to 1.

Managerial judgment

Using managerial judgment, top managers with extensive forecasting knowledge make
choices about the likely rate of sales growth for a given period of time in the future. An
employer's future degree of employment must be decided by management. His prior
experience, which he connects to past occurrences of specific situations and their
consequences for manpower planning, is the only basis of this assessment. Without using
any tools or techniques or performing any calculations, a manager should make an accurate
estimate of what will occur the following year. It is applied as a systematic decision-making
process that aids managers in producing well-rounded and effective decisions. The most
popular and widely utilized method of predicting the need for human resources is this one.

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 The managers predict the needs for various categories in their respective departments'
human resources based on their prior experience.

Regression Analysis

This is also used to predict demand. Regression analysis refers to a collection of statistical
techniques for identifying associations between a dependent variable and one or maybe
more independent variables.
Here, the dependent variable (Y) is defined as the total population, while the independent
variable (X) is defined as the volume of sales or output. There are several types of
regression analysis. The most popular models are multiple linear and linear. Linear
regression is used when there is just one independent variable, while multiple regression is
used when there are numerous independent variables. Regression analysis uses the
following formula:

Y=A+BX
Regression analysis examines and calculates the relationship between two numerical
variables using a linear equation. The intercept and slope values, a and b, determine the link
between X and Y. Data (observed values of X and Y) are used in regression analysis to
estimate the values of a and b.

For calculating B in the regression model, the equation we use is,

∑ XY −N ( X )̅ ̅ ̅ ̅ (Y )̅ ̅ ̅
𝑩=
∑ X 2−N ( X )̅ ̅ ̅ ̅ 2

This depicts the linear connection between X and Y's slope. The next step is to determine
the value of A that takes into account Y's intercept.

A= 𝒀̅ − 𝑩𝑿̅

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 Induction Crisis

Differential Transit

Settled Connection

Analysis of man-power supply

There are two forms of labor supply. One is internal supply, while the other is external
supply. We must take into account both internal and external human resource supply when
predicting future supply. It depends on the policies of the firm. If a business has internal
supply rules for promotions, they must abide by them; however, if they don't have any set
rules, they can choose external supply. Transfers, promotions, personnel retirements, and
reinstatement of placed workers are a few of the ways that internal human resource supply is
given. The availability of labor on the market and new hiring are related to external human
resource supply.
Here, some of the techniques have been covered.

Wastage analysis

Wastage is the term used to describe losses incurred by a business as a result of employees
quitting in the context of human resource management and planning. The process of worker
turnover includes labor wastage. Employee involvement has diminished, but until there has been
a placement, it is not a turnover. Not all factors contribute to labor turnover. It involves willingly
quitting, leaving your job, passing away, and being fired. Only when new hires are brought in to
fill their roles do they flip over the term "turnover" refers to the relationship between employees
who leave a firm and new hires who are brought on board to take their place.

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In the wastage analysis process, there are three phases.

 Induction Crisis: Marginal personnel depart during the induction period.

Employees typically consider changing jobs at this time, usually between the first
and fifth years after joining the company. Early in their careers, individuals are
more likely to migrate to another firm in order to benefit from that organization's
greater benefits. As a result, the majority of quitters at this period do so for
reasons related to a change in purpose and a lack of experience.
 Differential Transit: After a few years, employees begin to understand
organizational policies and procedures. He recognizes his responsibilities and
roles, receives recognition and pay raises, becomes at ease with his coworkers and
the workplace, and eventually gains more experience in his job. As a result, the
propensity to switch will be less throughout this time.
 Settled Connection: An employee decides to settle in and remain for a while at
this time. Because they grow more dedicated to the company and may be offered
a position at a higher level with greater compensation, the number of quitters is
lower during this period. In comparison to before, their inclination to switch is
substantially lower.

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Different methods of wastage analysis
These time series data must be used by HR managers for planning, decision-making, and
operation management. The lead time for hiring in some businesses is frequently long due to the
need for human resources coupled with technological and operational limitations. As a result, the
human resource departments of these firms are heavily involved in forecasting employee
turnover since an accurate prediction of employee turnover may help organizations decrease
costs and the impact of turnover on resources and skills.

Labor Turnover
Stability Index Cohort Analysis
Index

 Labor Turnover Index: The number of employees that leave a firm in a specific amount
of time, usually a year, is referred to as labor turnover. There are many reasons why
employees leave a department or an organization, and while some of these reasons are
unfavorable, some turnover is normal and anticipated.

Problematic turnover is when it happens at an extremely high pace or for undesirable

reasons. When the turnover rate is high, it is a bad sign for the business, and when it is low, it
is a good sign. We must hire additional employees for the business, which is expensive and
takes more time if the turnover rate is high. Furthermore, it highlights the idea that the
internal supply must have been lower. We must thus understand the company's labor
turnover ratio. For the firm, we may use the following formula to determine the labor
turnover index:

Numbers of employeesleaving
Labor Turnover Index= *100
Average number of employeesemployed

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 The number of levers is calculated as a percentage of the index's average personnel count. By
adding up all of the employees at the beginning and end of the period, the average number of
employees is calculated. Next, the result is divided by 2. The labor turnover index is then
calculated by multiplying the resulting value by 100.
 Stability Index: For a specific time, span, this measure shows a constant workforce
proportion.
It is calculated using the specified time frame:

Stability Index=
Number withmore than 1 year of service now
*100
Total employed one year ago

 Cohort Analysis: Its definition is uniform. Discovering young people's propensity for
switching is necessary. The likelihood of transferring jobs inside a company decreases as
an individual gains more experience. In wastage analysis, it is a crucial variable. The
amount of time spent in service is considered. With this approach, we can determine the
survival rate or the proportion of workers who stay after a certain amount of time as
opposed to those who leave.

𝑵𝒖𝒎𝒃𝒆𝒓 𝒐𝒇 𝒓𝒆𝒎𝒂𝒊𝒏𝒊𝒏𝒈 𝒂𝒕 𝒂 𝒈𝒊𝒗𝒆𝒏 𝒕𝒊𝒎𝒆

× 𝟏𝟎𝟎
𝑵𝒖𝒎𝒃𝒆𝒓 𝒐𝒇 𝒆𝒏𝒈𝒂𝒈𝒆𝒅 𝒂𝒕 𝒕𝒉𝒆 start

Importance of Demand forecasting and Supply forecasting of Human

Resource

HR Demand Forecasting

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  Demand forecasting, which determines the number of employees that will be
required over a specific period of time as well as the qualifications, experience, and
skills that they may need, is important in the computation of manpower forecasting.
 It is crucial for identifying the organization's separate departments as well as
projecting future people demands.
 In order to save expenses, it assesses the ideal staff levels for the various
departments of the business.
 It avoids staff shortages in areas where they are most required, such as departments
or positions, enabling businesses to take preventative action.

HR Supply Forecasting
 Demand for human resource data analysis comes before anticipating the supply of
human resources, which helps determine the availability of human resources.
 By predicting the availability of human resources, we can determine the amount of
internal and external supply that will be required.
 We can calculate the entire number of human resources needed.
 We can create programs for redundancies and retrenchments and a redeployment
action plan.

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COMPANY OVERVIEW

History of Square Group:

The Square Group, a prominent conglomerate in

Bangladesh, has a rich history of growth and
diversification across various industries.
It was founded by Samson H. Chowdhury and his
family. In 1958, the Square Group's story commenced
as they founded Square Pharmaceuticals Ltd. in a small
village close to Pabna.
The company started its operations with a small team and a restricted product range. In 1964,
Square Pharmaceuticals became a Private Limited Company and experienced significant growth
in terms of turnover and product range. In 1982, Square Pharmaceuticals broadened its
manufacturing capabilities to create a more extensive selection of crucial pharmaceutical
products, aligning with recommendations from the WHO. Finally, in 1985, Square
Pharmaceuticals became the market leader in the pharmaceutical sector in Bangladesh. Starts
exporting its pharmaceutical products, including antibiotics, to international markets, such as the
UK and Singapore.
However, in 1991 Square Pharmaceuticals was converted into a public limited company. The
company gets listed on stock exchanges, further establishing its presence in the business world.
Later in 2000, the Square Group expanded its business into various other industries beyond
pharmaceuticals, including textiles, agribusiness, information technology, healthcare, and more.
It establishes new subsidiaries and ventures in these sectors.
Square's goals encompass innovation, diversification, quality maintenance, market leadership,
global expansion, sustainability emphasis, ethical contributions to society, and sustained
financial growth.

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The vision of square group:

Their vision is to create value and impact in society by way of improving the quality of life and
ensuring the well-being of people.
Also, the Square Group's vision is to establish itself as a prominent corporation with global
recognition for its excellence, innovation, and sustainable contributions spanning various
industries.

Mission of the square group:

The Square Group's mission is rooted in a strong dedication to serving consumers and
stakeholders with integrity, innovation, and a focus on societal welfare. Our mission is guided by
essential principles that shape our goals and endeavors.

Understanding Consumer Needs: They recognize that consumers are at the heart of their
business, and they consider their comprehension as one of their most valuable assets. Their
mission is to diligently understand and anticipate the evolving needs, preferences, and aspirations
of their consumers. By doing so, they strive to create products and services that not only fulfill
customers’ expectations but also bring them the highest level of satisfaction. Treating consumer
insight as an asset and striving to comprehend evolving consumer needs to offer the utmost
satisfaction.

25
Quality and Affordability: In their pursuit of excellence, they are committed to offering
consumer goods that are not only of the highest quality but also accessible to a wide range of
consumers. Their mission entails providing products that meet stringent global quality standards.
Through continuous research and development, they innovate to ensure that their goods remain
at the forefront of quality, all while maintaining cost-effectiveness to make their offerings
attainable to a broad audience. Providing consumer goods at cost-effective prices while
maintaining rigorous quality standards. This involves continuous research, development, and
innovation to meet global quality benchmarks.

Employee Growth: They recognize that their success is driven by the collective efforts and
talents of their employees. Their mission is to foster a work environment that goes beyond mere
employment and becomes a platform for growth and development. They believe that their
employees are their greatest asset, and they invest in creating a workplace that anchorages
personal and professional advancement. They are dedicated to maintaining high levels of
motivation and satisfaction among their staff, allowing them to thrive individually and contribute
effectively to their collective goals. Creating a positive work environment that nurtures the
growth and development of employees, recognizing them as the company's greatest asset.
Fostering high levels of motivation and satisfaction among staff is a priority.

Ethical Responsibility: Their commitment to ethical conduct goes beyond business transactions;
it extends to their responsibilities to both society and the environment. Their mission is rooted in
the principle of honest and responsible engagement with the government and society. They strive
to ensure that their actions align with the highest ethical standards, and they actively work to
prevent any form of wrongdoing, anti-environmental practices, or unethical and corrupt
activities. Their goal is to contribute positively to the betterment of society and to create an
environment characterized by integrity and social responsibility. Demonstrating unwavering
commitment to ethical standards in dealings with the government and society. Taking proactive
measures to prevent wrongdoing, anti-environmental actions, and unethical or corrupt activities
is crucial.

To sum up, the Square Group's mission mirrors its commitment to satisfying consumers,

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ensuring product excellence, fostering
employee development, and upholding
ethical obligations. Guided by these
principles, they aspire to catalyze
positive transformations, drive
innovation, and promote sustainable
advancement in the sectors we engage
in and the communities we support.

Managerial functions of Square

Pharmaceuticals of the Square group:

Square Pharmaceuticals performs four essential managerial duties to manage its workforce.
Planning, organizing, leading, and controlling.

Planning: The company's primary goal is to create and deliver high-quality healthcare relief
while upholding ethical standards and providing benefits for shareholders, stakeholders, and
society. Square Pharmaceuticals Limited implemented the following steps in their planning
approach:

 Recognizing potential opportunities

 Defining clear objectives
 Creating foundational assumptions
 Identifying alternative courses of action
 Assessing the pros and cons of each option
 Choosing a specific course to pursue
 Developing supplementary plans based on the chosen course of action.

Square Pharmaceuticals Limited places significant emphasis on strategic planning to achieve its
core objective of providing high-quality healthcare solutions while maintaining ethical standards

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and delivering value to various stakeholders. The planning process involves several critical steps.
Firstly, the company remains attentive to emerging opportunities in the market. It sets clear and
attainable objectives that align with its mission and vision. Building upon these objectives, the
company develops foundational assumptions about the market, regulatory environment, and
consumer preferences. This forms the basis for exploring alternative courses of action, carefully
evaluating each option's potential outcomes, and making informed decisions about the most
suitable path forward. Subsequently, the company formulates detailed plans, encompassing
various aspects of its operations, and quantifies these strategies to establish a concrete roadmap
for implementation.

Organizing: To effectively manage its workforce, Square Pharmaceuticals Limited employs a

well-defined organizational structure. This hierarchy includes senior management, mid-level
managers, general managers, executive directors, and the CEO, each with specific
responsibilities. The human resource manager plays a crucial role in this process by assessing
individual employees' unique skills, strengths, and expertise. Based on these assessments, the
manager assigns tasks that align with each employee's strengths, ensuring optimal task
allocation. This strategic approach not only ensures that the right individuals are assigned to the
right tasks but also fosters a sense of engagement, ownership, and accountability among
employees. This organized structure helps streamline operations, promote collaboration, and
drive the achievement of the company's overarching goals.

Leading: Square Pharmaceuticals Limited recognizes that effective leadership is pivotal for
achieving and sustaining success. The company places great importance on continuous
evaluation and improvement. It regularly reviews its business operations, processes, and Quality
Management System to uphold the highest standards of excellence. This focus on quality not
only guarantees client satisfaction but also contributes to the ongoing development of the
company's human resources. One key insight provided by a senior assistant manager is that
successful leadership involves earning the trust and respect of team members. Effective leaders
actively address challenges, seek innovative solutions, and ensure that any unfavorable outcomes
resulting from suboptimal decisions do not negatively impact on the team's morale or
performance.

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Controlling: The Company’s top management is deeply committed to monitoring and
controlling its operations to ensure they align with its objectives. Regular performance
assessments are conducted to compare achieved results with intended outcomes. This allows the
company to identify discrepancies and take corrective action promptly. For instance, if
unfavorable outcomes are detected, managerial interventions are employed. This could involve
corrective measures such as performance improvement plans or, in extreme cases, employee
termination. Similarly, in response to changes in market dynamics, marketing managers might
adjust their strategies to revitalize declining sales. Moreover, Square Pharmaceuticals Limited
remains vigilant about maintaining optimal
operational scale. To address issues of
overexpansion, the company brought in
experienced managers and restructured
departments, showcasing its adaptive capacity
and commitment to sustainable growth.

In essence, Square Pharmaceuticals Limited's

managerial functions encompass thorough
planning, efficient organization, motivating
leadership, and careful oversight. These functions work harmoniously to empower the company
in delivering exceptional healthcare solutions, upholding ethical norms, fostering employee
involvement, sustaining superior performance, and navigating a dynamic business environment
successfully.

Product and service of the square group:

The Square Group offers a diverse range of products and services across various industries.
Here's a list of some of their offerings:

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o Square Pharmaceuticals Ltd.

 Medicines
 Healthcare products
 Pharmaceutical research and development

o Square Textiles Ltd.

 Garments
 Fabrics
 Yarn

o Square Agro Development and Processing Ltd.

 Seeds
 Fertilizers
 Agrochemicals
 Animal feed

o Square Agro Development and Processing Ltd.

 Software development
 IT solutions
 E-commerce platforms

o Square Hospitals Ltd

 Medical services
 Healthcare facilities

o Retail:

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  Consumer goods
 Supermarkets

o Square Toiletries Ltd

o Square Food & Beverage Limited
o Square Air Ltd.
o Aegis Services Ltd.
o Square Securities Management Ltd.

The Square Group is involved in a range of activities, such as given with an example:

Commitment toward Environment: The Square Group actively implements eco-friendly

practices in its manufacturing processes. For instance, it invests in renewable energy sources like
solar panels to reduce its carbon footprint.

Employee Well-being: The Square Group offers comprehensive employee wellness programs,
including health check-ups, fitness facilities, and flexible work arrangements, promoting a
healthy work-life balance.

Educational Support: The Square Group sponsors scholarships for underprivileged students,
enabling them to access quality education. It also collaborates with local schools to provide
educational materials.

Research Advancements: The Group allocates a significant portion of its budget to research
and development, resulting in innovative products like new pharmaceutical formulations or
cutting-edge software solutions.

Empowering Women: The Square Group actively promotes women's leadership within the
organization. It has established mentoring programs and leadership development workshops for
women employees.

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Social Responsibility: The Square Group regularly organizes community health camps,
providing free medical check-ups and treatments to underserved communities. It also contributes
to disaster relief efforts during emergencies.

Management Initiatives: The Group invests in leadership training for its managers, equipping
them with the skills to effectively guide their teams and adapt to changing market trends.

Government Responsibilities: The Square Group ensures full compliance with tax regulations
and industry standards. It also actively participates in government-led initiatives to promote
economic growth.

SQUARE Child Development Center: The Square Group established the SQUARE Child
Development Center, offering quality early childhood education and care, creating a positive
impact on both employees' families and the community.

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ANALYSIS AND FINDINGS

Why management of Human Resources is crucial?

Organizations must manage their human resources (HR) well since it affects many different
areas. As a result, a competent workforce is produced by ensuring the proper individuals are
hired, trained, and developed. HR is in charge of overseeing employee engagement, handling
disputes, and managing performance. In addition to promoting diversity and planning for
leadership succession, it makes sure that the law is followed. The HR department controls
change, defines company culture, and ties commercial objectives to strategy. The success of the
firm is often increased by good HR management. In short, human capital is crucial, if this is not
managed well, all other capital or resources may not be of any use.
Why can forecasting manpower determine organizational growth?
 By obtaining access to the current personnel levels, the firm may avoid labor and worker
shortages.
 Putting a number on how many people and jobs may be anticipated shortly.
 The creation of efficient budgets through the improved estimation of business
expenditures and the identification of staff needs.
 Obtaining a greater knowledge of employees and helping the business adapt to shifting
demands for new skills, output, and productivity.
 Regularly predicting the need for HR.
Recruitment
Finding and compelling eligible people for employment is the process of recruitment. The
process starts with looking for new hires and ends with submitting their applications. As a result,
a pool of candidates is established from which new hires are selected.
Square believes that increasing employee productivity will aid in the growth of the company. For
this reason, the Human Resource Department (HRM) of this organization must plan and hire
effectively.
Recruitment happens after HR planning and goes hand in hand with the hiring procedure, which
determines if a candidate is qualified for a position.

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 Sources of Recruitment

 Internal Recruitment
 External Recruitment

INTERNAL
RECRUITMENT

RETIERD
TRANSFER PROMOTION UPGRADING DEMOTION EMPLOYEES

EXTERNAL
RECRUITMEN
T

PRESS
ADVERTISEME EDUCATIONAL PLACEMENT EMPLOYMENT LABOUR
NT INSTITUTION AGENCY EXCHANGE CONTRACTORS

34
The company has made the necessary preparations to hire the employees that are required. An
organization may move from its existing manpower position to its ideal manpower position
through the planning process known as human resource planning. An organization aims to have
the proper amount and types of people in the right locations at the right times through manpower
planning.
A strategy for the acquisition, usage, improvement, and retention of human resources may be
referred to as more suitable personnel planning.
Forecasting future personnel demand is the most crucial of a number of operations that make up
manpower planning.

Demand Forecasting of Manpower

Demand forecasting is important in the context of Human Resource Planning (HRP) because it
enables organizations to anticipate their future workforce needs and align their human resource
strategies accordingly. Here's why demand forecasting is crucial for effective HRP:
 Accurate Resource Allocation: Demand forecasting helps organizations allocate their
resources, including human resources, efficiently. By predicting future demands for
products or services, organizations can estimate the number and types of employees
required to meet those demands.
 Avoiding Shortages and Surpluses: Demand forecasting helps prevent workforce
shortages or surpluses. Without accurate forecasts, organizations might find themselves
understaffed during peak periods or overstaffed during slower times, both of which can
be costly and disruptive.

 Cost Efficiency: Proper demand forecasting ensures that an organization maintains an

optimal level of human resources, minimizing unnecessary labor costs associated with
overstaffing or costs related to overtime and temporary staffing during periods of
understaffing.
 Training and Development: Knowing the expected demand for specific skills and
competencies allows HR to proactively plan training and development programs to

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 upskill existing employees or prepare new hires. This contributes to a more skilled and
capable workforce.
 Succession Planning: Demand forecasting aids in identifying future leadership needs
and potential gaps in critical roles. This enables organizations to develop succession
plans and groom employees for leadership positions. Reducing Turnover: Accurate
demand forecasting helps organizations maintain optimal staffing levels, preventing
excessive workloads and burnout among employees. This, in turn, can contribute to
reduced turnover rates.
In essence, demand forecasting provides the data and insights necessary for HR professionals to
make informed decisions about workforce planning, recruitment, training, and overall talent
management.
Employee forecasting at Square Group is done in various methods depending on the time frame.
For that, they do a "Time Series Analysis" calculation to determine the required workforce for
their organization.
Time Series Analysis
The base for manpower forecasting in this strategy is employment data collected over a specific
time period. A time series is a collection of data items that show up in a specific order across
time.
A time series in investing tracks the changes in particular data points over a predetermined
period of time, such as the price of an asset, with data points being gathered at regular intervals.
The data can be gathered in a way that provides the information needed by the investor or analyst
assessing the activity because there is no minimum or maximum time constraint.
The square group forecasts the demand for labor using three Time Series Analysis components.
• Moving Average
• Weighted Moving Average
• Exponential Smoothing
Moving Average
Under this method, the average of the combined employment level data for the recent past is
considered as the forecasting employment level for the next period.
For that, we use Square’s 5-year data from 2018-2022. In this time frame the manpower level
was

36
358,402,428, 457, and 483. (Approximately)

(The levels are determined on the basis of an overall idea and internal information)
Year Manpower Level Weights
2018 358 1
2019 402 2
2020 428 3
2021 457 4
2022 483 5

Moving Average Method

➢ 3 years moving average = (428 + 457+ 483) ÷ 3 = 456
➢ 4 years moving average = (402 + 428 + 457 + 483) ÷ 4 = 443
➢ 5 years moving average = (358 + 402 + 428 + 457 + 483) ÷ 5 = 426

Weighted Average Method

So, we use the weight in the 5 periods like 1,2,3,4 & 5 in the period of 2016-2020.
➢ 5 years weighted average method = (358×1) +(402×2) +(428×3) +(457×4) +(483×5)/∑W
(1+2+3+4+5)
=6689÷15
= 446
Exponential Smoothing
As we know,
Fm = Ft + α (At-1 - Ft-1)
Fm= Forecast manpower
Ft= Forecasted demand for the previous period
Hypothetically we assume,

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Ft=450
At-1 = Actual manpower requirement for the previous period
Ft-1 =Ft-1 or Ft same
22 | P a g e
α=smoothing constant (0.4)
Ft =450
At-1 =400
α = (0.03)

We know,
Fm =Ft+α (At-1 - Ft-1)
= 450+ 0.3(400-450)
= 435
Findings
 From the following calculations, we can say that the training department needed
additional trainers over the year which is why we are assuming that the demand was
much more than the requirement and is on the growth stage. In order to recruit and keep
talented workers, they are putting both traditional and modern HRP systems into practice.
 Although they are employing management judgment for their demand-supply predictions,
Square is implementing some strong HR rules that are assisting them in keeping talented
workers, thus they are not currently experiencing any big concerns with staff excess or
shortage.
 Square's HR strategy and planning are assisting them in reducing staff turnover.
 Their HR planning and policies are assisting them in obtaining qualified individuals who
are developing strategies for them that lead to success. They are also assisting them in
obtaining sustainable employee growth.

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 Com par is on am ong m oving aver ages
Comparison among moving averages

460 456

455
450
443
445
440
435
426
430
425
420
415
410
3 YR 4 YR 5 YR

So far, we have done the manpower demand forecasting of Square Group in various methods.
We take the 5-year data of the square company and forecast the future demand of the
Manpower of their company. Only if we see the moving average 3-year, 4-year & and 5-year
data
in the chart then we find it’s gradually decreasing.

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 Diff er nces
Differnces

5 Yr Weighted Moving Average

5 Yr Moving Average

415 420 425 430 435 440 445 450

The pros of the weighted moving average method lie in its emphasis on recent data while
minimizing the impact of historical data for Square Group. This characteristic renders the
weighted moving average a more effective metric than the simple moving average. A
comparison between the five-year simple moving average of 425 and the five-year weighted
moving average of 455 underscores the enhanced accuracy of the weighted moving average. This
accuracy is attributed to the consideration of individual year weights during computation. The
implementation of succession planning at Square Group serves as a safeguard against abrupt,
unforeseen alterations, simultaneously exposing vulnerabilities and illuminating deficiencies in
skill sets.

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 PRESS EDUCATIONA LABOUR
PLACEMENT EMPLOYMENT
ADVERTISEM L CONTRACTOR
AGENCY EXCHANGE
ENT INSTITUTION S

41
RECOMMENDATION

While a dedicated team is responsible for finding suitable candidates, Square faces certain
challenges in its recruitment process. To improve this, Square could explore using external
resources like HR agencies, which often have access to a pool of highly qualified applicants. The
current hiring process is lengthy, involving multiple assessments and in-person interviews, which
is a drawback for Square.
To address this, Square could look into different ways of finding potential candidates, such as
partnering with reputable third-party HR firms known for effectively sourcing and screening top
talent. The current recruitment process takes a long time due to candidates undergoing numerous
evaluations and face-to-face interactions, which may not be optimal.
Square places importance on creating a positive working environment for its employees,
focusing on their well-being. The office is known for being welcoming and adaptable to
employee needs. In contrast to other multinational companies, Square promotes a more relaxed
organizational culture, giving employees greater autonomy and flexibility in their work
arrangements. This distinctive culture significantly contributes to Square's ability to maintain a
notably low employee turnover rate.

CONCLUSION

Square engages in HR demand forecasting to quantify the necessary workforce for a given level
of production or service provision. This process also involves determining the ideal staff
composition for the future. Valuable insights about forecasting are acquired from primary
sources. It is revealed that Square maintains an impressive employee turnover rate of
approximately 5%, which reflects favorably on the company. Additionally, Square employs
techniques such as ratio trend analysis, regression analysis, and work-study methods to enhance
its demand forecasting accuracy. Through the comprehensive execution of this procedure,
Square establishes a dominant presence in the online services sector. Its growth trajectory in

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Bangladesh is robust, with increasing strength day by day.

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REFERENCE

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