HR Governance for Sustainable Human Resource Development: Evidence from Private Sector of Bangladesh

Abstract

HR governance is the practice of making effective decisions regarding the human resources of the organization and the efficient controlling of them. It is interrelated with establishing HR policies, continuous monitoring of their proper implementation and governing the body of an organization. This study explores the HR governance practice of the private sector in Bangladesh and its impact on organization’s sustainable human resource development. To investigate this scenario, sample size of 200 from five manufacturing industries and three service industries both sectors were selected to conduct a survey through floating a structured questionnaire on target employees. Here, six independent variables talent management, consolidated HR policy, HR risk management, employee development, compensation benefits, employee welfare and one dependent variable sustainable human resource development have been identified to conduct the regression analysis. The result shows that the f-test value = 34.400 which implies that the model is statistically significant and valid. The significance level of the employee development and compensation benefits at (0.000) which have positive impact on sustainable human resource development. On the contrary, the talent management is insignificant at (0.006) and consecutively consolidated HR policy (0.019), HR risk management (0.063) and employee welfare (0.106). The regression model illustrates that the private sector of Bangladesh is going to be comparatively more concern about the employee development and compensation management but others variables have insignificant but positive relationship for the increasing of sustainable human resource development. Moreover, this study attempts to provide the conceptual and pragmatic insight of the HR governance practices in the private sector of Bangladesh; this might help to emerge new corridors for future research.

Keywords: HR governance, talent management, consolidated HR policy, HR risk management and sustainable human resource development.