$10b spent annually to hire foreign execs for MNCs in BD

[Black_cats]

$10b spent to hire foreign execs for MNCs in BD
FE Report | Published: May 05, 2019 10:19:32

Picture used for illustrative purpose only — Collected

The country requires to spend US$ 10 billion worth of foreign currencies annually for hiring mid and top level executives especially in multinational companies (MNCs).

This is mainly because the required manpower could not be created in the country.

The observations came at a lecture series titled 'Leadership at the Top of Corporate Houses' organised by Dhaka Chamber of Commerce and Industry (DCCI) Business Institute at the auditorium of the trade body office on Saturday.

"At the mid and top level of the multinational companies in the country most of them are foreigners. The country has to spend US $ 10 billion annually for them," senior vice-president of DCCI Waqar Ahmad Choudhury said.

"We could not create the required number of local expert people. As a result we have to spend a huge amount of money," he said.

He said that there were few local people who are serving in the top positions of the multinational companies in the country.

He stressed the need to groom local talent by keeping pace with the demand in the fast changing world.

He said that the DCCI Business Institute (DBI) had been working for the country's private sector development.

Managing Director and Chief Executive Officer (CEO) of Robi Axiata Ltd Mahtab Uddin Ahmed in his inspirational speech said if a person has firm determination, honesty and dedication, he must succeed.

He advised young entrepreneurs and officials of corporate houses to serve with utmost sincerity and dedication for the betterment of the people and the country.

He called upon the young generation to equip themselves well to face the present global challenges by shunning the traditional mentality.

He stressed the need for quality of leadership.

He urged the young generation to use new technologies to develop their personal skill and quality.

"Every changes give us some prospects and we must utilise the chances," he said.

DCCI vice-president Imran Ahmed offered the vote of thanks.

Officials of different corporate houses and university graduates were present among others.

talhabinhabib@yahoo.com

https://thefinancialexpress.com.bd/trade/10b-spent-to-hire-foreign-execs-for-mncs-in-bd-1557029972

 

[Śakra]

@Nilgiri @Billy9

 

[Homo Sapiens]

Ten billion dollar is exaggeration, but it is costing huge amount of money no doubt.

 

[Sugarcane]

A bong in another thread was claiming that "Bangladesh is churning out more University graduate every year than it's fast growing economy can absorb. This indicate rapid expansion of higher education among the populace. Which is good without any doubt.", Now when I will ask about the contradiction they will start jumping like Hilsa went in their lungis.

 

[Black_cats]

A bong in another thread was claiming that "Bangladesh is churning out more University graduate every year than it's fast growing economy can absorb. This indicate rapid expansion of higher education among the populace. Which is good without any doubt.", Now when I will ask about the contradiction they will start jumping like Hilsa went in their lungis.

Look at the thread title you will have the answer. It is for the mid and top level executives which is not applicable to the university graduate.

Unfortunate part is many Indian come here with tourist visa and start working. Once they start working they start hiring more Indians. Some owner does not mind as Indians work longer hour then local hires with less pay.

 

[Homo Sapiens]

A bong in another thread was claiming that "Bangladesh is churning out more University graduate every year than it's fast growing economy can absorb. This indicate rapid expansion of higher education among the populace. Which is good without any doubt.", Now when I will ask about the contradiction they will start jumping like Hilsa went in their lungis.

University graduates are coming but their skills are not at the required level to be readily absorb by companies. If you have head this article you would have known, they are talking about 'lack of qualified graduates' not lack of graduates.Number of graduate indeed more than job market can absorb, but there is a severe shortage of readily available skilled,experienced graduate to join the managerial position in various companies.

 

[Black_cats]

@Nilgiri @Billy9

Nalakwali @Śakra cum here and tell me what is your concern?

 

[Gandh brandi]

Nalakwali @Śakra cum here and tell me what is your concern?

Got dumped by a Borishailla most probably.

 

[Homo Sapiens]

Govt. need to tax them and allow them to bring their family here. In that ways they will be spending most of their income inside Bangladesh, thus minimizing the loss. This hiring of foreign skilled work forces is not entirely a bad thing. We also getting their skilled labor, service. They are contributing to the growth of our economy. It is a give and take situation. But off course, ideal would have been if we were able to feel all our posts with the local skilled work forces only. But what else can be done when we have not enough local skilled man power? So it is the 2nd best option.

 

[Black_cats]

Govt. need to tax them and allow them to bring their family here. In that ways they will be spending most of their income inside Bangladesh, thus minimizing the loss. This hiring of foreign skilled work forces is not entirely a bad thing. We also getting their skilled labor, service. They are contributing to the growth of our economy. It is a give and take situation. But off course, ideal would have been if we were able to feel all our posts with the local skilled work forces only.

They are illegal mostly with expired tourist visa, overstaying in Bangladesh.

They don’t declare to evade tax so is their owner avoiding trouble.

 

[Homo Sapiens]

Got dumped by a Borishailla most probably.

I doubt he/she is even a woman. Most probably a 'Bobs and Vegana' guy hiding behind a woman's picture and pretending to be a woman.

 

[KhanBaba2]

https://www.textiletoday.com.bd/employment-trends-2018-bangladesh-textile-apparel-industry/ says that you have 4.5 Lac foreigners and 45 Lac Bangladeshi employed in RMG. Is that for real. That would imply that only labour is Bangladeshi and rest all are foreigners you generally have 1:10 ratio of labour to supervisory / managerial staff. Actually ratios are generally slightly higher.

 

[Black_cats]

https://www.textiletoday.com.bd/employment-trends-2018-bangladesh-textile-apparel-industry/ says that you have 4.5 Lac foreigners and 45 Lac Bangladeshi employed in RMG. Is that for real. That would imply that only labour is Bangladeshi and rest all are foreigners you generally have 1:10 ratio of labour to supervisory / managerial staff. Actually ratios are generally slightly higher.

You are correct. Many RMG are Indian owned. They employ Indians in a wholesale fashion. Even for junior position they hire Indians which can easily be filled by Bangladeshis. In Bangladeshi owned factories as well they hire Indian. This is indeed a very bad trend and needs to be stopped.

Most of these Indians come to Bangladesh in tourist visa and overstay and do not pay taxes.

 

[KhanBaba2]

You are correct. Many RMG are Indian owned. They employ Indians in a wholesale fashion. Even for junior position they hire Indians which can easily be filled by Bangladeshis. In Bangladeshi owned factories as well they hire Indian. This is indeed a very bad trend and needs to be stopped.

Most of these Indians come to Bangladesh in tourist visa and overstay and do not pay taxes.

10 Billion dollar with 4.5 Lac employee gives 22K USD / employee average. Even with not paying taxes you should be able to find local supervisory staff at a far cheaper rate.

 

[Black_cats]

10 Billion dollar with 4.5 Lac employee gives 22K USD / employee average. Even with not paying taxes you should be able to find local supervisory staff at a far cheaper rate.

Senior or Top executives are making 100-200k or even more in some cases.

This is not only RMG, for all development projects, in other multinational companies, different private companies, in buying houses and many other places.