Born to the parents late Abdul Hannan and Rashida Khatoon, Humayun Rashid is the Managing Director and CEO (Chief Executive Officer) of Energypac Power Generation Ltd. Having about thirty-two years of experience in the diversified field of manufacturing, Humayun Rashid is a globally recognized business leader. He is also the Director and CEO of Energypac Fashions Ltd., Energypac Electronics Ltd. and the Director of Energypac Electronics Ltd., Energypac Engineering Ltd., Energypac Sea Food Ltd., Energypac Infrastructure & Development Ltd., Energypac Ceramic Ltd., Energypac Transformers Ltd., and Energypac-Confidence Power Venture Chittagong Ltd.
Humayun Rashid is the Vice President of Dhaka Chamber of Commerce & Industry (DCCI) and was the former President of France Bangladesh Chamber of Commerce and Industry (CCIFB). He is Vice President of International Business Forum of Bangladesh (IBFB) and Member of Bangladesh Garments Manufacturing and Exporting Association(BGMEA) and Metropolitan Chamber of Commerce & Industry (MCCI).
What are your main traits that brought you success as a CEO? How do you ensure a balance between Critical Success Factor (CSF) and ensuring profitability?
The secret of any success is passion, hard work, and team spirit. As a CEO, I have always followed 3Rs – respect for the people and coworkers, responsibility towards the job, customers and community and, resonant leadership to create positive changes through innovation, mindfulness, and compassion. To achieve organizational goals, mission, and vision, efficiency and effectiveness are two critical factors. Success with profitability comes when every related process is time and cost effective, high standard of quality is ensured and efficiently monitored and evaluated regularly.
What are the challenges of a CEO in the age of smart data?
In this modern era of technology and rapid innovation, the challenges of a CEO are enormous. While keeping updated with global practices and rapid changes in technology, maintaining big data with growing business need is a challenge. In our country, modern technology like fully functioning automation in each process requires high cost and not enough qualified workforce is being produced there. Lack of skilled workforce, infrastructural development, and good governance practice come as threats to run a business.
How do you intend to maximize the brand equity in a competitive market?
As a progressive and socially aware company, we are committed for the betterment of the community. We promote Corporate Social Responsibility (CSR) initiatives that focus on being involved in our communities, conscious of our environmental footprint, and responsible for our business practices.
What are the most rewarding sides of being a CEO?
I feel rewarded when I can reliably transfer the power and responsibilities to my team. Also, I consider that adding values to the business, developing new concepts and skill development are perks of being a CEO.
How do you maintain your activity planning? How to ensure the highest level of productivity? What do you envision for your company in future?
I maintain PTS (project time schedule) for each project and organize my activities ahead of time. Productivity is an output of proper planning and implementation with the whole team including finance, supply chain, human resources, safety and compliance, and the project teams. I see myself as a social worker and a philanthropist to serve the community. I dream to contribute to need-based skilled workforce development of new generation in future.
“Despite some improvements in specific categories, infrastructure and labor market efficiency are the most significant barriers to do business in Bangladesh. Good governance needs to be ensured to overcome these barriers. We need to manage efficient port handling, need to build more improved roads and highways, the smooth channel of transportation, land law reformation and strict monitoring of laws and regulations need to be ensured.”
You have recently celebrated your 50th birthday and your line of business in many productive fields. What are the secrets of your success?
I have a deep passion for creativity and innovation. The name Energypac itself is an example of innovation, and so is the company. My massive interest in business related to power, mechanical and electrical engineering, and my energetic team has driven me to the position where Energypac is a self-sustained brand today.
Energypac is a value-based and doing ethical business practices where quality is the matter. So, what are the challenges you are facing in this fields where you are competing with the cheap products from China and other area and also the engineering company?
In this age of free economy, the market is full of global competition. In my opinion, the bigger problem than market being dumped by Chinese products is the lack of proper control and less monitored rules and regulations of the market. Sometimes syndicated traders play unfairly in the price market. BSTI and other regulatory bodies cannot control the whole market efficiently that exposes us to foreign threats. The government must protect the local business with proper standardization.
You were awarded Quality of Excellence by the Ministry of Industry, how do you maintain a proactive environment?
To meet global manufacturing practices, we have ISO 9001:2008 certification and will get ISO 14001 certification by this year. We ensure quality along with occupational safety and give utmost priority to workers safety. Our factories are environment-friendly where we strictly follow safety compliances.
Bangladesh requires a great deal of energy supply, and there are challenges in infrastructure. How can this situation be overcome?
Bangladesh has been ranked 99 out of 137 countries in the Global Competitiveness Index (GCI) 2017-18 by the World Economic Forum. Despite some improvements in specific categories, infrastructure and labor market efficiency are the most significant barriers to do business in Bangladesh. Good governance needs to be ensured to overcome these barriers. We need to manage efficient port handling. The need to build more improved roads and highways, the smooth channel of transportation, land law reformation and strict monitoring of laws and regulations need to be ensured. Massive financing is still very challenging in Bangladesh as the cost of financing is relatively very high. Long-term financing facilities with lower cost should be encouraged from the bank and other financial institutions. PPP should be encouraged for future economic changes and large infrastructural projects. The capital market should be efficient and regularly monitored to ensure structural budgeting and efficient stock market. Moreover, poor work ethics is a new alarming problem that needs to be addressed immediately with good governance. If these barriers can be adequately controlled, Bangladesh has high prospects to set an example as an efficiency-driven economy.