CHAPTER 1: INTRODUCTION 1.1Rationale In the developing economic situation nowaday, enterprises have a lot of extremely strong competititors in the same industry in general and so do those securities enterprises. The competition is not only focused on the quality of products, services and information: one of the important factors helping to improve the competitiveness of enterprises is Human Resources (HR from now on). HR plays a decisive role in the success of the business. Beside that, enterprises that have quality HR and make effective use of this resource will have a higher chance of achieving success compared with other businesses in the same industry. When employees are motivated to work, they will proactively research, explore and continuously develop themselves to achieve higher levels of work efficiency and with it, not only labour productivity but also improved work results. Businesses will then be able to operate with lower costs and to improve their competitiveness by gaining certain advantages in the industry. It can be said that creating motivation for employees is very necessary and has very high practical implications for businesses. MB Securities Joint Stock Company (MBS) was founded in May 2000 by the Military Commercial Joint Stock Bank (MB). This is one of the first six securities companies in Vietnam. After long history of development, MBS has become one of the biggest brokerage houses in Viet Nam. In 2009 and 2010, MBS was the leader of market share on both Hanoi Stock Exchange (HNX) and HCM Stock Exchange (HOSE) and has always been in the Top 5 of market share in the market. Acknowledging that employee’s skills provide the strength for competitiveness, MBS keeps striving to attract and the most talented staff in the securities industry. One of the important forces contributing to the operational efficiency of MBS is the brokerage staff. This business unit brings significant revenues and transaction fees, contributes to improve the market share and the company''''s position in the market by finding investors and consulting them to trade in the stock market and use financial services of MBS. In the current difficult conditions of the stock market, it is necessary to create motivation for the brokerage team. Staff motivation is one of the factors that directly affect the performance of brokers. If brokers are motivated to work, they will intensify research, find and introduce securities investment opportunities to customers, thereby increasing the transaction value and profit for MBS. On the other hand, if the brokers do not have the motivation to work, they will not be able to fulfil their own capacity, then delay in their work and affect the development of the business. Recognizing the importance of motivating brokers for the business performance of the company, MBS has implemented many activities to motivate labor and gradually create a friendly, cooperative working environment, promoting the spirit of creative initiative of the staff, but through observation and monitoring the work of the brokerage department at MBS, persisting limitations become apparent. Therefore, the author would like to choose the topic "Employee motivation of brokerage staffs at MB Securities Joint Stock Company- Ha Noi Branch" as thesis with the desired results for this research paper to be useful material for the leaders of the reference company and provide insights about possible effective measures to enhance brokerage staff motivation. 1.2Research objectives The main purpose of this research is to understand Brokerage staff motivation at MB Securities Joint Stock Company with the following basic objectives: -Synthesize the theoretical framework related to employee motivation; -Analyse the current employee motivation for the brokerage staff of MBS Ha Noi Branch to find out its strengths, weaknesses and the reason caused the weaknesses; -Propose recommendations to boost brokerage staff motivation at MBS. 1.3Research questions -What are the factors affect to employee motivation? -What are the current motivation-enhancing work for the brokerage staff of MBS? What are strengths, weaknesses and the reason caused the weaknesses? -What should MBS do to enhance its brokerage staff motivation? 1.4Research methodology 1.4.1Research Process The research process can be conducted as follow: Figure 1.1: Research process (Source: Researcher 2020) 1.4.2Data collection method Two sources of data collection were used: Secondary Data Secondary data was collected from the previous studies, textbooks, published documents, research papers, articles on specialized journals, etc. Beside that, reports and internal documents of MBS from 2017 – 2019 will be used.
NATIONAL ECONOMICS UNIVERSITY NEU BUSINESS SCHOOL ~~~~~~o0o~~~~~~ PHAM HONG TRANG IMPROVING CARD SERVICE QUALITY AT TECHCOMBANK MASTER OF BUSINESS ADMINISTRATION THESIS HANOI – 2020 NATIONAL ECONOMICS UNIVERSITY NEU BUSINESS SCHOOL ~~~~~~o0o~~~~~~ PHAM HONG TRANG IMPROVING CARD SERVICE QUALITY AT TECHCOMBANK MASTER OF BUSINESS ADMINISTRATION THESIS SUPERVISOR: ASSOC.PROF.DR VU THI MINH HANOI – 2020 ACKNOWLEDGEMENT First of all, I would like to thank to the Business School, National Economics University (BSNEU) and all members, lecturers and assistants for their shared knowledge and experience through many lectures, discussions and exams during EMBA program Next, I would like to send my deepest and most sincere thanks to my supervisor, Ph D Tran Thi Minh Huong who spent a lot of time and enthusiasm guiding research, helping me complete my graduation thesis I would like to sincerely thank the Board of Directors and colleagues at MBS Hanoi Branch for their supporting in collecting information as well as data related to the research topic and create the best conditions for me to complete this graduation thesis I owe my loving thanks to my beloved family, without their encouragement, support and understanding, it would be impossible for me to finish this work Although I have made many efforts to complete the thesis with all my enthusiasm and abilities, but cannot avoid the shortcomings, I look forward to receiving valuable contributions from supervisor, teachers, lectures of BSNEU and all member of MBS Ha Noi branch Hanoi, October 2020 Nguyen Thi Minh Hang TABLE OF CONTENTS ACKNOWLEDGEMENT ABBREVIATIONS BPM HR HSX HNX IT MBB Business Project Management Human Resources Hochiminh Stock Exchange Hanoi Stock Exchange Information Technology Military Commercial Joint Stock Bank MBS MO PCS MB Securities Joint Stock Company M - Office Personal Customer Service LIST OF TABLES Table 2.1 Model of Herzberg for the thesis 25 Table 3.1: Survey respondent structure Table 3.2 Analysis of Working conditions Table 3.3 Analysis of Company policies and administration Table 3.4 Analysis of Interpersonal relations Table 3.5 Analysis of Recognition for achievement Table 3.6 Analysis of Possibility of growth Table 3.7 Analysis of Employee motivation LIST OF FIGURES Figure 1.1: Research process 10 Figure 2.1: Maslow’s Hierarchy of Needs Figure 2.2: Victor Vroom’s Expectancy Theory Figure 2.3: Herzberg’s Two Factor Theory Figure 2.4: Adams’ Equity Theory Figure 3.1: MBS organizational structure Figure 3.2: MBS Ha Noi Branch organizational structure Figure 3.3: Business performance of MBS Ha Noi Branch Figure 3.4: Brokerage staff classified by age Figure 3.5: Brokerage staff classified by gender Figure 3.6: Brokerage staff classified by qualification Figure 3.7: Brokerage staff classified by seniority CHAPTER 1: INTRODUCTION 1.1 Rationale In the developing economic situation nowaday, enterprises have a lot of extremely strong competititors in the same industry in general and so those securities enterprises The competition is not only focused on the quality of products, services and information: one of the important factors helping to improve the competitiveness of enterprises is Human Resources (HR from now on) HR plays a decisive role in the success of the business Beside that, enterprises that have quality HR and make effective use of this resource will have a higher chance of achieving success compared with other businesses in the same industry When employees are motivated to work, they will proactively research, explore and continuously develop themselves to achieve higher levels of work efficiency and with it, not only labour productivity but also improved work results Businesses will then be able to operate with lower costs and to improve their competitiveness by gaining certain advantages in the industry It can be said that creating motivation for employees is very necessary and has very high practical implications for businesses MB Securities Joint Stock Company (MBS) was founded in May 2000 by the Military Commercial Joint Stock Bank (MB) This is one of the first six securities companies in Vietnam After long history of development, MBS has become one of the biggest brokerage houses in Viet Nam In 2009 and 2010, MBS was the leader of market share on both Hanoi Stock Exchange (HNX) and HCM Stock Exchange (HOSE) and has always been in the Top of market share in the market Acknowledging that employee’s skills provide the strength for competitiveness, MBS keeps striving to attract and the most talented staff in the securities industry One of the important forces contributing to the operational efficiency of MBS is the brokerage staff This business unit brings significant revenues and transaction fees, contributes to improve the market share and the company's position in the market by finding investors and consulting them to trade in the stock market and use financial services of MBS In the current difficult conditions of the stock market, it is necessary to create motivation for the brokerage team Staff motivation is one of the factors that directly affect the performance of brokers If brokers are motivated to work, they will intensify research, find and introduce securities investment opportunities to customers, thereby increasing the transaction value and profit for MBS On the other hand, if the brokers not have the motivation to work, they will not be able to fulfil their own capacity, then delay in their work and affect the development of the business Recognizing the importance of motivating brokers for the business performance of the company, MBS has implemented many activities to motivate labor and gradually create a friendly, cooperative working environment, promoting the spirit of creative initiative of the staff, but through observation and monitoring the work of the brokerage department at MBS, persisting limitations become apparent Therefore, the author would like to choose the topic "Employee motivation of brokerage staffs at MB Securities Joint Stock Company- Ha Noi Branch" as thesis with the desired results for this research paper to be useful material for the leaders of the reference company and provide insights about possible effective measures to enhance brokerage staff motivation 1.2 Research objectives The main purpose of this research is to understand Brokerage staff motivation at MB Securities Joint Stock Company with the following basic objectives: - Synthesize the theoretical framework related to employee motivation; - Analyse the current employee motivation for the brokerage staff of MBS Ha Noi Branch to find out its strengths, weaknesses and the reason caused the weaknesses; - Propose recommendations to boost brokerage staff motivation at MBS 1.3 Research questions - What are the factors affect to employee motivation? - What are the current motivation-enhancing work for the brokerage staff of MBS? What are strengths, weaknesses and the reason caused the weaknesses? - What should MBS to enhance its brokerage staff motivation? 1.4 Research methodology 1.4.1 Research Process The research process can be conducted as follow: Figure 1.1: Research process (Source: Researcher 2020) 1.4.2 Data collection method Two sources of data collection were used: Secondary Data Secondary data was collected from the previous studies, textbooks, published documents, research papers, articles on specialized journals, etc Beside that, reports and internal documents of MBS from 2017 – 2019 will be used 10 13 Herzberg F., Mausner B., Synderman B (1959), The motivation to work, NY: Wiley 14 Kanfer, R (1990),Motivation theory and industrial and organizational psychology, In M D Dunnette & L M Hough (Eds.), Handbook of industrial and organizational psychology (Vol 1), pp 75–170) 15 Kohn (1987), Studies Find Reward Often no Motivator 16 Kreitner, R Kinicki, A (2008),Organisational Behaviour, McGraw-Hill Companies, Inc United States 17 Kwasi Dartey-Baah and George Kofi Amoako (2011),Application of Frederick Herzberg’s Two-Factor theory in assessing and understanding employee motivation at work: a Ghanaian Perspective, European Journal of Business and Management ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online) Vol 3, No.9 18 Locke, E A., & Latham, G P (1990),A theory of goal setting and task performance, Upper Saddle River, NJ: Prentice Hall 19 Maslow, A H (1943)Conflict, frustration, and the theory of threat J Abnorm (Soc.) Psychol., 1943, 38, 81-86 20 Maslow’S Hierarchy Of Needs Scholarworks.Umass.Edu, 2012, https://scholarworks.umass.edu/cgi/viewcontent.cgi? article=1066&context=pare Accessed 12 Mar 2020 21 Maslow, A H (1970), Motivation and Personality (2nd ed.) New York: Harper and Row 79 22 Mullany, Michael J; & Tan, Felix B; & Gallupe R Brent (2007),The SStatistic: A measure of user satisfaction based on Herzberg’s theory of motivation, Australasian Conference on Information Systems, 17th 23 Nelson, B (1999),Creating an energized workplace, F.Hesselbein & P.M Cohen (Eds.), Leader to Leader, pp.265-274 24 Quinlan, C (2011), Business Research Methods, South-Western Cengage Learning, Andover 25 R Kanfer, (1990), Motivation Theory and Industrial and Organizational Psychology, vol 1, Palo Alto, CA: Consulting Psychologists Press, pp75170 26 Shipley, D and Kiely, J (1988), Motivation and dissatisfaction of industrial salespeople – how relevant is Herzberg’s theory?, European Journal of Marketing, 22 (1), pp 17–30 27 Victor Vroom’S Expectancy Theory Of Motivation – An Evaluation Irjbm.Org, 2020, http://irjbm.org/irjbm2013/Sep2014/Paper1.pdf Accessed 12 Mar 2020 28 Wiley, C (1997), What motivate employees according to 40 years of motivation surveys, International Journal of Manpower, 18(3), pp 263280 80 APPENDIX 1: INTERVIEW QUESTION FOR MANAGER Among these factors, what are the most important for your employee’s motivation? - Hygiene factors (Working conditions, Co-worker relations, Company - policies and rules, Supervision quality, Compensation and Benefits) Motivation factors (Achievement, Recognition for achievement, Responsibility for enlarged task, Interesting Job, Advancement, Personal Growth) Can you estimate about your employee satisfaction level? Do you think that the performance evaluation in your company is fair? What you think about the salary-raise policy? Do you think the relation with your staff is good? Do you support and throw them a line when they need? What are the factors that your staff is dissatisfied with? How you to enhance the staff motivation at your company? Thank you for your cooperation 81 APPENDIX 2: INTERVIEW QUESTION FOR EX-STAFFS How long have you worked for MBS? What factors attracted you to work for MBS? What are the factors that you are satisfied with? What are the factors that you are dissatisfied with? Can you tell me the reason why you left MBS? Why you choose your current job? What makes your new job more attractive? Can you give some recommendation for enhancing staff motivation at MBS? Thank you for your cooperation 82 APPENDIX 3: STAFF MOTIVATION QUESTIONNAIRE First of all, I would like to thank for your cooperation to complete this questionnaire Your information is very useful for me to understand about MBS – Ha Noi Branch current staff motivation I commit that this questionnaire is only used for the objective of this research not for any other benefit or purpose There areno right or wrong answers They only express your ideas, your feelings You are not requested to provide the name or other personal information You can skip any question if you not feel comfortable to answer General information: Gender: Male Female Age: Education: Vacation School University < year 1-3 years 5.10 ears >10 years Years of working: College MA, MBA, Ph D 3-5 years Question correspond with satisfaction level You can put the signal “” at the level you chose to answer the question Each level wil express your ideas as bellows: Level 1: Not satisfied at all Level 2: Not satisfied Level 3: Somewhat satisfied Level 4: Satisfied Level 5: Very satisfied No Question I Salary Your salary is competitive with similar job you might find elsewhere You are satisfied with your current salary SA1 SA2 Level Level Level Level Level 83 No SA3 II WC WC WC WC III PA1 PA2 PA3 IV QS1 QS2 QS3 QS4 V IR1 IR2 Question Level Level Level Level Level The bonus and allowances attractive to you Working Condition You are satisfied with your working conditions You have adequate working space, necessary tools and appropriate equipment The environment of the workplace is safe, healthy and comfortable The information system in MBS is good Company policies and administration The company policies and rules are relevant and clear enough for you The administrative procedures of the company are simple and friendly enough for you You are satisfied with other policies such as social insurance, childcare, healthcare and other extra activities Quality of supervision Your supervisor provide you with the regular constructive feedback You are satisfied with your supervisor’s management style Your supervisor communicate your job performance expectations with you clearly You think that your supervisor is objective and fair enough Interpersonal relations The relationship between colleagues in your department is close The relationship between employees 84 No Question Level Level Level Level Level and managers is close The relationship between your unit and IR3 other units in the branch/ the system is close The manager care about the staff IR4 opinion and mind VI Responsibility You are satisfied with the RE1 responsibilities you are in charge for You are often assigned important RE2 responsibilities You feel motivated with your clear RE3 responsibility when being assigned tasks VII Recognition for achievement The current recognition policies in RA1 MBS – Ha Noi Branch is good enough You are often recognized when having RA2 good performance You are motivated by the recognition RA3 policies of the company VII Work itself Your job is interesting and suitable WI1 with your passion You have chance to make full use of WI2 your abilities and knowledge WI3 You can feel autonomy in your work IX Possibility of growth You are satisfied with the career path PG1 development in MBS – Ha Noi Branch You have many opotunities to develop PG2 and promotion The training courses organized by PG3 MBS are useful X Employee motivation EM You will continue to work at MBS in 85 No Question EM EM the future You are always enthusiastic when working at MBS now You are happy and pride because you are member of MBS – Ha Noi Branch Level Level Level Level Level THANK YOU FOR COMPLETING THIS QUESTIONNAIRE 86 APPENDIX 4: SURVEY RESULTS ON STAFF MOTIVATION No Attributes Not satisfied at all (1) No I SA1 SA2 SA3 II WC WC WC Salary Your salary is competitive with similar job you might find elsewhere You are satisfied with your current salary The bonus and allowances attractive to you Working Condition You are satisfied with your working conditions You have adequate working space, necessary tools and appropriate equipment The environment of the workplace is safe, healthy and comfortable % Not satisfied (2) No % Somewhat satisfied (3) No % Satisfied (4) No % Very satisfied (5) No % Mean 3.1 1% 12 16% 36 48% 17 23% 12% 3.2 3.1 3.0 3.8 3.9 2 3% 14 19% 34 45% 19 25% 8% 1% 17 23% 36 48% 16 21% 7% 0% 13% 49% 41 20% 18 35% 0% 13% 13 49% 32 20% 21 24% 3.8 0% 13% 49% 35 20% 23 35% 3.9 87 No Attributes Not satisfied at all (1) No WC III PA1 PA2 PA3 IV QS1 QS2 The information system in MBS is good Policies and administration The company policies and rules are relevant and clear enough for you The administrative procedures of the company are simple and friendly enough for you You are satisfied with other policies such as social insurance, childcare, healthcare and other extra activities Quality of supervision Your supervisor provide you with the regular constructive feedback You are satisfied with your supervisor’s management % Not satisfied (2) No % Somewhat satisfied (3) No % Satisfied (4) No % Very satisfied (5) No % 0% 13% 21 49% 31 20% 13 15% 0% 15 13% 29 49% 24 20% 20% 0% 18 13% 31 49% 18 20% 9% 0% 10 13% 24 49% 27 20% 14 25% Mean 3.5 3.3 3.2 3.0 3.6 3.6 0% 13% 20 49% 37 20% 12 35% 0% 13% 20 49% 39 20% 11 32% 3.7 3.7 88 No Attributes Not satisfied at all (1) No QS3 QS4 V IR1 IR2 IR3 IR4 VI style Your supervisor communicate your job performance expectations with you clearly You think that your supervisor is objective and fair enough Interpersonal relations The relationship between colleagues in your department is close The relationship between employees and managers is close The relationship between your unit and other units in the branch/ the system is close The manager care about the staff opinion and mind Responsibility % Not satisfied (2) No % Somewhat satisfied (3) No % Satisfied (4) No % Very satisfied (5) No % Mean 0% 13% 20 49% 36 20% 12 25% 3.6 3.5 3.4 0% 13% 27 49% 32 20% 32% 0% 13% 26 49% 15 20% 20 44% 3.4 7 0% 13% 21 49% 26 20% 12 32% 3.3 0% 12 13% 19 49% 24 20% 12 16% 0% 10 13% 17 49% 24 20% 18 32% 3.2 3.5 3.5 89 No Attributes Not satisfied at all (1) No RE1 RE2 RE3 VII RA1 RA2 RA3 VIII WI1 You are satisfied with the responsibilities you are in charge for You are often assigned important responsibilities You feel motivated with your clear responsibility when being assigned tasks Recognition for achievement The current recognition policies in MBS – Ha Noi Branch is good enough You are often recognized when having good performance You are motivated by the recognition policies of the company Work itself Your job is interesting and suitable with your passion % Not satisfied (2) No % Somewhat satisfied (3) No % Satisfied (4) No % Very satisfied (5) No % Mean 0% 13% 22 49% 37 20% 16% 3.5 3.6 0% 13% 18 49% 35 20% 13 7% 0% 11 13% 30 49% 31 20% 7% 3.3 3.3 0% 13% 34 49% 23 20% 9% 3.2 0% 13% 25 49% 40 20% 4% 3.4 0% 12 13% 19 49% 26 20% 13 8% 0% 13% 11 49% 51 20% 13 20% 3.4 4.0 4.0 90 No Attributes Not satisfied at all (1) No WI2 WI3 You have chance to make full use of your abilities and knowledge You can feel autonomy in your work % Not satisfied (2) No % Somewhat satisfied (3) No % Satisfied (4) No % Very satisfied (5) No % 0% 13% 15 49% 43 20% 17 12% 0% 13% 18 49% 42 20% 15 20% 0% 13% 32 49% 30 20% 7% 0% 13% 32 49% 27 20% 8% 0% 13% 37 49% 31 20% 5% 0% 13% 42 49% 28 20% 8% 0% 13% 42 49% 28 20% 28% 0% 13% 31 49% 34 20% 29% IX Possibility of growth You are satisfied with the PG1 career path development in MBS – Ha Noi Branch You have many opotunities to PG2 develop and promotion The training courses PG3 organized by MBS are useful X EM EM EM Employee motivation You will continue to work at MBS in the future You are always enthusiastic when working at MBS now You are happy and pride because you are member of MBS – Ha Noi Branch Mean 4.0 3.9 3.4 3.4 3.3 3.4 3.4 3.3 3.3 3.6 91 Rotated Component Matrixa Component QS2 882 QS1 878 QS3 878 QS4 877 WC1 912 WC3 912 WC2 896 WC4 843 IR2 915 IR4 898 IR1 863 IR3 839 RE2 RE3 RE1 RA2 RA3 RA1 SA2 SA3 SA1 WI3 WI2 WI1 PA2 PA3 PA1 PG2 PG3 PG1 Extraction Method: Principal Component Analysis Rotation Method: Varimax with Kaiser Normalization a Rotation converged in iterations 937 913 904 862 861 810 909 879 814 907 890 744 875 784 769 818 769 685 92 APPENDIX 5: ROTAED COMPONENT MATRIX (EFA) 93 ...NATIONAL ECONOMICS UNIVERSITY NEU BUSINESS SCHOOL ~~~~~~o0o~~~~~~ PHAM HONG TRANG IMPROVING CARD SERVICE QUALITY AT TECHCOMBANK MASTER OF BUSINESS ADMINISTRATION THESIS SUPERVISOR:... information including gender, age, education, years of working Part B contains five-point Likert-type scale items: Not satisfied at all (SD)=1, Not satisfied (D)=2, Somewhat satisfied (U)=3, Satisfied... hygiene factors can create job dissatisfaction, but their presence does not motivate or create satisfaction 18 Herzberg’s motivation theory emerged from a collection of data gathered by the interview