Building kpis for budget planning division of finance accounting department at vietnam airlines

ĐẠI HỌC QUỐC GIA HÀ NỘI TRƯỜNG QUẢN TRỊ VÀ KINH DOANH - NGUYỄN THỊ HẢI NGỌC BUILDING KPIs FOR BUDGET PLANNING DIVISION OF FINANCE & ACCOUNTING DEPARTMENT AT VIETNAM AIRLINES XÂY DỰNG KPIs CHO CHUYÊN VIÊN PHÒNG QUẢN LÝ NGÂN SÁCH - BAN TÀI CHÍNH KẾ TỐN TỔNG CƠNG TY HÀNG KHÔNG VIỆT NAM LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH HÀ NỘI – 2022 ĐẠI HỌC QUỐC GIA HÀ NỘI TRƯỜNG QUẢN TRỊ VÀ KINH DOANH - NGUYỄN THỊ HẢI NGỌC BUILDING KPIs FOR BUDGET PLANNING DIVISION OF FINANCE & ACCOUNTING DEPARTMENT AT VIETNAM AIRLINES XÂY DỰNG KPIs CHO CHUYÊN VIÊN PHÒNG QUẢN LÝ NGÂN SÁCH - BAN TÀI CHÍNH KẾ TỐN TỔNG CƠNG TY HÀNG KHƠNG VIỆT NAM Chuyên ngành: Quản trị kinh doanh Mã số: 8340101.01 LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH NGƯỜI HƯỚNG DẪN KHOA HỌC: TS NGUYỄN XUÂN HUYNH HÀ NỘI - 2022 DECLARATION The author confirms that the research outcome in the thesis is the result of author’s independent work during study and research period and it is not yet published in other’s research and article The other’s research result and documentation (extraction, table, figure, formula, and other document) used in the thesis are cited properly and the permission (if required) is given The author is responsible in front of the Thesis Assessment Committee, Hanoi School of Business and Management, and the laws for above-mentioned declaration Date………………………… ACKNOWLEDGEMENT Foremost, I would like to acknowledge and give my sincere thanks to my thesis advisor, PhD Nguyen Xuan Huynh for imparting his knowledge and expertise in my study Without his continuous support, guidance and constant supervision, I would not be able to accomplish this project Secondly, I would like to take this opportunity to give great thanks to all of my respected lecturers at HSB Thanks for the valuable knowledge and great advice you have wholeheartedly provided us during our studying time Besides, I wish to thank all of HSB staff and my MBA15 classmates who have wonderfully supported and assisted me in the last three years and until now It has been a great honour and privilege to undergo training at HSB My thanks and appreciations also go to all of my colleagues in giving their opinions to help me develop the project and my friends who have willingly helped me with their abilities I deeply hope that my project could be applied for real and give a hand on improving the work performance appraisal of my division Last but not least, I would like to express my gratitude to my parents, my husband and my daughter Your unfailing support, encouragement and inspiration were what sustained me this far Thank you from the bottom of my heart TABLE OF CONTENTS LIST OF ABBREVIATIONS i LIST OF TABLES ii LIST OF FIGURES iii INTRODUCTION 1 Rationale Literature review 3 Objects of research Scope of research .5 Research methodology .5 Thesis structure CHAPTER 1: THEORETICAL BACKGROUND 1.1 Performance Appraisals 1.2 Key performance indicator definition 1.3 Types of Key Performance Indicators 11 1.4 Criteria of KPIs 14 1.5 Principles for the use of KPIs .16 1.6 KPIs building process 17 CHAPTER 2: AN OVERVIEW OF BUDGET PLANNING DIVISION OF FINANCE AND ACCOUNTING DEPARTMENT, VNA 21 2.1 Vietnam Airlines 21 2.1.1 General introduction .21 2.1.2 Organization structure 22 2.1.3 VNA’s employees 25 2.2 Finance and Accounting Department 26 2.3 Budget Planning Division 29 CHAPTER 3: CURRENT SITUATION OF KPIs APPLICATION AT BUDGET PLANNING DIVISION, FAD AND VNA 31 3.1 VNA’s labor policies and KPIs implementation 31 3.1.1 General labor policies 31 3.1.2 KPIs implementation 33 3.2 Finance and Accounting Department’s KPIs implementation 42 3.3 Budget Planning Division’s KPIs implementation .45 CHAPTER 4: RESULTS, DISCUSSION AND RECOMMENDATIONS TO FULFILL THE KPIs SYSTEM FOR BUDGET PLANNING DIVISION 49 4.1 Research finding 49 4.2 Discussion 52 4.3 Building KPIs system 55 4.4 KPIs implementation roadmap 67 4.5 Some other recommendations .67 CONCLUSION, LIMITATION AND IMPLICATION .69 Conclusion 69 Limitations .69 Implications 70 REFERENCES 71 APPENDIX: MANHOUR TABLE .75 LIST OF ABBREVIATIONS BOD Board of directors BOM Board of managers BSC Balanced score card CEO Chief executive officer CPD Corporate planning and development department FAD Finance and Accounting Department GAS General accounting system KPIs Key performance indicators KRIs Key result indicators PMS Planning management system VNA Vietnam Airlines i LIST OF TABLES Table 2.1 Vietnam Airlines labor structure 25 Table 2.2 Plan of workforce productivity 26 Table 2.3 Finance and Accounting Department labor structure 27 Table 2.4 Finance and Accounting Department labor structure charts 28 Table 3.1 Example of building KPIs for a position 41 Table 3.2 Example of man-hour building 46 Table 4.1 Survey results .50 Table 4.2: SWOT analysis of current appraisal method .52 Table 4.3 Suggested KPIs for Budget Planning division .61 Table 4.4 KPIs implementation roadmap .67 ii LIST OF FIGURES Figure 1.1 Four types of measurement indicators (David Parmenter, 2010) 10 Figure 1.2 KPIs in an organizational structure (Mind Tools Team) 11 Figure 1.3 The Balanced Scorecard Links Performance Measures 12 Figure 1.4 KPIs building process 18 Figure 2.2 Organization Structure of VNA 24 Figure 3.1 Decision no.554/QĐ-TCTHK-TCNL 34 Figure 3.2 Decision no.341/QD-TCTHK-KHPT 36 Figure 3.3 Document no 2982/HD-TCTHK-TCNL 37 Figure 3.4 KPIs system building process .38 Figure 3.5 Building process of position KPIs 39 Figure 3.6 KPIs/KRIs for FAD 43 Figure 3.7 FAD's general marking schemes and evaluation criteria 45 Figure 4.1 Response of the manager on current appraisal method 49 iii INTRODUCTION Rationale Aviation serves as a springboard for the tourism industry, attracting investment and trade According to the International Air Transport Association (IATA), each employee in the air transport sector can generate 24 jobs in supply chain industries such as tourism, hotels, restaurants, and entertainment while also contributing significantly to the economy's overall revenue There are currently five airlines in Vietnam's market, including FSCs (Vietnam Airlines and Bamboo Airways), LCCs (Vietjet Air and Pacific Airlines) and the new airline Vietravel Airlines from the end of 2020 Since 2018, the industry's growth rate has slowed, as airlines have prioritised operational efficiency In 2020, the market was affected by the Covid-19 epidemic and will continue to be affected by the postpandemic economic downturn In Vietnam, the Covid pandemic is under control, owing to the government's stringent control measures and popular consensus As a result, prior the fourth outbreak of the pandemic, the domestic market is likely to recover to its pre-covid level of 2019 by 2021 through a series of domestic tourism stimulus programs Regarding the international situation, most of the countries are focusing on controlling the pandemic; IATA forecasts that the total international market of the year 2023 will recover equivalent to that of the year 2019 In the period of 2021 - 2025, it is forecasted that the market will gradually recover after the epidemic is under control and the economy stabilizes IATA also forecasts that the growth rate of Vietnam's domestic market in the period of 2019 - 2025 will reach an average of 9.8% per year The number of international visitors to Vietnam will continue to grow at a high rate, of which Southeast Asian tourists will grow by 9.3%, and Northeast Asian tourists will grow by 5.2% on average VNA is focusing on Product differentiation strategy, not on Price differentiation strategy as LCC Airlines However, on domestic routes, the difference in products between airlines is not clear The core point of products and services is the flight network and fleet, while the airlines operate the same routes with similar frequencies 4.4 KPIs implementation roadmap Based on the principles of applying KPIs – which have been modified in Section 1.5 of Chapter 1, the author build a roadmap to effectively implement the KPIs system for Budget Planning executives as below: Table 4.4 KPIs implementation roadmap No Step Step Step Step Step Tasks Request the managers to approve the system The managers approve KPIs system Internal communicate and deploy the KPIs system and the guideline on the application of KPIs Apply KPIs system to evaluate work performance Review, re-evaluate and further develop the system Plan time (days) X X+7 Every month Every six month 4.5 Some other recommendations - The updated man-hour table could be used in work assignments in order to keep balance between employees at the same level so that the performance appraisals will be more fairly and clearly All of the calculations and appraisals should be equal and transparent If the assignment itself was not fair among all members at the same level of the salary scale, justice in the work appraisal is hard to achieve Therefore, from the beginning, the managers should concentrate on the workload of each and every division members Man-hour table could be the basis to assign works for employees - The KPIs system and other appraisal methods should be tested, reviewed on the results to be further fixed and completed Even after completed and applied, the KPIs system still needs to be reviewed and re-evaluated periodically - The KPIs system should be discussed and communicated frankly and openly, especially about its importance Besides, to avoid misunderstandings and 67 doubts, once the KPIs have been agreed to be applied, the evaluation results should always be public transparently - To deal with the effect of the Covid-19 epidemic on the workforce as clarified in the SWOTs table (T3), when it is required to reduce the number of employees, the managers should discuss with all members and try to implement some support measures as follows:  Reduce the workload of administrative work, project team, etc., which are not obligatory or truly necessary in the context of the epidemic  Encourage and support employees on training for personal development, internal rotation, some supportive resources could be proposed and applied 68 CONCLUSION, LIMITATION AND IMPLICATION Conclusion Nowadays, human resource operations make a sizable contribution to an organization's success Thus, as the role of human resource management becomes increasingly important, organisations and enterprises both globally and in Vietnam pay increased attention to and use KPIs systems It serves as the primary source of data and information about an organization's current human resource situation Thus, when KPIs are used effectively, organisations succeed in the first step of closing the gap between employee performance and the organization's strategic objectives - which could be defined as human resource management's most critical function The author of this study clarified the theoretical foundations of performance appraisals and key performance indicators, including definitions, categories, criteria, principles, and the process of development Specifically for the aviation industry and Vietnam Airlines situation, the management of human resources contains lots of complexity and difficulty due to the various type of employees, including a specific workforce that requires flexible management As far as the author may concern, this thesis is focused on the KPIs system of a literally small part of VNA’s employee resource – Budget Planning division, to clarify the current situation of work performance appraisal at this division, analyze the situation on a SWOT basis and from the results of the discussion, suggest an appropriate KPIs system for the division in scenarios, following three different situations of Covid-19 pandemic in 2022 Limitations Despite considerable effort, this thesis has some shortcomings To begin, because the Finance and Accounting Department did not develop and implement its key performance indicators (KPIs) and primary objectives, the suggested KPIs for the Budget Planning division remain disconnected Additionally, without a complete picture of the department's performance situations, it would be difficult to ensure 69 fairness in evaluating divisions and in comparison to the department's overall performance Secondly, within the scope of this research, the author did not examine and interview 49 departments/units who work and coordinate directly with the division The evaluation of these ―customers‖ should be examined during the use of the suggested KPIs system Finally, because evaluating work performance is a highly sensitive task, the KPIs developed must be tested and re-evaluated, as well as redesigned and updated This step was omitted due to the author's time and ability constraints As a result, the proposed KPIs system's results and employee acceptance have not been examined Implications Some recommendations or orientations may be made in light of the research findings and the limitations discussed previously To begin, to address and resolve the limitation of the division's connection to its department and to the other divisions within this department, further research could broaden the scope of the research to the Finance and Accounting department, with an overview of all tasks, requirements, and objectives of all FAD's divisions, in order to complete and fulfil the overall picture of the KPIs system Otherwise, recognising that the scope of work in the first direction may be too broad and difficult to accomplish, additional research could be conducted to actually run the proposed KPIs system, analyse the results, and suggest additional methods and solutions for future improvement 70 REFERENCES Abeysiriwardana P.C., Jayasinghe-Mudalige U., Role of Peripheral Analysis Methods in Adoption of Successful KPIs for a Research Institute Working Towards Commercial Agriculture Anna Johnson, ―Performance Appraisals: the biggest mistake managers make and How to avoid them‖ on Business knowhow Austin, Robert D (Robert Daniel), 1962- (1996) Measuring and managing performance in organizations DeMarco, Tom., Lister, Timothy R New York: Dorset House Publishing ISBN 0932633366 OCLC 34798037 Ben Cohen, 2016 Principles for Your Most Effective KPIs Denneen and Company Growth Strategy consulting Bernard Marr, 2019 How to Develop Effective KPIs Bernard Marr, Key Performance Indicators: The 75+ Measures Every Manager Needs to Know Financial Times/ Prentice Hall 2012 Bernard Marr, 2019 - How to develop great KPIs (Key Performance Indicators) for your business, department or project – available on YouTube Bernard Marr, The 10 biggest mistakes companies make with KPIs Bernard Marr, What Are Key Performance Questions (KPQs)? – article available online on Barnard Marr & Co website 10 Carol Fitz-Gibbon (1990), "Performance indicators", BERA Dialogues (2), ISBN 978-1-85359-092-4 11 Colleges Ontario, "Key Performance Indicators" Retrieved 2019-09-25 12 David Parmenter, Key Performance Indicators - Developing, Implementing, and Using Winning KPIs (4th Edition) 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The Ultimate Guide Austin Caldwell, 2021 on Oracle Netsuite website 39 Robert S Kaplan and David P Norton, 1992 The Balanced Scorecard— Measures that Drive Performance [on magazine] 40 Research Approach – online on https://research-methodology.net/researchmethodology/research-approach/ 41 Schraeder, M Becton, J., & Portis, R (2007, Spring) A critical examination of performance appraisals The Journal for Quality and Participation, 20-25 73 42 Ted Jackson, 18 KPIs To Measure Performance (& How to Choose & Track Them) – [online video], available at https://www.clearpointstrategy.com/18-keyperformance-indicators/ 43 Tyskbo, D (2020) Line management involvement in performance appraisal work Employee Relations: The International Journal 44 Vietnam Airlines official website 45 Vietnam Airlines’ prospectus to issue additional shares, 2021 46 Vietnam Airlines, Document no 2982/HD-TCTHK-TCNL of Human Resource Department of VNA dated 23 October 2019 to deploy BSC & KPI building at all departments/units of VNA 47 Waterman, Richard (1998) "Principal-Agent Models: An Expansion?" Journal of Public Administration Research and Theory 48 Y Tran B.A, 2018, ―Challenges the Airline industry faces at the present‖ available at https://twu-ir.tdl.org/bitstream/handle/11274/10997/TRAN-THESIS2018.pdf?sequence =1&isAllowed=y 74 APPENDIX: MANHOUR TABLE No Tasks Details Current Adjustment Implement Mark/ Other duration Total hour coefficients (hour) Purchase expertise Expertise (the department is in charge of) - multiplied 1.1 by responsibility coefficient and language coefficient 1.1.1 Supplier selection plan 1.1.2 Request for proposal 1 1.1.3 2 0,5 0,5 1.1.4 Responsibility coefficient Supplier selection result Meeting with relevant departments/unit for expertise (point for one time) The purchase is under the authority of: BOD CEO BOM (exclude CEO) and below levels 1,5 1,2 1,5 1,2 1 Vietnamese 1 English Report on the expertise implementation situation 1.2 weekly Update on the Purchase expertise 1.2.1 diary (per one time) 1.2.2 Synthetic and report (per one time) Other tasks (consultation, guidance, meeting, audit 1.3 if needed) Budget adjustment 2.1 Budget adjustment expertise 2.2 Announce on budget adjustment Other tasks (co-operation, 2.3 guidance…) Update, synthetic on the Budget 2.4 adjustment diary (per one time) 1,2 1,2 Language coefficient Annual plan Planning orientation Provide input data: exchange rate, 3.1.1 oil price Calculate and provide orientation on 3.1.2 building financial plan of mother 0,5 0,5 0,5 0,5 0,7 0,7 0,7 1 0,7 0,8 0,8 0,1 0,1 0,5 0,5 3 3.1 No Tasks Details Current Adjustment Implement Mark/ Other duration Total hour coefficients (hour) company 3.1.3 3.2 3.3 3.3.1 Build planning direction of the CEO Plan building Calculate and provide orientation on building financial plan of consolidated company 4 Provide data, comments on the planning direction 3 1 3 0,7 1 3 1,5 0,5 0,75 3 3 3 0,5 Building guideline Contribute a part of the overall guideline (one out of module - if assigned) Building full guideline on module: Revenue - Cost, Budget and Purchase Comment, feedback on other guidelines of other fields (if required) Guide, discuss and urge the field/department/unit which the 3.3.2 employee in charge of to build the plan - multiplied by field coefficient 3.4 Plan expertise - multiplied by field coefficient Receive plan information of the unit/department/field and send it to 3.4.1 the division in the Finance and Accounting Department who is assigned for comments Check plan report and explain/ 3.4.2 require more information about the revenue-cost module 3.4.3 3.4.4 3.4.5 Compare reported data and system data on revenue -cost module Comment and synthesize opinions of the department on the plans and give feedback to the Department/unit/field Detect, request and urge the department/unit to update the incorrect revenue - cost entries No Tasks Export data from the Planning management system on Rev-cost module Detect and request departments/unit to enter data, compare excel report data and system data on budget module Detect, request and urge the department/unit to update the incorrect budget entries Export data from the Planning management system on Budget Module Review the purchasing plan Participate in plan appraisal meeting Update the Plan when needed (calculated according to the actual number of times the plan is updated for a specific department/unit - Only applicable if there is a change in that plan; no coefficients are calculated) 3.4.6 3.4.7 3.4.8 3.4.9 3.4.10 3.4.11 3.4.12 3.5 1,5 0,5 0,75 1,5 1,5 0,5 1,5 1,5 0,5 0,75 1 2 1,5 1,5 2 1 2 2 Plan approval - multiplied by field coefficient Finalize the final plan report after the appraisal (the plan runs to get the data) Provide data, comments on the plan report for: CEO BOD 3.5.1 3.5.2 3.6 Details Current Adjustment Implement Mark/ Other duration Total hour coefficients (hour) Plan delivery - multiplied by field coefficient Print full modules of the plan, final check, provide to KHPT Field coefficient Technical 1,2 1,2 Flight operation Service 1,2 1,2 1,2 1,2 Safety Sales 1,5 1,5 No Tasks Details IT Departments/units 3.7 3.7.1 3.7.2 3.7.3 4.1 4.1.1 4.1.2 4.1.3 4.2 4.2.1 4.2.2 4.2.3 4.2.4 Other tasks Update on the Plan building diary (per one time) Monitor and manage the planning management system (per one week) Create more plan version on PMS according to the change of inputs (per one creation) Synthesizing and reporting work Procurement report (every months) Deploying to the departments and units the task of import data of procurement to the PMS, answering questions and consulting Export procurement report from PMS Build purchasing implementation report Report on budget implementation of VNA Export settlement data from GAS Check, calculate and adjust indicators (if needed) Work with department/company and the settlement division to clarify the contents that exceed the plan/record the wrong plan/need to adjust to correct and update the system (if needed) Draft the report Compose and implement the reports of FAD and for CEO Compose the report for BOD (if 4.2.6 any) 4.3 Other reports - multiplied by responsibility coefficient 4.3.1 Calculating data 4.3.2 Report Responsibility State agencies coefficient General Meeting of Shareholders 4.2.5 Current Adjustment Implement Mark/ Other duration Total hour coefficients (hour) 1,2 1,2 1 Depending on specific cases 2 3 2 0,5 0,5 0,5 0,5 3 1 2 2 1,5 1,5 1,5 1,5 2 1 2 1,5 1,5 1,5 1,5 No Tasks Details BOD CEO BOM (exclude CEO) and below levels Current Adjustment Implement Mark/ Other duration Total hour coefficients (hour) 1,2 1,2 1 0,8 0,8 Participated in project team (purchasing, procedure, negotiating…) 5.1 Tasks in project team 5.1.1 Project/plan building 5.1.2 Building supplier selection plan 5.1.3 Building Request for proposals 5.1.4 Bid opening 5.1.5 Proposal assessment 5.1.6 Contract negotiation Meeting Other relevant tasks Draft the meeting minutes (per 5.2.1 minute) 5.2.2 Draft the report Directly on behalf of the Team to 5.2.3 discuss, answer and negotiate with partners (including all work) Building and commenting on amendments to management documents 6.1 On budget, plan and purchase Within the department 2 2 0,5 1 1 1 2 2 0,5 2 2 2 0,5 0,5 1 5.2 Within VNA Synthesize and draft the feedback 6.2 Others Presiding over the drafting of new management documents Comment on the new management documents Presiding over summarizing and modifying management documents Suggestions to amend the management documents 7.1 Admin (*) Division tasks Depending on specific cases No 7.1.1 7.1.2 7.1.3 7.1.4 7.1.5 7.1.6 7.1.7 7.1.8 7.2 7.2.1 7.2.2 7.2.3 7.2.4 Tasks Details Weekly report on division tasks Monthly report on division tasks Calculate the KPIs monthly Prepare report of the division Implement the division tasks Prepare internal reports/minutes of the division Timekeeping Receive and pay payments to employees Communist Party tasks Clerical work Prepare internal reports/minutes Report outside Implement the Party tasks Current Adjustment Implement Mark/ Other duration Total hour coefficients (hour) 0,5 0,5 1 3 2 0,5 0,5 0,5 0,5 1 0,5 0,5 1 0,5 1 0,5 0,5 0,5 7.2.5 Calculate Party fees and other revenues and expenditures 1 7.2.6 Collect Party funds, record, prepare Party fund reports 1 Report outside Implement the Union tasks Prepare internal reports/minutes 1 1 0,5 0,5 0,5 0,5 7.3.4 Calculate Union fees and other revenues and expenditures 1 7.3.5 Collect Union funds, record, prepare Union fund reports 1 1 1 0,5 0,5 0,5 0,5 0,5 0,5 0,5 0,5 7.3 Union tasks 7.3.1 7.3.2 7.3.3 7.4 Youth union tasks 7.4.1 Report outside 7.4.2 Implement the Youth union tasks 7.4.3 Prepare internal reports/minutes 7.4.4 Calculate Youth union fees and other revenues and expenditures 1 7.4.5 Collect Youth union funds, record, prepare Youth union fund reports 1 7.5 Others administration tasks Depending on specific cases No Tasks Details Others (state audit, tax inspection, Professional projects, management and training of the Department – Division…) Current Adjustment Implement Mark/ Other duration Total hour coefficients (hour) Depending on specific cases (*) Administrative tasks man-hour is for the purpose of task assignment only Source: Budget Planning Division ... situation of KPIs implementation at VNA and specifically at Budget Planning division of Finance and Accounting Department This chapter digs into a specific case of deploying KPIs - KPI system of. .. build KPIs for employees of Budget Planning division, details as in Chapter 20 CHAPTER 2: AN OVERVIEW OF BUDGET PLANNING DIVISION OF FINANCE AND ACCOUNTING DEPARTMENT, VNA 2.1 Vietnam Airlines. .. KINH DOANH - NGUYỄN THỊ HẢI NGỌC BUILDING KPIs FOR BUDGET PLANNING DIVISION OF FINANCE & ACCOUNTING DEPARTMENT AT VIETNAM AIRLINES XÂY DỰNG KPIs CHO CHUYÊN VIÊN PHÒNG QUẢN LÝ NGÂN SÁCH