Problem background
RSM Vietnam, a prominent mid-tier accounting and advisory firm with over 140 employees, is dedicated to serving growing businesses by providing high-quality, personalized services Committed to being the preferred choice for its clients, RSM Vietnam helps them achieve their objectives through a comprehensive range of services, including audit, tax, advisory, and outsourcing solutions.
RSM Vietnam, an independent member of the globally recognized RSM network, offers top-tier accounting services to clients worldwide As part of a network ranked among the top seven globally, RSM boasts over 35,000 professionals and 718 offices in more than 110 countries Leveraging extensive experience from working with leading international and local firms, RSM Vietnam delivers high-quality services at competitive rates.
RSM Vietnam may not be one of the top four global firms, but it is committed to becoming a leading company in Vietnam, following the Big Four (KPMG, EY, PWC, Deloitte) Annually, the senior management team convenes with the management staff to evaluate the company's past performance and outline strategic development plans for future growth.
During this year's meeting, all participants acknowledged the company's significant achievements and established market position, yet they recognized that the current challenges are unprecedented.
Firstly, there are over 200 companies in this industry and they are willing to provide services with low fees with the purpose of taking up the market.
Retaining existing clients is challenging, and acquiring new ones is even more difficult, particularly for outsourcing companies that rely heavily on their clients' business health The profitability of our company is directly linked to our clients' success As the global economy continues to recover from the crisis, businesses are increasingly focused on cost-saving measures and optimizing internal resources to achieve competitive advantages To successfully navigate these challenges, having high-quality human resources is essential.
Currently, the demand for high-quality Vietnamese employees exceeds supply, leading to intensified competition for talent In this environment, employee retention has become a critical priority According to a recent Human Resource report, turnover rates have risen significantly, which is contributing to a decline in revenue per employee, decreasing from approximately 300 million VND per staff member.
Between October 2014 and June 2015, the company's turnover rate increased to 20%, significantly higher than the industry average of 12% to 15% The challenge lies in the fact that departing employees typically possess three to eight years of experience Additionally, fierce competition in the job market has led to other job offers being a primary reason for employee departures, accounting for half of the reasons for leaving in both 2014 and 2015.
Turnover rate of experienced employees (%) Other offer (%)
Less competitive compare with rival companies
Brain drain to rival companies
Big client has ineffectively operated business, so they decided to narrow corporate scope Employees feel that it is hard to be promoted and recognized
So many companies are willing to directly compete by reducing service fees
Employees do not agree with company policies (salary, benefits, …)
Low level of job satisfaction
Employees do not put many efforts in daily work and project (achievement)
Employees are easy to be approached by rival companies (Brand identity)
Cannot attract high quality candidates
Source: RSM Vietnam Human resource Report There are many reasons for this problem As the interview with Partner of the
Company, Mr Le Khanh Lam, who is responsible for the quality of delivering perfect service to clients, there are some items as below
Figure 1.1: The initial Cause and effect map
In mid-2014, RSM Vietnam faced challenges in business operations, prompting major clients to initiate cost reduction plans This situation resulted in a reduced corporate scope for the firm, ultimately leading to the layoff of one-third of its employees.
Due to a decline in revenue, senior management has implemented measures to optimize operational expenses, including freezing benefits like quarterly and year-end bonuses and reducing salary increases These actions have diminished the company's competitiveness against rivals, particularly the Big 4 and major Vietnamese firms, leading to a steady increase in the departure of high-performing employees In response, departments are focusing on acquiring new clients and expanding the company's brand into potential markets such as foreign direct investment, banking, insurance, and real estate to recover lost revenue, though this process is challenging and time-consuming.
Secondly, performance appraisal of the Company is not clear and informative.
Employees often feel that their contributions go unrecognized, making promotions seem unattainable and leading to lower motivation and achievement in their roles This lack of recognition fosters a work environment where employees fulfill their responsibilities without putting in extra effort Additionally, dissatisfaction with the company’s salary and benefit policies exacerbates the issue, as unattractive compensation packages are particularly concerning during a year of declining revenue Consequently, the average salary and benefits offered are not competitive compared to other second-tier companies.
Local brand identity significantly influences the turnover rate at RSM Vietnam Unlike its larger competitors, RSM struggles to attract major clients, which may lead to a talent drain as skilled professionals are more likely to be recruited by other firms.
Evidence suggests that RSM Vietnam is facing a human resource management issue It is crucial to identify the specific problems at hand Based on internal data and interviews, low job satisfaction and employee commitment are key factors that require analysis and improvement.
Justify the existence of the problem
To justifying the existence of the job satisfaction, must understand sufficiently the meaning of “job satisfaction” and what are the scale items to measure its.
Job satisfaction, as defined by Hoppock (1935), encompasses a blend of psychological, physiological, and environmental factors that lead an individual to genuinely express contentment with their job While influenced by various external circumstances, job satisfaction fundamentally relates to the internal feelings of the employee, highlighting a range of elements that contribute to their overall sense of fulfillment in the workplace.
To assess job satisfaction within the Company, a survey was conducted involving ten experienced employees being groomed for senior positions These employees responded to a series of statements reflecting their feelings about the Company.
The interview questions are partly based on the previous research named Vocational Psychology Research, Manual for the Minnesota satisfaction questionnaire by (Weiss,
In 1967, a series of open-ended questions were designed to gather comprehensive information regarding job dissatisfaction, focusing on various job aspects such as opportunities for diverse tasks, job security, and individual workload Participants were assured of confidentiality, which encouraged honest and unbiased responses, resulting in objective interview outcomes.
Many interviewees reported frequently missing deadlines due to their demanding jobs, which require over 10 hours of work each day This relentless schedule leaves little room for relaxation, socializing with friends, or going to the gym, as they often feel overwhelmed by their workload and have not benefited from any overtime policy.
The article highlights differing opinions on napping during lunchtime at the workplace While some partners believe that employees should use this time to enhance their knowledge through reading or researching career-related topics, about half of the interviewees express a preference for short naps of 10 to 15 minutes This brief rest helps them stay alert and combat afternoon fatigue.
Employees perceive a lack of appreciation from the company for their contributions, often receiving little praise for their accomplishments while being quick to face criticism for mistakes This environment leads to dissatisfaction with their intrinsic motivation and relationships with their supervisors.
Many professionals in the tax and consulting field consider their jobs to be among the most challenging due to the high levels of stress involved This stress often stems from the ever-changing rules and regulations that require continuous self-education and the diligent review of client documents to enhance practical experience Despite this demanding environment, four interviewees admitted to preferring activities like reading news or chatting on Skype as a means to alleviate stress and improve their well-being.
Many individuals feel that their salaries do not reflect their workload, especially when compared to peers in similar roles at other organizations The pressure of handling excessive workloads and working over 10 hours a day contributes to this sentiment Additionally, the lack of recognition or promotion from direct managers, despite their efforts to achieve positive results, drives dissatisfaction and prompts them to seek better opportunities elsewhere.
Based on the above, there are some initial evidences to prove that RSM Vietnam has a problem with employee’s satisfaction in their work (job satisfaction).
A literature review highlights that low job satisfaction is linked to decreased employee loyalty, resulting in higher turnover intentions and absenteeism In RSM Vietnam, the turnover rate surged to 16.3% in 2015, a significant increase from 4% in 2014, with 27.8% of senior staff leaving This rise is primarily attributed to employees receiving better offers from competitors, particularly major firms like PWC, EY, KPMG, and Deloitte The loss of core employees poses challenges in recruiting qualified candidates externally, and turnover incurs substantial costs for organizations across all sectors, including expenses related to selection, training, and development (Meyer, Becker, & Vandenberghe, 2004).
Justify the importance of the problem
Job satisfaction significantly impacts employees' attitudes toward their roles and various job-related aspects, reflecting their overall feelings of like or dislike for their work It encompasses a worker’s sense of achievement and success, which is closely associated with productivity and personal well-being Essentially, job satisfaction arises from engaging in enjoyable work, performing it effectively, and receiving appropriate rewards for one’s efforts, fostering enthusiasm and happiness in the workplace.
Spector (1997) listed three important features of job satisfaction:
Organizations should prioritize human values to foster a fair and respectful workplace By focusing on employee well-being, job satisfaction becomes a key indicator of overall effectiveness High job satisfaction levels often reflect the positive emotional and mental health of employees, contributing to a more productive work environment.
Employee behavior is significantly influenced by their level of job satisfaction, directly impacting the organization's overall performance High job satisfaction fosters positive behaviors among workers, while dissatisfaction leads to negative actions, ultimately affecting business operations.
Job satisfaction can be a key indicator of organizational performance, revealing varying levels of satisfaction across different units By evaluating job satisfaction, organizations can identify specific areas that require changes to enhance overall performance.
Job satisfaction significantly impacts multiple facets of organizational life, influencing employee productivity, loyalty, commitment, and absenteeism.
The consequences of job satisfaction include better productivity/performance and a reduction in withdrawal and counter-productive behaviors and vice versa (Morrison, 2008 ).
Rewards play a crucial role as a moderating variable, significantly impacting performance When individuals perceive the rewards they receive as fair, it leads to greater satisfaction, which in turn motivates them to exert more effort in their performance.
Employee loyalty is a crucial consideration for human resource managers, as it significantly impacts organizational success Typically assessed through a Loyalty Questionnaire, low levels of employee loyalty can lead to serious negative consequences for a company.
Employee loyalty can be categorized into three main types: affective loyalty, normative loyalty, and continuity loyalty Affective loyalty occurs when employees develop an emotional bond with their organization, while normative loyalty arises when employees feel a sense of obligation to the company In contrast, continuity loyalty is driven by the lack of job opportunities elsewhere, leading employees to remain with their current employer.
Research conducted by (Vandenberg & Lance, 1992 ) during which they surveyed
A study involving 100 professionals in the information services sector over five months revealed a significant correlation between job satisfaction and employee loyalty The findings indicate that increased job satisfaction leads to a higher level of employee loyalty.
Research indicates a strong positive link between job satisfaction and organizational commitment, particularly in terms of affective commitment (Mathieu & Zajac, 1990) Employees who experience job satisfaction are likely to form emotional bonds and a high level of affective commitment to their organizations (Ketchand & Strawser, 2001).
JOB SATISFACTION IN RSM VIETNAM
Employee absenteeism incurs significant costs for businesses, prompting managers to seek effective strategies for its reduction One of the most effective methods to minimize absenteeism is by enhancing employee satisfaction The core principle is that higher job satisfaction leads to lower rates of absenteeism.
Job satisfaction plays a significant role in reducing employee absenteeism, making it an important factor for employers to consider, especially since it is often within their control, unlike other absenteeism causes such as illness or accidents However, workplace policies can inadvertently promote absenteeism; for instance, if employees are incentivized to use sick days or risk losing them, it may foster a culture of absenteeism that overshadows the positive effects of job satisfaction (Sweeney & McFarlin, 2002).
High job satisfaction is generally associated with low absenteeism, while low job satisfaction often leads to increased absenteeism However, factors such as the perceived importance of one's job can influence this relationship It's crucial to note that although high satisfaction does not guarantee low absenteeism, a lack of job satisfaction is likely to result in higher rates of absenteeism.
Overall, the poor of job satisfaction is a significant problem/issue in RSM Vietnam, which needs to be control with effective HR strategies.
JOB SATISFACTION IN RSM VIETNAM
Cause justification
This research involved a focus group of five employees from RSM Vietnam to assess the key factors influencing job satisfaction Data was collected through a questionnaire featuring eight questions related to six potential causes of job satisfaction, including recognition, income, promotion, achievement, organizational culture, and employee benefits The study encompassed a diverse range of employee positions, from new hires to senior managers To facilitate understanding and encourage open discussion, the survey included both main questions and supplementary prompts, aiming to identify the fundamental factors that significantly impact job satisfaction levels at RSM Vietnam.
Section 5.4 – Supporting Information presents a description table of interview results, featuring eight questions posed to five interviewees regarding the causes of job satisfaction at RSM Vietnam The focus group identified four key causes, ranked by their significance in influencing job satisfaction levels.
Income/ pay, Promotion/reward, Achievement and Recognition.
Income plays a crucial role in enhancing employees' job satisfaction, as higher earnings often motivate individuals to perform better in their roles Many choose their jobs primarily for the decent income, reflecting the belief that everyone deserves a fair wage and a standard of living that supports their needs.
JOB SATISFACTION IN RSM VIETNAM
When applying for a job, the primary concern for most employees is the monthly salary and whether it meets their essential living expenses.
Compensation is often viewed as a key form of recognition for an employee's contributions within an organization A significant concern arises when hard work and dedication do not lead to corresponding rewards For example, one employee shared his experience of managing a large, demanding project that involved intense effort and time, yet he did not receive a salary increase the following year, highlighting the disconnect between effort and compensation.
Higher income is directly linked to increased productivity at work; when employees are satisfied with their earnings, they are more focused and committed to their jobs However, if their income does not meet their needs, they are likely to seek better opportunities elsewhere Many employees are also pursuing additional income through side jobs, such as online trading or ride-sharing services, to enhance their financial stability.
The promotion and reward system within an organization plays a crucial role in employee satisfaction While every company has its own policies regarding promotions and rewards, it is essential to evaluate whether these systems are effective and contribute positively to employee morale.
The Company’s policy stipulates that only exceptional employees who have demonstrated over-performance in the previous year are eligible for promotion to higher positions with increased authority However, the limited number of promotions and the subjective nature of performance appraisals make it challenging for employees to advance, ultimately leading to a lack of motivation and discouraging them from striving to create greater value for the Company.
A significant concern in the monetary reward policy is that employees receive bonuses quarterly and yearly, which, if deemed insufficient, can lead to decreased happiness and job satisfaction Additionally, the uniformity in bonus distribution, regardless of position, may discourage employees from striving for excellence within the organization To enhance engagement, commitment, and loyalty among employees, it is essential to recognize their contributions effectively, as this fosters a sense of value and satisfaction in their roles.
This empirical interview reveals a clear connection between employee recognition and job satisfaction, highlighting that recognition is crucial for fostering happiness and motivation in the workplace All participants acknowledged the company's recognition policy, which is implemented at the end of the fiscal year Those who excel are awarded a "Certificate of Excellent Performance" along with a monetary bonus However, there is confusion among employees regarding the evaluation process and the criteria used to determine who receives these accolades.
Most interviewees agree that simple gestures like saying “thank you” or asking “how are things going?” are more impactful than monetary bonuses Employees seek recognition and want to feel that their contributions are meaningful, positively influencing their career advancement.
JOB SATISFACTION IN RSM VIETNAM
Recognition programs are essential for demonstrating respect towards employees, as they reflect the value placed on their efforts and individuality Implementing a thoughtful employee appreciation program not only prevents potential setbacks for the company but also boosts productivity and revenue Effectively expressing gratitude and providing recognition can significantly impact both an employee's career trajectory and the organization's long-term success Consequently, a well-structured recognition program enhances employee motivation and job satisfaction.
Achievement plays a crucial role in influencing employees' job satisfaction, as it shapes how individuals interpret and engage with their tasks Many employees face complex responsibilities under tight deadlines and significant pressure, often without their leaders recognizing these challenges While employees are eager to expand their knowledge and gain experience from their work, the relentless pressure can lead to burnout and a desire to abandon their roles.
The spirit of achievement within the Company appears to be lower compared to other Big4 firms, as employees tend to focus solely on their assigned tasks without seeking additional responsibilities, even during free time This lack of initiative may stem from an absence of a clear personal career vision and plan among the staff.
Achieving career goals is crucial for personal satisfaction and confidence, as it empowers individuals to feel accomplished and motivated to continue progressing This is particularly evident in the context of job satisfaction within RSM Vietnam.
Potential solutions development
When promoting job satisfaction amongst social workers, a question of which key elements is important in helping to create and maintain job satisfaction.
The author explores potential solutions to enhance job satisfaction at RSM Vietnam, drawing from prior research and insights gathered during a focus group interview.
To enhance employee satisfaction and retention at RSM Vietnam, it is essential to conduct thorough market research on average salary levels within the industry Currently, the company's fixed monthly compensation and annual pay raises are lower than those of competitors Therefore, it is crucial to consider implementing competitive salary adjustments and timely actions to align with industry standards.
To retain employees and prevent them from being recruited by competing companies, the organization should explore enhancements to its income and pay policies Implementing these improvements can often be more cost-effective than the expenses associated with recruiting new talent.
Many employees at the company receive annual pay raises based on their performance appraisals, but some do not The lack of a clear policy regarding pay raises creates dissatisfaction among employees, fostering an environment of uncertainty and doubt.
34 jealousy, and of course they totally on work Thus, the clear and transparent policy of performance appraisal MUST be provided.
Creating non-monetary incentives for employees is essential for enhancing job satisfaction Examples include meal allowances, cell-phone allowances, company travel opportunities, team-building activities, and comprehensive health insurance for employees' families.
The current low promotion and reward value offered to employees fails to enhance their commitment to the Company Increasing the monetary rewards and introducing alternative incentives, such as travel opportunities or extended annual leave, could significantly motivate employees to contribute more to the Company's success and help reduce turnover rates.
In addition to physical rewards, companies should consider recognizing employee achievements through timely acknowledgments This can be done during team meetings, via thank-you emails, or by sharing success stories on bulletin boards Timely recognition of contributions is crucial, as it motivates employees to strive for greater value creation within the company.
Employee appraisal processes often raise concerns regarding fairness and objectivity, with many employees feeling that promotions and rewards are influenced by subjective opinions and personal relationships To address these issues, it is essential for companies to establish a transparent appraisal structure that incorporates both qualitative and quantitative analysis methods Once this new framework is developed, it should be communicated to all employees to ensure they understand that evaluations will be conducted fairly and professionally Implementing these changes can significantly enhance employee satisfaction by eliminating discriminatory practices.
Recognizing supervisors significantly impacts employee job satisfaction by ensuring that their contributions to the company are accurately acknowledged Recognition can take various forms, including a brief thank-you email, praise during internal meetings, or spontaneous expressions of gratitude.
Creating opportunities for employees to express their opinions and ideas, along with allowing them flexibility in addressing conflicts, is a positive response to feedback Quarterly meetings serve as an excellent platform for top management to engage directly with all employees, enabling them to inquire about the company's business plans, services, and operational suggestions, such as improving parking facilities, expanding workspaces, or redesigning the company website.
According to the interviewees, consistent support from leaders is a crucial factor in making them feel valued and acknowledged for their contributions In their book, "Supervisor’s Survival Kit," Goodwin and Griffith (2008) outline techniques that assist supervisors in fostering strong relationships with their team members, which in turn enhances the perception of support from supervisors.
To ensure project success, project managers should conduct a kick-off meeting with the entire team at the project's outset This meeting is essential for sharing the project's scope based on client requirements, clearly defining each team member's responsibilities, and finalizing processes, ensuring that everyone is aligned and understands their roles.
Effective communication of employee performance is crucial during projects Team leaders should provide regular feedback to their members, highlighting areas of success to encourage continued excellence Conversely, if employees are not meeting expectations, leaders must offer guidance or consider reassigning them to roles that better align with their skills.
Recognizing employee contributions is essential for motivation and performance improvement Managers should acknowledge achievements both privately and publicly, ensuring recognition occurs promptly Given the company's current financial constraints, it is crucial to emphasize non-monetary incentives such as sending recognition emails, highlighting accomplishments on the bulletin board, and nominating employees for features in the company newsletter.
Involving employees in departmental decision-making offers several key benefits First, it prepares them for future promotions by enhancing their understanding of departmental operations Second, it boosts their confidence and productivity through decision-making opportunities Lastly, it fosters collaboration and reduces misunderstandings, creating a more cohesive work environment Overall, employee involvement makes individuals feel valued, challenged, and engaged.
(v) Create a harmony-working environment and positive relationship with employees through activities, such as: happy hour on every Friday, internal English club, birthday event for team member, etc.
Potential solution evaluation
To address the low level of job satisfaction at RSM Vietnam, a comprehensive evaluation table has been created, incorporating specific criteria to identify the most effective solution.
JOB SATISFACTION IN RSM VIETNAM
Provide an attractive income/pay policy Promotion/ reward Recognition Achievement
- Increase level of job satisfaction by providing performance based pay
- Provide the clear and transparent policy of performance appraisal
- Provide non-monetary incentives (meal allowance, cell-phone allowance, company travel, team – building, health insurance for whole family, etc.)
- Encourage and reward employees’ achievements timely
- Provide the clear and transparent policy of performance appraisal
- Give employees opportunities to influence the Company
- Create a relationship based on trust between employer and employees
- Increase level of job satisfaction by providing effective training programs
- Boosts communication frequency and collaboration via new software tool
-HR department is required to identify the average salary range in the market Then,
- The top manager (Partner, Head of Department and all Group leaders) should work
-All management levels are required to build and
- Training team need to prepare resources (trainers), training facilities (room,
JOB SATISFACTION IN RSM VIETNAM
The Finance and Head of Function departments must collaborate to develop an appealing new salary structure, including base salary and benefits, while ensuring it aligns with the company's budget This initiative aims to establish a revised employee appraisal framework.
- The top manager (Partner, and all Group leaders) should encourage and reward employees’ achievements timely maintain a good relationship with their members
- All employees are encouraged to give their opinions to improve company policy or process, which is related directly to them
The HR department has established a bulletin board to celebrate employee achievements and collaborates with the Head of Department to design impactful training courses aligned with the company’s strategy and employees’ development plans.
Group leaders must consult the development plan for their members, ensuring it aligns with the company's strategy and the employees' career paths They are then expected to commit to executing and completing this plan effectively.
- All employees are encouraged to boosting productivity through applying project management tool - Trello
JOB SATISFACTION IN RSM VIETNAM
- Not easy to know exactly the range from another competitor
- Motivating by money is not the long-term solution
- Lengthen a duration of decision-making process
- Required managers to spend a lot of time to take care their members
-It may not realistic for managers, who are managing a big group with more than
- All managers are required to implement company’s training plan seriously No any of exceptional cases
-Individual development plan can differ from company strategy
-Due to job requirements, employees cannot spend time for training as planned
-using Trello tool requires IT advancements
-Takes time to train staff and encourage them to use the new software tool
- Monetary reward is not a long-term strategy.
- Takes one year to accomplish the project (for rebuilding employee appraisal structure and implementation)
- Lengthen a duration of decision-making process
- Requires a separate team to work on the project (i.e training team)
- Requires a separate team to work on the project
- Individual development plan can differ from company strategy
-Trello is free, however, it takes time to setup and implement in the whole company
RSM Vietnam faces significant costs in implementing an attractive income/pay policy compared to other strategies In contrast, the Recognition strategy offers quick and cost-effective solutions that do not require a dedicated team for implementation Meanwhile, Promotion, Reward, and Achievement strategies are long-term solutions that can support the company's future growth, despite needing a separate team and longer implementation times.
Change plan design
RSM Vietnam is advised to implement an appealing income and recognition policy in the short term, while focusing on developing promotion, rewards, and achievement strategies for the long term A comprehensive plan outlining the integration of these four strategies has been prepared for 2017, as detailed in Table 4.3 This strategic approach aims to enhance overall employee satisfaction and performance.
Company can manage their staff well to allocate key persons to be in charge of these strategies while still being able to do their daily jobs.
Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017 Jul 2017 Aug 2017 Sep 2017 Oct 2017 Nov 2017 Dec 2017
Provide an attractive income/pay policy
HR Department research and find out the average salary in the market.
The HR Department will collaborate with the Finance Department and the Head of Function to create a new salary structure that includes a competitive base salary and benefit package, ensuring it remains attractive while adhering to the company's budget constraints.
Announce the revised salary structure to all staff.
Conduct survey to check the feedback of the feasibility of the new salary structure and make further correction if possible.
- The top manager (Partner, Head of
Department and all Group leaders) should work together to create a new employee appraisal structure
- The top manager encourages and reward employees’ achievements timely
- After consideration, the top manager will work together to design a new employee appraisal structure (under integrity procedure and clearly scale including qualitative and quantitative analysis method).
- The top manager encourages and reward employees’ achievements timely
- The top manager has to immediately announce to all employees making sure that they will be assessed reasonably and professionally under new structure.
- The top manager encourages and reward employees’ achievements timely
- Conduct survey to check the feedback of the feasibility of the new employee appraisal structure and make further correction if possible.
- The top manager encourages and reward employees’ achievements timely
Recognition - All management levels are required to build and maintain a good relationship with their members
- HR department creates bulletin board to recognize employees’ accomplishments
Establish quarterly meetings for the top management team to engage directly with all employees, allowing them to inquire about the company's business plans and services This forum also encourages employees to provide suggestions on operational issues, such as addressing the lack of parking space, expanding work cubicles, and redesigning the company website.
- All employees are encouraged to give their opinions to improve company policy or process.
- the Company creates a relationship based on trust between employer and employees.
- the Company creates a harmony- working environment
Conduct survey to check the feedback and make further correction if possible.
Achievement - Training team prepare resources
(trainers), training facilities (room, equipment); and work with Head of Department to design effective courses, which are matched with company strategy and employees’ development plan
- Group leaders are required to consult development plan for their member, which is match with company strategy and employees’ career path.
- Training team contact the HR Department to organize the training program as planned.
- For applying project management tool, implement usability testing, collect recommendations, audit content in one or two group
- Conduct survey to check the feedback of the feasibility of the training plan and make further correction if possible.
- Create guidelines on using Trello, promote the tool and provide training to users to get familiar with the new software tool
- Conduct survey to check the feedback of the new software tool on boosting productivity and make further correction if possible.
In summary, low job satisfaction significantly contributes to increased turnover intention and absenteeism at RSM Vietnam, undermining organizational goals and employee commitment Research indicates that this issue stems from factors such as low income, an unattractive reward system, insufficient achievement, and challenging recognition The paper proposes solutions aimed at addressing these root causes, which are expected to lower turnover rates and enhance the company's competitive advantage in the Vietnamese market.
This paper primarily examines issues within the Tax and Consulting Departments, while also emphasizing the importance of employee commitment across the entire organization, including the Operations Department, which encompasses IT and Human Resources.
To gain a comprehensive understanding of job satisfaction across the company, it is recommended that future research be conducted involving all employees at RSM Vietnam.
Open-interview transcript to identify the existence of the problem
Question 01 Does your job keep your busy all the time? Can you have any chance to do different things outside the job?
A: Of course, busy all the time Because I am working as an auditor, in order to meet the clients’ need, I must do and issue reports for them in a limited short time The time of going to office’s clients for auditing is just about 3 days Therefore, co-workers and I have to work until late night, even continuing working at home for not over deadline.
B: I take over 02 roles, which are accountant and auditor Hence, handling over one- work at one time usually happens, especially when I go through “auditing season” To solve this problem, I must go work trying to accomplish uncompleted work This easily makes us stressed and tired.
C: My Company has plenty of clients; however, there is a problem of lacking human resources involving these pending jobs One person is in charge of work’s over 2-person I cannot work effectively if not having enough time Especially in tax department
Question 02 Is your pay in average compared with your same-age friends in other organization?
A: I totally agree I, in particular as well as my co-workers, in general, realize that we work a lot, but salary we get every moth is not commensurate with Even though, we still receive travelling and accommodation allowance when going on business in other provinces, we consider these amounts are not equivalent to what we bring to the company.
B: Yes Apparently, there is one disadvantage in our company That is so-called overtime salary I know that in this auditing sector, some companies such as Big 4,…or even my average-ranking company’s friend have an extra amount equivalent to the time out of working hours This is considered as encouragement for employees, so if I do not receive any, I am not willing to working overtime.
C: I have no comment about this Just because I think that the auditing sector can be clarified into a special one, salary can be lower than other sectors However, job promotion,
I believe, is very huge if you realize and take the opportunity in time Actually, salary is not all-important in some cases.
Question 03 Do your often get stressed from taking over lots of works from boss and other co-workers?
A: Yes, may be Yet it depends on which position you hold in your company If you are a senior, manager or even experiences employees, I can make sure that you will take over lots of work from higher co-workers After that, you assign tasks to your subordinates. But, if employees don't complete tasks or complete them poorly, your reputation as a manager might suffer and even worse, your work may not run smoothly resulting in over workload.
B: This problem often happens to me, even in consecutive days As a group leader in a small-scale group, just only 4 members, under pressure of receiving many projects from senior partner as well as monthly sales target, I almost get stressed at the end of the day after going out of office I cannot create more value for company if not having enough human resources supporting me.
C: Yes Because of dealing with many clients all at once, deadlines and service quality I have to provide to clients make me overloaded.
Question 4 What do you think about employees in my company cannot taking a nap in lunchtime?
A: In “auditing season”, we work at office’s clients, due to the limitation of time; we cannot take a short rest after having lunch Although their employees still turn off lights for napping, we have to be stay awake working for ensuring the job is on good progress More importantly, when they return to work after lunchtime, we can discuss effectively together. The simple reason is that if your client out of work, you cannot work or discuss problem with them Therefore, time is precious in these cases.
B: I am currently working in Tax department I often stay in my company working rather than in office’s clients However, in my department, senior partner is a bit strict about
Taking a nap during lunchtime is a topic of debate in the workplace While some argue that napping is unnecessary and that employees should instead focus on enhancing their knowledge through reading or researching career-related topics, others recognize the benefits of a short rest Personally, I believe that a brief nap of about 10 to 15 minutes can help prevent afternoon fatigue and improve overall productivity Without this short break, work performance may suffer Additionally, job characteristics can significantly impact employee satisfaction and productivity.
What about the environment, is it friendly?
A: For some people, this kind of job may be a bit boring due to working with lots of numbers, fractions and calculations just stay fixed at the chair almost time, not usually go here and there for communication In my opinion, whether flexibility in work and environment existing or not depends on every perspective as well as the way they work For me, my job is still flexible somehow and I love this job.
B: The environment between same-level co-workers is sociable, but not in different- level people, specifically managers or bosses and employees I find it very hard to communicate with them I recommend that company should hold more team building or simply more lunch/dinner to closely understand together.
C: The nature of career is known as stressed and strictly competitive among internal and external staff If anyone has not enough ambition and determination, he/she will be dropped by himself/herself.
Question 6 Do you often receive any gifts or praise when doing a good job at that time? If not, what do you feel and do next?
JOB SATISFACTION IN RSM VIETNAM
A: I think that in any organization, encouragement for employees by gifts, money or any other forms when they make extraordinary contribution for company’s success even JOB SATISFACTION IN RSM VIETNAM
52 though it is small If no recognition or praise, I will make much effort to create more value for the company, just for responsibility.
B: No praise or promotion is given to us when doing a good job But being easily blamed for mistakes in work is much worse than that For me, no recognition, no effort.
Question 7 Are you allowed to get relaxed by surfing the internet whenever being stressed in work time?
A: Under pressure in work, the only one thing we can do is to listening music or go online in the internet Of course, the company policy don’t encourage staff do extra things in working hours like suffering internet, chatting in Skype or Facebook, readings news…But we have to use this way to get out of stress and feel better.
Question 8 It is difficult to jump higher position compared with your same-level co- workers, isn’t it?
A: Yes Extremely difficult This is strict environment.
5.3 The list of question in mini focus group to justify the root causes
1 In your opinion, is “Recognition” one of key factors that affect your level of job satisfaction? How is it important?
2 Do you think your income/pay is suitable for your work/position? And what do you think about low income/pay resulting in low job satisfaction?
3 Are there any promotion/reward policy for those with high performance in your working environment? How does it affect job satisfaction?
4 Do you think that “Achievement” affects job satisfaction? At which level?
5 In your organization, does “Organization culture” play a virtal role in employee’s job satisfaction?
JOB SATISFACTION IN RSM VIETNAM
6 In your opinion, does “Employee benefit” affect job satisfaction? If yes, please give me more specific details.
7 Beside the above factors, do you think there are any other factors affecting job satisfaction in other industries?
8 Which factor does affect at highest level and lowest level?
JOB SATISFACTION IN RSM VIETNAM
5.4 Interview transcript in mini-focus group session
Table 5.4: Interview transcript in mini focus group session
Question Interviewee A Interviewee B Interviewee C Interviewee D Interviewee E
“Recognition” one of key factors that affect your level of job satisfaction?
Yes My company currently offer an employee recognition program at the end of the year
Those who had good performance during the year will receive a Certificate of excellent performace employee and a
Yes Our leader often recognizes employees’ performance by observing them as well as evaluting through the quanlity of accomplished work For instance, she takes around saying “Good job!
Of course I believe that wherever you are working, all of you consider
“Recognition” as an important factor for your career In order to improve and develop the organization’s efficiency, your talent
I totally agree with that opinion.
Recognition is virtal in our environment, especially in this auditing and consulting industry
This benefits for both strong and weak employees For strong employees, they know
When I do a good job, I make an impression for leader and other colleagues And I often receive the recognition for it, I feel excited and feel confident in accomplishing the coming tasks I will show them that their recognition is totally right I believe that JOB SATISFACTION IN RSM VIETNAM
55 jump-up in position, of course So recognition is important because it recognizes employees’ capacility as well as their contribution, this actually makes them feel more happier and satisfied.
Interview transcript in mini-focus group session
Table 5.4: Interview transcript in mini focus group session
Question Interviewee A Interviewee B Interviewee C Interviewee D Interviewee E
“Recognition” one of key factors that affect your level of job satisfaction?
Yes My company currently offer an employee recognition program at the end of the year
Those who had good performance during the year will receive a Certificate of excellent performace employee and a
Yes Our leader often recognizes employees’ performance by observing them as well as evaluting through the quanlity of accomplished work For instance, she takes around saying “Good job!
Of course I believe that wherever you are working, all of you consider
“Recognition” as an important factor for your career In order to improve and develop the organization’s efficiency, your talent
I totally agree with that opinion.
Recognition is virtal in our environment, especially in this auditing and consulting industry
This benefits for both strong and weak employees For strong employees, they know
When I do a good job, I make an impression for leader and other colleagues And I often receive the recognition for it, I feel excited and feel confident in accomplishing the coming tasks I will show them that their recognition is totally right I believe that JOB SATISFACTION IN RSM VIETNAM
55 jump-up in position, of course So recognition is important because it recognizes employees’ capacility as well as their contribution, this actually makes them feel more happier and satisfied.
Recognizing and appreciating employees' contributions is crucial for motivating them and fostering a positive work environment Continuous acknowledgment of their efforts leads to greater happiness and job satisfaction High-performing employees thrive on recognition, while those who may struggle are encouraged to admit their shortcomings and improve their performance Overall, the consensus among employees is that recognition is essential for a productive workplace.
Do you think your income/pay is suitable for
In this industry, basic salary is low, just on average when compared to other
Frankly speaking, my salary is not as high as my friends, I mean besides this auditing
Yes Low income will leads to low job satisfaction For instance, my
Of course Income has an important effect on your satisfaction As we know, income of
One of factors that affect employee performance is the amount of money you receive every month If your work/position?
Low income significantly impacts job satisfaction, as employees often feel undervalued when their pay does not reflect their contributions In industries where wages are low, workers may struggle to find fulfillment in their roles, leading to disengagement from the organization Ultimately, a lack of financial recognition can diminish overall job satisfaction and motivation.
Many employees in the consulting industry often feel disappointed with their compensation, believing it does not reflect their knowledge and experience Income levels can vary significantly among individuals, leading some to feel underpaid despite their contributions The effort put into work, both in the office and at home, can lead to overwhelming workloads If salaries do not increase soon, many may consider leaving the company, especially if they find their pay inadequate to meet basic living standards This dissatisfaction can drive employees to seek additional work or even pursue opportunities with other companies that offer better pay.
Are there any promotion/ reward ard policy for those with high performance in your working environment?
Our company has a promotion policy that rewards recognized performance at the end of the year, allowing employees to advance in their careers ahead of their colleagues However, the criteria for promotion are highly competitive.
The amount of reward, so-called bonus, is not significant, just a small amount.
Compared with the workload we incur and what we contribute, it is not fair Little
Despite receiving a modest reward, I feel that with my current knowledge and experience, moving to another company could lead to higher earnings This situation has left me feeling somewhat disappointed and bored.
Despite our hard work and the stress we endure, the promotion and reward policies are excessively stringent and challenging to navigate We generate significant value for the company, yet the recognition and compensation we receive are minimal.
Many employees in our company share the sentiment that our bonuses for overperformance are significantly lower than those offered by peer firms in the auditing and consulting industry This disparity raises concerns about whether management recognizes its impact on job satisfaction Although I continue to receive quarterly and yearly bonuses, the overall compensation still feels inadequate compared to industry standards.
Working hard without receiving appropriate rewards from your company can lead to disappointment and decreased motivation When promotions and recognition are lacking, employee satisfaction diminishes, ultimately affecting overall productivity and engagement.
I think my company should re-consider this issue and change policy as soon as possible. that or not, why they keep us disappointed about that.
Yes I agree with you I am currently satisfied with my
Yes May be Let’s imagine this case
In this company, the spritit of achievement in job is not very high
Yes, of course For me, setting goal and achieve it in career is
I think achivement leads to high job satisfaction and vice versa If you hold affects job satisfaction? At which level? overall performance
I have a strong passion for my work and constantly seek to challenge myself by taking on more difficult tasks I believe that achieving high standards leads to greater job satisfaction However, complicated jobs often come with tight deadlines and pressure, which can be overlooked by leadership, resulting in added stress While employees are eager to expand their knowledge and gain experience, the pressure can be overwhelming, especially when compared to the expectations set by leading firms like KPMG and PWC.
E&Y,… Employees here just do their daily assigned tasks from the leader, not actively ask for other tasks to do more, even though they have free time.
When employees in a company engage passively in their roles, it hinders both personal satisfaction and overall progress Achieving set goals fosters a sense of accomplishment and confidence, particularly for those in senior positions, leading to increased excitement about their work and admiration from colleagues This engagement not only enhances individual fulfillment but also encourages long-term commitment to the company Conversely, a lack of motivation can result in employees disengaging, ultimately preventing the company from developing and competing effectively in its industry.
In our organization, the culture significantly influences team dynamics and collaboration It is essential for fostering effective communication and innovative thinking among groups A strong organizational culture not only enhances employee engagement but also drives overall success.
The impact of organizational culture on employee performance is significant, influencing both job satisfaction and income Employees who spend eight hours a day in a strict or uncomfortable work environment may struggle with motivation and enthusiasm In contrast, a supportive and open atmosphere fosters trust and collaboration among colleagues, making the workplace feel like a second family Ultimately, the culture of an organization plays a crucial role in shaping employee engagement and productivity.
To foster personal development, it is essential to be in an inspiring environment that motivates you to work When individuals share their perspectives, they invite feedback, creating a collaborative atmosphere where everyone learns from one another This organized approach strengthens connections among team members, leading to more effective collaboration and enhancing employee confidence and satisfaction.
Yes As income or reward, benefit is
Yes In my opinion, next to salary,
I can say that it does
Yes, I would like add other comments.
Yes, I always conside about this factor when
Employee benefits significantly impact job satisfaction, serving as essential incentives for all employees These benefits can include cash or non-cash elements such as annual leave, training programs, allowances, and insurance By offering comprehensive benefits, companies can enhance employee happiness and engagement Furthermore, employee benefits are crucial for attracting and retaining top talent, ultimately helping to minimize turnover rates.