PROBLEM IDENTIFICATION
Company Background
Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank), established in December 1991, is a prominent commercial bank in Vietnam, managing a wide range of banking operations and business transactions With over 15,000 dedicated employees and strong partnerships with customers, shareholders, and investors, Sacombank aims to deliver modern, multi-utility financial solutions while promoting corporate social responsibility The bank's key activities include enhancing retail and corporate banking, managing entrusted investment funds, providing various loan options, trading foreign currencies and gold, and offering comprehensive banking services In 2020, Sacombank's development strategy positioned it among the top 10 banks in the region.
Indochina Bank; and in 2015, Sacombank is the bank operating with main targets: stable growth, professional management, suitable income, and reasonable profit As of December 31,
2014, Sacombank developed branch network development with nearly of 428 transaction offices including 8 transaction offices in Cambodia, 3 transaction offices in Laos and 417 transaction offices nationwide.
Sacombank - Binh Thanh Branch, established in November 2007 and located at 270B Bach Dang Street, is one of the largest branches of Sacombank, featuring four transaction offices: Binh Hoa, No Trang Long, Thi Nghe, and Thanh Da Over its eight years of development, the branch has demonstrated significant financial performance, particularly between 2011 and 2013, surpassing other branches of similar size Its consistent growth trajectory has earned the branch numerous prestigious awards, including the Excellent Unit Reward in 2011 and the Best Young Unit Reward in 2012.
Problem symptoms
The writer gathers secondary data from the HR Department and conducts preliminary interviews with employees to assess the current status of Binh Thanh Branch Despite being one of the largest and most effective branches of Sacombank, it faces significant challenges, including high turnover rates, low employee commitment, and reduced productivity.
According to HR Department report, the turnover rate has been increased significantly,22% only for 9 first months in 2015, compared with the rate of 12% for the previous year In
In 2014, Binh Thanh Branch experienced significant turnover, with eight new hires, seven long-term employees departing, and three supervisors transferring to other branches However, the turnover rate escalated dramatically in the first three quarters of 2015, with five senior employees and nearly thirty others leaving, marking a concerning trend compared to other Sacombank branches This high turnover rate signals potential issues within the organization, as research indicates it can lead to decreased productivity, increased recruitment and training costs, and diminished future performance Additionally, the branch has struggled to meet its targets for 2015, as reflected in the Balanced Score Card integrated with the Core Banking T24 software, which requires credit employees to achieve over 80 points to meet standards Current statistics reveal the challenges faced by the sales staff at Binh Thanh Branch.
Mr Tuan Anh, the Credit Department Director, expresses concern about current employee issues, including a lack of enthusiasm, low customer satisfaction and loyalty, insufficient personal initiative, and a failure to align with the organization's strategies and goals Despite establishing strong relationships with major clients like Golden Lotus Trading and Manufacturing Co., Ltd, Asian Rubber Co., Ltd, and Anh Long Co., Ltd, which have contributed to profitable transactions, the competitive economic landscape since early 2014 has posed significant challenges for the company and its branches.
Sacombank have forced to gain high productivity as well as profit Worldwide rubber prices fell 21 per cent from May to November, going from usd94 to usd74 per pound
The rubber plantations in Binh Phuoc, Dong Nai, and Tay Ninh, primarily influenced by major clients Golden Lotus and Asian Rubber, have adversely affected corporate profits and business operations In response to declining revenue, the Board of Directors has implemented budget cuts for employee welfare, reduced salaries for middle management, and emphasized the need to boost sales and key performance indicators (KPIs) Employees are actively seeking new clients, yet the branch faces challenges in competitiveness compared to other Sacombank branches Many staff members have received recruitment offers from competing banks, leading to resignations and a decline in morale among remaining employees This situation has resulted in customer dissatisfaction regarding the low morale of sales and consulting staff, with around 50% of the sales team lacking motivation and commitment to professional development Additionally, there is a noticeable absence of strategic planning to attract new customers or improve conditions for existing ones, contributing to the loss of valuable clients at Binh Thanh Branch.
This project identifies low employee satisfaction as a key issue within the company The primary objective is to enhance employee satisfaction by encouraging participation in addressing company challenges and collaboratively overcoming obstacles.
Analyze the existence of the problem
Job satisfaction, as defined by Beer (1964), encompasses employees' emotions and thoughts about their organization, workplace, management, and colleagues Numerous researchers have established a link between employee job satisfaction and labor efficiency High job satisfaction benefits companies by reducing complaints and perceived injustices, enabling employees to focus and complete tasks effectively within deadlines Al-Zoubi (2012) suggested that recognizing employees' performance enhances their motivation levels When employees feel satisfied, their work motivation increases, leading to improved performance, higher profits, and further organizational development.
Sahnawaz and Juyal (2006) demonstrated that job involvement and job satisfaction significantly influence organizational commitment, highlighting their importance as key outcomes of human resource strategies aimed at enhancing competitive performance Similarly, Diaz-Serrano and Cabral Vieira also contributed to this understanding.
Employees with low pay often experience lower job quality and decreased job satisfaction (2005) Research by Baron et al (2006) indicates a correlation between job satisfaction and employee absenteeism and turnover, suggesting that dissatisfied employees are more likely to miss work or leave their jobs in search of better opportunities.
Organizational factors, including pay, growth opportunities, and job security, significantly impact employees' perceptions of job satisfaction (Singh & Kohli, 2006) Additionally, Green and Heywood (2008) found that opportunities related to pay enable employees to enhance their motivation, ultimately leading to greater satisfaction with both pay and job security.
Employee job satisfaction is widely defined in literature, but a common theme emerges: it reflects an individual's emotional, physical, and perceptual connection to their work role This satisfaction represents a rational and voluntary choice, motivating employees to exceed work expectations and contribute to the organization's success.
Low job satisfaction can lead to numerous negative effects, including poorer physical and mental health among employees Those who are not satisfied with their jobs often find it more challenging to learn new tasks, experience increased job stress, and contribute to a sense of unrest in the workplace.
Baker (2011) studied the impact of job satisfaction on absenteeism and turnover, revealing that low job satisfaction leads to increased absenteeism He identified several factors influencing employee retention, including tenure, salary, promotions, and family commitments The research indicates a clear relationship: high job satisfaction correlates with low absenteeism, while low satisfaction results in higher absenteeism Additionally, Cotton and Tuttle (1986) found a significant connection between job satisfaction and turnover, highlighting managerial concerns regarding turnover rates that rise due to low job satisfaction Thus, job satisfaction plays a crucial role in influencing employee turnover.
Employee job dissatisfaction significantly increases the likelihood of workplace accidents, as disengaged workers struggle to maintain focus on their tasks This lack of attention directly contributes to a higher risk of incidents, underscoring the importance of employee satisfaction in promoting a safer work environment (Barling, Kelloway, E K., & Iverson, 2003).
Gruneberg (1979) demonstrated that job satisfaction and positive relationships with supervisors significantly enhance the productivity of less skilled employees Additionally, the study found that highly skilled employees prioritize job value and the autonomy to execute their tasks over mere production metrics.
Analyze the existence of the problem
In order to understand deeply the real problem that happens at the company, the writer would like to reveal the symptom and critical evidences as the following.
In-depth interviews were conducted with two employees from different departments, a Salesman and a Risk Supervisor, to gather insights on their perceptions of the company's situation They responded to a series of statements designed to reflect their feelings, based on the employee satisfaction questionnaire developed by Taylor and Weiss.
In a 1972 study, interviewees expressed confidence in the confidentiality of their responses, leading to objective and unbiased results They reported dissatisfaction with their work expectations, stating that their salaries do not adequately cover living costs Additionally, employees felt unfulfilled by the rewards received for meeting targets and perceived a lack of clear career advancement opportunities at the Binh Thanh Branch The absence of defined promotion standards and goals has made it challenging for staff to plan their career paths, prompting many to seek opportunities at other banks.
A recent survey conducted among employees from various departments revealed a concerning trend of low job satisfaction Many employees expressed a lack of clear job descriptions and insufficient follow-up training, particularly new hires who struggle to communicate with supervisors for support Additionally, recognition for accomplishments is notably absent, leading long-term employees to feel undervalued due to inadequate benefits and low pay Furthermore, 60% of respondents indicated confusion regarding career advancement opportunities, which negatively impacts overall job satisfaction Weekly business meetings were perceived as ineffective, with managers’ pressure to meet KPIs causing additional stress Overall, ten interviewees reported minimal satisfaction with the company, expressing fatigue and disinterest despite their commitment to the company's future.
The article highlights challenges in employee-manager relationships, noting that both new and long-term employees struggle to connect with their managers due to perceived unfairness in supervision and job opportunities, particularly disadvantaging back-office staff compared to sales personnel Employees express frustration over delayed and inaccurate feedback on their performance, which hinders their chances for promotion Additionally, the article reveals that conflicts among colleagues negatively impact job satisfaction, as disagreements over decision-making and business solutions create a toxic work environment.
Employees report receiving minimal recognition for their efforts, particularly salespeople who face significant pressure to meet high business targets They express the need for support from experienced managers, as acquiring new customers can be challenging The emotional toll of not meeting key performance indicators (KPIs) adds to their frustration.
Employees often face challenges with customers without adequate managerial support to resolve issues swiftly and effectively Five interviewees expressed that they are excluded from the decision-making process regarding policies that affect employee benefits and operational procedures, leading to a lack of understanding and support for managers during implementation Consequently, employees feel undervalued in meetings and believe their concerns are not prioritized by management.
Analyze the importance of the problem
A literature review indicates that low job satisfaction is linked to increased turnover intention and absenteeism (Morrow, 1993) At Sacombank's Binh Thanh Branch, turnover reached 22% in the first nine months of 2015, a 10% increase compared to the same period in 2014, primarily affecting sales and consultant positions that drive revenue In 2014, eight new hires were added after a four-month trial, while seven long-term employees left, and three supervisors transferred to other branches However, by the first three quarters of 2015, turnover escalated dramatically, with five senior employees and nearly thirty others departing The main reasons cited were better benefits elsewhere and personal factors This high turnover not only signifies a loss of core talent and potential but also poses a challenge for the company in resource allocation High turnover rates are associated with low employee satisfaction and incur significant costs, as businesses must invest time and resources in recruiting and training new staff (Rousseau, 1984) Furthermore, it can diminish employee morale and increase stress for remaining staff until new hires are onboarded, a concerning trend in the banking industry known for its high turnover ratios.
Low job satisfaction among employees significantly contributes to decreased organizational commitment (Cohen, 2003) Mowday et al (2013) define organizational commitment as comprising three components: alignment with the organization's goals and values, a desire to belong, and a willingness to exert effort for the organization A lack of loyalty results in diminished effort, job satisfaction, and reluctance to remain with the company Typically, only senior or high-level managers exhibit strong commitment and invest resources in their organizations (Mohammed and Eleswed, 2013) Mr Duy Thong, Director of the Binh Thanh branch, acknowledges facing pressures in his role but remains committed due to the company's values and colleague relationships In contrast, new employees often leave quickly, especially during peak seasons when the pressure to meet KPIs increases Some employees report that supervisory relationships significantly impact their commitment, with negative dynamics undermining performance and attitudes For instance, Mr Anh Tuan, who has been with the company for six months, feels his manager does not foster a fair or empowering environment, leading to low organizational commitment and productivity among employees.
In July 2014, the Board of Directors implemented pay raises and bonuses for top-performing operations employees Despite the managers' significant efforts, organizational commitment remains low While some employees recognize the situation and attempt to support their managers, a considerable number are dissatisfied and concerned that conditions may deteriorate further Overall, employees exhibit limited confidence in the company's success and are reluctant to invest high levels of effort.
There is a significant correlation between job satisfaction and work performance
Low job satisfaction significantly impacts employee morale and productivity, leading to negative outcomes for organizations When employees feel dissatisfied, they often experience emotions such as anger, unappreciation, defeat, and hopelessness This correlation is evident in the financial performance of a company, which reported a revenue after tax of approximately 25 billion VND in 2011, declining to nearly 1.5 billion VND by 2013.
Following the leadership crisis at Sacombank in late 2013, employees have largely recognized the situation and offered support to their managers However, some staff members remain unhappy and concerned about the potential for further deterioration The bank's CEO has conducted numerous communication meetings with middle management to reassure employees, but progress has been minimal.
The company is currently navigating its most challenging phase, necessitating the active contribution of all employees Consequently, the low level of employee satisfaction has emerged as a critical issue that requires immediate attention and focus.
1.5 List of the potential causes of the problem
Identifying the central problem is crucial, and understanding its potential causes is essential for accuracy A review of communication literature reveals that various factors significantly impact employee satisfaction.
- Positive relationship between employees and managers
In the reality, there were many factors influencing to jos satisfaction Literature has been proved that there are a variety of factors affect to job satisfaction.
Positive relationship between employees and managers
Supervisors play a crucial role in guiding employees towards achieving their goals, significantly impacting team productivity When supervisors exert excessive control, it can lead to employee stress (Kahn and Katz, 1952) Additionally, imbalances in the supervisor-employee relationship can result in poor internal dynamics, ultimately causing work inefficiency and negatively affecting job satisfaction (Randall, 1990).
DeCenzo and Robbins (2006) argue that inadequate job benefits can lead to low employee satisfaction and higher absenteeism rates Among the factors that influence men in the workplace—money, machines, and materials—money is paramount Therefore, ensuring employee satisfaction and offering competitive wages are essential for maintaining a motivated workforce.
Rizwan (2010) noted that many companies are increasingly focusing on integrating employee commitment with overall performance To enhance employees' self-esteem and value, management often utilizes rewards as a key motivator Performance evaluation and rewards are essential components of effective performance evaluation programs.
Employees in organizations can advocate for increased safety, authority, and responsibilities within their roles (Ali & Ahmed, 2009) The authors highlight a link between organizational performance and employee performance, noting that enhanced organizational performance leads to improved employee performance.
Compensation and benefits play a crucial role in determining job satisfaction, as highlighted by Hayat et al (2010) When employees feel satisfied with their pay and benefits, they tend to be happier in their roles, ultimately contributing to increased profitability for the company.
A study by Shujaat, Sana, Aftab, and Ahmed (2013) examined the influence of career development on employee satisfaction within the banking industry, which is currently grappling with issues such as skill shortages, high attrition rates, and challenges in employee retention The findings highlight the significance of career development as a crucial factor affecting overall employee satisfaction.
Employee development programs significantly enhance job satisfaction, contributing to overall business success (Shelton, 2001) As human resources are a vital asset for organizations, investing in employees and their career development is essential for fostering a productive and motivated workforce.
Training and development programs show the care from organizations for their employees to give opportunities to learn and develop themselves (Ashar, et al 2013).
The writer focused on management/supervision contained various parts of the main areas of management: planning, organising, people management, recruitment, leadership, and control (Kim, S 2002).
Perceived organizational support is defined as “employees” formation of global beliefs pertaining to how much the organization cares about their well-being and values their contributions (Eisenberger et al., 1986).
Cumbey and Alexander (1998) established a link between job satisfaction and effective supervision, demonstrating that effective supervisory practices positively influence employee job satisfaction Additionally, research by Karasek and Theorell supports these findings, highlighting the importance of effective supervision in enhancing workplace morale.
(1990) finds that poor supervision caused the dissatisfaction of employees‟ work and turnover.
Compensation and benefits (Igalens & Roussel, 1999).
Low level of Job Satisfaction Low work performance (Argyle, 1989)
Low organization commitment (Cohen, 2003) Management/Supervision (Kim, S 2002)
of List the potential causes of the problem
This chapter explores key factors influencing employee satisfaction at the Binh Thanh Branch, including the positive dynamics between employees and managers, compensation and benefits, opportunities for training and career development, effective management and supervision, and the nature of job content It aims to identify primary causes of employee disengagement and propose actionable solutions to address these issues The research will also address how various services, programs, or activities can be developed to boost employee engagement, with alternative solutions and implementation strategies outlined in subsequent sections.
- Develop positive relationships between employees and managers
- Improve compensation and benefits for employees
- Develop career opportunities for employees
To assess the factors contributing to low job satisfaction at the Binh Thanh Branch, a mini focus group of ten experienced employees was formed These participants were chosen for their valuable insights based on their work experience and current projects A detailed list of potential causes was presented to ensure clarity, and participants were assured that their responses would solely serve the project's objectives without any evaluation of their opinions They engaged in an open discussion, addressing nine key questions aimed at identifying the fundamental causes impacting employee satisfaction within the company.
A L TERN A TIVE SOLUT I O N S
Analyse main causes
To assess the factors contributing to low job satisfaction at the Binh Thanh Branch, a focus group of ten employees was selected based on their relevant work experience and current projects They were provided with a clear outline of potential causes to ensure understanding and were assured that their responses would be used solely for project purposes without any evaluation of their opinions The participants engaged in a discussion, answering nine questions aimed at identifying the fundamental causes impacting employee satisfaction within the company.
A summary of all opinions is shown in the interview transcript in Chapter 4, showing that the interviewees were able to prove the link between the Positive relationship,
Compensation and benefits, Training and career development.
Relationship between managers and employees
Mr Phi Tuan, a salesman in the Sales Department, expressed dissatisfaction with his relationship with his immediate supervisor, finding it stressful and difficult to work under such supervision He avoided conflict, recognizing that supervisors play a crucial role in guiding employees toward achieving their goals, which directly impacts team productivity Research by Kahn and Katz (1952) suggests that overly tight supervision can lead to employee stress Despite Mr Tuan's efforts to perform well, he feels he has not made a positive impression on his supervisor, highlighting a common issue of unfairness in supervisor-employee relations Skilled supervisors must foster closeness in supervision, as relationships within a team are as vital as those with management, as noted by Ms Ngoc Chau Employees who feel integrated within their work group tend to have higher job satisfaction and loyalty Conversely, poor internal relationships can lead to inefficiencies and decreased job satisfaction, as pointed out by Mrs Thuc Quyen, Manager of the Accounting Department Ultimately, positive relationships at work enhance engagement and organizational loyalty.
The survey revealed that while most respondents found the timing of their pay and health benefits satisfactory, about half expressed dissatisfaction with overtime compensation and performance rewards Additionally, opinions on pay equity varied, with four employees rating their compensation as fair, while six believed that the pay policy was inadequate relative to their roles and responsibilities.
Mrs My Le, Deputy Manager of the HR Department, reported that many employees have voiced concerns about their pay rates and expressed dissatisfaction with their benefits Employees feel demotivated when compensation lacks incentives, particularly when they receive fixed salaries without bonuses Research indicates that attractive benefits can enhance job satisfaction, but alignment with employee expectations is crucial Fair treatment compared to peers outside the company also contributes to job satisfaction Furthermore, pay raises are a critical aspect of compensation management, as they significantly boost employee motivation and satisfaction Thus, effective pay and benefits strategies are essential for enhancing employee satisfaction within the HR and Accounting Departments.
Career development presents valuable opportunities for both employees and employers Engaging in follow-up training and ongoing education allows employees to acquire and enhance skills essential for career advancement (Schaufeli and Salanova, 2007) A well-informed employee is better positioned to access advanced opportunities in the future Notably, Mr Nam Long, Ms Huyen Phuong, and Mr Manh Tien have each dedicated over five years to the core sales team, while Ms Ngoc Chau serves as a middle manager in Risk Management.
Employees with Master’s degrees in the department express concerns about limited career development opportunities within the company They feel there are insufficient avenues for personal and professional growth, which may lead to decreased job satisfaction and a potential increase in turnover.
The company's high turnover rate has led to a shortage of employees, prompting managers to recruit additional staff However, many of the new hires lack adequate training and knowledge, forcing them to rely on their colleagues for guidance and information.
Opportunities for career development play a crucial role in enhancing employee satisfaction and sustaining high performance levels When employees receive proper training, their competence, confidence, and motivation increase, leading to greater discretionary effort and deeper involvement in their work Adlerfer (1972) posits that offering growth opportunities is akin to rewarding employees for their contributions Training and development should be integral to an organization's policy, aimed at boosting employees' competence, job adaptability, and motivation Research by Muthuveloo et al (2013) highlights that employee development significantly contributes to engagement, making it essential for organizations to invest in such initiatives By prioritizing skill enhancement programs and tailored training workshops, companies can effectively elevate employee abilities and overall engagement.
From the result of the focus group, the rank of three justified causes in order of importance is:
- Develop positive relationships between employees and managers
- Improve compensation and benefits for employees
- Develop career opportunities for employees
Develop positive relationships between employees and managers
Table 3 in Chapter 4 outlines the demographic characteristics of participants based on their working experience in their current roles The data reveals that 41.6% of the employees are male, while 58.4% are female A significant portion of the workforce, 50%, has less than 5 years of experience, followed by 33.33% with 6 to 10 years, and 16.67% with over 10 years of experience.
Career development is the most crucial factor for employee satisfaction, followed closely by compensation and benefits Networking opportunities emerged in 16.67% of interviews New employee Mr Phi Tuan struggles with communication with middle management, while Ms Nguyen, who has 2-3 years of experience, seeks to enhance her networking skills Notably, 50% of employees expressed high dissatisfaction with inter-departmental relationships, whereas only 33.33% reported satisfaction in this area.
The relationship between employees and their managers is crucial for fostering a strong connection to the company Effective communication is a key feature of a positive relationship, enabling managers to respond adeptly to employee needs and challenges Furthermore, recognizing employee performance through awards and promotions significantly enhances loyalty and productivity.
Numerous studies have established a link between interpersonal relationships and job satisfaction Moghimi (2005) highlighted that communication serves as a conduit for sharing information and influencing thoughts and behaviors among individuals Within organizations, effective communication is essential for assessing activities and measuring satisfaction levels Argenti (2009) emphasized that strong internal communication fosters employee satisfaction, ultimately contributing to overall job satisfaction within the company.
Effective implementation of company strategy hinges on managers prioritizing communication with employees Strong internal communication fosters lasting relationships between management and staff, ultimately leading to increased profitability for the company in the long run.
Improve compensation and benefits for employees
A recent survey revealed that employee satisfaction regarding salary and incentives is notably low, with 66.67% dissatisfied with their salary, 41.67% with the rewards system, and 66.66% with benefits In contrast, only 16.66%, 50%, and 33.34% of employees expressed satisfaction in these areas The majority of dissatisfied employees were found to be in sales and front-office roles Conversely, employees reported higher satisfaction with working conditions and company policies, indicating a clear need for improvement in compensation and benefits to enhance overall job satisfaction.
A survey conducted by the writer revealed that 33.3% of employees identified compensation and benefits as the second most significant factor contributing to their job dissatisfaction Compensation is essentially the reward employees receive for their work, and satisfaction levels often increase when employees perceive their pay to be competitive, especially when compared to salary packages offered by competitors.
Many employees are cutting costs by saving their salaries or minimizing expenses Over half of the respondents expressed dissatisfaction with their current pay, advocating for an increase in their base salary This sentiment is particularly strong among those in the customer service sector, who feel undervalued in relation to their roles and responsibilities.
According to Ahmed and Uddin (2012), bank officers expressed strong dissatisfaction with their current salaries and promotion policies Additionally, Bendes and Van De Looj (1994) found that younger employees are more likely to quit and experience higher turnover rates compared to older employees, despite their willingness to work overtime Consequently, younger employees often report lower satisfaction levels regarding their salaries.
Salary is a crucial factor influencing employee satisfaction, as it must be sufficient to support their living standards Ms Thanh Ngan emphasizes that salary rates and benefits should be competitive with those of similar organizations In challenging economic times, employees often struggle to meet personal needs, making it essential for companies to prioritize employee welfare measures By doing so, organizations can reduce employee turnover and enhance overall satisfaction (Chahal et al., 2013).
The company enhances employee compensation by increasing overall wage levels and annual base salaries, as noted by Hossain (2014) Essential rewards play a crucial role in motivating employees, as they recognize their contributions and include monetary incentives such as benefits, compensation, and pay for outstanding performance.
Develop career opportunities for employees
Although many employees strongly emphasizes compensation and benefits as it associates with job satisfaction, a meaningful percentage also plays an importance on career development.
Career development offers significant benefits for both managers and employees, enhancing job satisfaction and professional growth Employees engaged in job training and advanced education acquire essential skills that facilitate career progression Recent findings indicate that 50% of employees consider career development opportunities crucial for their job satisfaction, a sentiment that has grown in importance over the past three years Since 2014, many employees have recognized career development as a key factor in their job satisfaction, despite facing challenges in pursuing advancement during economic downturns and navigating workplace dynamics.
Employee development plans significantly influence job satisfaction and retention, which are crucial for business success Human resources are vital assets, and meeting employees' financial needs is essential for their satisfaction, particularly through career development programs Research by Shelton (2001) indicates a strong positive correlation between training perception and employee commitment, while Walia and Bajai (2012) highlight that job satisfaction is closely linked to retention Their findings suggest that a supportive and friendly work environment, along with opportunities for future development, enhances employee satisfaction Additionally, a lack of training and knowledge sharing poses cultural challenges in knowledge management, with information overload further complicating knowledge retention (Shani and Divyapriya, 2013).
A significant 58.33% of employees reported high dissatisfaction with their career development opportunities, while only 33.34% expressed satisfaction This lack of a promising future within the company can negatively impact employee loyalty and organizational culture To address this, the company is enhancing its movement program, which includes practices like internal recruitment, mentoring, leadership development, and succession planning By facilitating career advancement, job rotation may decrease, thereby fostering greater employee loyalty Interviews revealed a strong correlation between the availability of career development programs and employee commitment, as satisfaction stems from opportunities for professional growth Many employees interested in career development hold advanced degrees and possess over six years of experience, yet some are reluctant to remain in a single job for life The high-stress environment of the joint stock banking sector, compounded by economic fluctuations and competition, has led some to consider leaving the company without clear advancement prospects As noted by Umer (2011), companies that invest in training and job-specific educational programs enhance employee satisfaction and promote growth opportunities.
Respondents said they want to be mentored by direct seniors because they knew deeply their employees This might increase not only work experience and also positive relationship.
Ms Bao Tam highlighted that professional development fosters organizational commitment by enhancing employees' skills and knowledge, enabling them to effectively manage their current roles After eight years in the same position without growth, she pursued a second degree to secure a part-time job and advance her career Mr Manh Tien emphasized that seizing training opportunities and obtaining certifications are essential components of professional development Managers noted the challenges in recruiting highly skilled employees and concurred that prioritizing professional and career development will be crucial for attracting top talent in the future Employees are more likely to feel committed to their jobs when they perceive that their company is invested in their career advancement (Zingeser, 2004).
Creating clear career paths can significantly enhance employee motivation and engagement Employees desire opportunities to develop their skills and knowledge, which can lead to greater job satisfaction As companies work to address potential skills gaps in the future, it is crucial to equip employees with the necessary resources for success in their roles (Bai, Brewer, Sammons & Swerdlow, 2006).
Job-specific training is one of the solution for improving skills and knowledge
According to Armstrong & Cameron (2005), implementing targeted training methods can significantly enhance employee effectiveness and engagement By expanding their knowledge, employees can boost productivity and better address challenges Many interviewees expressed a strong need for specialized training courses to develop their expertise and effectively manage risks.
This chapter presents three alternative solutions aimed at addressing the primary issues within the Binh Thanh Branch: fostering positive relationships between employees and managers, enhancing employee compensation and benefits, and creating career advancement opportunities for skilled workers A thorough analysis is necessary to determine which of these solutions is most appropriate for effectively resolving the current challenges faced by the branch.
SELECTED SOLUTION AND CHANGE PLAN DESIGN
Selected the suitable solution
To address the causes of low employee satisfaction, banks can implement three alternative solutions tailored to their specific policies and environments Each solution may be applied at varying times and with distinct strategies, encompassing both long-term and short-term approaches These strategies should be assessed based on four criteria established by Joan Ernst van Aken et al (2007).
The study analyzes functional requirements, user requirements, boundary conditions, and design restrictions to compare three solutions for application in the Binh Thanh Branch The results of the analysis criteria are detailed in Table 7.
Developing career opportunities for employees is essential for enhancing their knowledge and skills through targeted training programs This initiative aims to promote new competencies, boost employee confidence, and alleviate concerns about job security Successful implementation of this solution requires alignment with the bank's general policies and study schedules It is a long-term process that necessitates a strategic plan from Sacombank's Human Resource Development Department.
Solution 1 “Developing positive relationships between employees and managers” focused on employee or humanistic approach respect and trust each other The most remarkable suggestion of this project is for employees in Binh Thanh Branch to inform and assist them to improve positive relationships within departments These positive relationships need to happen in the organization at all levels of position Solution 2 “Improve compensations and benefits for employees” are good and necessary solution for improving the employees‟ demand The solution 3 is the reflective outcome of good management in the branch but the solution 1 will be the framework and a prerequisite to implement the solution of 2 and 3 In this study the writer will focus implementation of the plan according to solution 3 combined to solution 1.
Solution Developing positive relationships between employees and managers
Improve compensation and benefits for employees
Develop career opportunities for employees Functional requirements
- The creation of an efficient networking will be a good condition for employees to share their works and difficulties to managers.
- The networking allows employees to send questions and receive responses as well as supports from the manager.
- The manager shares new policies and regulations of organization to employees as soon as possible.
- BOD need to understand the value of each employee dedication and reward employee timely.
- BOD enhance full training about skills for employees to develop knowledge, encourage learning activities.
- Applying for all departments in Binh Thanh Branch, including Accounting department, Sales department and Risk Control department and four transaction offices.
- The HR need to research the average minimum salary in labor force market.
- The combination between employees and managers.
- HR department of Sacombank includes training and recruitment part.
- Experienced managers and expertises about credit, customer JOB SATISFACTION IN SACOMBANK – BINH THANH
BRANCH 36 service, customer relation subjects.
-Easy to apply in company without violates policies and law.
- No based on the economic and crisis.
- No based on the budget of Sacombank.
- Not easy to apply if do not research labor force market and policies of competitors.
- Based on the economic to adjust the scale of salary.
- Based on the budget of Sacombank.
-Not easy to apply for short time.
- Based on the budget for recruiting and training.
- Based on the qualityof employees and reality demand.
Table 6: The Comparison among these solutions based on four criteria
Implementation plan 38JOB SATISFACTION IN SACOMBANK – BINH THANH
Implementation - action plan to enhance low level of employee satisfaction in
Sacombank - Binh Thanh Branch is “Developing career opportunities for employees”.
To enhance employee satisfaction and career development, companies, particularly in the commercial banking sector, should integrate ethical and practical training and development programs into their human resource management strategies Surveys indicate that 50% of employees prioritize career growth, highlighting the need for continuous skill enhancement, as skills can quickly become outdated (Stephen P Robbins et al., 2009).
To address the existing challenges, it is essential to implement effective solutions Employee interviews conducted through open questionnaires revealed significant concerns regarding their career trajectories Educational centers should prioritize job training and development practices to enhance the acquisition of new techniques and methods, ensuring optimal job performance Additionally, the introduction of new product and service policies will empower employees to confidently present competitive offerings to customers, ultimately boosting company revenue A successful training and development program not only aligns with the strategic goals of the company but also meets the individual needs of its workforce.
JOB SATISFACTION IN SACOMBANK – BINH THANH
While Solution 3 is considered the superior option, its implementation can be challenging due to the time required for effective training programs to yield results In contrast, Solution 1 offers a more flexible approach that can quickly adapt to meet the company's short-term objectives.
The solution suggests three important activities which are included:
- Aware the important of skills and knowledge in banking and finance industry.
- Support from BOD, managers and HR department.
- Apply for reality situations for solving problem.
The first two activities for internal activities in the branch, and the final activity for external enhance the business more develop and sufficient.
Internal activities External activities Objectives -Skills and knowledge of employees (non-experienced and experienced employees) and managers.
- Updating the news of economic and banking industry.
- Find out the market information and competitors.
Actions - Aware the important of skills and knowledge in banking and finance industry.
On Orientation Day, new employees will receive essential information about the branch's business objectives, regulations, and policies To support ongoing development, the Board of Directors and middle managers will host weekly workshops every Saturday morning, focusing on skill enhancement and knowledge in the banking industry, including credit and loan regulations.
+ Each quarter of the year, a workshop for update new products, procedures will be hold in the hall on the third floor
- Apply for reality situations for solving problem
The Binh Thanh Branch actively engages with numerous customers and departments in the Binh Thanh district Quarterly meetings are held to strengthen connections with clients, while employees are trained to provide exceptional care for VIP customers and effectively resolve any issues to ensure customer satisfaction.
+ Employees are given opportunities to make a meeting with customer by managers This brings the JOB SATISFACTION IN SACOMBANK – BINH THANH
BRANCH 40 or in the educational centre on the six floor All of employees in four sub-branch and main branch are collected for showing their ideas and expectations The lectures may be managers, middle managers or even employees to share their experiences.
- Support from BOD, managers and HR department
+ Newspaper and internal, external websites are supplied to employees for seeking information.
The Board of Directors fosters a supportive environment for employee development through an Ask and Answer section, allowing staff to enhance their knowledge Additionally, employees are encouraged to reflect on their daily tasks and achievements after work, promoting continuous learning and improvement.
Managers should nominate talented employees for participation in skill contests across different branches, providing them with greater advancement opportunities Additionally, employees who achieve high KPIs should be publicly recognized and rewarded, creating a platform for them to apply their knowledge in real-world scenarios.
The Board of Directors (BOD) enhances employee opportunities by organizing outdoor activities that strengthen relationships between employees and managers Annual team-building events significantly boost employee satisfaction, fostering a positive work environment by promoting collaboration and camaraderie.
+ HR department takes responsibilites about the quality of training course and make training every month to employees.
People All employees and BOD in Binh Thanh Branch Customers, third party and supporters from Finance department, Industry and Trade deparment, etc.
Change - Enhance knowledge of banking industry, news from market fluctuation.
- Reduce the turnover and advance employee productivity.
- Make a strong connection between departments and support from managers.
- All the information about training courses and recruitments is sent by email to employees in branch by HR department.
Managers will encourage employees to participate in training courses and evaluate their outcomes Those who successfully pass the assessment will be considered for promotion, while those who do not will have the opportunity to retake the test.
- BOD is charge of nominating the potential employees for higher positions and share experiences to them.
- BOD informs the detail plan, objects, schedule, preparation, arrangement and before it happen at least 1 week for employee awareness and preparation.
This study faced significant limitations due to constraints in time and resources Additionally, the reliability of the findings was affected by negative responses from participants in the questionnaire Furthermore, the small sample size did not adequately represent the current situation within the company.
This study aims to provide valuable solutions regarding the impact of salary, rewards, training, development, and relationships within a company It serves as a crucial resource for the management of Sacombank - Binh Thanh branch, assisting them in retaining and nurturing skilled employees who contribute their talents and experience to the growth of the business.
In conclusion, my research indicates that Sacombank employees experience low job satisfaction due to inadequate salaries, poor interpersonal relationships, and limited career advancement opportunities Despite these challenges, Sacombank plays a vital role in enhancing the national economy and banking sector through its commitment to high-quality, professional services To foster business growth and improve employee satisfaction, both the Board of Directors and staff must collaborate to navigate difficult times and drive innovation.
JOB SATISFACTION IN SACOMBANK – BINH THANH
SUPPORTING INFORMATION
Table 1: The overall turnover rate in 2014 and the first nine months in 2015 (Data is provided from Binh Thanh Branch - HR Department)
YEAR The first nine months in 2015 2014
Total of Employees who Left 33 18
Table 2: Percentage of credit officers in accordance with the evaluation criteria BSC (Data is provided from Binh Thanh Branch - HR Department)
The first half year in 2015 2014
Employee have standard BSC Score 11 50% 9 47%
Employee have BSC Score under 80% 11 50% 10 53%
Respondent’s income range (monthly) (VND)
Table 4: General findings related to job satisfaction
Frequency Percentage (%) Salary and level of satisfaction
Rewards systems and level of satisfaction
Benefits and level of satisfaction
Career development and level of satisfaction
Relationship and level of satisfaction
Management and supervisor and level of satisfaction
Job content and level of satisfaction
Table 5: The dissatisfying aspects of employees’ current job
48
A Interview transcript to get information about the problem
The writer gathered initial insights into the personnel status of Binh Thanh Branch by analyzing secondary data from HR department reports and conducting brief interviews with managers This process provided essential information regarding the current state of the company’s workforce The findings from these interviews reveal key aspects of the personnel situation at the branch.
He is dedicated to developing customer strategies and supporting his team, but he believes identifying long-term development plans would enhance his effectiveness He emphasizes the importance of project bonuses, especially as he often works late during peak seasons Since 2014, revenue has declined, making it challenging to achieve bonuses tied to project results, and there is currently no supplemental policy for his team He manages VIP client relations for Vinaone Steel Corporation, handling customer service, contract negotiations, and foreign exchange dealings with minimal managerial support Although his manager is aware of his workload, the numerous responsibilities often lead to Dung's tasks being overlooked.
This year, he missed a promotion opportunity due to a lack of confidence, despite everyone recognizing his skills and contributions to the business He possesses a strong understanding of the requirements for engaging with customers and competitors, but his nervousness in front of crowds held him back.
3 Customer Relation Ms Huyen Phuong
She is content with her relationships at the company but feels unfulfilled in her current role as a core customer relations specialist, a position she has held for six years Eager for advancement, she aspires to a higher position, such as deputy manager Her manager supports her ambitions by assigning interns to assist with customer communications and has sent her to full-time training to enhance her skills However, she is contemplating seeking opportunities at other companies that may provide better career advancement prospects.
4 Remittance Specialist Ms Bao Tam
With over eight years of experience in the International Payment Department, she has established herself as a key specialist within the company Over the past two years, her outstanding performance has earned her the title of Excellent Employee of the Year, alongside multiple training certificates Despite her qualifications for a higher position as Deputy Director, she has not yet been promoted Concerned about her future career path, she is pursuing a second bachelor's degree Although she has expressed her desire to join a management course to enhance her skills, her manager indicated that the Human Resource department will facilitate this opportunity, but it may take considerable time.
She is a skilled teller with two years of experience at the company but struggles to communicate with supervisors due to her heavy workload Daily, she prepares documents and interacts with customers for transactions, occasionally addressing customer complaints She has not participated in any training programs and suggests that having additional support in her current role would allow her to dedicate more time to training.
After six months with the company, he has transitioned from the talent internship program at Sacombank in 2015 As a newcomer, he has encountered challenges in adapting to the work environment and feels that his manager could offer more support Additionally, he has noticed that the manager occasionally makes changes to his reports without providing feedback, which he believes hinders effective communication He hopes to enhance the relationship between supervisors and employees for a more collaborative workplace.
7 Middle manager Ms Ngoc Chau
After six years as a risk control middle manager, she was set to be promoted to a senior level based on a development plan designed by her manager However, due to challenging circumstances within the company, her promotion was postponed Despite attending a professional course to enhance her skills, she unfortunately did not pass the test required for advancement.
Last year, the company underwent restructuring, leading to the transfer of many tellers to different branches This change sparked a conflict between her and her supervisor regarding new work methods She feels disempowered, unable to participate in decisions that impact her role As a teller, she faces daily challenges with customers and struggles to keep up with the latest knowledge due to time constraints.
After over eight years with the company, he has witnessed a decline since 2014, despite efforts from employees to improve performance Once the top branch of Sacombank, the company now faces challenges, including increased turnover rates attributed to uncompetitive compensation Additionally, many employees feel demotivated due to a lack of clear career development plans and outdated educational programs.
Currently managing the company's three largest customers, he acknowledges the significant revenue they generate but recognizes the time needed to advance his career He assists in the hiring process, noting the challenge of finding qualified candidates, partly due to the company's limited opportunities for growth Market rumors about the company often focus on concerns regarding career development and salary The long-term training plan for potential employees lacks breadth, as many only attend training sessions without further engagement Additionally, he and several colleagues are considering leaving the company next year due to dissatisfaction He suggests that his manager's lack of strict oversight has led to numerous transactional errors, while Ms Huyen Phuong perceives the management as neither successful nor inspiring.
As a consultant with three years of experience, she engages daily with customers to address their complaints, questions, and demands However, she feels her salary is insufficient to meet her needs, and the limited working hours add to her stress The necessity of working overtime contributes to the overwhelming pressure she faces in her role.
She is content in her current role, having spent a year working on a foreign trade project With strong support from her manager and colleagues, she is gaining valuable experience despite her limited background To enhance her skills, she is focused on improving her negotiation and communication abilities for better customer interactions Her goal is to accumulate two years of experience before seeking a higher position within the company.
B The result of question in the focus group to justify the main causes:
To assess the factors contributing to the low satisfaction levels at the Binh Thanh Branch, a mini focus group consisting of six employees was formed These individuals were chosen for their relevant work experience and their significant roles in ongoing projects, ensuring valuable insights for the evaluation.
1 Do you think “Compensation and benefits” affect the level of employee satisfaction? Give your opinion.
2 Do you think “Training and career development” affect the level of employee satisfaction? Give your opinion.
3 Do you think “Management or Supervision” affect the level of employee satisfaction? Give your opinion.
4 Do you think “Positive relationship between managers and employees” affect the level of employee satisfaction? Give your opinion.
5 Do you think “Job content” affect the level of employee satisfaction? Give your opinion.
6 In your ideas, which factors affect the level of low employee satisfaction that not list in this study?
7 Please arrange the factor that affect the level of low employee satisfaction in order of importance, give detail to explain your choice?
8 Do you any contribution to enhance the level of low employee satisfaction in
Question Interviewee 1 Interviewee 2 Interviewee 3 Interviewee 4 Interviewee 5 Interviewee 6
“Compensation and benefits” affect the level of employee satisfaction?
Yes Binh Thanh Branch„s business result is not good as expected, so maangers have some policies to cut bonus and decrease salary.
This policy significantly impacts employee satisfaction, leading many to leave the bank for better salary offers from competitors It is essential for employees to receive competitive benefits to enhance their overall job satisfaction.
60
A STUDY OF JOB SATISFACTION IN SACOBANK – BINH THANH BRANCH
Officer Middle manager Top manager
B For the questions that follow and used the following scale which are stated below:
1=Highly dissatisfied, 2=Dissatisfied, 3=Somewhat satisfied, 4=Satisfied, 5=Highly satisfied
1 Salary and level of satisfaction
2 Rewards systems and level of satisfaction
3 Benefits and level of satisfaction
4 Career development and level of satisfaction
5 Relationship and level of satisfaction
6 Management and supervisor and level of satisfaction
7 Job content and level of satisfaction
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