Problem background
RSM Vietnam, a prominent mid-tier accounting and advisory firm, boasts a team of over 140 employees dedicated to providing high-quality, personalized services Committed to being the preferred choice for growing businesses, RSM Vietnam supports clients in reaching their objectives through a comprehensive range of services, including audit, tax, advisory, and outsourcing solutions.
RSM Vietnam is a prominent independent member of the RSM network, recognized as one of the top seven global accounting networks, boasting over 35,000 professionals and 718 offices across more than 110 countries Leveraging extensive experience and expertise gained from collaborations with major international and local accounting firms, RSM Vietnam delivers high-quality services to clients at competitive professional fees.
RSM Vietnam may not be among the top four global accounting firms, but it strives to become one of the leading companies in Vietnam, following the Big Four (KPMG, EY, PWC, Deloitte) Each year, the senior management team convenes to evaluate the company's recent performance and establish a strategic development plan for future growth.
During this year's meeting, all participants acknowledged that while the Company has achieved significant milestones and established a strong market presence, it is currently facing unprecedented challenges.
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, especially for outsourcing companies where business health is closely tied to client profitability The ongoing global economic recovery post-crisis necessitates that companies focus on cost-saving measures and leverage internal resources to achieve competitive advantages To successfully navigate these challenges, access to 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, resulting in a decline in revenue per employee, which has fallen 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 majority of departing employees had three to eight years of experience, highlighting the challenge of retaining skilled staff Additionally, fierce competition in the job market contributed to half of the resignations during this period, as employees received better offers elsewhere.
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 As a result, the company experienced a significant contraction in its corporate scope, leading to the layoff of one-third of its workforce.
In response to declining revenue, senior management has implemented measures to optimize operational expenses, including freezing benefits such as 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 growing exodus of high-performing employees In an effort to counteract lost revenue, departments are focusing on acquiring new clients and expanding the company's brand presence in potential markets, including foreign direct investment, banking, insurance, and real estate; however, achieving significant results from these initiatives is challenging and time-consuming.
Secondly, performance appraisal of the Company is not clear and informative.
Employees often feel that their contributions go unnoticed and unrecognized, making promotions seem unattainable This lack of acknowledgment can lead to decreased motivation and lower achievement in their roles Many employees merely fulfill their responsibilities without putting in extra effort Additionally, dissatisfaction with the company's salary and benefits policies exacerbates the issue, as the current compensation packages are less competitive compared to other second-tier companies This is particularly concerning in a year when the company is facing challenges related to declining revenue.
Local brand identity significantly influences turnover rates within a company RSM Vietnam struggles to attract large clients due to intense competition, which may also lead to a higher likelihood of talented individuals being recruited by rival firms rather than remaining with RSM.
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 to the organization 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 satisfaction with their job While influenced by various external elements, job satisfaction is fundamentally an internal experience tied to the employee's feelings This concept highlights that a range of factors contributes to an individual's sense of fulfillment in their work.
To assess job satisfaction within the Company, ten experienced employees in training for senior positions were invited to respond to a series of statements reflecting their feelings about the organization.
The interview questions are partly based on the previous research named Vocational Psychology Research, Manual for the Minnesota satisfaction questionnaire by (Weiss,
In 1967, researchers posed open-ended questions to gather essential 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 responses and ensured that the interview results remained objective and unbiased.
Many interviewees expressed that they frequently miss deadlines due to the constant demands of their jobs They struggle to find time for relaxation, socializing with friends, or going to the gym, as they often work over 10 hours each day to complete their tasks Despite this heavy workload, they have not received any overtime compensation.
The Partner acknowledges that napping during lunchtime is not essential in the workplace; instead, employees can enhance their knowledge by engaging in productive activities like reading or researching career-related topics However, half of the interviewees expressed a preference for taking a brief 10 to 15-minute rest to avoid afternoon fatigue and maintain alertness.
Employees feel undervalued by the company, as they rarely receive recognition for their contributions and are often blamed for mistakes This lack of appreciation leads to dissatisfaction with their intrinsic motivation and relationships with supervisors.
Many professionals in tax and consulting view their jobs as highly challenging, often due to work-related stress This field is characterized by constantly changing regulations and laws, requiring staff to proactively enhance their knowledge by staying updated on new regulations and reviewing client documents to gain practical experience Despite this demanding environment, four interviewees admitted that they prefer reading news or chatting on Skype as a way to alleviate stress and improve their well-being.
Many employees feel their salaries do not align with their workload, especially when compared to peers in similar roles at other organizations The burden of excessive hours, often exceeding 10 per day, contributes to this sentiment Additionally, the lack of recognition or promotion from direct managers for their efforts further fuels dissatisfaction, prompting 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 indicates that low job satisfaction is linked to decreased employee loyalty, resulting in higher turnover intentions and absenteeism In 2015, RSM Vietnam experienced a turnover rate of 16.3%, a significant increase from 4% in 2014, with senior staff departures rising to 27.8% This surge in turnover is primarily attributed to employees receiving better offers from competitors, particularly from major firms like PWC, EY, KPMG, and Deloitte The loss of core employees has made it challenging for the company to find qualified candidates externally 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 individuals' attitudes towards their jobs and various job-related factors, reflecting the degree to which they enjoy or dislike their work It encompasses a worker's sense of achievement and success, which is closely associated with productivity and overall personal well-being Essentially, job satisfaction involves 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 respectful and fair workplace By focusing on employee treatment, companies can enhance job satisfaction, which serves as a key indicator of employee effectiveness High job satisfaction levels often reflect a positive emotional and mental state among employees.
Employee behavior is significantly influenced by their level of job satisfaction, impacting the overall functioning and activities of an organization High job satisfaction leads to positive employee behavior, while dissatisfaction can result in negative actions among workers.
Job satisfaction is a key indicator of organizational activities, as it allows for the assessment of satisfaction levels across various units By evaluating job satisfaction, organizations can identify areas that require improvement, highlighting specific units where changes could enhance overall performance.
Job satisfaction significantly impacts several facets of organizational life, notably affecting 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 in influencing performance When individuals perceive the rewards they receive as equitable, it leads to higher satisfaction, which in turn boosts their performance effort.
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 arises when an employee develops an emotional bond with the company, while normative loyalty occurs when an employee feels a sense of obligation or indebtedness to the organization In contrast, continuity loyalty is driven by the employee's lack of alternative job opportunities, leading them to remain with the company out of necessity.
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 loyalty among employees.
Research indicates a strong positive link between job satisfaction and organizational commitment, particularly affective commitment (Mathieu & Zajac, 1990) Employees who experience job satisfaction are likely to form emotional attachments to their organizations, leading to increased affective commitment (Ketchand & Strawser, 2001).
JOB SATISFACTION IN RSM VIETNAM
Employee absenteeism incurs significant costs for businesses, prompting managers to seek effective strategies to minimize it One of the most effective methods to combat absenteeism is by enhancing employee satisfaction The core principle is that a higher level of job satisfaction correlates with reduced absenteeism rates, ultimately benefiting the organization.
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 However, company policies can inadvertently promote absenteeism; for instance, if employees are incentivized to use their sick days or risk losing them, this can foster a culture that encourages absenteeism, overshadowing any 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 employees' perception of their job importance can influence this relationship It's crucial to note that although high satisfaction doesn't guarantee low absenteeism, the likelihood of high absenteeism rises significantly when job satisfaction is low.
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 at RSM Vietnam to assess the key factors influencing job satisfaction Data was collected through a questionnaire featuring eight questions related to six potential causes, including Recognition, Income/Pay, 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 and sub-questions, allowing participants to explore the underlying causes that significantly impact job satisfaction 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 and impacts on job satisfaction at RSM Vietnam The focus group analysis identified four key causes, ranked in order of importance.
Income/ pay, Promotion/reward, Achievement and Recognition.
Income plays a crucial role in enhancing employees' job satisfaction, as higher earnings often motivate individuals to invest more effort in their work Many choose their jobs primarily for the decent income, emphasizing the importance of fair wages and a standard of living that everyone deserves.
JOB SATISFACTION IN RSM VIETNAM
When employees apply for a job, the primary factor they consider is the monthly salary, as it directly impacts their ability to meet basic living expenses.
Income is often viewed as a recognition of an employee's contributions within an organization When individuals work hard and invest significant effort, it's disheartening if their compensation does not reflect their input For example, one employee secured a major project from competitors, which was both time-consuming and exhausting, yet he received no salary increase the following year.
Higher income is directly linked to increased productivity; satisfied employees are more focused on their work Conversely, if their income does not meet their needs, they are likely to seek better opportunities elsewhere Currently, some individuals are pursuing additional income through side jobs like online trading or ride-sharing services, highlighting the importance of promotions and rewards in retaining talent.
The second most significant factor influencing employee satisfaction is the promotion and reward system within an organization While every company has its own policies regarding promotions and rewards, it is essential to evaluate whether these systems are effective and contribute to employee satisfaction.
The Company's policy stipulates that only outstanding employees who have demonstrated exceptional performance in the previous year are eligible for promotion to higher positions with greater authority However, the limited number of promotions and the subjective nature of performance appraisals create challenges, ultimately discouraging employees from striving to enhance their contributions to the Company due to a lack of motivation.
A key issue with the monetary reward policy is that employees receive bonuses quarterly and yearly, but if these amounts are insignificant, it can lead to decreased happiness and job satisfaction Additionally, the uniformity of bonuses across all positions fails to incentivize employees to excel or strive for outstanding performance To enhance employee engagement, commitment, and loyalty, it is crucial to recognize individual contributions and reward them appropriately, fostering a sense of effectiveness and job satisfaction.
This empirical interview highlights the connection between employee recognition and job satisfaction, emphasizing that recognition significantly contributes to workplace happiness and motivation All participants acknowledged the company's recognition policy, which is implemented at the end of the year Employees who demonstrate excellent performance during the fiscal year receive a "Certificate of Excellent Performance Employee" along with a monetary reward However, there is a lack of clarity regarding the evaluation process and the criteria used to select deserving candidates.
Most interviewees agree that simple gestures like saying "thank you" or asking how things are going can be more impactful than monetary bonuses Employees desire recognition for their contributions, as it reinforces their sense of purpose and supports their career progression.
JOB SATISFACTION IN RSM VIETNAM
Recognition programs are essential for demonstrating respect for employees and valuing their contributions A well-structured employee appreciation program not only prevents organizational decline but also boosts productivity and increases revenue Effectively acknowledging and coaching employees through recognition can significantly impact their career growth and the overall success of the company Consequently, a strong recognition program enhances employee motivation and job satisfaction.
Achievement significantly impacts employees' job satisfaction, as it shapes how individuals perceive and engage with their goals One employee noted that complex tasks often come with tight deadlines and immense pressure, yet leaders may overlook this reality and push for quicker completion While employees desire to expand their knowledge and gain experience from these challenging jobs, the constant pressure can lead to burnout and a potential loss of motivation.
The company's spirit of achievement is notably lower compared to other Big Four firms, as employees tend to focus solely on their assigned tasks without seeking additional responsibilities, even during free time This lack of initiative stems from an unclear vision and absence of a personal career plan among staff.
Achieving career goals is crucial for personal satisfaction and confidence, as it fosters a sense of accomplishment and motivates individuals to continue progressing in their professional journeys This principle is particularly relevant in the context of job satisfaction at 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 insights from previous research and focus group interviews.
To enhance its employee compensation strategy, RSM Vietnam should conduct thorough market research to determine the average salary within the industry Currently, the company's fixed monthly salary and annual pay raises are lower than those of competitors, which may hinder talent retention Therefore, it is crucial for RSM Vietnam to consider implementing competitive salary adjustments and timely pay increases to attract and retain top talent.
To retain employees and prevent them from being lured away by competitors, the company should explore enhancements to its income and pay policy Implementing these improvements can be a cost-effective strategy, as the expenses associated with salary increases are often far less than the costs incurred from recruiting and training new employees.
According to an empirical interview, most employees at the company receive annual pay raises based on their performance appraisals; however, some do not The lack of a transparent policy regarding these raises has left certain employees feeling dissatisfied, creating an environment filled with uncertainty and doubt.
34 jealousy, and of course they totally on work Thus, the clear and transparent policy of performance appraisal MUST be provided.
In addition to monetary compensation, implementing non-monetary incentives is essential for enhancing employee satisfaction Examples of these incentives include meal allowances, cell phone allowances, company-sponsored travel, team-building activities, and comprehensive health insurance for employees and their families.
The low value of promotions and rewards currently offered to employees fails to enhance their commitment to the Company Increasing the monetary rewards and introducing additional incentives, such as vacations or extended annual leave, could significantly motivate employees to contribute more effectively to the Company’s success and reduce turnover rates.
In addition to physical rewards, companies should consider recognizing employees through timely acknowledgments such as team meeting shout-outs, thank-you emails, or sharing success stories on bulletin boards The key is to ensure that employees are recognized for their contributions promptly, as timely encouragement and rewards can significantly motivate them to strive for greater value creation within the company.
Employee appraisal processes often raise concerns regarding fairness and transparency, with many employees feeling that promotions and rewards are influenced by subjective opinions rather than objective criteria To address this issue, it is essential for companies to establish a structured appraisal system that incorporates both qualitative and quantitative analysis methods This new framework should be clearly communicated to all employees, ensuring that they understand the criteria for assessment and feel confident in receiving fair and professional evaluations Implementing such a system can significantly enhance employee satisfaction by eliminating perceptions of discriminatory treatment.
Recognition from supervisors significantly impacts employee job satisfaction by ensuring that their contributions to the company are acknowledged and valued This recognition can take various forms, such as a brief thank-you email, public praise during internal meetings, or spontaneous expressions of gratitude.
Creating opportunities for employees to express their opinions and ideas fosters a positive response to feedback Quarterly meetings serve as an excellent platform for top management to communicate directly with the entire company, allowing employees to inquire about business plans, company services, and operational suggestions, such as addressing parking shortages, expanding workspaces, or redesigning the company website.
Interviewees emphasized that consistent support from leaders is crucial for them to feel valued and acknowledged for their contributions In "Supervisor's Survival Kit," Goodwin and Griffith (2008) outline techniques that assist supervisors in fostering strong relationships with their team members, who in turn can perceive this support from their supervisors.
To ensure project success, project managers must conduct a kick-off meeting with the entire team at the project's outset This meeting should clarify the project's scope according to client requirements, delineate individual responsibilities, and finalize processes, ensuring that all team members are aligned and understand their roles.
Effective feedback is crucial for employee performance during projects Team leaders should regularly communicate how team members are performing; recognizing and encouraging good work motivates employees to excel further Conversely, if performance falls short of expectations, it is essential for leaders to provide guidance or consider reassigning employees to roles that better align with their skills.
Recognizing employees' contributions is essential for motivating them to excel Managers should acknowledge achievements both privately and publicly, ensuring recognition occurs when it is deserved 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, as highlighted by Goodwin and Griffith (2008) Firstly, it prepares employees for future promotions by enhancing their understanding of departmental operations Secondly, it boosts their confidence and productivity through decision-making opportunities Lastly, it fosters better relationships and reduces misunderstandings among team members Overall, employee involvement creates a sense of importance, challenge, and stimulation in the workplace.
(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, outlining 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 department and the head of the function department must collaborate to develop a new salary structure that includes an appealing base salary and benefits package, all while adhering to the company's budget This initiative aims to establish a revised employee appraisal system that enhances overall employee satisfaction and retention.
- 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 employees' achievements and collaborates with the Head of Department to develop impactful training programs that align with the company's strategic goals and support employees' development plans.
Group leaders must consult the development plan for their members, ensuring it aligns with the company strategy and individual career paths They are then required to commit to following through 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
Providing an attractive income/pay policy is a costly endeavor for RSM Vietnam compared to other strategies In contrast, the Recognition strategy offers quick implementation and does not require a dedicated team, resulting in lower costs Meanwhile, the Promotion/reward and Achievement strategies are long-term solutions that can benefit the Company’s future growth, despite the need for a separate team and longer implementation times.
Change plan design
RSM Vietnam should 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 detailed plan for integrating these four strategies has been outlined for 2017, as shown in Table 4.3 This strategic approach is anticipated to yield positive results within the specified timeframe.
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 develop a new salary structure that includes a competitive base salary and benefits package, ensuring it remains within the company's budget.
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 plan and services This forum also provides an opportunity for employees to share suggestions on operational matters, such as addressing parking shortages, expanding workspace cubicles, or 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.
Low job satisfaction is a significant issue at RSM Vietnam, leading to increased turnover intention and absenteeism, which undermines organizational goals and employee commitment Research indicates that this dissatisfaction stems from factors such as low income, an unattractive reward system, insufficient achievement, and hard-to-reach recognition To address these root causes, the paper proposes potential solutions aimed at enhancing job satisfaction, thereby reducing turnover rates and fostering a competitive advantage for the company in the Vietnamese market.
This paper examines issues specifically 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 levels within RSM Vietnam, it is recommended that future research be conducted across all employees This approach will provide a holistic view of employee satisfaction within the organization.
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 lunchtime nap can be a controversial topic 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 believe that a brief rest is essential Personally, I advocate for a short nap of about 10 to 15 minutes to prevent afternoon drowsiness and maintain productivity Without this quick recharge, work efficiency may decline, leading to potential challenges in business operations Additionally, job characteristics can significantly influence overall job satisfaction.
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 employees' contributions is essential for motivating them and fostering a positive work environment Continuous acknowledgment of their efforts leads to increased happiness and job satisfaction High-performing employees thrive on recognition, while those who may struggle can use constructive feedback to improve their performance Overall, the consensus among employees is that recognition is a vital component of a successful 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 compensation does not reflect their contributions This disconnect can lead to disengagement within the organization, making it challenging for workers to find fulfillment in their roles Ultimately, fair pay is essential for fostering a motivated and satisfied workforce.
Feeling disappointed with my current salary in the consulting industry, I believe that income levels vary significantly among employees based on their individual contributions and experiences Despite my efforts and dedication, I find my monthly pay does not reflect the value I bring to the company The workload often overwhelms me, and without a salary increase soon, I may consider leaving It's challenging to maintain focus when compensation is low, and I might even seek additional weekend work to supplement my income If the situation doesn't improve, I may have no choice but to explore 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 to a higher level compared to their colleagues However, the criteria for promotion are stringent.
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 minimal reward, I feel that with my current knowledge and experience, I could earn a higher salary by moving to another company This situation has left me feeling somewhat disappointed and unfulfilled in my current role.
Despite our hard work and the stress we endure, the promotion and reward policies are overly stringent and challenging to meet We contribute significant value to the company, yet the recognition and rewards we receive are minimal.
Many employees in our company share a common concern regarding the bonuses for our overperformance, which are significantly lower than those offered by peer firms in the auditing and consulting industry This discrepancy raises questions about whether employers recognize its impact on job satisfaction Despite receiving quarterly and yearly bonuses, the overall compensation still feels inadequate.
Working hard without receiving adequate rewards or recognition from your company can lead to disappointment and decreased motivation When promotions and rewards do not align with your efforts, job satisfaction diminishes, ultimately affecting your desire to contribute and excel in your role.
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 consistently seek out challenging tasks to enhance my skills and job satisfaction While I thrive under pressure and enjoy tackling complex projects with tight deadlines, I often feel that my leader is unaware of the demands I face, which can lead to additional stress Many employees, including myself, desire to expand their knowledge and gain valuable experience, yet the pressure to perform quickly, especially when compared to major firms like KPMG and PWC, can be overwhelming.
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.
If employees in a company approach their roles passively, it can hinder overall satisfaction and confidence in their work Achieving set goals can invigorate individuals, fostering excitement about their jobs and the organization This sense of accomplishment not only earns admiration from colleagues but also encourages long-term engagement with the company Conversely, a lack of motivation may lead employees to disengage, ultimately stunting the company's growth and its ability to compete effectively in the market.
In our organization, the culture plays a crucial role in shaping teams and groups I believe that fostering a positive organizational culture is essential for effective collaboration and innovation It encourages members to think critically and engage meaningfully with one another, ultimately driving success.
The organizational culture significantly impacts employee performance and satisfaction, influencing their income and overall motivation When employees spend eight hours in a workplace that fosters a strict or uncomfortable environment, they are likely to lose enthusiasm and trust in their colleagues Conversely, a supportive and open culture encourages collaboration and feedback, allowing employees to feel valued and engaged, ultimately making the workplace feel like a second family.
To foster personal development, it is essential to be in an inspiring environment that encourages creativity and motivation When individuals share their perspectives, they actively seek input from others, promoting a culture of mutual learning and collaboration This well-structured atmosphere not only enhances teamwork but also boosts employee confidence and satisfaction, leading to more effective work outcomes.
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 play a crucial role in enhancing job satisfaction among staff These benefits, which can be cash or non-cash incentives, include offerings such as annual leave, training programs, allowances, and insurance By providing comprehensive benefits, companies can significantly increase employee happiness and engagement Furthermore, a well-structured benefits program is essential for attracting and retaining top talent, ultimately reducing turnover rates and fostering a more stable workforce.