TTK79 TKUD BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC KINH TẾ TP HỒ CHÍ MINH CÔNG TRÌNH DỰ THI GIẢI THƯỞNG ĐỀ TÀI MÔN HỌC XUẤT SẮC UEH500 NĂM 2022 TÊN CÔNG TRÌNH THE MODERATING EFFECTS OF EMPLOYEE GENERATI[.]
lOMoARcPSD|20701584 BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC KINH TẾ TP HỒ CHÍ MINH CƠNG TRÌNH DỰ THI GIẢI THƯỞNG ĐỀ TÀI MÔN HỌC XUẤT SẮC UEH500 NĂM 2022 TÊN CƠNG TRÌNH: THE MODERATING EFFECTS OF EMPLOYEE GENERATION ON WORKPLACE RETENTION DURING THE COVID-19 PANDEMIC IN HO CHI MINH CITY ĐỀ TÀI THUỘC KHOA/VIỆN: TOÁN – THỐNG KÊ MSĐT (Do BTC ghi): TP Hồ Chí Minh – 2022 lOMoARcPSD|20701584 Abstract: The Covid 19 pandemic - a violent and dangerous "storm", which is spreading and devastating the world and the country of Vietnam, has extremely important effects in the economic sphere, especially on the labor force issue This study examined generation differences in employee retention during the COVID-19 pandemic between three generation systems - Gen X, Gen Y, and Gen Z Specifically, this study investigated the impact of transformational and transactional leadership, corporate social responsibility, technology, autonomy, and work-life balance (WLB), on employee retention and explored differences in the relationships between three generation systems To examine the proposed relationships, a voluntary survey was conducted on a sample of 301 employees in all fields from other corporations in TP Ho Chi Minh The analyses using multiple regression models show that all six factors are positively related to employee retention Overall, most of the important factors that influence how productive employees are kept at work are different from the threegeneration system For Gen Z, the most important factors are social responsibility, technology, and autonomy For Gen Y, leadership transformation and transactions, corporate social responsibility, autonomy, and WLB are the most important factors Meanwhile, Gen X values autonomy, WLB This study provides insights for managers on how to manage employee retention rates differences between three generation systems Keywords: transformational leadership, transactional leadership, work-life balance, corporate social responsibility, Autonomy, teachnology lOMoARcPSD|20701584 TABLE OF CONTENTS PART I: INTRODUCTION 1.1 The necessity of the study: .6 1.2 Reason for study: 1.3 Overview of study: 1.4 Research objectives: .11 1.5 Objects and scopes of a study: .11 1.6 Research methodology: 11 1.7 Research paper structure: .11 PART II: THE CONTENTS 12 Chapter 1: Topic introduction: 12 Chapter 2: Literature review 13 2.1 Leadership and Employee Retention 13 2.2 Corporate Social Responsibility (CSR) and Employee Retention 15 2.3 Technology and employee retention 16 2.4 Autonomy and Employee Retention 17 2.5 Work life balance and employee retention 18 Chapter III: THE METHODOLOGY 19 3.1 Research data 19 3.2 Experimental research model 19 3.3 Detailed measurement of variables in the research model 20 Chapter 4: Statistical Results and Discussion 24 4.1 Sample Description 24 4.2 Rating Scale 27 4.3 Regression analysis 30 4.4 Discussion 32 4.4.1 Impacts of Leadership on Employee Retention 32 lOMoARcPSD|20701584 4.4.2 Impacts of Corporate Social Responsibility on Employee Retention 33 4.4.3 Impacts of Technology on Employee Retention 33 4.4.4 Impacts of Autonomy on Employee Retention .34 4.4.5 Impacts of Work-life balance on Employee Retention 34 PART III: CONCLUSION .35 Chapter 5: Solutions and Managerial implications 35 5.1 Research summary and conclusion 35 5.2 Managerial implications 37 5.3 Contribution .39 PART IV: LIMITATIONS AND RECOMMENDATIONS 40 Limitations 40 Recommendations 41 References .42 Appendix 50 lOMoARcPSD|20701584 ACRONYM LIST Acronym English Vietnamese TF Leadership Transformational Phong cách lãnh đạo Leadership chuyển đổi Transactional Leadership Phong cách lãnh đạo TS Leadership giao dịch CSR Corporate social Trách nhiệm xã hội responsibility doanh nghiệp Technology Công nghệ thông tin Automony Quyền tự chủ Work Life Balance Sự cân công Retention Sự giữ chân nhân viên Small and Medium Doanh nghiệp vừa Enterprises nhỏ AI Artificial Intelligence Trí tuệ nhân tạo HRM Human Resource Quản lý nguồn nhân lực CNTT WLB SMEs Management việc sống lOMoARcPSD|20701584 LIST OF TABLE Table 4.1A Age Demographics Table 4.1B Gender Demographics Table 4.1C Descriptive Statistics and Correlation coefficient of all data Table 4.1D Descriptive Statistics and Correlation coefficient of Gen X Table 4.1E Descriptive Statistics and Correlation coefficient of Gen Y Table 4.1F Descriptive Statistics and Correlation coefficient of Gen Z Table 4.2 The results of factor analysis and Cronbach alpha for the scale of independent variables Table 4.3 Regression Model Results: Table 5.1 Summary of Research: Table 5.2 Executive Recommendation for Employee Retention lOMoARcPSD|20701584 PART I: INTRODUCTION 1.1 The necessity of the study: The COVID-19 pandemic is the worst global crisis since "World War II", the war that one can call painfully full of loss and suffering The enemies of humanity are still just the names on the death certificate from "COVID-19" That has seriously affected all the activities of a country The economy fell into a severe recession, the biggest economic shock in the past 35 years The devastation of the pandemic is not only on the vulnerable economy but also causes an economic recession, widespread unemployment, and a heavy impact on the market Labor, production activities and mass layoffs of workers cause establishments and agencies to face the risk of a shortage of personnel in their company Therefore, employee retention and human resource alignment are extremely urgent issues and need attention from organizations and businesses in Vietnam, especially the ones in Ho Chi Minh City Resource engagement is one of the most important contributors to the success of an organization Employee retention is always repeated many times, but many businesses have not started an employee retention campaign, especially during the period when the whole country has to face the COVID-19 epidemic together Therefore, with the desire to retain employees during the COVID-19 period, the goal is to stabilize human resources, the economy, and the workforce Therefore, group implementation will proceed “THE MODERATING EFFECTS OF EMPLOYEE GENERATION ON WORKPLACE RETENTION DURING THE COVID-19 PANDEMIC IN HO CHI MINH CITY ” 1.2 Reason for study: In 2021 - the COVID19 pandemic has been created into a story with many colors, dark patches, and people who have lost and suffered pain that cannot be put into words Together, we sweep extremely fiercely, causing countless unprecedented negative impacts on the Vietnamese economy Especially the problem of the labor market when the number of people with jobs in our country decreases deeply, unemployment increases, and there is a large movement of lOMoARcPSD|20701584 labor from the major economic centers to the rural areas According to the Deputy Minister of Labor, War Invalids, and Social Affairs, over the past time, there have been about 1.3 million workers from Ho Chi Minh City and the southern key provinces to the locations ( accounting for about 60% of people moving) Through surveys in provinces and cities in key economic regions, there is a shortage of local labor, but not much because businesses have not yet operated 100% The picture of the global economy has experienced a turbulent year with "dark colors" as the dominant color due to the severe impact of the Covid-19 epidemic The statistics on labor and employment situation have reflected the difficulties and fluctuations of the economy in general and the labor market of Vietnam in particular in recent years These difficulties pose a huge challenge for businesses Therefore, businesses need to have policies as well as specific measures, affecting workers to retain and attract workers to participate in the labor market, contributing to improving labor productivity in society in general, and on the one hand, helping to improve the lives of workers The COVID-19 epidemic is really important for many businesses Many businesses go bankrupt and withdraw their operations to survive But many businesses expand their scale and develop even during the epidemic season thanks to the policy of recruiting and retaining cooperative personnel Therefore, factors that operate and affect employee retention during the COVID-19 period The group will conduct research 1.3 Overview of study: In the world, there are many studies updated under the term "employee retention" To a study conducted by Wassem et al (2019), according to the researcher, employee retention, outside the workplace Aside from cash rewards, there are also content rewards that are essential for HR managers to increase employee satisfaction levels, thereby increasing their retention rate Quaedackers Research et al (2020) also revealed the same thing, because, according to them, strategists, complete with employees, should be used by the government and work to reduce the negative impact of the COVID Pandemic -19 This makes employees happier and more productive Related to health and quality of life, access to pandemic information and updates with financial benefits, are the most important numbers for employee retention and should be provided appropriately suitable for lOMoARcPSD|20701584 employees so they can be retained Quaedackers Research et al (2020) also revealed the same thing, because according to them, strategists complete with employees, should be used by the government and work to reduce the negative impact of the Covid Pandemic -19 increases employee satisfaction and productivity Related to health and quality of life, access to pandemic information and updates with financial benefits, are the most important numbers for employee retention and should be provided appropriately suitable for employees so that they can be retained Communicating workplace guidance and support to employees is a must and valuable for companies, especially during a pandemic such as COVID-19 Appropriate communication should be made with employees so that they can keep management informed of the issues they are facing, especially during the Pandemic Research on the role of Human Resource Management (HRM), according to Elsafty and Ragheb (2020) for employees within the scope of limiting the negative impact of Covid-19, from the analysis shows that managers HR should play its part in maximizing employee satisfaction, and the key factors are mentioned Guidance and Support in the Workplace, Access to Information, and Financial Benefits are some of the key factors that organizations should consider to maximize the potential and value of their employees accordingly Research has demonstrated that Access to Information and Updates on pandemics and Financial Benefits are the most valuable factors that increase employee retention Research by Rangachari et al (2020) applies an organizational resilience framework to discuss a "rigorous approach" – that is, with no additional support beyond federal policy safeguards and the state about the risks and emotional distress experienced by healthcare workers during the pandemic to support healthcare workers during the COVID-19 pandemic, which may limit their organization's ability to recover and negatively impact patient safety and staff retention during and outside of the pandemic They recognize that leaders of healthcare organizations need to take a holistic view of the psychological safety of workers, which can be profoundly impacted by the distress created by COVID out The researcher offers recommendations to leaders of organizations on maintaining resilience and retaining healthcare workers during and beyond the COVID-19 pandemic: Create an environment of trust, psychological safety, and empowerment that allows individual staff to communicate patient safety concerns lOMoARcPSD|20701584 with administrators Develop a communication structure to enable the organization to learn from the communication and problem-solving strategies of individual healthcare professionals During the COVID-19 pandemic, all EU Member States have established some sort of job retention plan to lessen the negative impact of the pandemic economic crisis on the job market An important lesson to be learned from the COVID-19 pandemic is that job retention plans play an important role across Europe in easing the negative impact of the pandemic's economic crisis on the job market (Müller et al 2022) The main challenge for any job retention plan is striking a balance between the interests of all stakeholders From an employee's perspective, the scope and volume of this program are important not only to help them keep their jobs but also to ensure that they can still make enough money while participating in a job retention plan From the perspective of the employee and the state, the costs involved are of primary importance, especially the way the two share these costs In the face of the state, avoiding heavy losses by supporting jobs or companies that don't need financial support is another important thing to consider According to a study by Chanana (2021), employee retention has become essential in today's pandemic situation due to COVID-19 The thought of capturing the highest position without the support of employees will certainly be a dream in the current impasse Organizations are fully aware of the importance of employee engagement in achieving success in these difficult times Because of this, companies must work to maintain employee satisfaction and motivation during pandemic conditions In the current situation, establishing measures to engage employees with the support of technology is essential for the growth of the organization Many companies today are developing a variety of methods of employee engagement such as virtual team meetings, virtual learning and development, weekly affiliate online sessions, webinars with industry experts, and webinars both anxiety and stress webinars, online team building activities, online interactive practice with families, Online brainstorming sessions, apologies, and appreciation shared content such as TED Talks, online books, online courses, live sessions for new skills training, online communication exercises, online sharing of health and hygiene practices, technical classroom training modules digital, announcement modules, online tutorials for exercise and meditation, online