(Luận văn) low job satisfaction in sacombank – ky hoa transaction office

t to ng hi UNIVERSITY OF ECONOMICS HO CHI MINH CITY ep International School of Business w n lo - ad ju y th TA THI DIEP TAN yi pl al n ua LOW JOB SATISFACTION va IN SACOMBANK – KY HOA TRANSACTION OFFICE n ll fu oi m at nh z z ID: 22130064 ht vb k jm MASTER OF BUSINESS ADMINISTATRION om l.c gm SUPERVISOR: an Lu Dr LE NHAT HANH n va ey t re th Ho Chi Minh City – Dec, 2016 t to ng hi ep w n lo ad ju y th yi pl n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm an Lu n va ey t re th t to TABLE OF CONTENT ng hi ACKNOWLEDGEMENT ep EXECUTIVE SUMMARY w CHAPTER 1: COMPANY INTRODUCTION n lo General Information about Sacombank 1.2 Company details 1.3 Organization chart ad 1.1 ju y th yi pl ua al CHAPTER 2: PROBLEM IDENTIFICATION Problem context 2.2 General symptoms n 2.1 n va fu The first symptom: High employee turnover 2.2.2 The second symptom: Decreasing in profit 11 ll 2.2.1 oi m nh Identifying and Diagnosing Tentative Problems 14 at 2.3 z The first potential problem: Low satisfaction in training and development z 2.3.1 ht vb opportunity 15 jm The second potential problem: Low satisfaction in salary, compensation, and k 2.3.2 l.c The third potential problem: Low satisfaction in job security and promotion om 2.3.3 gm benefits 16 an Lu opportunity 16 The fourth potential problem: Low satisfaction in relationships with other 2.5 Verifying the importance of job satisfaction 18 th The real problem: Low job satisfaction 17 ey 2.4 t re employees and supervisors 17 n va 2.3.4 t to ng hi 2.6 Verifying the existence of real problem: Low job satisfaction in Sacombank 19 2.7 Causes and Effects chart of real problem: Low job satisfaction in Ky Hoa 23 ep CHAPTER 3: ALTERNATIVES ANALYSIS AND POSSIBLE SOLUTIONS 25 w 3.1 Justify the importance of the causes 25 n lo Recommended Solutions 27 ad 3.2 ju y th 3.1 Solution 1: Increasing employee motivation by improving workplace harmony 27 yi 2.2 Solution 2: Increasing employees’ professional skills and career development through pl ua al training and development plans 28 n 2.3 Solution 3: Motivating employee by a better performance and reward system 30 va n CHAPTER 4: SUPPORTING INFORMATION 34 fu Questionnaires of employees’ satisfaction 34 4.2 Customers’ interviews 39 4.3 Manager’ interviews 43 4.4 The results of the focus group interview to justify the main causes: 46 ll 4.1 oi m at nh z z ht vb REFERENCES k jm om l.c gm an Lu n va ey t re th t to ng ACKNOWLEDGEMENT hi ep I am grateful to my supervisor, Dr Le Nhat Hanh, whose expertise, understanding, generous w n lo guidance and support made it possible for me to work on a topic that was of great interest to me ad ju y th It was my pleasure working with her yi I am very thankful to Managers and Directors of Sacombank for give me time to response to my pl kind advice regarding to my topic n ua al questions for being ever so kind to show interest in my research and for giving their precious and n va I would like to express my gratitude to co-workers at Sacombank Ky Hoa bank for being so ll fu oi m generous to reply to my questionnaires Words can never be enough to thank your all kindness at nh z z k jm ht vb om l.c gm an Lu n va ey t re th t to ng EXECUTIVE SUMMARY hi ep Ky Hoa Transaction Office (Ky Hoa) of Sacombank located in Su Van Hanh Street, District 10, Ho Chi Minh City is one of the top transaction offices of Sacombank, the top biggest w n public commercial bank in Vietnam The transaction office has impressive growth since the very lo ad first day of business It achieved the title of “Potential Transaction office”, a very honor title for y th ju a transaction office of Sacombank, place them equivalent to many branches, which usually yi pl included the branches and many smaller transaction offices al n ua However, Ky Hoa’s management team still unsatisfied with the result of its business n va Despite the great growth of many aspects like customer base, customer deposit and saving, ll fu services fee, foreign exchange business…, Ky Hoa’s profit still under performance as pointed m oi out by both the management team of this transaction office and Sacombank headquarter As nh at profit is the key to the survival of any business, lacking of profit means the future of Ky Hoa is z z in danger ht vb jm In order to figure out the problem with this transaction office, the full scale of problem k finding methods have been conveyed including interview with Ky Hoa management team; gm l.c managers of others transaction office of both Sacombank and competitors; focus group with all om the related employees of Ky Hoa; and combined with related market condition and literatures an Lu After all these step, the lacking of employee satisfaction of Ky Hoa (especially the employees of n va credit department) that lead to the symptom of low credit growth rate is the main problem of this ey t re transaction office The possible cause of the problem also pointed out in according with the KPI of KY Hoa Credit department: the inexperience and limited knowledge of the Bank credit th t to services of credit employees; the satisfaction of employees on salary, work load, benefits and ng hi promotion opportunities; and lack of guidance from supervisors ep Therefore, the first solution for this problem is improving the knowledge of the bank’s w n services for both the sale team and management team After that, the frequently KPI check for lo ad each of employee will be conveyed as the standard for credit department There should be some y th type reward, visible and recognizable reward for the good work of employee In the mean time, ju yi anyone who could not qualified or did not show significant improvement will be replaced by pl ua al more competent candidates For these solutions to be effective, the management team and n supervisors also need to be restructured as creating the competing environment, providing va n guidance and encouragement for all members to achieve both personal and department targets In ll fu at nh manager, superviors and customers oi m other word, the harmony in working environment is the key to balance the need of employees, z z k jm ht vb om l.c gm an Lu n va ey t re th t to CHAPTER 1: COMPANY INTRODUCTION ng hi 1.1 General Information about Sacombank ep Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) was established in w n 1991, currently one of the top Vietnamese joint stock banks In term of charter capital, it is lo ad reaching over 14,000 billion VND and the rank is in the top ten of biggest private banks in y th Vietnam regards as large amount of capital Currently, Sacombank have 448 Transaction Offices ju yi from many big cities to small rural areas such as Hanoi, Danang, Ho Chi Minh City, Cu Chi and pl n ua al An Giang n va Sacombank’s team of professional ability provides banking services a large amount of ll fu customers from individual, personal banking service to companies like exporters or importers oi m and Small and medium enterprises (Statebank, n.d.) Sacombank is accepted to be a member of nh Visa Card network and many reputable financial institutions With roughly 13,000 employees, at z Sacombank locates its head office at the downtown in Ho Chi Minh City This bank is z vb increasingly becoming the valuable choice of many enterprises as well as thousands of k jm ht individuals (Sacombank, n.d.) gm In order to determine problem existence, a preliminary assessment of financial report was l.c om released as displayed in Appendix A random key managers or employees of Sacombank were an Lu selected to join in this survey and the results (Appendix 1) showed that apart from customer profile and preliminary assessment (Sacombank, n.d.) One more thing, the figure from financial n va report can be shown out the performance of employee in certain stance The decrease of credit t re ey growth tends to be increased in relation to the last quarter or the same quarter of last financial th report Mostly, the gap between borrowing and lending are tend to be higher while Sacombank strategy has been create many unique sale point to produce several sustainable competitive t to advantage for its product (Sacombank, n.d.) Although its advantages are quite significant, the ng hi sale team or the volume of sale has been improved in terms of credit growth Meanwhile, a client ep survey was carried out with the purpose of take a 360-degree point of view about these problems w (Sepehri & Akram-lodhi, 2005) n lo ad In addition, after several survey and deeply research with the clients or the supervisors, y th Ky Hoa Transaction Office was identified many phenomenon’s from low productive and ju yi incompetent credit sale to heavily job-unsatisfaction of many of its employees Comparing with pl ua al the size and the benchmark of another transaction office, the potential value and operation profit n were under expected and the effect growth comparing with June 30th was not positive number A va n client survey can quickly recognize the issues with individual or group In Ky Hoa Transaction ll fu oi m Office of Sacombank, client or enterprises are main businesses customers Once again, the at nh feedback from customers was undervalued in many aspects Overall customer services of the z Transaction Office not satisfy the standard of service requirements Several negative z ht vb responses mean employee performance is not exceeding expectations Besides, the quality of k jm work is one of the evident for those problems The standard that can be measuring employee l.c gm performance seems to be lower The work is likely to carry out in higher length of time or lower than average commitment Those indicators above were come from the results the interview with om chief operational officers of Sacombank (Appendix) an Lu After those researching and clarify this phenomenon, I truly realize that low performance va n among employee, which is defined as the main place where a bank's revenue was born by th on the sustainable growth (Chinh & Anh, 2008) Thus, I would like to a research about this ey of competitive environment, especially in the dynamic economy in Vietnam and has great impact t re strategic management and professional service (Tu, Ha & Yen, 2015) It is a hot issue in the view t to issue at this Ky Hoa Transaction Office with the purpose of improving the situation Productive ng hi employees are the lifeblood of any banking system It is necessary to assess the performance ep level in order to comprehend and evaluate the employees w Company details n 1.2 lo ad Sacombank Head Office y th ju Address: 266 - 268 Nam KY Khoi Nghia Street, Ward 8, District 3, HCMC yi pl Tel: (+84) 83 9320 420 n ua al Fax: (+84) 83 9320 424 n va ll fu Email: info@sacombank.com oi m Swift: Code: SGTTVNVX at nh z z k jm ht vb om l.c gm an Lu n va ey t re th t to ng hi ep w suitable reward on their result getting better salary packages based on fee from other my extremely good competitors I think performance will be a that employees need way to preserve me to good benefit spending extra effort n due to the fact lo ad ju y th to the company’s yi Then, they can pl goals ua al concentrate on n working, spending va n more effort into ll fu work Otherwise, at nh there is higher offer oi m they will depart if z Yes If employee’s Yes, the financial assume “Training career development profession developed institution wishes and profession job is important for with the bank to improve promotion” affect employees after few development, the learning the degree of years of working In worker will locate the opportunity for employee my case, just wanted engagement with that their staff, so they engagement? Please to work for a place I am can follow extra explain extra detail company, where I appreciating the new of your opinion can use my enterprise that spends understanding knowledge, and effort to strengthen whilst looking for What you k jm ht vb z Yes I think that om l.c gm an Lu n va ey t re th 48 t to ng hi have true salary my capabilities via and retaining Now, I center of education format customer In ep w return, employee improvement can method new possibilities for explore ability to promoting pursuit their n attention on lo ad ju y th profession path yi possibilities pl ua al Training assist team n of workers to va n strengthen ability, ll fu and work properly Yes, I want creative Yes In working No ideas think “Working and free to job, environment, the environment” affect but nevertheless in manager empowers the stage of worker the job scope In my their worker to engagement? bank, the big function job, or Explain more details customer solely contact directly to your opinions contacts with my large clients when supervisor, but I they trust in them and hope that I will have their ability Trust opportunities to every other is the communicate factor of each without delay with wonderful at nh What you oi m z z k jm ht vb om l.c gm an Lu n va ey t re th 49 t to them to show my relationship ng hi ability I no ep longer desire to do w everything my n lo ad manager requires ju y th Besides, taking yi responsible for very pl ua al own choice with n assist and worker va n increase belonging ll fu feeling to the bank Yes I suppose if the Yes, sure The Yes Staff can't suppose “Perceived employee receive worker can't get the organizational and help from end result as expected guide from managerial level organization, besides guide from support” have an especially from their supervisor and co- manager I effect on the level of manager, is proved worker Furthermore, assume that employee that their supervisor organization facility advantageous engagement? Please take care of their also influences the relationship with explain more detail employees Timely degree of employee’s them is very your opinion manager’s focuses engagement Now necessary That on workers ACB not glad relationship is the ‘contribution about elevator only purpose for at nh What you oi m z work without z ht vb k jm colleague and om l.c gm an Lu n va ey t re th 50 t to ng hi ep w quality, parking me to go to work overall performance region and employer assessment make me cannot still solve joyful about my these issues supervisor even completely It will though some not create the ideal n Truthful in doing lo ad ju y th company’s yi managers still bias pl What you In my view, staff n ua al reputation I not suppose characteristic would so, when prefers to Characteristic” understand what employees affect the stage of their jobs and effect on to my practice for work, employee responsibilities, and engagement If I engagement? how the job is run not understand Explain extra Job characteristics client’s demand, or element your have affected the recognize my may affect the job opinion engagement with position and duty, deciding on employees’ mistake will be however no working without problems longer for happened How I engagement n assume “Job m va Yes I suppose job ll fu possibly have an oi at nh z they might know z ht vb about the job k jm characteristic It om l.c gm an Lu n va t re carry out job is very ey th vital 51 t to Which No comment ng hi No comment No comment -Training and career -Training and development career elements have an ep effect on the level of w low worker n lo ad engagements that no yi discussion? ju y th longer listing in this pl - Reward and n ua Please al Programs - Work environment development ll fu that have an effect n Recognition va arrange the factor environment Recognition at z according to the - Reward and nh development - Work oi worker engagement - Training and career m on the level of low Programs - Reward and z -Work environment - Perceived supervisor support supervisor support - Job Characteristic - Job Characteristic - Perceived om your choice? Programs l.c organizational and gm organizational and k an explanation for Recognition jm give element provide -Perceived ht vb level of importance, organizational n va support an Lu and supervisor t re ey - Job th Characteristic 52 t to ng hi ep w n lo ad ju y th yi pl n ua al n va Provide advantage choice making graph fit with process Cash out bonus n for manageable ey t re becoming a member va whilst they are Succession planning an Lu Support employees income range om improvement plan Have an captivating timely l.c character gm Office? Develop a training k Hoa Transaction all position jm engagement in Ky management stage in ht low employee vb experienced z decorate the stage of career course for Let the center z not solely for the Clear job description and at contributions to every position nh bundle for all staff, oi think about any Clear career path for m What you ll fu th sources of the classification 53 t to ng hi ep w n lo ad ju y th yi pl n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm an Lu n va ey t re th 54 REFERENCES t to Aken, J E., Berends, H., Bij, V., Van B., & Joan, E (2007, January 25) Problem solving in ng hi organizations Cambridge University Press, p 25 Available from ep http://dx.doi.org/10.1017/CBO9780511618413 w n Chinh, V T M., & Anh, N V (2008) Measuring customer satisfaction based on service lo ad quality gap at a local bank in Vietnam Journal of International Business y th Research, 7(2), 27-51 ju yi Coudert, V., & Pouvelle, C (2010) Assessing the sustainability of credit growth: The case of pl ua al central and eastern european countries The European Journal of Comparative n Economics, 7(1), 87-120 doi: 727604804.63189 n va Carmen, B C., Enrique, M A., & David, M R (2004) The influence of employee ll fu oi m organizational citizenship behavior on customer loyalty International Journal of at nh Service Industry Management, 15(1), 27-53 doi: 233641606.63189 z Chaita, M V (2014) The impact of employee attitudes on job satisfaction: A comparative z k jm on Global Business Management & Research, 3(1), 2-12 ht vb study of university professors in the northwest region of england International Journal gm Cohen, L (2003) Loyalty based portfolio choice Chicago: University of Chicago effectiveness Los Angeles: University of California om l.c Dotan, H (2007) Friendship ties at work: origins, evolution and consequences for managerial a Lu Matly, L., & West, H (2005) Commercial bank financing of white and black-owned small n n va business start ups Quarterly Review of Economics and Business, 1(3), 10-15 y Vietnam Journal of Southeast Asian Economies,32(1), 84-105 te re Pham, T T T (2015) Does exporting spur firm productivity? 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The Journal of Services n a Lu Marketing, 20(4), 251-264 doi:http://dx.doi.org/10.1108/08876040610674599 n va Wheatley, M (2006) Leadership and the new science, discovering order in a chaotic world y te re San Francisco: Berrett-Koehler t to Appendices ng hi Appendix Total Asset balance Sheet updated June in 2015 of Ky Hoa Transaction Office ep of Sacombank NGAN HANG TMCP PHUONG NAM PGD SU VAN HANH w n BANG TONG KET TAI SAN lo TU 31/12/2014 DEN 30/06/2015 ad Don vi: Trieu Dong TAI SAN CO y th 31/12/2014 1/ Cho vay cac T/chuc kinh te ju A.Ngan han TAI SAN NO 674,692 1/ Von va cac loai quy 660,528 679,532 A Von dieu le yi - Trong : No Qua Han 30/06/2015 655,637 D Von khac (5,095) E Cac quy cua TCTD n D Du phong rui ro 169 C.Co phieu quy ua C Cac Khoan No Cho Xu Ly 204 al - Trong : No Qua Han (5,009) 2/ Tien gui cua khach hang n 3/ Hun von, Mua Cp, Ldoanh - Voi Cac To Chuc Tin Dung 1,081,334 29,782 54,312 - Tien gui tiet kiem VND 908,908 1,009,584 - Tien gui tiet kiem ng.te 30,354 17,439 13,546 17,062 28,280 14,496 fu - Voi Cac To Chuc Kinh Te 969,044 - Tien gui toan va 2/ Cho vay cac TCTD khac ll - Chung chi huy dong vang - Tien gui ky quy 4/ Mua Ban TPKB, Chung khoan, CP - Giay to co gia 5/ Tien Gui O Nh Nha Nuoc 3/ Tien gui cua cac TCTD 6/ Tien Gui Tai Cac TCTD Khac 4/ Vay Ngan Hnag Nha Nuoc 7/ Cong cu tai chinh phat sinh 8/ Von Uy Thac Dau Tu 9/ Ngan Phieu Thanh Toan 10/ Tien Mat, Ngoai Te, Vang - Tien Mat - Ngoai Te - Chung tu Co G/tri Nte - Vang 11/ Tai san co dinh - Trong do: Nguyen gia Tscd 12/ Tai San Co Khac 5/ Vay cac TCTD khac 6/ Von uy thac dau tu 7/ Cac khoan no khac 8/ Du phong rui ro khac 9/ Cong cu tai chinh phat sinh 10/ Chenh lech ty gia 11/ Chenh lech danh gia tai san 12/ Lai/lo nam truoc 13/ Lai/lo nam oi m Cvon cho Cty truc thuoc at nh z 1,010,871 1,112,892 om l.c 1,112,892 CAN SO gm 1,010,871 k 720 1,241 434,654 jm 818 1,241 351,645 ht 2,826 2,249 577 vb 2,771 2,166 605 z CAN SO 30/06/2015 B Thang du von co phan pl B Trung han - Dai Han 31/12/2014 an Lu n va ey t re th t to ng hi ep w n lo ad ju y th yi Appendix Financial Report updated June in 2015 of Ky Hoa Transaction Office of pl n ua al Sacombank n va ll fu oi m at nh z z k jm ht vb om l.c gm an Lu n va ey t re th t to ng hi ep w n lo ad ju y th yi pl n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm an Lu n va ey t re th t to ng hi ep w n lo ad ju y th yi pl n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm an Lu n va ey t re th t to ng hi ep w n lo ad ju y th yi pl n ua al n va ll fu oi m at nh z z k jm ht vb om l.c gm an Lu n va ey t re th