Suitable policies for compensation and benefits to deal with high turnover in pouyuen vietnam enterprise, ltd

HO CHI MINH CITY UNIVERSITY OF FOREIGN LANGUAGES INFORMATION TECHNOLOGY • SCHOOL OF FOREIGN LANGUAGES ~JJ1(6 SUITABLE POLICIES FOR COMPENSATION AND BENEFITS TO DEAL WITH HIGH TURNOVER IN POUYUEN VIETNAM ENTERPRISE, LTD ' : Mr NGO QUOC DUY, M.A : NGUYEN THI PHUONG THAO Student : HAOI03 Class Student No : 0171204 Advisor HCMC, July 2005 ADVISOR'S COMMENT ~ • I • EXAMINER'S COMMENT EXAMINER'S COMMENT • ACKNOWLEGDEMENTS • Thanks all the lecturm; in the School of Foreign Languages at Ho Chi Minh University of Foreign Languages - Information Technology for giving me an available opportunity to write the graduation paper, their sound advice and support Especially to Mr Vu Quoc Anh, who motivate and lend me many valuable books I would like to present my deep gratitude to Mr Ngo Quoc Duy, my advisor for giving me a chance to study and gain much knowledge and experience, and his valuable guidance during the process of making this paper I would like to express my deep thanks to all those people whose enthusiastic help has been invaluable in the preparation Thi Kieu Loan, HR Administrator of this study paper Ms Huynh of Bristol-Myer Squipp Representative Office in HCMC; Mr Tran Duc Long and Mr Ly Ba Thuan, Assistants HR Manager of Pou Yeun Vietnam Enterprise, Ltd all were extremely helpful by providing practical advices and related data My sincere thankfulness is also addressed to all the authors whose books, websites and graduation paper give a great support for the study I am especially indebted to my parents and all my friends who always much love, care, encourage, and give me a hand Nguyen Thi Phuong Thao ABSTRACT This paper contributes to help both employer and employee solving their problems with high turnover In fact, employees leave their companies due to they not satisfy with human resource management (HRM) policies Compensation and benefits are the one of primary significant factors in motivating and developing the employee satisfaction as well as expanding the firm in a lowest cost Therefore, the purpose of this study is to determine how to plan reasonably financial policies / If enterprisers consider this matter clearly, they will not only retain desirable staff but also manage their labor cost effectively The research covers all the compensation policies in theory, thereafter, analyzes the strengths, weaknesses, opportunities, and threats in practice depending the company's human resource strategies Recognition of reasons for high pace of turnover, the author would like to suggest some improvements that should be carried out both by the government and the businesses' efforts / The paper focuses on how to put forward suitable compensation and benefits plans in Pou Yuen Vietnam Enterprise Limited so that it could have the employees' loyalty Moreover, unemployment rate of Vietnam will also be reduced considerably Hence, I expect that Personnel Managers will have different view about the importance of work force in their success as well as the government pay more attention to planning projects to support both local andf",eign en'e,!,ri,e" to givethemthe mo,' favo;ableCOOditiO/~ CONTENTS ACKNOWLEDGEMENT ABSTRACT CONTENTS Page INTRODUCTION CHAPTER 1: AN OVERVIEW OF HUMAN RESOURCE MANAGEMENT AND COMPENASTION AND BENEFITS 1,1 Overview and definition of human resource management I.1.1 Overview of human resource in Vietnam 1.1.2 Definition of Human Resource Management (HRM) ' , 1.2 Compensation 1.2.1 Definition of compensation 1.2.2 Complying with Legal requirements 1.2.3 Determining Internal Fairness 11 1,2.4 Determining External Fairness 12 1.3 Benefits 13 1.3.1 Legally required benefits 14 1.3.2 Voluntary benefits 15 21 1.4 Conclusion CHAPTER TWO: POU YUEN VIETNAM ENTERPRISE, LTD AND SWOT ANALYSIS 2.1 Introduction of the company 22 2.1.1 Introduction of inside supporting factories of PYV 23 2.1.2 An overview of DS factory 28 31 2.2 SWOT analysis 2.2.1 Strengths 31 2.2.2 Weaknesses 35 2.2.3 Opportunities 39 2.2.4 Threats 40 CHAPTER 3: SUGGESTIONS TO HCMC PEOPLE'S COMMITTEE, GOVERNMENT POLICIES IN ORDER TO CREATE POUYUEN'S IMAGE AND IMPROVE STAFF'S COMMITMENT 3.1 To HCMC People's Committee 42 3.1.1 HCMC - Overview 42 3.1.2 EPZs and IPs in HCMC 44 3.1.3 Suggestions 45 3.2 To the Government 48 3.2.1 Review of measure of narrowing the gap between domestic and foreign investment, and legal issues for improving the labor's rights 48 3.2.2 Minimum salary should be higher 50 3.2.3 Invest in human resource development programs 52 CONCLUSION APPENDIX 54 c,uitable policies for compensation and benefilto deBl with hiph turnover in Dou Yuen Vietnam INTRODUCTION Unemployment may be considered as a national problem for any countries, specially, developing ones For instance, Vietnam has great internal strengths such as: wealthy natural resources, favorable geographical positions, plentiful labor force, etc but it still can not handle the high statistic of unemployment According to a joint survey conducted by the Ministry of Labor, War Invalids and Social Affairs and the General Statistic Office, Vietnam's unemployment rate is 5.78% by July, 2003 In addition, our country has a population of 42,1 million people of working age, or 61.22% of the total population as a result the number of unemployment is 2,433,380 / Indeed, unemployed workers are consisted of new graduated students, unqualified workers, competent workers and even skillful or excellent ones Most of employees, however, want to get a stable job but there are many influences make them change their occupations The reasons might be one of the facts that they are not satisfied with their companies about the job status, working environment, their direct supervisors or managers Among them, there are millions of employees simply drop out their previous career as they can not stand the unfitting compensation / In practice, every instance organizations have tried to more clearly identify and then focus on factors that impact their success One factor that seems to be receiving more attention than any other is those who work for organizations The organizations whether they are small or large have experienced that they can not lack effective human resource investment in spite of numerous endowments In short, the creative and faithful employee is the competitive advantage and may even be the single most significant impact on the company's performance -1- 8uitable policies for compensation and benefit to deal with hiqh turnover in Dou Yuen Vietnam "Human resources, the key to success" (Konosuke, 1977) Nevertheless, there are more and more employers who always have to face with the high pace of turnover in staff It means that the rate at which workers leave the company and are replaced is too high The matter maybe they not recognize and pay much attention to set sound policies that meet their workers' needs and wants The first consideration is how satisfied employees are with their work The more satisfied they are with their current jobs the less likely they are to change jobs These enterprises are really confused to solve this problem because replacing good employees by freshmen is a big loss Likewise, recruitment and training freshmen are an extremely wasted time and money while the budget could be saved much by retaining current workers who want to quit Therefore, it will be more profitable to retain them by planning appropriate schemes than to search the new ones To recognize the importance of the human resource department in the business's success, the author would like to evaluate at the policies in dealing with high turnover in Pou Chen Group's two branches in Dong Nai province and Ho Chi Minh City The total number of workers in this organization in Vietnam is about 64,000 but it has permanently to cope with medium 10% of turnover rate The author would narrow down the study in DS1 factory in Ho Chi Minh branch, with 10,270 workers and hundred of leavings and replacements monthly The main cause is that the current wage policies are not enough to compensate employees but various benefits in Pou Yuen Vietnam Could we imagine how essential and urgent it is to improve the human resource's policies to get more satisfied and proper developed employees? -'2- ouitBble policies for compensation and benefit to deBl with high turnover in Dou Yuen Vietnam 3.1.3.3 Planning to construct overpasses on the Highway NO.1 in the area of PYV As the author analyzed in the weaknesses (2.2.2.5/p.34), a lot of Pou Yuen's workers have to travel on Highway NO.1 to work The City People's Committee should quickly study and implement the project to build overpass to prevent the employees and local residents from traffic accidents as now they have to ride or walk in the opposition direction At least, the government should plan to build three overpasses in this stretch of road for not only the abundant number of workers but also the people living there 3.2 To the Government 3.2.1 Review of measure of narrowing the gap between domestic and foreign investment, and legal issues for improving the labor's rights In previous years, there is an existence of two separate legal systems regulating domestic and foreign investment respectively, which were different in terms of enterprise founding, organization and operation management, tax policies, service charges, labor recruitment, etc The amendment of the Foreign Investment Law narrowed this gap of "discrimination" Government also stepped up to promptly amend a number of inappropriate regulations in the decrees guiding the implementation of tax and labor-recruitment policies so as to ensure the consistency and uniformity of the foreign investment promotions That measure tries to give the most favorable conditions for the overseas investors to raise their business efficiency and competitiveness Regarding human resource management and compensation regimes, our Government provides the Labor Code and numerous official issues for both domestic and foreign enterprises in Vietnam -48- 8uilBbie policies for compensation and benefit to deB! with hiqh turnover in Pou Yuen Vietnam The Labor Act protects the rights to work, and the benefits and other rights of employees; protects the legitimate rights and benefits of employers It creates conditions for harmonious and stable labor relations; contributes to develop the creativeness and talent of employees who work with their minds or work with their hands • Decree No.85/l998/ND-CP issued by Government dated October 20, 1998 on recruiting, using and managing Vietnamese employees working for foreign organizations and individuals operating in Vietnam • Decree No 1O/1999/ND-CP issued by Government dated Match 1, 1999 on supplement the Decree No 195/ CP of December 31, 1994 of the Government that details and guide the implementation of a number of Articles of the labor law cope on working and rest time • Circular No 09/1999/TT-BLDTBXH issued by Ministry of Labor, War Invalids and Social Affairs dated March 15, 1999 on guiding the implementations of a number of Articles of Decree No.85/1998/ND-CP dated October 20, 1998 of the government on the recruitment, employment and management of Vietnamese labors working of foreigner organizations and individuals in Vietnam • Circular No 1O/1999/TTLT-BLDTBXH-BYT issued by Ministry of Labor, War Invalids and Social Affairs and Ministry of Public Health dated March 17, 1999 on guiding the implementation of the regime of allowances in kind of laborers working in hazardous and noxious conditions • Circular No 05/l999/TT-BYT issued by Ministry of Public Health dated Match 27, 1999 on guiding the declaration, registration and issue of certificates of eligibility for use of substances subject to strict labor sanitation requirements -49- &uilBble policies for compensBlion Bnd benefillo • Circular NO.14/1999ffT-BLDTBXH Invalids • deB! wilh hiQhlurnover in Dou Yuen VielnBm and Social implementation Affairs issued dated May by Ministry of Labor, War 18, 1999 on guiding the of the regime on working time and rest time for laborers doing seasonal jobs and processing export goods on orders • Decree No 46/1999/ND-CP amending a number 85/1998/ND-CP management issued by Government of Articles of the dated July 1st, 1999 on Government's of October 20, 1998 on the recruitment, of Vietnamese Decree No employment and laborers working for foreign organizations or individuals in Vietnam • Decree No 10512003/ND-CP issued by Government Providing detailed regulations and guidelines on implementation number of articles of the labor code on employment foreign employees and salary contribution and administration of a of working in Viet Nam Along the way, human resource Wage dated Sep 17th, 2003: development is the way to concede to the company The government to set up the compensation is not a cost but the investment the talent to employees and businessmen via their need to know that policies meeting the staff's satisfactions 3.2.2 Minimum salary should be higher According to Article 56 of Vietnam Labor Code, the minimum wage is calculated on the basis of the cost of living of an employee who is employed in the most basic job with normal working conditions And when the price index increases, resulting in a reduction in the real wages of employees, minimum wage accordingly -50- the Government is to adjust the 6uitable policies for compensation and benefilto deBI with high turnover in Pou Yuen Vielnam Even though the Government's budget has supported the price of gas, the cost of • living in our country also increased due to the continuously raising of goods Therefore, the minimum wage are now not enough for the employees, particularly, workers whose salaries are often the minimum rate to have a more comfortable life as they have to spend less on food for accommodation In practice, most of workers not have breakfasts to save money for other more necessary needs It is a big problem for their health due to breakfasts supply the energy, sound mind for everyone to enjoy his or her job In Tuoi Tre newspaper, it was reported that according to some sociological inquiries whose subjects are the youth working in Industrial Parks in Binh Duong province, 7/.8% have never gone to the cinema; 88.2% not go to theatre, music show; 84.7% not go to sport stadium; 95.3% think that going to clubs is quite strange and they have never come to these places; 91.8% never go to cultural houses to join any activities; 89.4% entertain by watching TV; 82.4% entertain by listening to radio; and only 1.2% know how to use the Internet.("Trong "Thanh ph5 thq"", Fourth installment: "Nh9C nh~n doi ncrc6ng nMn", 2005:9) The going minimum wage in Ho Chi Minh City is US$ 45 Yet, the salary of Pou Yuen's worker is VND 626,000 in accordance with the basic wage signed in labor contract In comparison with the exchange rate of USDNND 15,800; this wage rate seems not to be suitable any more Another factor which the Government should determine when regulating the minimum wage is the exchange rate The author supposes that the stipulated minimum wage in USD should be adjusted in case there are great difference in exchange rates - 51- 8uit[lb!e policies for compens[llion [lnd benefilto dee! with hi8h turnover in Dou Yuen Vieln[lm 3.2.3 Invest in human resource development programs • Vietnamese Prime Minister, Phan Van Khai visited the U.S from June 19 to 21, 2005 to implement the commitments in the Vietnam-US Bilateral Trade Agreement More important, on June 21 the Prime Minister met the U S President George Bush at the White House and the two leaders took part in the press conference, at which the U.S President confirmed his support for Vietnam's accession to the World Trade Organization (WTO) According to human resource experts, our country is abundant in human resources but lacks qualified laborers Vietnamese workforces are considered skilful, intelligent, creative and quickly acquire the skills for modem technology but lack professionalism Regarding the domestic labor market, there is always a shortage of highly qualified experts and skilled workers There is a high demand for skilled laborers, as well as administrative experts, programmers, technicians, and qualified intermediary managers who understand financial services and marketing and have a basic knowledge of English However, high-quality human resources are limited Grey matter is not grown timely to support the development of society and the international integration process Hence, Vietnam Government should speed up the plans and strategies to prepare a qualified human resource for the international integration process Thanks to the open-door policies, more and more foreigners come to our country to work and also bring us the development of all fields which are essential for our modem lives On the other hand, many more Vietnamese students have opportunities to go abroad for study and then come back hometown to take part in the national strengths on high-quality workforce - 52- e,uitlible policies for compenslition lind benefit to deli! with hiQhturnover in Pou Yuen Vietnlim In addition, the government should boost the work of vocational training, building up a vocational -training network and diversify the vocational-training forms which include foreign-invested vocational-training schools So far, training programs in Vietnam have mainly focused on theory but neglected practice Therefore, Ministry of Education and Training also need to amend the contents and quality of both education and training programs soon More attention should be paid to vocational training for secondary students In order to make a strong progress in training, recruitment and human resources, enterprises, especially in State-owned enterprises, priority to highly qualified and skilful laborers should be given - 53- 8uitable policieJl for compensation Elndbenefit to deat with hi8h turnover in Pou Yuen Vietnam CONCLUSION As stated at the beginning of this research, the purpose of a deeper view of two concrete aspects of sound human resource management policies - compensation and benefits is to contribute to dealing with high pace of turnover in DS I factory of Pou Yuen Vietnam Enterprise Limited There are about 10,000 labors in DSI with the average 5% turnover rate each month; however, the total number of workers dropping out is more than 5,000 in 2004 The revealed finding are based on the collecting and examining data and information from human resource department of DSI and questionnaires for workers who are living in rental houses around the company It is obvious that the employees should be compensated enough for their regeneration as well as for the company to have stable and skillful human resources Due to the non-financial benefits are strengths of PYV, the reasons for leaving it are the unfair basis wage and other monetary benefits We originally assumed that human resource investment was a practical approach to enhance and develop the lifetime of a company and the organization's goals Doctor Dang Minh Trang said that if we want to have qualified product, we primarily must have qualified men (HRM workshop, 10 December 2004) As a matter of fact, PYV could not produce or supply to their customers high quality footwear because of unstable workforces Hence, Ho Chi Minh People's Committee and Vietnamese Government should be interested in laborer's rights and difficulties of businesses in the area of compensation and benefits activities When doing that, officials of the administration will perform our helpful care for the foreign investors That will make a deep impression on other potential overseas investors As a result, the relationships enterprisers between authorities and will be enhanced day by day to speed up the socio-economic development - 54- . 8uilable policies for compensalion and benefillo deal wilh hie,hlurnover in Pou Yuen Vielnam On one hand, the standard of living for citizen in general and the laborer in •• particular will be higher as the unemployment rate is reduced On the other hand, the enterprisers get more profits in their business and contribute to the job creation and social wealthy Especially, both the organization and government should closely coordinate to offer better accommodation, quality of work life, occupational health and safety in addition to higher pay for the employees Through that, DSI could constrain the turnover figure from 5% down to 2% as its short-term objectives for this year There are various job satisfactions and motivators that fit the human resource needs and financial ability of PYV in order to improve its high turnover at present time That's why the suggested policies might not be suitable to other firms even PYV in the distant future Particularly, the dorm project for Pou Yuen's migrant workers did not cover the specific budget in figure, the scale, location and other essential considerations These factors need to be clarified carefully since the company plan and submit the project to the government; and implementation process as well When planning and applying the schemes to reduce high staff turnover, every organization also needs to consider numerous internal and external factors Due to limited time and experience in practice, the research paper can not cover all aspects of compensation and benefits activities It is possible, of course, that many other policies are more suitable to retain workers in DSI or Pou Yuen Therefore, the author sincerely hopes to receive more constructive comments and suggestions from lecturers, personnel executives or managers, and readers - 55- APPENDIX I POll Yllen's pay-slip Phie'u Iu'ang: Mil s6: BQ phiJn: Ngay: HQ va ten: Mil s6 luling: Vao: Luling thang: Luling: Tru tien cdffi: S6 giif lam viec: Chuc vt.J: T:,m ung: PhCp nam Thltdng pht.JtrQi: Cac khoan kha'u tru: s6 giif cilng tac: Phl} dip ngo:,i ngii: Thue'thu nhiJp: Nghl dam cu6'i: Phl} ca'p chuyen mon: Phi cong doan: Nghl dam tang: Pht.Jdip cong vi~c n~ng nhQc: NQpBHYT: Nghl vi~c rieng: Luling ngoai giif 1.5: NQpBHXH: Nghl b~nh: Lltling ngoai giif 2.0: Kha'u tru luling: Nghl khOng phCp: Ttlng cQng (1): T6'ng cQng (3): Quen ba'm the: Luling san phii'm: Luling m6i giif: Thltdng niing sua't: Nghl vi~c rieng: Pht.Jca'p ca dem 0.3: Ti~n clim: Nghl b~nh: Tiing ca 1.5: Chuyen din: Nghl khong phep: Tang ca 2.0: Luling tilng cQng: Tilng s6giif tang ca: Thu nhij.p khac: Phl} ca'p ca dem: Thudng trach nhi~m: Tilng cQng (2): Ti~n ludng thtfc lanh: NgttOi nhij.n: NguUi thtfc hi~n: Figure: Pou Yuen's pay-slip in Vietnamese II EPZs and IPs in Ho Chi Minh City (1) The EPZ Tan Thuan: Total Area: 300 hectares Area for rent: 195 hectares Occupied Areas: 135.15 hectares Land rental: USD 108 per m2 for 41 years Ready-built workshops: USD 170/m2 Electricity rate: 0.075 US$/kWh, Water rate: 0.22 US$/m3 The conditions: - The minimum leased area: 2,500 - Deposit: 5% of land rental (2) The Linh Trung EPZ: The first site area: 62 hectares Area for rent: 45,39 hectares Occupied Areas: 43.32 hectares takes 95.42% of the total The second site area (expanded area) : 61.7 hectares Land rental: : 50 USD/m2 /for 24 years at the EPZ 45 USD/m2/for 25 years at the IP Rental conditions: Deposit: 5% of the land rental * Electricity rate: 0.075 US$/kWh, Water rate: 0.38 US$/m3 at the EPZ * Electricity rate: 0.085 US$/kWh, Water rate: 0.40 US$/m3 at the IP (3) The Binh Trieu IP: Total Area:27 hectares Rental Areas :21 hectares Occupied Areas :20 hectares Land rental:30-40 USD/m2/for 47 years Electricity rate: 0.085 US$/kWh Rental conditions: Land rental depends on land position, Land area and payment methods Deposit: 5% of the land rental (4) The Hiep Phuoc IP: Total Area: 332 hectares 'if Rental Area : 198 hectares Occupied Areas :18 hectares Land rental: 35-50 USD/m2/for 48 years 30-40 USD/m2/for 48 years Conditions: Deposit 5% of land rental, in case with joint ventures Deposit depends on negotiations, in case with IPC company Electricity rate: 0.75-0.90 US$/kWh, Water rate: 0.35 US$/m3 (5) The Tan Tao IP Total Area: 181 hectares Rental Area :90 hectares Occupied areas: 52 hectares Land rental: 45-64 USD/m2/for 48 years The rental price of built ~ factory: 1.7 US$/m2/month Conditions: - Land rental rates depend on land position, land area and payment methods - The minimum leased area: 3,000m2 - Deposit: 10% Electricity rate: 0.070 US$/kWh, Water rate: 0.35 US$/m3 (6) The Tan Binh IP: Total area: 155 hectares Rental area: 95 hectares Occupied Areas: 13 hectares Land rental: 45-55 USD/m2/for 48 years Conditions: Land rental is fully paid (01) and depends on rent duration and payment Deposit: 5% the minimum leased area: 2,000 m2 Rental duration: not less than 20 years • Electricity rate: 0.085 US$/kWh, Water rate: 0.35 US$/m3 (7) The Vinh Loc IP: Total Area: 207 hectares Rental Area : 119 hectares Occupied Areas: 30 hectares Land rental: 30-40 USD/m2/for 48 years Ready-built workshop: 2USD/m2/ per month Conditions: Land rental is fully paid (01) and depends on rent duration and payment methods Deposit: 5% The minimum leased area: 5,000m2 Electricity rate: 0.085 US$/kWh, Water rate: 0.18 US$/m3 (8) The Tan Thoi Hiep IP: Total Area: 215 hectares Rental Area : 135 hectares Occupied Areas: hectares Land rental rates: 26-30 USD/m2 / for 48 years Ready-built workshop: 1.7 USD/m2/ per month Conditions: Land rental is fully paid (01) and depends on rent duration and payment methods Deposit: 5-10% The minimum leased area: 5,000m2 Electricity rate: 0.085 US$/kWh, Water rate: 0.35 US$/m3 (9) The Tay Bac Cu Chi IF: Total Area: 220 hectares Rental Area : 140 hectares Occupied Area: 11 hectares Land rental rates: 28 - 45 USD/m2 Ifor 45 years Conditions: Land rental depends on land position, land area and payment method Deposit: 5% Electricity rate: 0.085 US$/kWh, Water rate: 0.30 US$/m3 (0) The Le Minh Xuan IP: Total Area: 100 hectares •• Rental area: 66 hectares Occupied Areas: 10 hectares Land rental: 36 USD/for 48 years Ready-built workshop: 1.5 USD/m21 per month Conditions: Land rental depends on rent duration and payment methods Fully paid one time Deposit: 5% Electricity rate: 0.085 US$/kWh, Water rate: 0.28 US$/m3 REFERENCES I Books • Harris, M (2000) Human Resource Management, 2nd edition, The United States: Dryden Press • Konosuke, M (1977) Nhan Su - Chia Khoa Cua Su Thanh Cong, translated by Tran Quang Tue (2000), Vietnam: NXB TP Ho Chi Minh • Kotler, P., Armstrong, G & Onkvisit, International, by Dr Truong Quang Tuan (2004) (course compiled S (7) Marketing - Basic & material) • Nguyen Huu Than (2004) Quan Tri Nhan Su, 6th edition, Vietnam: NXB Thong Ke • Noe, R A., Hollenbeck, J R., Gerhart, B & Wright, P.M (1996) Human Resource Management - Gaining a Competitive Advantage, USA: Irwin McGraw-Hill • •• Schuler, R S., Dowling, P J., Smart, J P & Huber, V L (2000), Human Resource Management, Australia: Harber Educational Publisher • The Legal Documents Guiding the 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