Rationale
The banking system in Vietnam is currently observing a rapid development with the entry of many banks, including Joint stock bank, foreign banks Up to the point, most of them has shown evidence of success in Vietnam market Besides supplying advanced products and services, reasonable pricing policy, high quality service, one of the main reasons which create a bigger market share of these is human resource In another word, human resources have always been considered one of the contributing factors to the bank’s success; without good human resources, a bank cannot survive in a long term and build their competitive advantage in the banking industry - one of the service sectors attracting many people for work.
With more than 20 years of developing and now, Techcombank is one of three biggest joint stock banks in Vietnam Techcombank is not only famous for its great development in technology, successfully rapid growth, number of customers, but also the huge amount of their workforce - approximately 7000 people This telling figure indicates to Techcombank leaders a pretty special thing: “Techcomers” - Techcombank human resource, is one of Techcombank’s biggest “assets”. Therefore the biggest questions for all Techcombank founders and all enterprise managers is: “How to best manage the human resource” and “How to satisfy them at work” However, at this period of time, when the economic downturn and recession are running, like other firms in Vietnam banking industry, Techcombank is not an exception Techcombank has faced with many obstacles in the operation; among which the key difficulty is about human resource management in general and job satisfaction in particular
One of the emerging problems is high employee turnover rate The turnover rate is quite high in the comparison with other firms and CCA - Techcombank also has a high employee turnover rate.
In the fields of human resource management at Techcombank, low income is another problem In fact, not only in Vietnam, but also in other countries, banking is a sensitive industry to the development of the economy and business When the economy is developing and the business is expanding, the banking industry has chances to develop more than ever before, then the employee’s compensation (salary, rewards,…) is accordingly high However, when the economy downs, the business is shrinking and troubled; banking industry shall be much more influenced than other industry For the recent years, along with the downturn of the economy and the banking industry, Techcombank’s salary and rewards for employees is quite low compared to other companies in the field of finance and banking in Vietnam, which causes job dissatisfaction among them
In addition, the working hours which last too long compared to the other banks is another disadvantage of Techcombank in retaining employees 24 hours a day seems to be not enough for employee’s daily lives Long working hours with pressure of work at the office undoubtedly are among the major causes of employee’s job satisfaction reduction in Techcombank.
With the above clearly identified problems in job satisfaction, in order to improve the employee’s job satisfaction, each department of Techcombank in the urge to build up the solutions to these difficulties in the next coming years. Therefore, as an employee of CCA - Techcombank, the author would like to choose the subject of her master of business administration thesis as: “Employee’s job satisfaction in Center of Credit Administration at Techcombank”.
Research objectives
This research aims to reach objectives as follow:
The first object is to review and systemize the theories as well as criteria relevant to job satisfaction
The second object is to analyze the current status of job satisfaction among employee of CCA - Techcombank
The third object is to suggest some solutions and recommendation to enhance the employee’s job satisfaction in CCA - Techcombank
Research questions
Based on the above objectives, the main questions that need to be tackled are as follows:
What are the theories relevant to the job satisfaction analysis?
How is job satisfaction of employee at CCA - Techcombank?
How to improve job satisfaction of employee at CCA - Techcombank?
Research methodology
Research process
The research process can be described as following chart:
Data sources
The sources are collected as below:
Relevant research before Characteristic, property and specific sector
Dimensions to measure job satisfaction
In Center of Credit Administration - Techcombank
Propose solutions and recommendation Theory of job satisfaction
Gathering information from published sources as textbooks, magazines, websites; general data about the banking system from the annual report of Techcombank; report of human resource department Besides, the sources of secondary data also include general information on the Vietnamese economy, market, service marketing research through many kinds of media channel.
Primary data: The main tool to collect from the interview and survey
Qualitative research: Professional interview (in -depth interview) by interviewing directly some professional/senior officer in Techcombank who is head of the department related to human resource management (CCA director, CCA human resource manager, CCA employees…) Each expert has recommended some ideas focus on to relate to their work.
Sample size: 61 employees of CCA - Techcombank
Sample design: 61 employees were collected who are officials, specialized employees They are the young generation of Techcombank and all of them are very promising to contribute to a better performance of Techcombank, especially for CCA
Sampling questionnaire design: The questionnaires will be designed by the author and include two parts: the first part is to gain the individual information of survey respondents and the second is designed to get information about their satisfaction with their current job in CCA - Techcombank using five-point Likert scale:
Sampling method: Applying convenience-sampling method to select sample unit
Questionnaire distribution: Because all the survey participants are working in the same place, the author shall print the survey, directly give them and collect later.
In some cases, the author shall send questionnaires and get feedback by email
The objectives of the survey is to get employee’s opinions to verify the evaluation on the matters in question which were obtained from secondary data and the qualitative research.
Data analysis
After collecting the questionnaires, the answers will input to Microsoft Excel,and then the mathematic tools will be used to analyze The analysis results will be presented in tables or in charts or figures.
Research scope
The research scope is defined in research objectives, the geographical scope of the research, and time period of data collection and solutions suggestion The research scope of this thesis is defined as follows:
Main content: Job satisfaction of employee at CCA - Techcombank.
Geographical scope of the research: CCA - Techcombank.
Time period : Secondary data: from 2012 - 2014
Thesis structure
The thesis is divided into 3 chapters as follows:
Chapter 1: Theoretical background on employee’s job satisfaction.
Chapter 2: Employee’s job satisfaction at CCA - Techcombank.
Chapter 3: Solutions to improve Employee’s Job satisfaction at CCA -Techcombank.
THEORETICAL BACKGROUND ON EMPLOYEE’S JOB SATISFACTION
The concepts of job satisfaction
In the late 1920s, the concept of job satisfaction was first developed by Elton Mayo from the Hawthorne studies at the Hawthorne plant of the Western Electric Company in Chicago The result of this very first study on the concept of job satisfaction showed that the emotion of the employees is one of the most important factors to influence their working behaviours The main causes of job satisfaction in employees are social relationships and psychological factors Based on comparison among literature review in job satisfaction, many definitions on job satisfaction was clarified.
According to Schermerhorn (1993), job satisfaction is an effective or emotional respond towards various aspects of an employee’s work It includes
“status, supervision, co-worker relationship, job content, remuneration and extrinsic reward, promotion and physical conditions of the work environment, as well as organizational structure”
According to James L Price (1997), job satisfaction has been described as the level that an employee feels and has positive orientation with jobs in the organization.
Locke (1976) indicated that job satisfaction is the situation when one’s job or job experiences bring about positive emotional status.
In Ellickson and Logsdon’s (2002) opinion, job satisfaction is the extent to which employees like their work.
Kreitner & Kinicki (2007) said that the job satisfaction mainly reflects the favorite level to the job of an employee that is his feeling or emotion to the job. Timothy A Judge, Chales L Hulin and Reeshad S Dalal (2009) also stated that job satisfaction consists of “multidimensional psychological responses to one’s job”.
In general, there are two aspects of the job satisfaction According to Cherrington (1994) these are facet satisfaction and overall satisfaction Johns (1998) indicated that facet satisfaction refers to the tendency of an employee to be satisfied or dissatisfied with different aspects of the job This perspective is reflected in the definitions of job satisfaction by Schermerhorn as mentioned above On the other hand, Timothy A Judge, Chales L Hulin and Reeshad S Dalal, Locke, Ellickson and Logsdon illustrates on the individual state of internal emotion toward the job. This study reports on both aspects: overall satisfaction and satisfaction toward various characteristics of the job.
1.1.2 Role of employee’s job satisfaction
In any organization, human is evaluated as the most important resource which is considered as the key factor decides the success or failure of that organization’s business
Taking advantages of modern science and technology, human resource in general and human resource management in particular are considered to be the most important factors for organizations and businesses to grow By studying the various types of theories, management and administration view, among important criteria assessing the level of human resource management, employee job satisfaction is the key factor to decide employee’s behaviours and in enterprise’s performance. Followings are some criteria:
When the economy is going up, employees who feel dissatisfied with their jobs are easier to look for a better opportunity However, during a difficult period of the economy, employees may feel difficulty in looking for another job that meet their intellectual requirements Although such problems may not affect immediately on a company's retention index, it does begin, indicate a not good signal for the company Employees become complacent and both productivity and work quality decline As economic conditions improve, the employee’s job satisfaction has a significant impact on a company’s financial health.
One way for a company to stimulate job satisfaction is to offer more training and education When business growth is low and there are no new opportunities for current employees, job cross-training is a great solution Employees may gain another side of view of the business by learning more than only one job By creating new challenges for employees, cross-training increases the knowledge base and contribute to help employees become more proficient Besides, teamwork increases as employees work together involved in the training process is a pretty good signal It’s not only important to each employee but very necessary for the whole company also.
Employee’s job satisfaction causes positive work/life balance However, dissatisfaction with a job may create many consequences This occurs when workers experience work overload Often, when companies experience downsizing, work redistribution occurs resulting in present staff members incorporating additional duties into an existing heavy load Employees spend many additional hours in the workplace trying to cope with the extra responsibilities which creates a domino effect; work/life balance is upset causing low morale and eventual turnover.
Placing employees in positions that match their skills, abilities and interests is the first ever reasons bring to employee the satisfaction on the job Employees who do not find work intellectually challenging end up bored and disengaged Therefore, before the selection process, company human resource management department should review job descriptions based on employee’s job satisfaction which describe the core responsibilities and detail about the experience level which required for an employee to perform the job successfully Based not only on their qualifications, but on their interest level in performing the work, screening and recruiting employees help companies to much in making a successful hire.
There are two main factors effect job satisfaction, according to Ciarniene and Vienazindaienne (2009), they are internal factors and external factors.
Between job satisfaction and education, there is a solid relationship In most of circumstances, the higher education, the more the quality of performance as well as the satisfaction level among employees increases However, Study of Crossman and Abou - Zaki (2003) in banking sector found out that the relationship between the two subjects may not be significant
In their study, respondents with a school certificate were reported at the lowest of overall job satisfaction, while employees with a college certificate gain highest level of overall job satisfaction Nevertheless, a similar study conducted by KhMetle (2003) in public government area shows an opposite result Employees in possession of an intermediate level qualification have higher levels of satisfaction in relation to those who have higher levels of education The reason was explained as those with higher education levels have higher expectation than the rest that’s why they get more difficulties to be satisfied.
In general, people get more satisfaction in their career when they become older Younger workers tend to have higher expectations than their job, so it might be the reason why they are not easy to be satisfied Besides, those who have more experience, as the older are also more satisfied than those who are less experienced as the young ones There’s an exception that in the field of Information Technology industry or some industries depending too much on technology, it seems that older people will be slower and get more challenges to acquire new technology than younger people, who are considered to be more dynamic
However, it is the fact that experienced people have much skill in dealing with problems than less experienced ones Their critical thinking provides them the advantage of completing their duties with limited risks, less time and cost Thus, those who are more experienced often hold the leading positions and find it easier to obtain satisfaction in the job.
Tenure is defined as the number of years a person has in their working life. Similar to the age factor, a lot of people agree that tenure and job satisfaction are positively related They state that when a person commit to a long - term job, they achieve a stable career with more opportunities for promotion because of their rich experiences However, in some situations, longer tenure in a job may lead to boredom and lower satisfaction status.
It has been demonstrated that marital status has a significant influence on job satisfaction As cited in Luddy report, Kuo and Chen (2004) research among
Taiwan IT staffs showed that the married employees experienced higher levels of job satisfaction
However, a study of Azim, Haque, Chowdhry in 2013 draws a conclusion that the moral status does not play any significant role in determining the level of job satisfaction Married employees would be busier taking care of their families and their private lives so that it might bring a lot of consequences.
Depend on the position, there’re different level correlation between job satisfaction and gender The relationship between job dimensions and job satisfaction is exist However, gender has not direct impact on job satisfaction
A study conducted by Tang and Talpade (1999) also reflected that female expect more on social factors like co-worker, while men place greater value on extrinsic such an remuneration, advancement….
Model to analyse employee’s job satisfaction in organization
There are numerous theories explaining job satisfaction, but here are two conceptual frameworks which seem to be more prominent They are content theories and process theories Each framework has the main theory and theorist which will be discussed in the following sections to clarify their relevance and direction to the current study.
From a theoretical point of view, job satisfaction has been linked to motivation Although they are not considered as identical concepts, their connection is found in many different motivation theories.
Maslow's hierarchy of needs progresses from the lowest, subsistence-level needs to the highest level of self-awareness and actualization Once each level has been met, the theory is that an individual will be motivated by and strive to progress to satisfy the next higher level of need The five levels in Maslow’s hierarchy are:
* Physiological needs - The lowest or most basic level of Maslow’s hierarchy of needs is physiological needs In the organization these needs include needs such as pay, company cafeteria and basic working conditions According to Maslow’s theory, behavior will be directed towards satisfying these needs As soon as these needs are satisfied, they will no longer influence employee behavior.
* Safety needs - Once the employees’ basic physiological needs have been satisfied, the needs on the next level of the hierarchy becomes important Safety or security needs in the organization include insurance needs such as medical aid, pension or provident fund, safe working conditions as well as the stability of the organization The presence of these types of employer benefits and reassurance will satisfy the employee’s safety needs.
* Social needs or Love/Belonging- Social needs include needs such as the need for love, acceptance, friendship, and understanding by other fellow employees or groups within the organization Through teams and work groups, managers can encourage sufficient interaction among employees to ensure that employee social needs are stimulated and met.
* Esteem needs - The need for self-respect and recognition by others. Examples of esteem needs include the need for success, recognition and appreciation of achievement
* Self-actualization needs - The highest level of Maslow’s hierarchy of needs is the need for self-actualization Self-actualization is the full development of an individual’s potential This is the most difficult need to satisfy in an organization context.
Figure 1.1: An interpretation of Maslow's hierarchy of needs
(Source: Maslow, A (1954), Motivation and personality, New York, NY: Harper)
The movement from one level to the next was termed satisfactory progression by Maslow, and it was assumed that over time individuals was motivated to continually progress upward through these levels While useful from a theoretical perspective, most individuals do not view their needs in this way, making this approach to motivation a bit unrealistic.
From the Maslow theory we can find that people have different levels of needs and the needs must be satisfied from a lower level to a higher level When people’s life is still very low, they must work to satisfy their basic needs (psychological needs) to maintain their life In order to motivate labors, especially for direct worker, the manager must pay attention to increase compensation and other benefits which are the most urgent need Then, higher levels should be paid attention to in order of importance such as safety needs, social needs, esteem and self- actualization The manager must understand deeply about the needs of the different groups of employees and influence them the most essentially and effectively to bring the best benefits to both of the labor and the organization
Herzberg with his two-factor theory distinguishes two different sets of factors, motivation factors and hygiene factors which are related with job satisfaction or dissatisfaction
Hygiene factors (e.g status, salary, benefits, work conditions, job security) that do not give positive satisfaction, though dissatisfaction results from their absence These are extrinsic to the work itself, and include aspects such as company policies, supervisory practices, or wages/salary Herzberg used the term 'hygiene' to describe factors that cause dissatisfaction in the workplace, are extrinsic (or independent of the work itself), and are linked to things such as compensation, job security, organizational politics, working conditions, quality of leadership, and relationships between supervisors, subordinates, and peers
According to Herzberg, these factors do not motivate employees However, when they are missing or inadequate, hygiene factors can cause serious dissatisfaction Just think about how unhappy you would be in a job where you were underpaid, were in fear of losing your job, dealt constantly with gossip, lacked effective leadership, and were surrounded by coworkers whom you despised. Hygiene factors are all about making an employee feel comfortable, secure, and happy When hygiene factors are not fulfilled, it feels like something is missing or not quite right, kind of how you would feel if you couldn't shower, brush your teeth, or wash your hands after using the bathroom
Motivators (e.g challenging work, recognition, responsibility) that gives positive satisfaction, arising from intrinsic conditions of the job itself, such as recognition, achievement, or personal growth) These are linked to employee motivation and arise from intrinsic, or dependent, conditions of the job itself. Factors for satisfaction include responsibility, job satisfaction, recognition, achievement, opportunities for growth, and advancement
Two-factor theory of Herzberg help the author recognizes the adequacy of the hygiene factors to avoid employee dissatisfaction This theory indicates the elements, which can motivate the employee, push them work in maximum ability. Moreover, this theory has created chances for others to research more and experts come to the comparison and combination of Maslow’s hierarchy of needs and Herberg’s two - factor theory as the below figure:
Figure 1.2: Maslow’s hierarchy of needs vs Herberg’s two - factor theory
(Source: http://the-works.net) 1.2.2 Process theories
Equity theory is a theory that attempts to explain relational satisfaction in terms of perceptions of fair/unfair distributions of resources within interpersonal relationships Considered one of the justice theories, equity theory was first developed in 1963 by J Stacy Adams, a workplace and behavioral psychologist, who asserted that employees seek to maintain equity between the inputs that they bring to a job and the outcomes that they receive from it against the perceived inputs and outcomes of others (Adams, 1965) The belief is that people value fair treatment which causes them to be motivated to keep the fairness maintained within the relationships of their co-workers and the organization The structure of equity in the workplace is based on the ratio of inputs to outcomes The inputs are the contributions made by the employee in the organization.
Equity theory proposes that individuals who perceive themselves as either under-rewarded or over-rewarded will experience distress, and that this distress leads to efforts to restore equity within the relationship It focuses on determining whether the distribution of resources is fair to both relational partners Equity is measured by comparing the ratios of contributions and benefits of each person within the relationship Partners do not have to receive equal benefits (such as receiving the same amount of love, care, and financial security) or make equal contributions (such as investing the same amount of effort, time, and financial resources), as long as the ratio between these benefits and contributions is similar
Figure 1.3: Adam’s equity theory diagram
(Source: www.businessballs.com) 1.2.2.2 Goal setting theory
According to Locke and Latham, goals affect individual performance through four mechanisms First, goals direct action and effort toward goal-related activities and away from unrelated activities Second, goals energize employees Challenging goals lead to higher employee effort than easy goals Third, goals affect persistence. Employees exert more effort to achieve high goals Fourth, goals motivate employees to use their existing knowledge to attain a goal or to acquire the knowledge needed to do so
Dimension to measure job satisfaction
From the above mentioned frameworks and comparison of various theories relevant to job satisfaction, these four theories are comprehensive Of which, Maslow theory is used to measure the requirements of the employees or what they needs while the Herzberg theory is used to measure how much are the employee’s job satisfaction and the theory for the public sector Besides, equity theory indicates that employees would feel satisfied when the fairness maintained within the relationships of their co-workers and the organization while goal setting is a major component of personal-development
However, using the approach of job components will help administrators understand clearer the strengths and weeknesses in the organizational execution and which highest or lowest operation in evaluated by employees
Among indicators and assessment criteria built by researchers which are applied in many following studies, Job Description Index (JDI) is very popular which was developed by Smith, Kendall, Hulin of Corenll University in 1969 This model assesses employee’s satisfaction through the factors of characteristic of the job, salary, promotion, colleague and superior The JDI is a tool, whose factors are present in most instruments for job satisfaction Regarding psychometric characteristics of the tool, both its reliability and validity exhibit moderate to high values Therefore, the author proposed Job Description Index which are used to confirm the factors or dimensions contributing to the employee’s job satisfaction inCCA – Techcombank since it is highly appreciated in both research and practice.
The research has used five component aspects of Smith’s job satisfaction as follows: Nature of job, supervisors and leadership, co-worker, compensation, training and promotion
The biggest perhaps JDI limitation is that it refers to only five factors satisfaction It has also been criticized for some questions that might not suit all groups of workers (Buffum & Konick, 1982) In Vietnam, in order to comply with the social culture condition, Tran Kim Dung (2005) proposed two more elements: working condition and benefit.
After studying on theories and previous studies and considering CCA- Techcombank’s real situation, the author focused on the following seven factors:
Figure 1.5: Dimension to measure job satisfaction
Compensation is the amount of money that individuals get from an organization for their contributions, this income does not include amounts received from other sources Monetary rewards are multi complex and multisided job satisfaction factors All of us cannot deny that money not only gives people an
JOB SATISFACTION opportunity to satisfy our primary needs, but also fosters satisfaction of higher levels needs “Those who make more money are little more satisfied than those who make considerably less Moreover, “relatively well paid samples of individuals are only trivially more satisfied than relatively poorly paid samples” (Judge et Al,
2010) Employees more often perceive their salary’s level as a reflection of that how management estimates their contribution to the company’s activity If employees have an opportunity to choose themselves to some extend independently indulgences from the whole package rendered by the company then they receive greater satisfaction from indulgences receivables and the job in the whole.
Companies provide training and promotion to their employees considering experience, service and some companies reward promotions through measuring employee’s talents and capabilities There’s a positive correlation between promotions and job satisfaction Company gives their priority to current employees to apply vacancy is arises In that situation employees can achieve their individual goals obtaining promotion Through such a situation, increases employee satisfaction and they more contribute to the productivity Besides, training and promotion affect upon individual development roadmap Providing employee with clear development path will allow employees to feel secure in their career and improve motivation engagement and job satisfaction.
Undoubtedly, having friendly and supportive colleagues contribute to increase the employee’s job satisfaction Co-workers or colleagues are people who in the same organization They regularly interact with each other, exchange and share information, experience, knowledge and differenct aspects of life Hawthorne studies (1920s) have shown that workers who belong to a social group and have friendships in their workplace tend to be more satisfied
In any organization, a leader always considered as the one who provides support and guidance for work-related tasks Like a guiding “star”, he/she might have a great impact on the employees To evaluate the impact of leadership to the satisfaction of employees, the following aspects should be considered: the proficiency of the leader, relations with employees, leading style.
The proficiency of a leader is reflected in qualification and professional experience The leader who has professional capacity will have an overview of job requirement so that he/she can perform a reasonable staffing and give the best solutions for any problem
The second one, leading style is always one of the most popular topics of job satisfaction study It is all about the practices of envisioning and energizing the employees, how the leader do to influence a group of individuals to achieve a common goal There are variety of leading styles Like the people’s characteristics, leading slyle is quite complex which consists of autocratic, situational, laissez-faire, democratic, transformational, charismatic, participative, transactional and bureaucratic Besides, the same leading styles do not have the same effect on a person However, it significantly associated with discrimination level at work place It’s very easy to realize that the more discrimination applied, the less the job satisfaction experienced In contrast, the leaders and employees who face more interaction with each other might have more impact on job fit and person by influencing behaviors values and attitudes of employees To enhance employee satisfaction, the supervisor should maintain positive interactions at workplace. Positive supervisory relationship includes constructive feedback, effective communication, respect, allows individual decision, interpersonal fulfill.
Leaders should adopt a combination of some traits of these styles for effective management of personnel as a single leadership style may not be able to be applied in different situations Rad (2006) suggested that the styles were chosen by considering the organization’s culture Organizational culture is the organization’s pattern of beliefs, expectations, and values as in company and industry practices A major organizational factor to which new employees must be socialized is the culture of the group they are joining.
The main source of satisfaction is, of course, the job itself Nature of job is the extent to which employees are provided with stimulating tasks, opportunities to learn, grow and expression of capacity A good job allows employee to use different skills, to have authority, to take responsibility for results Researches, dedicated to job characteristics and carried out in correlation with working place projecting, testify that the very content of work and autonomy by its implementation represent two most important motivation factors correlated with labor As research indicated, other main components of job satisfaction are interesting and difficult job without time for tedium and job giving a man one certain status ‘Dealing with a workload that is far too heavy and deadlines that are impossible to reach can cause job satisfaction to erode for even the most dedicated employee Falling short of deadline results in conflict between employees and supervisors and raises the stress level of the workplace.’ (Hill, 2008).
One more factor imposing moderate impact on job satisfaction is working conditions If conditions are good (e.g Offices are neat and cozy, clean and engaging), employees could easier manage their jobs If bad working conditions were available (e.g It is hot or noisy in the office), it would be more difficult for employees to implement their work Otherwise, working conditions affect job satisfaction similar to working group’s influence If all were favorably around, there would not be problems with job satisfaction.
EMPLOYEE’S JOBSATISFACTION IN
An overview on CCA - Techcombank
Vietnam Technological and Commercial Joint Stock Bank, commonly known as Techcombank, was founded in 1993 with the capital of VND 20 billion With Total Equity of VND 14,986 billion, Total Assets of VND 175,902 billion, Techcombank has become to be one of the top joint stock commercial banks in Vietnam Up to 31/12/2014, Techcombank has developed a widespread distribution network of 312 branches and 1,231 ATMs throughout 63 provinces across the country, using the latest banking technology, adopting international best practices and being able to reach every targeted customer segment
Techcombank serve approximately 48,800 enterprises and 3.7 million individual customers through its three core business strategies: Personal Finance Service, Small and Medium Enterprise Banking and Transaction Banking Through three strategies, Techcombank is able to offer financial products and services which address the needs of different and diverse categories of customer They are confident that by continually improving on all aspects of their product and service delivery, they will be able to achieve ultimate goal of becoming the leading bank in Vietnam.
The human resources in Techcombank now have been gradually enhanced in the field of quantitative and qualitative In 2014, Techcombank total workforce stood at 7,242 employees, who are trained professionals and are expected to achieve every bank’s target.
Based on the strength of market understanding, financial stability, technology development and high quality human resources, together with more than 20 years of experience and great innovation, Techcombank aim at an expected target: becoming the Best Bank and the Leading Enterprise in Vietnam Techcombank’s mission is to offer the best financial solutions and services to every customer, to create an ideal working environment for employees, and bring substantial benefits to investors who believe in Techcombank prospects Techcombank’s aspiration of accomplishing the strategic target has been reflected in every aspect of the Bank, which makes Techcombank unique and distinct
To allow for a simple understanding of Techcombank improvements and successes, I would like to highlight some of the year’s key performance indicators. Below are some financial figures Techcombank achieved in 3 recent years:
Table 2.1: Main financial indicators of Techcombank
Thanks for all the factors relevant to the Bank’s operation, especially Techcombank’s excellent work force, although in 2013, operating income reached VND 5,648 billion, slightly lower by 1.9% in comparison to last year but in 2014, in increased dramatically up to 7,106, approximately 26.8 %
Return on Assets (ROA) rise from 0.39% to 0.63%, while Return on Equity (ROE) increased from 4.77% to 7.40 % in 2014 which are very good signals for every Techcombank’s investors It compromises the great future for the bank.
Techcombank want to become the best bank and the leading company inVietnam Cooperation between large network in 43 cities/provinces and high level staff, Techcombank improve service quality step by step by a development project named “TechcomOne”
Techcombank now over a halfway through its strategic transformation program “TechcombankOne”, they have consolidated as well as strengthened all their fundamental system and continued to develop people The result is that Techcombank now is in a position where the banking operations can serve ever increasing numbers of customers smoothly and efficiently
Techcombank has become a truly modern bank which utilizes a deep understanding of the local market together with international best practices to provide people and investors in Vietnam with the best place to bank As they draw from their solid foundation and the momentum inherited from an outstanding performance in 2014, Techcombank confident that they are set to reach new heights in 2015.
For detail, in tranfering process, the vision in 5 years from 2015 to 2020 including:
“To be the preferred and most trusted financial partner of customers, providing them with a full range of financial products and services through a personalized/customers centric relationship”
“To provide employees with a great working environment where they have multive opportunities to develop, contribute and build a successful career”
“To offer shareholders superior long term returns by executing a fast growth strategy while enforcing rigorous corporate governance and risk management best practices”
The success of Techcombank may be explained by many reasons in which the most important is right strategy revolving around five core values:
“Customer first: Techcombank treasures our customers and work hard to offer them the products and services that best meet their needs”
“Innovation: Techcombank is good but can always be better therefore we never stop learning and improving”
“Team work: Techcombank can achieve our goals by trusting our colleagues and collaborating to deliver the best to the bank”
“People development: Techcombank develops people to achieve their best potential and rewards our best performers”
“Accountability: When Techcombank commit to do something, it does whatever it takes to get things done”
Source: Vision and mission of Techcombank- Website Techcombank
(https://www.techcombank.com.vn/Desktop.aspx/Introductions/Vision-
(Source: Techcombank internal document) Techcombank management model is based on Law on Enterprises applicable to Vietnamese Law on Credit Institutions; regulation of Vietnam State bank; international standard practices prescribed by the Organization for Economic Co- operation and Development (OECD) and consultancy from HSBC
The structure of Techcombank is divided in Divisions: business division and support division Sale & Distribution Division is the biggest division of Techcombank with more 4000 staffs Currently, Techcombank has 14 function divisions with responsibilities and report directly to CEO
4 support divisions including: Risk Division, Financial & Planning Division, Legal Division, Strategy & Development Division These divisions are responsible for supporting all Techcombank actions system to suitable and unify the regulation of Vietnamese law and accountant standards
Others divisions are business ones, they will make profit for Techcombank. Transaction Banking, Commercial Banking, Corporate Banking, Personal Financial Service and Market Division are responsible for choosing the target customer segments while Sale & Distribution Division is responsible for improving network and developing Techcombank’ services There are 7 regions belong to Sale & Distribution Division.
3 other divisions are Operation & IT Division, Human Resources Division and Marketing & Branding Division They are support division also.
2.1.1.4 Current situation of human resources in Techcombank
Having deeply understood that human capital is one of the key assets of organization, in 2014, Techcombank further invested in building a strong, self- improving and sustainable workforce A human resource management system was implemented which allows employees to manage their own profile, process administrative procedures as well as training and benefits without additional paperwork or requests More than 500 professional training programs were developed and delivered, with the number of staff attending at least one training program constantly increasing The year also witnessed the launch of our first-ever management trainee program, alongside with other existing talent pool programs,all aimed at developing the next generation of management Taken together, these activities have resulted in outstanding increases of 12% in the staff engagement index and 9% in the staff enablement index compared with last year (according to the annual Employee Effectiveness Survey undertaken by Hay Group) with these targets as follow:
Creating the best working environment for talent acquisition and retention while enhancing the people capability are the keys to Techcombank’s readiness for further development.
Analysis of current situation of CCA - Techcombank
The author conducted a survey on factors which is effecting employee’s job satisfaction in CCA - Techcombank The questionaires were issued and collected from nearly all employees and manangers in the center Seven parts according to seven factors effecting employee’s job satisfaction was listed in the survey They are: working conditions, nature of work, compensation, supervision and leadership, co - worker, benefit, training and promotion
Every question has five options to answer using five-point Likert scale:
The average points to each questions are the total points of all interviewees divided by the number of interviewees.
In additional, the author also carry out the survey on some further question to define factors effecting employee’s job satisfaction and the recommendations to every positions in CCA Moreover, the author gives some questions on general information of the interviewees for research purpose only Among the number of issuance, 63 forms were collected and 61 forms were qualified for analysis.
2.2.1 Demographic data of the respondents at CCA - Techcombank
As mentioned in the data collection, the sample size of this study is 63 employees that are working for CCA They are the officers only and not holding any positions or titles in CCA such as director, manager, team leader, supervisor. The questionnaires were distributed to 63 participants in the survey by hands due to the same working place with the author After one working day, the questionnaires with answerers were collected Successfully, 61 respondents were willing to provide information into the questionnaires That achieves the responding rate of 97% (n 61 of respondents) There were 2 unsuccessful responses, due to some limits, they could not provide me their answers a) Age of the respondents
The questionnaire was designed with five (05) ranks of ages for the respondents’ selection And the results are as follows:
Table 2.4: Age of the respondents
Looking at the above table, we can see that of 54 respondents, there are only
02 respondents at the age of more than 40 years old Most respondents are at the age of 22 to 30 years old This age means that these respondents have graduated from their universities or colleges several years ago These two groups account for 62,4
% of the respondents b) Gender of the respondents
From the following figure, we can see the quite balance between male and female staffs in CCA who participating in the survey 40 respondents (accounting for 65,6 %) are female and 34,4 % (at the amount of 21 respondents) are male
Figure 2.4: Gender of the respondents
Source: The Survey, 2015 c) Qualification of the respondents
There are three types of schools where the respondent can select to answer the question where they did graduate The result of this question is as follows:
Figure 2.5: Qualification of the respondents
According to the state regulations, the employees must achieve certain qualification then they can apply, be selected and work for the Bank 74% of these respondents (n = 70) are graduated from the respective universities with their major subject in line with the job description in CCA 24% of the respondents (n = 25) said that they gained their master degrees during their time of working for CCA because they want to be promoted and perform their job better Some of the staffs gained this type of degree before joining CCA d) Duration of working in CCA
One of another information need to be provided in the questionnaire is that how long the employees have been working in CCA
Table 2.5: Working duration in CCA – Techcombank
From the table we can see that, the amount of respondents who work for the CCA more than 10 years is only 16 persons accounting for 26,2 % The biggest rate of staffs that working for CCA from 2 to 5 years is 34,4% These staffs are at the age of 25 to 30 years old 23% of the respondents said they have been working for CCA for more than 5 years but less than 10 years 16,4 % of the respondents said that they are working for CCA for less than 2 years
In short, the demographic data of the respondents tell the author a lot of information in relation to these respondents’ characteristics Most of the staff here is young and just graduated from universities and their working duration in CCA is not long.
2.2.2 Analysis of employee’s satisfaction on Compensation
Under any circumstances, money plays a very important role in people’s everyday life When choosing a job, compensation’s becoming a significant consideration for the employee However, money is also a very sensitive factor We often hear people say that, “The right amount is best” So how much is enough? It is not an easy question to answer
In developed countries, it is common for corporations to keep their employees' salaries confidential Nowadays, this trend is becoming more popular in Vietnam, but only for higher positions Lower-level employees often compare their salaries to their colleagues, which often results in complaints to the employers regarding fairness
In a recent post in Vnexpress.net, Techcombank ranked number one with the highest average salary for employees However, this is because of the high salaries of the manager posts like chief financial officer (CFO), chief executive officer (CEO), directors , etc Techcombank employees generally are working with quite low salary The same scenarios can be seen in almost all commercial banks since early 2012, when Vietnam’s economy has got bad influence from the world financial crisis In the end of 2014, Cafef.vn, one of the most popular websites on finance, banking and securities in Vietnam, released a series of articles on “banking salaries and benefits” which stated that: "banking is no longer a “hot” industry due to the fact that the banking salaries are not high anymore"
Table 2.6: Employee’s level of satisfaction on compensation
I feel being paid a fair amount for the work I do 0 32 21 8 0 2.5
Is your salary competitive with similar job you might find elsewhere
I feel a lot of chances for pay rises 0 27 27 5 2 2.7
Pay rises are reasonable and not too far between 0 11 36 14 0 3.2
Pay rises are reasonable and not too far between
I feel a lot of chances for pay rises
Is your salary competitive with similar job you might find elsewhere
I feel being paid a fair amount for the work
Figure 2.6: Employee’s satisfaction on compensation
This fact is proved by the author’s survey, as only 2.5 out of 5 points to the statement “I feel being paid a fair amount for the work I do This amount of salary is not enough to cover for individuals' and families' expenditure, while each banking employee work ten to elevent hours per day
Additionally, the banking system has faced with many other difficulties.Among these problems are difficult deposits due to low interest, high competition among credit staffs because corporate loans are more and more difficult to obtain due to low efficient investment There are increasing numbers of weak corporations, rising demands for credits in and non-performing loan and high morale risks in the banking system Corporations which had good performance in crisis time are fewer and are taken care of by many different commercial banks Normally, large commercial banks have won these kinds of deals as they have large financial capacity, high stability and reputation Fierce competition has put big pressures on lower-scale commercial banks like Techcombank and CCA It is necessary for such commercial banks being more proactive and flexible in doing business in order to get the planned results and financial indicators All these difficult factors have created problems for the banks and as a result, banking employees' salaries have been lowered.
Besides low salaries, the compensation policy of Techcombank also reflects on the pay rise process Currently, Techcombank bank have been conducting the job assessment based on KPI As such, the pay rise will not be determined based on the yearly inflation rate, but based on the overall performance of employees over the specific KPIs that the bank has selected According to the pay policy, each employee may have a chance to get pay rise if his/ her performance is great. However, in practice, it is quite difficult to get a pay rise regardless of good performance With 2.7 out of 5 points in the statement “I feel a lot of chances for pay rises”, which means that most employees feel dissatisfied with the pay rise in Techcombank Iit’s not difficult to understand since they feel that they can not get the same thing that they put into their job At Techcombank, employees are required to achieve 110% result in KPIs to get pay rise consideration (about 10% increase in the current pay amount) However, as the selected indicators in Techcombank are quite strict so it is really hard for employees to get 100% result of the assessment,not mention 110% Besides, using Standard unit time (SUT) as a specification for measuring time as well as the effectiveness of employees is becoming an obstacle to employees Although SUT helps managers aveluate employees more effectively, it seems invisible to create a great pressure for employees since standard time to handle the job is shortened away SLA and SUT have been decreased year by year,while the total amount of the workforce is still remained or even lowered As a result, on average, there is merely 3-3,5% of Techcombank’s employees to get pay raise decisions basing on KPI completion And in order to do that, they even have no time to do anything in their daily lives which make them to become the
2.2.3 Analysis of employee’s satisfaction on Co-worker
Table 2.7: Employee’s level of satisfaction on co-worker
My colleagues are very reliable 0 0 12 32 17 4.1
My colleagues always give me practical assistance 0 0 6 32 23 4.3
My colleagues are friendly and we are very good at doing teamwork together
My colleagues are friendly and we are very good at doing teamwork together
My colleagues always give me practical assistance
My colleagues are very reliable
Figure 2.7: Employee’s satisfaction on co-worker
Looking at the survey result on co-worker, firstly, the communication among co-workers is quite positive, and especially 4.2 out of 5 points show: “My colleagues are very reliable” and 4.3 out of 5 points show: “My colleagues always give me practical assistance” These numbers are the most positive among all dimensions as working environment is friendly and communication among co- workers is comfortable and happy Almost all interviewees responded that they feel the relationship between co-workers in CCA are closed They all live, work and support together like a big family In fact, these reasons have become one of the main reasons to keep some employees who had intended to leave away still stay with CCA They said that the working environment with beloved colleagues is always the best thing in their daily working.
Summary of findings on employee’s job satisfaction in CCA - Techcombank
2.3.1 Overall of employee’s job satisfaction in CCA - Techcombank
Table 2.13: Overall of employee’s job satisfaction in CCA
Dimensions creating satisfaction Average mean score
Co mp en sa tio n
W or kin g c on dit io ns
Su pe rv iso rs
Tr ain in g a nd pr om oti on
Figure 2.13: Overall of employee’s job satisfaction in CCA
Looking at the average job satisfaction index with seven dimensions, we can see that more than 60% of respondent feel satisfied with their current position while the rest feel dissatisfied Overall job satisfaction mean score also indicates a hight level at 3.2 However, this figure have not expressed all the aspects which are satisfied by CCA officers Further analyzing reveals that there are three dimensions which get week rate of satisfaction including compensation, benefits, training and promotion The chat above is a vivid isolation for this conclusion.
2.3.2 Dimension contributes to employee’s job satisfaction in CCA - Techcombank
Among the factors affecting job satisfaction in CCA - Techcombank, there are the four best affected factors, namely: Nature of work, working environment, Quality of supervision and leadership and co-worker Their satisfaction on nature of work is positive because they have career orientation from university/college They choose the specialization of banking & finance, or business administration or economics and they will work this kind of jobs after graduation Similarly, quality of supervision and leadership and co-workers are as two of four best factors which encourage them and influence them too much in job satisfaction Besides, working environment in CCA in particular and Techcombank in general is very good though there are some problems relevant to parking lot or sleeping area remained
It is a common sense as all employees are ready to work in their right specializations and they are happy working under a proper supervision and leadership as well as helpful co-workers for them to continue completing any tasks in CCA.
In contrast, the other three dimensions: compensation, training and promotion, benefits tend to generate the highest dissatisfaction among officers Firstly, the compensation policies are not good enough Employee still do not satisfy about what they get for what they put into their job Secondly, there are only few promotion opportunities for employees Although every year, CCA along with Techcombank does have some main promotion chances for ability, working results, contribution but somehow, good ability and awesome performance are not enough to be promoted Therefore, the promotion policies might be considered as an obstacle for young but talent employees And last, but not least, the benefit and welfare service policies are not good enough for what employee did devote to their jobs.
2.3.3 Causes of dissatisfaction dimension on employee’s job satisfaction in CCA
After conducting the research as well as observing the actual situation in CCA and Techcombank, the author finds out some critical reason for the problem of employee’s job satisfaction in CCA They come from the policies from the bank,
HR department, managers and the employees themselves.
Initially, some polocies from the bank such as benefit and welfare havent’t been suitable yet Those policies have been applied for 5-7 years ago Regardless of the high inflation, it has not been revised frequently Similarly, compensation, training and promotion also are still being in the same situations Despite the fact that, in the comparisons with other banks, Techcombank employee’s salary is not too low, but it do not fulfilled the role of encouragement On the other hand, long working hours always be a worried factors that makes employees tired too much It the bank or HR department’s policies can be changed such as increasing the amount of workforce, even it might effect the profit of the whole bank, the situation would become better Furthermore, the bank’s condition that lack of parking lots or sleeping areas for employees also brings many troubles creating dissatisfaction among employees.
Secondly, there’s a long distance between issuing policies and practical execution Though the policies relevant to salary, compensation or benefits were published widely through internal website and labor agreement, the practical execution has not met the employee’s demand yet Some policies just presented to encourage but for years no one has ever been rewarded or promoted.
Thirdly, in the comparisons with other banks and organizations, CCA as well as Techcombank always gives many training programs or employees but it seems to be not really effective There are so few courses for employee to take part in monthly, quarterly or even annually And even the courses are opened, they might feel very difficult to arrange their busy working schedule to enjoy.
Additionally, although the mean score about supervisors is quite high manager and supervisors turn out to be one of these factors cause low job satisfaction among employees Sometimes, the bank’s recruitment process is not strict and proper enough that some employees could be recruited thanks to the relationship not for the ability Furthermore, beside KPI, that manager’s evaluations are just subjective, so the result in the end of every year may lead to unfair decisions.
Lastly, employee’s job satisfaction is also affected by the employees themselves Before applying to positions in CCA or Techcombank, they have not studied about the characteristics and descriptions of job that might make them easily dissatisfy Beside, some employees are complaining about welfare, promotion activities while they themselves are the ones cannot arrange their schedule to enjoy.
In summary, there are many causes for the dissatisfaction among employees inCCA and they are both subjective and objectives However, some main problems could be solved as soon as possible, but some are still in an acceptable state.
SOLUTIONS TO IMPROVE EMPLOYEE’S JOB
Development orientation of CCA - Techcombank up to the year of 2020
Along with Techcombank, Information Technology in general and CCA in particular continue to be a vital enabler to reach the bank’s target of becoming the best provider of financial services in Vietnam Continuous investment in technology is believed to be essential in providing retail banking, business banking, wholesale banking and global market customers with Techcombank’s complete financial solutions and leading banking services As a result, a series of initiatives were undertaken in 2014 by Operations and Technology Division in order to offer innovative and competitive products coupled with speed and simplicity of services that are supported by advanced analytical and risk management capabilities.
In 2014, CCA functions were realigned with business lines to improve the collaboration and partnership and to ensure that CCA becomes an integral part of the business strategy to maximize the business value from the use of Information Technology.
Superior Operational Productivity Within Operations and Technology Division, Operations has maximised the advantages of CCA support The automation rate of Operations has been improving over time and is expected to further increase in 2015 This improved the productivity by more than 20% in 2014, shortened transaction processing time and achieved agreed service level of the whole division at 99.15%.
In 2015 and going forward, CCA will continue on customer centric virtual banking journey based on key the principle of delivering products and services to customers through Techcombank branches anytime, anyhow This will helpTechcombank in general and CCA in particular to better understand customers’ financial needs to better serve them now and in the future Employees would be better equipped to handle branches’ inquiries and service requests Similarly, through the modern system, branches would be able to initiate the request on one channel and complete quickly and properly.
The implementation of these initiatives will raise the capability of employees, strengthen CCA strategic functions as well as maximize CCA support to business strategies Moreover, with existing strengths and advantages, CCA as well as Operations and Technology Division commits to work together with the Bank’s other business unity to improve the bank overall credit processes, increase the automation rate, and achieve credit turnaround time reduction in 2015 by 20% compared with 2014.
In order to do that, building a sustainable and strong workforce will be a very vital task for CCA and Techcombank Up to the year of 2020, people development is the theme of the year “We will implement many large projects to significantly develop human resources to ensure that each employee is able to dohis/her best, has a clear career roadmap, and is rewarded and recognised properly.” said Mr Ho Hung Anh, the Board Chairman.
To realise the leadership’s strategic directions on human resources development, as well as Techcombank, CCA will continue pursuing the successful journey that commenced in 2014 with the following three core tasks:
Continue improving HR policies and processes, especially on recruitment, promotion, training, and development.
Cooperate in the execution of Corporate Culture Development project.
Continue implementing and finalising two strategic projects, i.e Job Cat andPMS; to assess and develop individuals’ capability Develop and strengthen people management skills of managers to improve the overall management capability.The implementation of these key projects is hoped to “contribute to the current and future sustainable and strong growth of the Bank by developing high quality human resources.”
Recommendations to improve the current employee’s job satisfaction in CCA - Techcombank
To achieve the development strategy that Techcombank and CCA set, better human resource policies are essential, especially employee’s job satisfaction The following part of writing will indicate some recommendations to help improve employee’s job satisfaction in CCA.
3.2.1 Improving compensation at CCA - Techcombank
According to above analysis, compensation is on top of human’s demand. However, the results exposed a low mean score of 2.46 which prove a fact that the compensation at CCA is not yet a positive factor to their employees at present For most of people, the purpose of going to work is to earn a living However, not only CCA-Techcombank, but also many other companies or organizations are receiving a lot of complaints from their employees on low salary and improper compensation. The survey showed that the salary paid by the organization is not enough for them to cover their daily life Most of them said that they hardly have a chance to get a pay rise, which might encourage them to find other companies which offer them higher income Therefore, CCA’s management should notice the importance of the policy on compensation towards their employees if they want to retain them long with the bank and to minimize the current high employee turnover rate Actually, not many companies and organizations want to have a newcomers among their staffs who replace the experienced ones and are required lots of professional trainings In the long run, the effects of compensation and benefits diminish as employees begin to feel a sense of loyalty and organizational commitment When employees begin to feel they are an indispensable part of the organization, they often become dissatisfied with their compensation and benefits Finally, when employees feel they are a superior part of an organization, they normally believe that the organization does not compensate them fair enough on what they have devoted to the organization At this point, compensation is simply the glue, which holds many dissatisfied employees in place
Understanding that CCA itself could not easily raise the compensation or adjust payment for their staff as it is one of the typical parts of big organization –Techcombank In order to help CCA have a better point of view on more effective compensation policy for their employees without raises, the author of the study would like to give out some following recommendations:
There is a fact that most of employees working at CCA are at a very young age That is the reason why the company should take notice to have the reasonable salary level for those employees because these young staffs are willing to leave the organization to seek another job which offers them a higher salary and better fringe benefit policies
3.2.2 Providing good working environment for employees at CCA - Techcombank
Working in a friendly environment with lovely supportive colleagues is one of the most important factors which determine level of employee’s job satisfaction. CCA needs to create not only a competitive working environment, but also a strong, solidarity organization which keeps the organization develop sustainably
Organizing team building activities in attractive places will create the opportunity for employees to understand more about each other
Besides, there are some other activities which are relevant to employee’s daily lives like writing about good characters, thoughts sharing among employees may bring good effect on mutual relationships at work.
Furthermore, outdoor activities involving employee's family members should be enhanced Once these kinds of activities are organized successfully, employees might feel the carings of the organization for themselves and their relatives As a result, it is likely that CCA will gain more reliability and loyalty of its employees
3.2.3 Improving working conditions in CCA - Techcombank
Like almost employees of any organization, working condition is on top of the important needs In contrast, the mean average of 3.2 shows that the employees are not yet satisfied with working conditions at CCA It is proved that any company could gain benefits if its employees feel happy with their work condition Smart managers are capable of working hard to address issues that may interfere with employee morale which cause negative impact on the success of the business Each day, employees at CCA spend most of their time at work, sometimes much more time they spend for their families The ideal environment is a place where people actually look forward to each working day in spite of job-related pressures that are very normal occurrences in workplaces, along with the number of tasks that need to be done.
At the time being, being located at the head office building -Techcombank Tower, CCA offers quite good working condition for its employees with modern facilities and high quality services Each floor is designed with modern, convenient and luxurious architecture which makes employees feel comfortable and pleased whenever they step in That is why the result of the survey shows a high level of employee’s satisfaction on working condition However, there are still several existing issues which are needed to be solved to make CCA - Techcombank become a perfect working environment Therefore, CCA should have a plan to improve its current working environment to meet the requirements of its employees. Besides maintaining the good features, dealing with some existing problems of the current working environment are an urgent issues Following suggestions are provided for CCA to consider:
In the very first place, Techcombank tower should be equipped with more elevators inside the building to help employees avoid queuing in the long lines waiting their turn to go up or go down in rush hours like start working time, lunch time
Secondly, the parking place is now not enough for all employees so they have to go far away to park their motorbike which cost them time and health There is an underground parking place which is not in the same building with Techcombank tower, so it takes at least eight to ten minutes for employees to move from parking place to the office Techcombank should negotiate with the tower management to figure out the solutions to that problem like sharing parking place with CGV, Vincom shopping center, etc
Next, automatic coffee machine should be installed inside the office to serve employees with some refreshments during break time That might help to reduce employees’ stress and sleeplessness.
All employees should be equipped with the highest quality computers to facilitate their jobs at the office.
A resting place for employees should also be more concerned Lunch break inTechcombank now lasts for one and half an hour After long working shift, the employees just want to have a place to take a short nap before starting a new shift in the afternoon However, in Techcombank tower, all the employees are not allowed to do that Therefore, Techcombank management should find some ways to have a small and simple sleeping area for employees Employees can bring a “sleeping bag” which is quite small and suitable for a narrow place like Techcombank tower.
If they have enough rest, quality of their working will surely be higher.
Another issue is transportation for employees As total number of employees working in Techcombank tower is very high, approximately 2000 people, it would be very comfortable if Techcombank has private transportations to pick up their employees in every morning and send them home after end of working day. Employees will feel that they are very well taken care by their organization. Besides, they can save time, money for their own lives If Techcombank can do that, undoubtedly they can make their employees feel more satisfied than ever before In essence, a transparent and open form of communication addresses the employee’s need of feeling that what they say has its value With this policy, staffs would have the feeling that they are parts of the organization Working, then, becomes meaningful because the employees know that what they contribute affects the organization where they are affiliated with.
The organization also needs to focus on building the social and cultural places for their employees where the employees can play and relax after their working hours Next, it is essential for employees to discuss the organization’s philosophy, mission and values, from time to time during retreats, meetings, etc to ensure that everyone deeply understand what they’re working for other than their paychecks. Having open discussions get people involved and allow them to share their views and perspectives on how to achieve company goals After employees’ sharing, the management side will give their own perspectives on how to fulfill the organization’s mission
Having some sorts of balance between work and personal life is also what the author want to emphasize In general, having that sense of balance will improve job satisfaction among employees because they will feel that they’re not overlooking the other areas of their lives which are more important to them than working.
3.2.4 Improving nature of job in CCA - Techcombank
Conditions to fulfill recommendations of enhancing in CCA - Techcombank
To implement the above- mentioned solutions and recommendations; there should be certain conditions as follows:
The strategic plan of human resources by Techcombank in general and CCA in particular:
First of all, the complete and comprehensive plan of human resources is very important to any activities of human resource management As what the author found out in the survey, many respondents said that they don’t agree with the long working hours whereas unreasonable salary and compensation The strategic plan of human resources is very necessary because the organization can predict what requirements of the new posts are and during the process or recruitment they would inform the candidate for their understanding and agreeing on the future workload to avoid potential employees from being overloaded or upset The strategic plan helps the organization have their overall and comprehensive vision of the demands and supply for their human resources The human resources plan also needs to be prepared well and comprehensively, that covers all the aspects of the bank in general and the employees in particular
The second condition is the full support from the management of CCA.
The support from the management to implement the solutions is very important The solutions must be done comprehensively and in all the sections of CCA That is the reason why the management of the company plays a very important role here as they are giving instructions and directions to apply the solutions in the whole company The management also strengthens the organization of the company, assigns the suitable tasks to suitable departments in the process of implementing these solutions or recommendations In addition, the management helps to enhance and connection among the departments in the organization so that the relationship of all relevant departments, divisions, managers, line supervisors and employees or employees is better Moreover, the management is the people who helps approve the financial proposals which to be spent on implementing the solutions or recommendations
The author believes that constant development and learning from the employees themselves is another crucial condition.
That the employees need to be satisfied at work is not a responsibility or target of the company side but also from the employees’ side Thus, the employees before agreeing to work for the organization, during the recruitment they need to understand clearly the work to be in charged by them in the future and based on that, they can require the company to meet their certain requirements of accommodation, compensation and benefits or so on The employees also need to develop them to update the new and modern technology In addition, the employees should get them involved in the common activities of the organization to get familiar with the working culture here They must have their own arrangement before accepting an offer of working for CCA They also need to arrange their finance for their daily life to ensure that they accepted the offer and stopped it at the middle due to lower compensation or benefits
The study was conducted on CCA – Techcombank, one specific organization and its employees In relation to the scope of the study and its small size allows the methodology not to generalize the findings outside the organization Instead, others can view the study's conclusions as guidelines towards better understanding of the benefits to make the employees be satisfied The employees' needs and priorities can change over time and therefore the factors can be valued differently if a study is conducted again The writer, believes, however, that the importance of the seven dimensions is sustainable as their impacts on employee’s job satisfaction have received support throughout studies as well as in mine The study may inspire other organizations to improve their employee’s job satisfaction strategies The studies relevance for other companies is supported by its alignment with previous researches.
Through the inductive approach, the writer collected information about the problem area with an open mind The writer did create a bigger picture of the problem area by adding theories and models on the subject This has finally allowed us to create an interpretation of the model that aims to analyze factors within job satisfaction and how the relevance of employee’ job satisfaction.
The author supposed further research in the area of employee’s job satisfaction is necessary The writer believes that more researchers need to enhance the focus on why employees need to be more be satisfied Besides, the writer believes that further research may contribute to develop uncomplicated models that organizations can use in their employee strategies and thus actively work with employee’s job satisfaction Organizations will then be able to work more effectively with employees they want to retain instead of devote time to employees who already have decided to leave due to their dissatisfaction
Although the author tried the best, due to limitations in time, knowledge and experience, errors on information and data collected could not be avoided.Therefore, the author would like to be given some ideas and comments from the teachers and readers interested in this topic.
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INTERVIEW QUESTION FOR HR MANAGER
Q1: Please introduce yourself and briefly about your job
My name is Hoang Kieu Yen I’m now working as director of information management and support service as well as CCA HR manager CCA.
Q2: Please give some information about your employees
There are more than 110 employees working at CCA Most of our staff are all very young They mainly graduated in banking and finance sector of the prestigious universities in Hanoi such as Foreign trade university, national economics university, banking academy so that they are dynamic, enthusiastic and immensely creative They promise to bring a very bright future for CCA in particular and Techcombank in general.
Q3: Please give your employee's job satisfaction opinion and how did your company do due to improve employee’s job satisfaction?
Employee's job satisfaction is an extremely important factor in the survival and development of any organization CCA as well as Techcombank is not exceptions I am sure that improving employee's job satisfaction is one of the most important duties of HRM If staffs feel satisfied, they will be very easy to achieve high productivity and efficiency Currently, like many other organizations, we are trying our best to enhance employee's job satisfaction at Techcombank and CCA.
Q4: How do you think about current employee's job satisfaction situations of CCA - Techcombank?
Currently, the job satisfaction of employees are positive but there’re also many problems existing That’s why the level of employee's job satisfaction has not been high There are many factors that affect employee's job satisfaction and satisfaction itself is different for everyone Therefore, the overall must be considered in many ways, at many angles According to my personal opinion, in general, I am quite confident optimism on this issue at CCA In the future, we will continue making efforts to improve the situation at CCA employee's job satisfaction
Q5: Which factors do you think have great dimensions on the employee's job satisfaction in CCA - Techcombank?
I think there are compensation and opportunities for development, career advancement I believe these two factors will become the motivation for employees at work.
Q6: How do you think about company's compensation? Is it a factor dissatisfied? Why or why not?
Compensation at Techcombank is not too high but reasonable for every employee Depending on the position, each employee has different salary levels The higher position and the longer experience, their greater employee could be paid Therefore, it forces employee to work and to continue learning.
Q7: Were CCA’s training and promotion good enough?
Every year we have organized many types of course on hard skills and soft skills to increase understanding and knowledge of employees Additionally, we also have the monthly extremely e-learning course which are very useful and efficient for the job With the amount of time is not much, I think that there are among these best methods to train employees Besides, if you work efficiently, your chances of promotion are also very high Our employee’s performance results have reported monthly, through which we can evaluate staff more objectively and give them opportunities for advancement that worthy of their ability and dedication to Techcombank.
Q8: How do you think about the nature of job in CCA - Techcombank?
Our staffs mainly graduated from banking, finance or economics Therefore, nature of job here is very suitable for them They will have opportunities to learn much more about their favorite field of choice Moreover, through the operations in CCA, employees will have a lot of knowledge and experience on many stages in the bank's activities.
Q9: How about working conditions at CCA – Techcombank?
Being located at Vincom Tower, one of the most modern buildings in Hanoi, besides some small existing problems, I believe employees are very satisfied with the workplace and equipments here.
Q10: What will you do if you could have a chance to renovate the work force in CCA -Techcombank? Tell more about your plan.
Currently, I am quite satisfied with the quality of our employees If you give me change, I will remain this current workforce However, we will try and attempt more to create better conditions for employees, not only at work but also in their private life so that they feel really comfortable to work here,whereby they might contribute more to CCA and Techcombank.
INTERVIEW QUESTION FOR CCA DIRECTOR
Q1: Please introduce yourself and briefly about your job
My name is Ta Thu Van I'm now director of CCA.
Q2: Please give some points for your business plan in the coming period
We are at our greatest efforts to become one of the most solid center of Techcombank We will try our best to apply all new applications of technology to serve our works and support many other departments and sections of Techcombank.
Q3: Please give your employee's job satisfaction opinion about CCA and how - Techcombank due to employee's job satisfaction improve?
Employee's job satisfaction is very important Therefore we still strive every day to figure out a reasonable plan to help employees be more comfortable while working here.
Q4: Please give some information and descriptions of employees
CCA employees are young, enthusiastic and creative Besides, working hard is one of the elements that I find most beloved among my staffs They have never been scared of difficulties for general banking purposes.
Q5: How do you access the effectiveness of employees?
Understanding, listening and sharing are keys for success From which people can understand each other better and everyone will feel stronger motivation to work
Q6: Do you think the employees of CCA satisfied with job?
I think as they pleased that’s why they are still here However, I know that there are still remaining many issues that we must resolve so that our employees can achieve greater benefits while working at CCA.
Q7: Please give some dimensions cause to the employee's job dissatisfaction most in CCA - Techcombank?
Firstly, I think salary may also be one of the biggest problems for newcomers They do not have much experience so their salaries are not too high But I do believe that if they know to look further, those little problems is not so important Secondly, we have the large number of staffs so there are not too many chances for everyone That you work well is not enough If you want more, you have to really stand out I believe that is one of the extremely positive reasons for my staff strive to learn, explore and achieve more.
Q8: Please give some commendations to improve the employee's job satisfaction.
In the future, we will solve a number of problems such as split shifts for staff support each other find more projects which encourage employees to participate in in order to learn and improve more and more, etc
QUESTIONAIRE
In order to understand deeply employee’s expectation as well as determining the factors that influence employee’s job satisfaction so that we can set the basis of orienting and establishing the appropriate the policies on human resource management We are pleasure and thankful for your kindly help to fill this questionnaire We commit to keep all your personal information.
Please circle your choice which numbered 1 - 5 to describe your agreement level includes 5 levels from totally disagree (dissatisfied) to totally agree (satisfied) Each question has only one option.
My work place is very clean, airy and spacious 1 2 3 4 5
We are well prepared with PCs , furniture, working desks… 1 2 3 4 5
We have free and convenience parking area 1 2 3 4 5
My office has a private pantry for employees to use 1 2 3 4 5
My office has an available space for employee’s short nap 1 2 3 4 5
We are equipped with fire - escape and firefighting equipment 1 2 3 4 5
I like doing anything I do at work 1 2 3 4 5
I used to apply for others position while
My work is very busy but interesting so much 1 2 3 4 5
My work is suitable with my specialization 1 2 3 4 5
I can use all my soft skills at work and it helps me satisfy all job requirements 1 2 3 4 5
I feel proud of doing my job 1 2 3 4 5
I feel being paid a fair amount for the work I do 1 2 3 4 5
Is your salary competitive with similar job you might find elsewhere 1 2 3 4 5
I feel a lot of chances for pay rises 1 2 3 4 5
Pay rises are too few and far between 1 2 3 4 5
My supervisor is open, direct and fair 1 2 3 4 5
My supervisor is quite competent in doing job 1 2 3 4 5
My supervisor always give clear and useful guidance on work 1 2 3 4 5
My ideas always welcomed and supported by my supervisor 1 2 3 4 5
I often received feedbacks on my performance 1 2 3 4 5
Feedbacks from my supervisor are very useful 1 2 3 4 5
My colleagues are very reliable 1 2 3 4 5
My colleagues always give me practical assistance 1 2 3 4 5
My colleagues are friendly and we are very good at doing teamwork together 1 2 3 4 5
CCA always offer paid vacations to staff 1 2 3 4 5
I feel my effort are evaluated exactly for what it should be through benefits 1 2 3 4 5
I’m satisfied with other beneficial policy of CCA and Techcombank 1 2 3 4 5
Training provide useful skills for employees to deal with any tasks 1 2 3 4 5
CCA always give a fair chance of promotion for employee 1 2 3 4 5
Agree with all promotion policies of