(Luận Văn Tmu) Cathay Life Insurance (Vietnam) Co., Ltd.docx

TABLE OF CONTENTS INTRODUCTIONS 1 Overview of Cathay Insurance Company and my project .2 1.1 Overview of Cathay Insurance Company 1.1.1 Company overview 1.1.2 Organizational structure 1.1.3 Financial statements and business results .5 1.2 My project 1.2.1 Project context 1.2.2 Objective of project 1.3 SWOT analysis Implementation of project about improving the recruitment quality of Cathay Insurance Company 2.1 The importance of human resource recruitment .8 2.2 Human resource recruitment process in the company .9 2.3 Status of improving the recruitment quality of Cathay Insurance Company.11 2.4 Recommendations and duties on improving the recruitment quality of Cathay Insurance Company at Ngoc Khanh Branch 13 2.4.1 Recommendations 13 2.4.2:Implement the project 13 Evaluating my project 16 3.1 Mistakes and solutions .16 3.2 Contribution for the company 16 3.3 My project result 17 3.4 Knowledge and experiences gained 17 CASE STUDY 19 CONCLUSION 20 REFERENCES 21 INTRODUCTIONS Cathay Life Insurance Vietnam Limited is one of the 500 largest companies in the world and a Cathay Century Life Assurance Subsidiary jointly established in Vietnam by Cathay Financial Holdings In the Taiwan market, Cathay Life Insurance has achieved excellent business results, although it has only been operating for 17 years, but now the company has occupied the second market ranked in 2009 It is our honor of the company to receive the title of Asia’s Best Non-life Insurance Company, demonstrating that Cathay Life Insurance’s products and services have confirmed position in the international market The Vietnam’s economic growth rate maintaining high growth and stability And Taiwanese enterprises have high result in foreign businesses investing in Vietnam With these factors, Cathay Life Insurance has set up a Representative Office in Ho Chi Minh City in December 2007, and also to provide early service to Taiwanese businesses as well as joining the insurance market in Vietnam Page 1 Overview of Cathay Insurance Company and my project 1.1 Overview of Cathay Insurance Company 1.1.1 Company overview Full name: Cathay Life Insurance (Vietnam) Co., Ltd Abbreviation: Cathay Life Tax code: 0305365284 Head office: 46-48-50 Pham Hong Thai Street, Ben Thanh Ward, District 1, Ho Chi Minh City Established: December 2007 Phone: (84 -8) 6255 6699 Website: https://www.cathay-ins.com.vn Legal representative: Mr Lee Hsun Yu – Role: Chief Executive Officer Vietnam's economic growth rate reached 5.32%, maintaining high growth and stability Moreover, Taiwanese enterprises are in the Top foreign businesses investing in Vietnam With these factors, Cathay Life Insurance has set up a Representative Office in Ho Chi Minh City in December 2007, and also to provide early service to Taiwanese businesses as well as joining the insurance market in Vietnam At the end of 2009, it officially asked the Ministry of Finance to set up a subsidiary in Vietnam and the company officially came into operation in December 2010 Vision: Continuing to set up branches and offices in other provinces, Cathay Life will serve more Vietnamese people and strives to expand its internationalization Mission & Strategy: The above vision will come true through the following strategies: + Focusing on building an excellent sales team + Business expansion to employees of Taiwanese companies in Vietnam +Expand group insurance and bank affiliation insurance by partnering with Indovina Bank and Cathay United Bank (Vietnam) and their clients +Double the success of the double-action “Insurance + Banking” dual-impact strategy from Taiwanese Cathay Financial Holdings to become the strongest and most reliable financial institution in Vietnam 1.1.2 Organizational structure Chairman President Agency V.P V.P Director Internal Audit IT System Developent Management Director HR Finance & Accounting Accounting Policy Admin Underwriting Planning Marketing Business Planning Agency Planning Actuary Agency Admin Training V.P Training Planning Chief Regional Director Regional Director TW Consultant Premium System support GA Finance POS Informatio n Security Legal Investmen t Claim PR Brand Manager Agency Officer Service center Training center 1.1.3 Financial statements and business results No Quota 2016 2017 (current unit:vnd) Total revenue (current unit: vnd) 450.174.597.373 -Net revenue from insurance 204.950.596.272 305.942.809.925 -Revenue from financial activities 251.269.473.552 397.911.540.359 -Other revenue 708.958.278 1.318.248.190 Total cost 439.143.731.272 552.236.117.843 -Total cost of insurance business 297.057.421.775 337.267.729.793 -Financial expenses 7.238.328.594 15.447.664.510 804.172.596.461 business cost of sales -Enterprise Cost Management 100.957.790.040 127.492.354.359 -Other costs 51.463.599 2.428.733 Total accounting profit before 8.885.296.830 152.836.480.631 1.826.859.235 30.071.026.213 6.058.437.595 122.765.454.418 fees Current corporate income tax expense Profit after tax of enterprise income Source: Cathay Life’s financial report in 2017 It obvious that in the period of 2017, Cathay Life has become more stable stability, constantly striving to rise in business with the outstanding profit and revenue Insurance market in 2018 is forecast to maintain growth of over 10% and there are many opportunities for insurance companies to develop revenue and market share However, there are still limitations in high compensation due to poor management and high costs due to unfair competition, which is still the main reason why insurance companies are losing money in insurance business Therefore, Cathay Life needs to improving the quality of customer service, focus more on risk management and cost management in the business plan 2018 1.2 My project 1.2.1 Project context The recruitment process is important for human resource managers to make the right recruitment decisions Recruiting decisions are significant for business strategies and for organizations because good recruitment will help the organizers get skilled people who are suitable for the organization development in the future Good recruitment will help the organization reduce the costs of recruiting, retraining, as well as avoiding the risk of damage during the work implementation Successful recruitment ensures that the enterprise has a suitable workforce, creating strength to help enterprises overcome all difficulties and challenges in the process of operation In contrast, unsuccessful recruitment will make the company in ineffective operation because the staffing plan is not guaranteed, wasting a lot of time as well as recruiting costs Candidates will not meet the job requirements, the quality of recruitment will not be high, time-consuming in the alternative recruitment process Therefore, the recruitment quality is an essential factor that needs to be concerned in the companies Most of the companies in the world as well as Vietnam have found solutions to improve the recruitment quality