Overview of Cathay Insurance Company and my project
Overview of Cathay Insurance Company
Full name: Cathay Life Insurance (Vietnam) Co., Ltd
Head office: 46-48-50 Pham Hong Thai Street, Ben Thanh Ward, District 1,
Website: https://www.cathay-ins.com.vn
Legal representative: Mr Lee Hsun Yu – Role: Chief Executive Officer
Vietnam's economy has demonstrated robust growth, achieving a rate of 5.32%, which underscores its stability and attractiveness for foreign investment Taiwanese enterprises rank among the top three foreign investors in the country, prompting Cathay Life Insurance to establish a Representative Office in Ho Chi Minh City in December 2007 This move aimed to provide early services to Taiwanese businesses and enter the Vietnamese insurance market By the end of 2009, Cathay Life Insurance sought approval from the Ministry of Finance to create a subsidiary, officially commencing operations 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.
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.
Accounting Policy Admin Planning Marketing Training V.P
1.1.3 Financial statements and business results
-Net revenue from insurance business
-Total cost of insurance business
-Financial expenses cost of sales
Total accounting profit before fees
Current corporate income tax expense
Profit after tax of enterprise income
Source: Cathay Life’s financial report in 2017
In 2017, Cathay Life demonstrated significant stability and continued to enhance its business performance with impressive profits and revenue The insurance market in 2018 is projected to grow by over 10%, presenting ample opportunities for insurance companies to expand their revenue and market share However, challenges remain, including high compensation costs stemming from poor management and intense competition, which contribute to financial losses in the industry To address these issues, Cathay Life must prioritize improving customer service quality and concentrate on effective risk and cost management in its 2018 business strategy.
My project
The recruitment process is crucial for human resource managers to make effective hiring decisions that align with business strategies Successful recruitment attracts skilled individuals who contribute to organizational growth and minimize costs associated with hiring and retraining A well-executed recruitment strategy ensures a competent workforce, enabling companies to navigate operational challenges effectively Conversely, poor recruitment leads to inefficiencies, wasted resources, and candidates who do not meet job requirements Therefore, enhancing recruitment quality is vital for companies globally, including those in Vietnam, to optimize their hiring processes.
Vietnamese enterprises are currently grappling with a significant shortage of high-quality human resources, particularly in the insurance sector, which plays a crucial role in the economy There is a pressing need to enhance the recruitment and management of skilled workers to address these challenges effectively.
Cathy Insurance Company, a leading provider of life insurance products and services, recognizes the critical importance of enhancing its recruitment quality to meet customer demands effectively The Board of Directors emphasizes the need for a well-organized staff structure to achieve the company's overall goals Despite focusing on improving the recruitment process, there remain significant inadequacies, including a lack of synchronization across various positions and titles Furthermore, the company has not fully utilized available recruitment sources, resulting in limited outreach and information for candidates To elevate the quality of human resource recruitment, Cathy Insurance Company must implement strategic measures to address these shortcomings.
A business or organization with substantial financial and technological resources can become ineffective if it fails to effectively find and manage human resources The recruitment of skilled staff is crucial, and improving recruitment quality has been a persistent challenge for companies Hiring qualified workers has become increasingly complex, necessitating a focused approach to enhance recruitment strategies This project aims to address these challenges and improve overall recruitment outcomes.
+ Presentation of the actual situation of improving the recruitment quality in Cathay Insurance Company and have analysis and comments on this situation.
Cathay Insurance Company has made significant strides in enhancing the quality of its recruitment process and overall human resources By evaluating the current recruitment practices, the strengths and weaknesses have been identified, providing a practical foundation for improvement Implementing targeted solutions will further elevate recruitment quality, ensuring a dedicated workforce that contributes to increased productivity at Cathay Insurance Company.
The article highlights the critical role of the recruitment process in achieving organizational objectives, particularly at Cathay Insurance Company By focusing on effective management activities, the company can enhance its recruitment strategies, leading to significant savings in time and costs associated with hiring and training new employees Improved labor productivity and efficiency will serve as a foundation for increased profitability Additionally, attracting and retaining quality staff will strengthen the alignment with Cathay Insurance's values, ultimately enhancing the company's reputation and fostering greater opportunities for collaboration and partnerships.
The theme of this article focuses on enhancing the recruitment quality at Cathay Insurance Company This thesis aims to bridge theoretical knowledge acquired in school with practical application in the recruitment process By doing so, I intend to contribute valuable insights and strategies to improve the overall recruitment quality for the company.
SWOT analysis
In terms of scale, the number of human resources, staff force, and insurance agents increased continuously
The company's recruiting process based on scientifically methods to select the right employee
The productivity and labor efficiency have not surpassed and under-developed.The difficult problem is the shortage of personnel, especially high-quality personnel
The high growth of the economy and the source of FDI capital contributed to the increase in non-life insurance revenue
The increase of life insurance demand
Vietnam insurance market is considered to be hightly potential and will have outstanding growth in the next 20 years.
Implementation of project about improving the recruitment quality of Cathay
The importance of human resource recruitment
It is obvious that human resource recruitment decisive to the success of every business Therefore, there are three factors to assess the effectiveness of the recruitment process as below:
Provide for the business an employee team with skilled, dynamic, innovative and complementary workforce that is consistent with the business requirements of the business.
To enhance business performance and achieve optimal objectives, it is essential to identify qualified individuals who can effectively execute business plans This strategic approach not only fosters team development but also improves the overall dynamics of businesses in the context of globalization.
Effective human resource recruitment is essential for establishing sustainable competitive advantage within an enterprise It plays a crucial role in enhancing the quality and capacity of the workforce, ensuring that personnel meet the specific needs and demands of the business.
Help employees in the business better understand the philosophy, the views of the management.
Creates the competitive atmosphere, the spirit of competition within the employees of the enterprise, thereby improving business efficiency.
Helps to achieve the socio-economic goals of workers who have jobs, earn income, reduce social burdens such as unemployment and other social evils.
At the same time, the recruitment of human resources also helps to utilize the resources of the society in the most useful way.
Human resource recruitment process in the company
To excel in human resource recruitment, companies need a systematic and effective recruitment process tailored to the unique characteristics of each job type At Cathay Life, the recruitment process is structured around fundamental steps that ensure a thorough and efficient selection of candidates.
And shorten the steps specified below:
Introduce new employees to become familiar with the job and the environment
Candidates submit applications and receive notifications interview Take the professional test, MBIT personality test, Informatics, English,
Presentation & Take part in the interview
Candidates receive a notification by email
In particular, recruited candidates will spend at least two rounds and a maximum of four rounds of interviews (in case of further discussion with applicants about positions or benefits).
The contest encompasses essential skills such as English proficiency and computer literacy, alongside personality assessments, a written task or presentation, and an interview focused on the candidate's experience and practical abilities relevant to the job requirements outlined in the advertisement Additionally, new candidates will undergo a trial plan featuring defined criteria and a timeline for completion within the initial two months.
New employees at Cathay Life Insurance Vietnam will engage in a comprehensive integration training program, designed to familiarize them with modern systems and tools This program includes planning and reporting processes, participation in training courses, and practical training, lasting from one to twelve months under the direct mentorship of professional trainers and experienced managers.
Status of improving the recruitment quality of Cathay Insurance Company.11
After 10 years of operation in Vietnam, the company has ceaselessly improved and grown in terms of scale and quality of products and services In the scale, the number of consultants reached to 2000 people helps the company achieve impressive business results Over the past three years, Cathay Insurance company has increased owner's equity, demonstrating a long-term commitment to the Vietnamese market. With the reduction in interest rates and legal requirements, the Company has reduced the provision interest rate and increased the provision fund to ensure future benefits.The productivity and labor efficiency of Cathay Insurance's staff are quite good.
The company aims to effectively utilize both controllable and uncontrollable recruitment sources, while learning from past mistakes to enhance future recruitment outcomes.
The recruitment process is conducted with clarity and rigor, outlining the responsibilities and rights of both interviewers and candidates, as well as employee obligations within the company By relying on detailed job descriptions, the company identifies any redundant or missing roles in each department to establish precise recruitment criteria This approach enables timely decisions that align with actual needs, ensuring efficient operations Additionally, the recruitment system adheres to state labor laws and government regulations, facilitating accurate monitoring and evaluation of candidates.
International integration necessitates increased competition among insurance companies, yet many struggle with a shortage of skilled personnel in critical areas such as costing, marketing, product development, and business management The growth in human resources has not kept pace with market demands, and despite having specific recruitment plans, the implementation has been inadequate The company often lacks a regular recruitment strategy, leading to reactive hiring in urgent situations, which diminishes its ability to attract top talent.
Many insurance agents view their role as a part-time job rather than a primary career, leading to a lack of respect for initial training and insufficient adherence to high training standards Consequently, attracting dedicated employees and agents who are genuinely passionate about long-term careers in the insurance industry is a critical concern that needs to be addressed.
The number of agents who update their knowledge at thecompany after being licensed is just half.
The need to enhance productivity, quality and boost the competitiveness of the economy compared to other companies in the region has not been gained.
Communications of the personnel recruitment is too small, limited and not reach the target, no effect.
The company received a limited number of job applications, resulting in fewer high-quality CVs During the recent recruitment process, the HR manager aimed for at least 30 applications but only received 20 Out of these, only 13 CVs met the criteria for interviews.
Candidates are still lacking insurance knowledge as well as related skills In some case, the candidates didn't go to work after being selected by the recruiter.
Recommendations and duties on improving the recruitment quality of Cathay
To enhance the recruitment quality at Cathay Insurance Company’s Ngoc Khanh Branch, I recommend implementing targeted strategies that focus on attracting skilled candidates, refining the selection process to ensure alignment with company values, and investing in training programs to develop employee competencies Additionally, fostering a positive workplace culture and utilizing data-driven recruitment metrics will further improve hiring outcomes.
Provide interesting recruitment information, especially in the content that job seekers' pay attention.
Investing in media to amplify recruitment information is essential for attracting top talent Building trust and ensuring high-quality products and services enhances the company's professional image, making it more appealing to potential candidates.
Holding the Career seminar at universities to get in touch with students, they can approach the job in the insurance industry.
Focus on the strategy and personnel plan have already been set.
The Ngoc Khanh branch should collaborate with reputable insurance training organizations to implement recruitment programs that align with employee positioning standards, ensuring they meet the foreign branch's human resources target for high-quality personnel recruitment.
I proposed the concept and objectives of a career seminar to my superior, who expressed support for the initiative Subsequently, the branch director approved the organization of the career seminar at the University of Finance.
- Design leaflets promoting the career fair for university’s students
- Design post on the fan page of the company
- Prepare the content of program together with colleagues in the company
- Design job descriptionn suitable for each position
The program at Career seminar has the following content:
Objective - The company can find and recruit qualified personnel Thereby, create a long-term exchange of information between the university and the company
- To provide students with orientation in their careers, access to the working environment as well as requirements on qualifications and skills necessary to meet the requirements of the company;
- To create conditions for students to find suitable jobs.
Participant Cathay Insurance’s leader, Cathay Insurance’s staffs and university students (about 200 people), including 02 MC (Cathay Insurance’s staff) Location University of Finance, Address: No.58 Le Van Hien, Duc Thang
Wards, Bac Tu Liem District, Hanoi City Operating date Friday, 27 th April 2018
- Issue the job survey for students
- Introduce the director of the company
- Introduce the Cathay life insurance company
- Career counseling for candidates by leader
- Introduce recruitment positions and the benefits of students when becoming employees of the company
- Discussion: answer the question of candidates
- Eating lunch prepared by company
- Director and 5 head of business Interview students and direct recruitment
- Director announces the candidates who pass the interview
Finish the career seminar, thanks for the university, give the present to the header
Program cost - Cost for presents and awards for students and the header: 7.5 million VNĐ
- Cost for food: 10.0 million VNĐ
- Cost for stage decoration and music equipment: 5.0 million VNĐ
- Other expense: 2.0 million The total cost is 24.5 million VNĐ
At the beginning of the program, I distributed surveys to participating students and gathered their feedback, which revealed that all participants found the program highly beneficial Additionally, they expressed a desire for the company to organize this event annually, providing valuable insights into students' future job aspirations.
Effective leadership involves actively listening to students and sharing ideas and knowledge By creating situations and challenges for students, leaders can help them discover their talents Additionally, ensuring a fair and transparent interview process is crucial for achieving high-quality recruitment outcomes.
- Send the plan and give the specific amount of money needed to improve the recruitment quality for the management approval
- The seminar is organized regularly to discuss and learn from experience for each personnel plan had been done.
- Searching the recruitment program of other insurance companies as: Prudential,Manulife, Dai-Ichi…
Evaluating my project
Mistakes and solutions
As an intern at Cathay Insurance Company, I faced challenges due to my lack of experience, which affected my ability to complete tasks effectively.
In the early days of my career, I made several mistakes, including sitting improperly in the staff room and lacking essential knowledge about Cathay Insurance Company I attempted to complete my tasks independently without seeking help, which resulted in less-than-perfect outcomes.
I initially felt confused while working, but my instructor provided valuable reminders and advice By adhering to the company's regulations and researching Cathay Insurance, I learned effective strategies for self-control and improved my understanding of the organization.
I previously caused dissatisfaction among my colleagues during their busy times due to my own issues However, I've learned from this experience and now only reach out to them when they are prepared to assist me.
My working speed changed that it was faster than the previous days of work because I got more active skills.
Contribution for the company
My internship at Cathay Insurance Company provided valuable insights into the company's operations, allowing me to apply my university knowledge in a real-world setting I focused on understanding the criteria and factors that influence recruitment quality, actively working to enhance these processes during my time there.
+ I could persuade some customers to use Cathay Insurance services after reading the documents and observing the consultants.
+ I did spread out the recruitment information of Cathay Insurance for suitable people.
+ Finding and accessing the criteria, current situation of the improvement of the recruitment quality at Cathay Insurance Company.
To enhance recruitment quality at Cathay Insurance Company, it is essential to identify complex challenges and propose effective solutions By addressing these issues, the company can improve productivity and achieve its overarching goals.
My project result
After implementing the recommended strategies at the Cathay Insurance branch during my practical experience, I achieved specific results that can be summarized as follows.
The number of candidates has increased from 30 to 40 people, in which 25 candidates take part in the interview That helps the recruiter more in choosing the suitable employee.
The recruitment information designed very nice, interesting content that are popular in many websites and social media because of the investment for communications as Head Hunter, and related others.
Many students could be be clearer and closer to Cathay Insurance branch and there are quite many of them feeling happy and taking part in Cathay team.
Knowledge and experiences gained
I enhanced my understanding of human resources, recruitment regulations, and labor laws relevant to the insurance sector Additionally, I gained practical experience that allowed me to analyze and evaluate recruitment processes at Cathay Life Insurance Company, leading to recommendations for improving their recruitment quality.
During my internship at the insurance company, I gained valuable insights into the working environment and the specific responsibilities of employees across various departments I also observed the total employee count and explored the existing and developing recruitment databases utilized by the company.
Enhance your recruitment process by refining job descriptions to attract top candidates, improving search capabilities, and assessing the quality of hires in the Human Resources Department based on actual performance metrics.
Enhancing the recruitment process is crucial for any company, and developing effective recruitment plans using both available and innovative sources can significantly improve outcomes Gaining experience in recruitment at an insurance company not only enriches my skill set but also prepares me for future opportunities in other organizations This experience provides valuable insights into the specific needs of companies when seeking to attract and hire the right talent.
+ Having more knowledge and experience in interviewing, surveying,researching, recruiting, searching for candidate information suitable to the company's need for recruitment.
During my internship at the Ngoc Khanh branch of Cathay Insurance Company, I encountered urgent cases that required immediate attention, particularly in the consultant position, which offered an attractive salary However, the HR manager had received only five CVs due to limited outreach To address this, I shared the recruitment information across various job-seeking groups on Facebook and Instagram, promptly responding to inquiries and reviewing submitted CVs This effort significantly increased interest, resulting in over 40 applicants for the consultant role On the interview day, candidates arrived early, displaying a mix of confidence and nervousness I reassured those lacking experience that Cathay Insurance would provide training for selected candidates and offered refreshments to create a welcoming atmosphere Ultimately, 18 candidates met the hiring criteria, showcasing their enthusiasm for the role, which pleased the HR manager and facilitated a smoother selection process, leading to commendation for my contributions.
My internship at the Ngoc Khan branch of Cathay Insurance has been a meaningful experience, allowing me to apply my university knowledge in a professional setting This project focuses on both theoretical and practical aspects of enhancing recruitment quality, providing a comprehensive review of recruitment strategies It includes an analysis of human resource recruitment quality, highlighting development strategies and training while assessing the company's successes and challenges Through this experience, I have actively participated in planning initiatives to improve recruitment quality at Cathay Insurance, enabling the company to evaluate work efficiency and make informed decisions for enhancement.
To effectively execute this project, I utilized specialized knowledge gained from my university while enhancing my skills However, due to time constraints, my research materials and knowledge were somewhat limited, resulting in certain shortcomings in the theme I received invaluable support from various individuals, including my university instructors and staff from Cathay Insurance Company, which greatly aided my study Their assistance helped me overcome numerous challenges I am optimistic that the recruitment quality will significantly improve and that Cathay Insurance Company will experience further development in the near future.
1 History of foundation and development of Vietnam Cathay Insurance company https://www.cathaylife.com.vn/vi/About-Us/Company-Introduction.html
2 Entrepreneur Asia Pacific, Recruiting and Hiring Top- Quality employees https://www.entrepreneur.com/article/76182
3 6 secrets for recruiting and retaining young Insurance Agency, Jim Schubert,
2016 http://www.agencyownersacademy.com/recruiting-retaining-young-insurance- agents/
4 “Recruit Rock stars: The 10 Step Playbook to Find the Winners and Ignite
5 “The Best Team Wins: Build Your Business Through Predictive Hiring”, Adam Robinson, 2017
6 “High Velocity Hiring: How to Hire Top Talent in an Instant”, Scott Win trip, 2017
7 “Top grading: The Proven Hiring and Promoting Method That Turbocharges
8 “Hiring Talent: Decoding Levels of Work in the Behavioral Interview”, Tom Foster, 2013
9 “Proven Tactics for Successful Employee Selection”, Martin Yate, 2014