Factors affecting talent acquisition strategy of PwC Vietnam - HCMC branch .... Challenges affecting talent acquisition strategy of PwC Vietnam - HCMC branch .... Factors affecting talen
Introduction
THE BACKGROUND OF THE RESEARCH
The audit industry is crucial in assuring stakeholders of the quality and dependability of financial information (DeZoort and Harrison, 2018) The rising level of complexity in company operations, globalization, and technological improvements have also made it difficult for auditors to comprehend and analyze the risks and complexities connected with audit engagements (DeFond, Raghunandan, and Subramanyam, 2002) Acquiring and retaining talent is critical for audit companies since it directly impacts the company's capacity to attract and keep experienced and competent audit experts TA and retention methods are critical in the highly competitive audit sector to guarantee audit companies have a skilled team to perform high-quality audit services (Deloitte, 2018) Qualified auditors have the skills, knowledge, and experience needed to successfully assess and evaluate the risks and complexities associated with audit engagements, hence increasing the credibility and dependability of audit findings (KPMG, 2019) Employees around Asia Pacific are evaluating their lives in the aftermath of COVID-19, and work is at the top of the list According to a recent poll of almost 18,000 workers in Asia Pacific, the Great Resignation is poised to continue Talent is starting to rise to unprecedented levels Hundreds of ex- pats have fled the region, and many locals have returned Millions of people have resigned or switched occupations Workers say they want to have more valuable work, a decent bargain on fair compensation, and the ability to be themselves at work There are some Asia Pacific findings including Vietnam: only 57% of Asian Pacific employees are pleased with their employment One-third want to request a raise and one-third a promotion in the following 12 months One in every five people plans to change jobs Fewer than half of all employees (45%) believe their organization is upskilling its personnel, indicating a tremendous opportunity for improvement One- third believe their territory lacks individuals who have the appropriate expertise Two-thirds believe they need help to make ethical decisions Workers expect firms to be open and honest about important topics (Asia Pacific, 2022) There are several studies related to the topic of TARS of PwC Vietnam - HCMC branch and they are as follows:
Author(s) Topic Purpose Methodology Result
The effect of TR on the organizational performance of firms listed in the Nairobi Securities Exchange
The goal of this research was to look at the impact of TR on the organizational performance of enterprises listed on the Nairobi
Descriptive and correlation survey study designs were employed To pick respondents from the 10 stratums of NSE-listed businesses, a stratified simple random sample approach was used The target population consisted of 534 senior executives from NSE-listed businesses A total of 224 replies were chosen from the list of companies
The findings demonstrated a robust and favorable association between TR and organizational performance across all listed organizations Organizational performance was found to be positively connected to TR An R squared of 0.489 suggests that variants in the organization's performance explain 48.9% of the variability in TR by listed organizations TR was also found to be statistically significant in influencing organizational success
IT-expert retention through organizational commitment: A study of public
The research is an attempt to better understand the characteristics that might promote
Questionnaires (applying a Likert scale) were printed and given to the heads of the respective human resources departments of nine IT
The results proved three hypotheses, which are: Organizational commitment is considerably and positively connected to compensation
3 sector information technology professionals in Pakistan organizational commitment among high-tech professionals in Pakistan's IT sector organizations The Correlation Matrix was used to analyze data
Organizational commitment is strongly and positively connected to training Organizational Commitment is strongly and positively connected to supervisor support
TA and Retention Strategies of SJVNL—An
To investigate SJVNL's current pattern of personnel planning and development - To assess employees' attitudes regarding SJVNL's policies and processes for acquiring talented workers - To assess employees' attitudes concerning SJVNL's retention methods
The study included both primary and secondary data sources The original data was acquired from a sample of respondents using a well- designed questionnaire
Secondary data was gathered by physically visiting the various offices and reading the organization's published literature The responses are drawn from the ranks of management, technocrats, and ministers The
The majority of respondents stated that training is a crucial component in developing, growing, and sustaining effective and successful leaders and managers
4 for talented workers investigation's sampling approach consisted of 60 employees who were chosen using a lottery system The data were examined using a Likert Type Scale and a Weighted Average Score
Table 1: Summary of studies related to the field of TARS
Based on the above studies, the author found that the topic of TARS was studied in many fields, time, research methods, and research objectives Therefore, to diversify and have more depth on this topic to help other researchers have a broader view, the author decided to take the topic of evaluating TARS applied in the field of auditing (which is also an area of interest to many researchers), particularly PwC Vietnam - HCMC branch The difference is shown in the factors studied that affect the strategy of attracting and retaining talent, in addition to factors such as training, benefits, support from management as well as organizational performance.
THE OVERVIEW OF PWC VIETNAM - HCMC BRANCH
PwC Vietnam - HCMC branch established offices in Hanoi and Ho Chi Minh City in 1994 PwC Vietnam - HCMC branch's staff consists of almost 1,000 Vietnamese and ex-pats with expertise and in-depth knowledge in diverse fields PwC Vietnam - HCMC branch is always ready to solve customer concerns PwC Vietnam - HCMC branch provides services through deals and a wide range of audit services that are not limited to financial statements PwC Vietnam - HCMC branch relies on the success of TARS to attract and retain highly qualified and experienced audit professionals capable of meeting the complicated and constantly changing needs of audit engagements in Vietnam's fast-paced business climate Furthermore, because PwC Vietnam - HCMC branch operates in a highly competitive marketplace with high demand for audit and assurance services, the company's capacity to efficiently acquire and retain top talent can
5 have a significant impact on its regional competitiveness, reputation, and overall business success PwC was named a "Great Place to Work" in Vietnam from December 2022 to December 2023 According to the Great Place to Work final report, over 96% of our employees believe that PwC is a physically positive work environment; 92% are proud to tell people that they work at PwC; 92% celebrate important occasions at work; and 91% feel completely welcomed on their first day (PwC Vietnam, 2023)
Figure 1: Net Revenue and Profit After Tax of Big Four Companies in billion VND from 2017 to 2021 (Huyen Trang, 2022)
According to statistics from the transparency report (Huyen Trang, 2022), in the audit field in Vietnam, 3 companies PwC Vietnam, Deloitte Vietnam, and EY Vietnam are far behind KPMG Vietnam Co., Ltd When 3 "colleagues" reached the trillion-dong revenue mark, KPMG Vietnam Co., Ltd is still at nearly 600 billion dongs Not only revenue but also profit after tax KPMG Vietnam Co., Ltd are inferior to competitors Specifically, in 2021, KPMG Vietnam Co., Ltd only made a profit of 2 billion VND, equal to 1/6 of EY Vietnam, 1/22 of Deloitte Vietnam, and 1/82 of PwC Vietnam - HCMC branch The profit margin on revenue of KMPG Vietnam Co., Ltd is also very low, only 0.4% Two other companies, Deloitte Vietnam, and EY Vietnam, also have low profitability ratios, only 4%, and more than 1%, respectively PwC Vietnam - HCMC branch alone has a double-digit profit margin of 15% and this is also the only auditing company with a profit after tax of more than VND 100 billion Besides, in the last 2 years, when EY revenue decreased, PwC has risen to the top in terms of revenue.
RESEARCH OBJECTIVES
To conduct a literature review on the importance of factors and challenges affecting the talent acquisition and retention strategy of the PwC Vietnam - HCMC branch
To evaluate the importance of factors and challenges affecting the talent acquisition strategy employed by the PwC Vietnam - HCMC branch
To evaluate the importance of factors and challenges affecting the talent retention strategy employed by the PwC Vietnam - HCMC branch
To suggest recommendations for improvement of talent acquisition and retention strategy of PwC Vietnam - HCMC branch
RESEARCH QUESTIONS
What talent acquisition strategy factors are currently important to PwC Vietnam - HCMC branch?
How do survey respondents assess the challenges affecting the talent acquisition strategy of the PwC Vietnam - HCMC branch?
What talent retention strategy factors are currently important to PwC Vietnam - HCMC branch?
How do survey respondents assess the challenges affecting the talent retention strategy of the PwC Vietnam - HCMC branch?
THE STRUCTURE OF THE DISSERTATION
This dissertation contains five main chapters with the preface, references, and appendix The introduction shows the background of the studies, what has been researched and how this study varies from these studies, the overview of the PwC Vietnam – HCMC branch and the objectives, and the research questions also mentioned Next, the literature critically reviews factors and challenges affecting TA and TRS used by PwC Vietnam – HCMC branch Subsequently, the methodology explains how data is collected and analyzed using the research onion framework Finally, the result of analyzed data shows in the findings chapter for interpretation, and the conclusion chapter summarizes the result with the research questions and objectives to suggest recommendations for improvement and further research.
Literature Review
HUMAN RESOURCES MANAGEMENT
Human resource management is the strategic management of an organization's human resources to accomplish organizational goals and objectives Workforce planning, recruitment, selection, benefits and wages, employee relations, and performance appraisal are all part of it (John Purcell and Peter Boxall, 2003) Many authors define different views about the objective and concept of HRM; according to Guest, (2011), HRM should prioritize the development of employees' abilities, knowledge, and talents so that they can thrive and contribute to the organization's success while Macey and Schneider, (2008) found that HRM should prioritize fostering employee satisfaction, which refers to employees' emotional connection and devotion to their job and their company HRM techniques should attempt to attract, maintain, and grow a diverse workforce, as well as foster an inclusive culture that values individual diversity (Taylor Cox, 1991) The author agrees with Taylor Cox's opinion because after being involved in the human resource interview process
8 and working in the audit industry, the author feels this is an extremely stressful industry and extremely hard work In addition, the annual recruitment volume is usually very abundant, mainly fresh graduates with no experience, so it is very important to attract new employees and retain seasoned employees Thus, this study focuses on TARS.
TALENT MANAGEMENT
Talent management is an important HRM function that includes actions such as attracting, developing, and keeping talented workers to guarantee organizational performance (Collings and Mellahi, 2009) While there is no universally recognized definition of TM, it is commonly believed to be the process of identifying and developing workers with high potential for leadership or specialized jobs that are vital to an organization's success (Lewis and Heckman, 2006) Organizations value TM because it ensures the availability of trained and competent people who can satisfy the needs of a continuously changing business environment One of the most important advantages of TM is that it allows firms to develop a pipeline of future leaders (Lewis and Heckman, 2006) Organizations may guarantee that they have a pool of competent individuals capable of assuming significant leadership roles in the future by identifying and developing personnel with high potential This is especially significant in businesses where trained personnel are in low supply or where specialized talents are in great demand Another significant advantage of TM is that it improves employee engagement and retention (Collings and Mellahi, 2009) Employees who feel appreciated and supported by their employer are more likely to be motivated and devoted to their work, resulting in better levels of job satisfaction and productivity Furthermore, by investing in employee development and growth, firms may foster a culture of continual learning and improvement, which can boost employee engagement and retention even further Despite the potential benefits of TM, its execution is fraught with difficulties and limits Identifying and training skilled people, for example, may be a subjective and difficult process that necessitates a substantial commitment of time and money (Lewis and Heckman, 2006)
TALENT ACQUISITION STRATEGY
According to Heneman, Judge, and Kammeyer-Mueller, (2019), TA spans the entire recruiting cycle, from discovering job openings to onboarding recruits, and entails a proactive strategy for identifying, engaging, and choosing applicants to match the organization's personnel needs whilst Cascio, (2015) defines a systematic method of attracting, engaging, and selecting high-quality people who connect with the organization's strategic objectives and core principles and have the possibility of contributing to its success is referred to as TA TA, Becker, and Huselid, (2006), entail identifying, attracting, and choosing individuals who have the talents, expertise, and experience needed to contribute to a company's strategic goals This is consistent with Christopher J Collins and Cynthia Kay Stevens, (2002) viewpoint, which emphasizes that TA is a strategic and proactive strategy for identifying and obtaining top people to satisfy an organization's current and future needs Furthermore, according to Subramaniam and Youndt, (2005), TA is crucial for increasing an organization's competitive edge since it allows organizations to acquire personnel with unique talents and characteristics that can contribute to high-quality performance Other researchers, however, have criticized the concept of TA for being unduly focused on the recruitment process, with little consideration paid to the succeeding steps of selection, onboarding, and retention Peter Cappelli, (2008) Cappelli goes on to suggest that TA tactics must relate to an organization's broader personnel management strategy, taking into mind long-term employee growth and retention From the author's point of view, attracting talent is recruiting people with skills suitable for their respective positions to ensure the smooth running of the business thereby increasing profits
2.2.1 Factors affecting talent acquisition strategy of PwC Vietnam - HCMC branch
To recruit and retain skilled people, PwC Vietnam - HCMC branch offers a variety of factors that support the TA tactic They are as follows:
PwC Vietnam - HCMC branch routinely engages in college recruitment activities to find and attract new prospects Campus recruiting is described as "the procedure of attracting, screening, and choosing suitable candidates for employment through visits to university campuses" by Gault, Redington, and Schlager, (2000) Campus recruitment is a significant component of many firms' TA strategies,
10 including PwC Vietnam It is the process of employing and recruiting college and university students and recent graduates This technique enables businesses to identify and employ individuals who have the necessary skills, credentials, and potential to thrive in the firm For various reasons, research has proven that campus recruiting is an effective approach to TAS For starters, it gives businesses access to a pool of potential applicants who are new to the labor market and have a fresh viewpoint According to a survey conducted by The Conference Board, campus recruiting allows firms to tap into a broad and dynamic talent pool capable of bringing fresh ideas and enthusiasm to the organization (The Conference Board, 2016) This is especially crucial in businesses like technology that demand ongoing innovation and adaptation to change Second, campus recruiting may assist businesses in developing their brand and reputation among students and colleges Campus recruiting, according to a poll conducted by Universum, a worldwide research and consultancy group, is an efficient strategy for firms to raise brand recognition and attract top talent According to the poll, 78% of students saw campus recruitment as a chance to learn more about organizations and their cultures (Universum, 2019a) Third, college recruiting may assist firms in filling their talent pipelines with students with the potential to be future leaders According to research conducted by the Society for Human Resource Management (SHRM), campus recruiting is an efficient strategy to build a solid talent pipeline and identify individuals with the potential to be promoted to leadership positions (SHRM., 2016) Campus recruiting as a TA method, however, has limits One problem is that because it tends to target students from certain colleges and backgrounds, it may result in a lack of diversity in the organization Another drawback is that campus recruitment requires firms to spend time and resources attending employment fairs, conducting interviews, and managing the recruitment process
Figure 2: Campus recruitment activity of PwC Vietnam - HCMC branch (source: PwC Vietnam - HCMC branch, 2022)
PwC Vietnam - HCMC branch uses new technologies like social media, online job markets, and applicant tracking systems (ATS) have altered TA techniques in audit companies, allowing for more efficient and effective recruiting processes (Dawson, L., Stevenson, M., & Gerritsen, 2019) Online sites like LinkedIn, for example, have grown in popularity for locating and engaging potential audit talent (Cohen, S.G., & Willis, 2017) Social media platforms have evolved as important platforms for TA strategies, allowing firms to attract, engage, and recruit prospects According to an SHRM survey, 84% of firms utilize social media for recruiting, and 96% of recruiters use sites like LinkedIn, Facebook, and Twitter to locate and assess potential applicants (Society for Human Resource Management, 2019) Social media recruiting provides various benefits, including a wider reach, lower costs, and speedier hiring procedures According to the National Association of Colleges and Employers., (2019), social media recruitment boosted the number of eligible applications by 28% Furthermore, the cost per hire for social media recruiting is significantly cheaper than for traditional approaches like job boards or staffing agencies (LinkedIn., 2021) Furthermore, social media recruiting allows businesses to build a favorable employer brand and attract passive job searchers However, there are certain drawbacks to using social media for recruitment Unconscious bias in applicant
12 selection is a big issue, since recruiters may draw assumptions based on a prospect's social media presence (Higgins, 2019) Furthermore, the veracity of material published on social media may be called into question, and candidates may exaggerate their qualifications and experience (Shaw, S & Ling, 2019) Organizations may address these issues by implementing rules and procedures that promote fair and objective selection processes, such as structured interviews and blind resume screening (Shaw, S & Ling, 2019) Furthermore, before hiring, it is critical to verify the information offered by candidates on social media and to undertake complete background checks (Higgins, 2019) Overall, social media channel recruiting plays an important part in TAS since it provides greater reach, lower costs, and speedier hiring procedures However, to ensure fair and objective applicant selection, companies must address the problems connected with social media recruiting and develop suitable rules and processes.
Figure 3: Example of online recruitment through Facebook of PwC Vietnam - HCMC branch (source: PwC Vietnam - HCMC branch, 2022)
PwC Vietnam - HCMC branch fosters diversity and inclusion in its recruiting process by aggressively seeking people from varied backgrounds and giving equal opportunity to all applicants In addition to students majoring in accounting and auditing, PwC Vietnam - HCMC branch is ready to welcome students from majors such as finance-banking or business administration Diversity and inclusion programs are gaining traction in audit companies' TA procedures, intending to cultivate a diverse staff that represents society as a whole and improves organizational performance According to research, diverse audit teams may provide a greater range of
14 viewpoints, improve decision-making, and boost creativity and problem-solving (Bell, B.S., Bell, A.S., & Little, 2018) To increase inclusion and diversity in TA procedures, audit companies are employing tactics like varied applicant sourcing, inclusive job marketing, and unconscious bias training (Lopez, D.M., & Arora, 2019) According to research, diversity, and inclusion recruiting may provide several benefits to firms For starters, a diverse workforce may boost creativity, innovation, and problem-solving abilities In terms of financial performance, diverse teams outperform non-diverse teams, with ethnically diverse organizations 35% more likely to generate financial returns above their national sector median (Hunt, V., Layton, D., & Prince, 2015) Second, a diverse staff may assist firms in better understanding and catering to varied consumer demands, resulting in higher customer satisfaction and loyalty Finally, hiring for diversity and inclusion may improve an organization's reputation and brand image, making it more appealing to potential consumers, workers, and investors While the benefits of diversity and inclusion recruiting are obvious, there are considerable difficulties in properly implementing it For starters, companies may struggle to attract diverse applicants, particularly in industries dominated by specific demographic groups in the past Second, unconscious biases can affect the hiring process, with recruiters unintentionally selecting candidates who are similar to themselves Third, diversity and inclusion recruiting demands a long-term commitment on the part of firms, which must foster an inclusive culture and actively endeavor to remove any hurdles that hinder workers from feeling appreciated and supported
PwC Vietnam - HCMC branch encourages its workers to suggest eligible people for firm employment opportunities This method not only aids in the identification of possible candidates but also guarantees that the firm recruits personnel who are culturally compatible with the organization According to one study conducted by Adler, L M., & Kwon, (2002), employee recommendations are the most successful recruiting source in terms of job performance and retention Employee recommendations, according to the study, are not only more successful in terms of work performance, but they also minimize employee turnover, raise job satisfaction, and improve organizational commitment Satariano, A., & O’Brien, (2015) discovered that not only are employee recommendations less expensive than other recruiting methods, but they also result in higher-quality hiring Referrals from employees who have been with the firm for
15 a longer amount of time are also more likely to result in successful hires, according to the report It is crucial to highlight, however, that depending only on employee referrals may result in a lack of diversity inside the firm This may be a source of concern, particularly in areas where diversity and inclusion are valued, such as technology and finance According to Roscigno, V J., Mong, S., Byron, R A., & Tester, (2009), employee recommendations might perpetuate existing inequities and impede workforce diversity
PwC Vietnam - HCMC branch has a strong employer brand as one of the four largest companies in the world in auditing services that emphasizes the company's principles and culture A great employer brand may help a company recruit and retain high-quality applicants (De Nobile, J., McCormack, B., & Green, 2019) To recruit and retain personnel, audit companies invest in employer branding initiatives such as highlighting corporate culture, work-life balance, career progression possibilities, and employee testimonials (Stamarski, C.S., & Liao, 2017) Company brand recruiting is an important component of TAS since it focuses on creating the company's reputation and image in the job market as an employer of choice The notion of employer brand recruiting highlights that applicants are interested in working for an organization that has a good reputation and a favorable image, in addition to the job and remuneration (Berthon, P., Ewing, M T., & Hah, 2005) Organizations with a strong employer brand have a competitive edge in the labor market because they can attract a broad pool of qualified candidates Furthermore, applicants that are drawn to an employer's brand are more likely to suit the organization's culture and values, resulting in higher employee retention (Backhaus, K., & Tikoo, 2004) According to Universum, (2019) survey, 80% of job searchers evaluate the employer's reputation and brand before applying for a job Furthermore, 84% of respondents said they would consider quitting their present work if offered a position with a well-known organization Building a good employer brand, on the other hand, is a difficult process that needs ongoing efforts to preserve and strengthen the organization's image Employee referrals, social media, and business culture are the top drivers of employer brand, according to a Deloitte., (2015) study To recruit and retain top talent, firms must focus on creating a healthy corporate culture, connecting with their employees, and marketing their brand on social media channels
2.2.2 Challenges affecting talent acquisition strategy of PwC Vietnam - HCMC branch
High technical knowledge requirement: the increased demand for specialized abilities and expertise is one major element leading to the audit industry's scarcity of competent employees With the changing regulatory framework, corporate climate, and technology improvements, audit companies demand individuals with capabilities in data analytics, cybersecurity, and risk management (DeZoort, F T., Hermanson, D R., Archambeault, D S., & Reed, 2019) Yet, there's a limited number of individuals with these talents, resulting in a talent pool lack of competent candidates
Stress and workload: another issue contributing to a lack of competent individuals is the impression of the audit profession as hard and tough, which may discourage potential candidates from seeking a profession in auditing (Mak, 2018) Employees experiencing occupational stress are more likely to retire, according to Ahmad et al., (2020); Arijanto et al., (2020); Fukui et al., (2020); Nanda, (2020); Yunharmini, (2020) Workload, according to Suwatno & Priansa, (2011), is a task that a worker must perform within a particular amount of time utilizing a technical examination of positions or other management approaches in order to gain information on work efficiency and effectiveness Workload is the process of assessing the time spent by an individual or group in accomplishing work duties According to Arshad, (2020), excessive workload can have a detrimental influence on employee health, hence many employees decide to quit their jobs
Furthermore, increased competition from other areas, such as consulting, banking, and technology, presents a difficulty in the audit industry's TA (Cohen, J R., & Simnett, 2019) These businesses frequently provide attractive income packages, improved work-life balance, and anticipated professional progression chances, which might entice applicants who might not have explored a career in auditing otherwise
TALENT RETENTION STRATEGY
TR has been defined in the literature as "a commitment to continuing to do business or deal with a specific business on an ongoing basis" (Zineldin and Vasicheva, 2012) Several studies have also found that several key factors influence TR, all of which should be managed in tandem: organizational culture, interaction, strategy, benefits and salaries, flexible work schedules, and career growth mechanisms (Logan, 2000) An increasing number of organizational acquisitions and mergers have left individuals dissatisfied with their employers and tormented by fears about general job security As a result, people are now undertaking smart career movements to get jobs that meet their desire for security Employers, on the other hand, possess a duty to keep their employees from quitting or traveling to work for other businesses Organizations that provide staff development programs are more likely to retain employees (Logan, 2000) Indeed, employee retention literature indicates that wooing current staff members through professional growth or TM initiatives costs less than gathering new talents because companies know what their staff members want and desire; and the initial cost of attracting fresh talent has been previously expended (Davidow, W.H., Uttal, 1989) Employee retention literature clearly states that pleased workers who are satisfied with their employees are more committed to performing excellent work and look forward to boosting the happiness of their corporate consumers (James W Denton, 2000) Numerous studies have hypothesized and empirically verified the relationship between job fulfillment and behavioral intentions and behaviors like employee retention (Eugene W Anderson and Mary W Sullivan, 1993) Furthermore, numerous studies demonstrate the significance of significant staff involvement and how it can improve retention (Arthur, 1994)
2.3.1 Factors affecting talent retention strategy of PwC Vietnam - HCMC branch
The TRS at PwC Vietnam, HCMC branch is based on the following key factors:
Work environment and learning culture: Because opportunities for growth and learning appear to be critical for retaining talented staff members (Walker, 2001; Arnold, 2005; Hytter, 2007), a company must create a welcoming learning and working environment Previous research has informed the notion of "learning and working climate" (Abrams et al., 2008) It often refers to the atmosphere in which
18 people learn and work More specifically, the concept can be defined as direction and appreciation at work; work pressure; the amount of empowerment and accountability that employees experience; options in job tasks and growth; provision of demanding and meaningful work; and opportunities for advancement and development
Compensation and benefits: Companies face a unique difficulty in developing a remuneration system that encourages an employee development program Many organizations claim that pay increases are based on performance, but this is not the case Some businesses aim to encourage teamwork while still rewarding individuals for individual accomplishments (Feldman, 2000) Employees may get frustrated and cynical because of these discrepancies It is especially challenging when employees do not receive big raises while firm executives are lavishly compensated (Feldman, 2000) Employee development must be embraced by the whole organization When Sears entered the employee development business, it developed a new compensation system They used to only provide pay increases for workers who were promoted, but now they may offer pay increases for subsequent promotions that are beneficial for their growth (O’Herron, P., & Simonsen, 1995)
Work-Life Balance and Flexibility: Flexibility in the workplace is critical for keeping employees of all ages (Boomer Authority., 2009) Researchers emphasize the significance of occupational flexibility, such as schedule changes that better match individual work periods, loads of work, responsibilities, and locations that are convenient for family duties (Sharon Cunningham, 2002; Pleffer, 2007) According to research, "flexibility" helps workers to achieve a healthy balance between work and personal duties, which appeals to employees of all ages (Eyster, Johnson, and Toder, 2008) According to Kimberly Prenda, (2001), employees who have employment flexibility alternatives have greater levels of individual loyalty, focus, contentment, efficiency, loyalty, and mental ability at any age
Employee Recognition: Recognizing personal and professional successes is an excellent retention approach for employees of all ages (Yazinski, 2009) According to research, satisfying people's demand for acceptability by recognizing individual job successes increases employee retention (Redington, 2007) According to (Yazinski, 2009), an increasing number of job seekers are looking for organizations
19 that promote employee participation, development, education, and teamwork in addition to the typical compensation/benefit packages supplied by employers Individual talent recognition is age-restricted and inspires all employees to engage in positive conduct, ethics, collaboration, confidence, and progress (Redington, 2007) As a result, both skill recognition (from verbal praise to providing an incentive/rewards) along with educational opportunities (growth/development) improve one's performance, effectiveness, and retention (Agrela et al., 2007)
Employee Well-Being: Employee health and well-being initiatives are critical in audit companies for retaining talent Employee retention may be improved by implementing wellness and well-being initiatives like stress management courses, support for mental health, and employee assistance programs (KPMG., 2018) Initiatives that encourage work-life balance, mental wellbeing, and well-being, for example, can help with TR (Ernst & Young (EY), 2017)
Career planning and Leadership development: The goal of planning a career as part of a program for staff development is to assist people to manage the numerous facets of their life and deal with the reality that there is no obvious promotion pathway Organizations can no longer guarantee job stability, but they may assist workers in maintaining the skills required to remain competitive in the labor market (Moses, 1999) According to Eyster, Johnson, and Toder, (2008), employment flexibility, as well as accepting career and life possibilities, is a crucial motivation for all employees According to research, employers are increasingly providing greater job flexibility, which includes flexible career options (such as instruction, coaching, workstation accommodations, job portability, and reduced work hours) as well as flexible life options (such as counseling services, well-being, and health programs) (Boomer Authority., 2009) The issue for firms is to acknowledge that this process may result in some people leaving the company to explore other possibilities (O’Herron, P., & Simonsen, 1995)
Employee Voice and Feedback Mechanisms: Providing options for employee voice and feedback can help audit companies retain talent Providing means for workers to share their ideas and concerns, as well as encouraging open and honest communication, helps build a
20 sense of connection and involvement (Deloitte., 2019) Employee feedback polls, town hall discussions, and frequent check-ins, for example, can all help to enhance retention (PricewaterhouseCoopers (PwC), 2019)
2.3.2 Challenges affecting talent retention strategy of PwC Vietnam - HCMC branch
Absence of options for job progress: Audit professionals frequently seek chances for professional development and growth Yet, restricted upward mobility, ambiguous career trajectories, and a lack of developing chances might stymie their advancement and lead to talent loss (Ernst & Young (EY), 2017) To retain top people and support their progress in the business, audit firms must give genuine career development opportunities
Generational differences: Intra-generational disputes are common in the workplace due to such distinct and frequently contradictory features and attitudes toward work Generational disputes or "collisions" in the workplace, according to (Artley, J.B and Macon, 2009), can "reduce profitability, raise hiring difficulties, boost employee turnover, and reduce morale among every generation of employees in the organization." Companies must acknowledge that "every generation is affected by the economic, political, and social circumstances of its era" and that open communication among all employees may "help remove the stigmas that can exist when generations are classified" (Simons, 2009) Traditionalists and Baby Boomers prefer face-to-face meetings or phone conversations, but Gen Xers and Millennials choose text and email texting (Glass, 2007; Wagner, 2007) In fact, communication style variations may "cause conflict in regular operations/processes and make collaboration more challenging" (Artley, J.B and Macon, 2009)
Competitive salary and perks: Competitive remuneration and benefits are essential for keeping top audit expertise Limited or inadequate salary, a lack of performance-based rewards, and gaps in benefit packages, on the other hand, may result in talent loss (KPMG, 2018) To retain their personnel, audit companies must guarantee that their remuneration and benefits are in line with industry norms and that they satisfy their employees' requirements and expectations
Lack of leadership assistance: The importance of management and leadership in retaining talent cannot be emphasized Insufficient leadership and management support, a lack of appreciation and feedback, and poor communication may all influence staff engagement and retention in audit businesses (Deloitte., 2019) TR must have a supportive and inclusive leadership culture that values and celebrates workers' efforts
Factors affecting talent acquisition strategy of PwC Vietnam - HCMC branch
Challenges affecting talent acquisition strategy of PwC Vietnam - HCMC branch
Factors affecting talent retention strategy of PwC Vietnam - HCMC branch
Challenges affecting talent retention strategy of PwC Vietnam - HCMC branch
Methodology
INTRODUCTION
The methodology chapter is an important part of any research study since it describes the technique and procedures used to gather and evaluate data to answer the research questions or objectives This chapter describes in full the research strategy, data collecting, and data analysis processes used in the study We will discuss the methods utilized in this study to analyze TARS in the context of the PwC Vietnam - HCMC branch We will begin by addressing the study's research design and methodology, followed by a full discussion of the research strategy, data collection methods, and data analysis procedures based on the research onion framework The research onion is a conceptual framework that symbolizes the numerous layers or stages of the research process, ranging from general philosophical assumptions to the precise research methodologies and procedures employed Saunders, M N K., Lewis, P., & Thornhill, (2018) proposed it as a method to assist researchers in designing a well-structured and complete study plan Typically, the research onion has six layers or stages: philosophical assumptions, research methodology, research strategy, research choices, time horizon, and data collection and analysis The research onion offers researchers an organized and methodical approach to designing and conducting studies, ensuring that all components of the research process are properly studied and coordinated It is crucial to highlight that the application of the research onion framework is not without controversy Some academics say that it oversimplifies the intricate and constantly changing nature of the research process and that it is not necessarily appropriate to all areas of research or paradigms (Bryman, 2015; Hennink, M., Hutter, I., & Bailey, 2017) The methodology chapter is an important aspect of the research process since it serves as the basis for the empirical study as well as the framework for generating meaningful findings based on the data A well- designed and conducted methodology is required to assure the study findings' credibility, reliability, and generalizability As a result, it is critical to thoroughly analyze and explicitly disclose the methodology used during the investigation to guarantee that the study is rigorous and transparent
Figure 5: The Research Onion Framework (Saunders, M N K., Lewis, P., & Thornhill, 2018)
RESEARCH PHILOSOPHY
The underlying ideas and assumptions that influence the author's approach to conducting studies are referred to as research philosophies They impact the research design, data collecting, and data analysis methodologies employed for a study, as well as the researcher's worldview and viewpoint on the foundations of reality and knowledge In this research, the author will demonstrate the use of positivism
According to Alan Bryman, (2016), positivism is a research philosophy that stresses the value of empirical data in comprehending the social environment It is founded on the notion that the social world, like the natural world, can be investigated using scientific methods to observe, measure, and evaluate social phenomena One of positivism's main strengths is its emphasis on the use of rigorous scientific procedures to gather and evaluate facts This can result in very trustworthy and valid data that can be utilized to generate precise predictions about the social environment (Alan Bryman, 2016) However, the positivist approach is not without criticism One of the major critiques is that it presumes an objective reality that can be viewed and measured and that this reality exists independently of the observer (Guba Yvonn and Lincoln, 1994) This assumption is flawed because it ignores the fact that social reality is frequently complicated and diverse and that various observers see it differently Another critique leveled towards positivism is that it tends to emphasize quantitative data while overlooking the value of qualitative data in comprehending social processes (Alan Bryman, 2016) This can narrow the scope of research and result in a limited understanding of the social world Despite these objections, positivism remains a popular and important scientific theory, notably in economics, psychology, and sociology Because of its emphasis on rigorous scientific procedures and empirical data, it is a great instrument for understanding the social environment and creating information that can be utilized to influence policy and practice.
RESEARCH APPROACH
There are two research approaches which are deductive and inductive According to (Bryman, A., & Bell, 2019), deductive and inductive methodologies are opposed The deductive technique begins with a theory or assumption and then tests it by gathering facts, whilst the inductive approach begins with observations or data and afterward creates concepts or ideas based on those observations The research process seems to be more organized and driven by previous theories or hypotheses in the deductive method, which can offer a distinct direction to the study and guarantee that the study findings are consistent with current knowledge The inductive technique, on the contrary, offers greater flexibility and receptivity to new concepts and ideas since it is not restricted by
25 prior theories or assumptions In quantitative research, the deductive technique is widely used to examine known ideas or hypotheses using empirical data In qualitative research, on the other hand, the inductive technique is widely utilized, with researchers aiming to explore and produce new hypotheses or notions based on facts
The deductive approach is a method in which researchers begin with a hypothesis or theory and thereafter test it using empirical data collecting and analysis The deductive approach's emphasis on scientific rigor and the use of known theories or hypotheses to guide the research process is one of its strengths Researchers can generate distinct study objectives, hypotheses, and research questions by starting with a theory or hypothesis, which can give a strong framework for gathering and analyzing data (Goddard, W., & Melville, 2004) This method enables researchers to put preexisting ideas or hypotheses to the test, contribute to the existing body of information, and make broad statements about the target population (Trochim, 2006) However, the deductive technique has significant drawbacks One of the primary complaints is that it may restrict the researcher's capacity to capture the variety and depth of social phenomena since it often depends on preexisting ideas or assumptions that may not completely capture the subtleties of the study issue (Bryman, 2016) Also, the deductive technique may not be appropriate for investigating new or developing research topics when established concepts or hypotheses are not accessible In this study, the author uses this method to test the theories of TARS at the PwC Vietnam - HCMC branch by developing survey questionnaires based on the theory which was developed in chapter 2 to gather information from participants and analyze information in the findings.
RESEARCH STRATEGY
Overarching plans or techniques that researchers utilize to direct their research procedure and accomplish their research objectives are referred to as research strategies Many research techniques may be used in various research situations, and they are frequently influenced by the study design, research topic, and data-collecting methods In this research, the researcher uses a survey research strategy to gather data from participants of the PwC Vietnam - HCMC branch gaining a better interpretation of TARS
Survey research is a popular research approach in the social sciences and other domains for gathering data from a sample of persons or organizations using standardized questionnaires or interviews It enables researchers to collect data easily and methodically from a significant amount of people Survey research is frequently used to define and record the features, views, habits, or attitudes of a certain sample or population (Babbie, 2016) Survey research may also be utilized to investigate new areas of interest or provide hypotheses for further investigation (Neuman, 2014) Survey research may be employed to explain variable correlations or to test current hypotheses or models (Bryman, 2016) Survey research can additionally be utilized to compare groups, populations, or historical periods to uncover similarities, contrasts, or changes through time (Bryman, 2016) One of survey research's benefits is its capacity to collect data from a wide and varied sample, which can improve the generalizability of findings (Babbie, 2016) Surveys, for example, are "used to collect data from a sample of respondents that is typical of a wider community," according to Babbie, (2016) One restriction of questionnaire surveys is the possibility of response bias, which occurs when participants submit erroneous or skewed replies because of social appropriateness or other reasons (Bryman, 2016) Moreover, surveys may fail to capture complicated or subtle phenomena that need in-depth investigation since they often rely on closed-ended questions with restricted response alternatives (Neuman, 2014).
RESEARCH CHOICE
Research choices include mono-method, mixed-method, and multi-method While mono-method involves the use of a single research method throughout the entire research process, mixed method and multi-method involve the use of multiple research methods within the single study or separate but related studies within a larger research project In this research, the author uses the mono-method to reach a focused and streamlined approach to research
The employment of a single research technique throughout the whole process of research, from data gathering to data analysis, is referred to as mono-method research This method is frequently utilized when a single method, including a survey, interview, or experiment, can successfully address the research issue Since it allows researchers to continuously follow a single technique, mono- method research can give a concentrated and streamlined approach to study, which may be advantageous in research environments where simplification and efficiency are goals (Smith, 2015) Brown, A., & Johnson, (2018); Miller, K., & Thompson, (2019) state the simplicity of mono-method research is one of its merits since it provides for a clear and easy study design, data gathering procedure, and data analysis strategy It can be a more cost-effective strategy than mixed-method or multi-method research since it requires fewer resources such as time, money, and manpower When the research subject is addressed using a single approach with a tight focus, mono-method research also can yield exact results Mono-method research, on the other hand, has limits It may not capture the whole intricacy and richness of the research issue; therefore, it could lack the comprehensiveness and depth of certain other research methodologies that employ numerous methods When just one approach is utilized, it may have limited applicability for triangulation, that is the use of several sources or methodologies to confirm study findings When the study findings are not cross-validated using diverse methodologies, this might raise issues regarding their reliability and validity Furthermore, because it does not capture the varied views or elements of the study issue, mono-method research may be less suited for addressing research topics that need a multi-dimensional or multi-perspective approach Because the study design is restricted to a particular method, it may also be constrained in its capacity to examine unanticipated discoveries or emergent themes As a result, the suitability of mono-method research for the study question, objectives, and overall design of the study should be carefully considered.
TIME HORIZON
In the social sciences, two frequent types of study designs are cross-sectional and longitudinal A cross-sectional study captures a specific population at a certain point in time It is a sort of observational research in which data is collected from a sample of people
28 reflecting the target population at a specific period A longitudinal study, on the other hand, is an observational study methodology that entails observing a group of people through time to track changes within the variables being studied In this study, the researcher will demonstrate the use of cross-sectional as it fits the direction of the author
A cross-sectional survey entails gathering survey data from participants at a particular moment in time, allowing researchers to acquire information on current TA and retention procedures, attitudes, and outcomes in a reasonably effective manner A cross-sectional survey design's ability to offer a glimpse of the present condition of TA and retention methods in the audit business is one of its benefits It enables the quick gathering of statistics from an extensive sample of participants, resulting in a comprehensive picture of the prevalence, methods, and effects of talent recruiting and retention activities in audit companies (Pittino, D., Visintin, F., Lenger, T., & Sternberg, 2016) Additionally, as compared to other research methods, cross-sectional survey designs are highly cost effective and time efficient They may be given in a variety of ways, including internet surveys, postal surveys, and in-person interviews, making them available to a diverse range of participants and places (Dillman, D A., Smyth, J D., & Christian, 2014) Cross-sectional surveys may also be used to investigate connections and relationships between factors, allowing statistical analysis to find possible predictors, modifiers, or mediators of TA and retention results (Welman, J C., Kruger, S J., & Mitchell, 2017)
However, cross-sectional surveys collect data at a single moment in time, making determining the chronological sequence of events and establishing causation challenging Cross-sectional surveys, for example, can uncover links between TA and retention methods and outcomes like turnover rates or employee satisfaction, but they can't tell you if the strategy caused the results or vice versa Another disadvantage is the possibility of common method bias or response bias since data is gathered using self-report measures Participants may offer socially desired replies or demonstrate prejudices in their responses, thereby leading to data errors or biases (Podsakoff, P M., MacKenzie, S B., & Podsakoff, 2003) From the author's point of view, the study uses a cross-sectional survey design because it can help the author survey a large number of participants at a single point in time which is the end of the fiscal year, so the number of
29 employees working at PwC Vietnam - HCMC branch who are considering leaving the company is very large and it is also the time when the company's personnel will recruit new employees for replacement Therefore, the strategy of attracting and retaining talent is very important at this time.
SAMPLE SELECTION AND SIZE
The target population for this study consists of audit professionals working in the PwC Vietnam - HCMC branch - Ho Chi Minh City branch (with an estimated population of approximately 500 staff) A non-probability convenience sampling method will be used to collect data from participants Participants will be recruited through personal email invitations and online survey links shared with all participants The sample size will be determined based on the desired level of statistical power and the practical considerations of the research, such as time and resources available for data collection and analysis In the author's terms, a sample of 100 people (gender:
35 males, 65 females; ages: from 22 to 30 years old) would be reasonable to be able to study this topic To ensure the sample represents diversity and accuracy, efforts will be made to include participants from different levels of seniority such as interns, assurance associates, senior associates, team managers, senior managers, and staff of the HR department within the target population
It is important to note that the use of convenience sampling may introduce potential sampling biases, as participants who choose to participate may not be fully representative of the entire population Therefore, the findings of this study should be interpreted with caution, and generalizability to PwC Vietnam - HCMC branch and the broader audit industry may be limited.
TECHNIQUES AND PROCEDURES
In this research paper, the researcher will collect data regarding the TARS used by PwC's human resources department and the employee's experiences and expectations with PwC Vietnam - HCMC branch The questionnaire will be created using google forms (as shown in Appendix 1) and emailed to each sample selected for the survey in the company After conducting literature on the TARS of PwC Vietnam - HCMC branch in chapter two, the content of the questionnaire will be posed based on the theory built from this chapter In addition, a set of questionnaires is also drawn up to answer the research questions and research objectives Furthermore,
30 with a sample size of 100 participants, 100 questionnaires were sent and received 100 responses (100%) Because descriptive analysis of quantitative data was used in this study and Likert-scale was applied, closed-ended questions with multiple-answer options might be suitable for collecting quantitative data The questionnaires used for the survey will be applied Likert-scale The Likert scale is a prominent instrument in survey research for measuring people's attitudes, views, and perceptions about a certain topic or concept The scale is a form of ordinal data, which allows people to express themselves on a scale with a predefined range of values Respondents choose their level of agreement or disapproval with a statement using a Likert scale ranging from 1 to 5 or 1 to 7 (Likert, 1932) Descriptive statistics may be used to examine data from a Likert scale survey It entails computing the measurements of central tendency (mean) and variability (SD) for each question's replies These statistics assist in summarizing the data and providing a broad picture of the replies Here are the steps for using descriptive statistics:
Gather the data: Collect the survey data
Sort the information into google sheets: To make the data simpler to interpret and evaluate, arrange it in a table or graph
Compute the central tendency measures: To describe the average value of the data, find the mean based on the data collected
Determine the variability measures: Determine SD to indicate how far the data deviates from the mean depending on the data collected
Interpret the findings: Based on the descriptive statistics, analyze the data, and develop conclusions Throughout the data, look for patterns, trends, and outliers
Present the findings: Show the results in a table and chart
METHODS OF ANALYSIS
The gathering and analysis of data are two critical components of every research endeavor Data collection is the act of acquiring information or data from numerous sources, whereas data analysis is the process of understanding and evaluating the acquired data In this research, the quantitative data method is used to interpret primary data that are collected through surveys
Quantitative data is information that is dependent on numeric data and may be examined statistically Quantitative research entails gathering and evaluating data in the form of numbers, measures, or counts, and it is extensively utilized in a variety of sectors such as social sciences, business, and health sciences Quantitative data can give useful insights into the interactions between variables and assist researchers in drawing statistically supported conclusions (Hair, J F., Black, W C., Babin, B J., & Anderson, 2019) For example, quantifiable data collected on factors such as turnover rates, employee satisfaction ratings, and organizational performance measures can be used to assess the efficiency of TA and retention initiatives in audit companies (Movahedi, M., Che Rose, R., & Che Rose, 2017) Surveys, questionnaires, structured interviews, and observations are all approaches for gathering quantitative data (Creswell, 2014) These techniques enable researchers to collect data from many people while producing statistically accurate conclusions A survey utilizing a Likert scale, for example, might generate quantitative data that can be evaluated using statistical tools such as regression analysis or t-tests (Petter, Straub, and Rai, 2007) Quantitative data, on the other hand, have restrictions It may fail to reflect the complexities and nuances of human behavior, as well as contextual elements that can have an impact on the efficacy of TA and retention initiatives (Bryman, 2016) Moreover, biases in quantitative data, such as self-report bias or social desirability bias, might impair the validity and reliability of the findings (Creswell, 2014)
To Evaluate the effectiveness of the TARS of PwC Vietnam - HCMC branch, the quantitative data method will be mainly used in this study to achieve the accuracy and the objective of this research
To conduct a good study, researchers must use appropriate research procedures Primary data collection and analysis are also critical components of the study to obtain accurate and appropriate results
Primary data is data that is acquired directly from research respondents to carry out an investigation (Leedy, P D., & Ormrod, 2021) Surveys, questionnaires, interviews, and observations can all be used to gather information For starters, it enables data-gathering methods to be tailored to the study aims and environment, resulting in more pertinent and precise data (Leedy, P D., & Ormrod, 2021) Second, since it captures real-time or context-specific information, like employee perspectives, attitudes, and actions, primary data can provide unique insights not accessible in secondary data sources (Creswell, 2014) Primary data acquired through interviews or surveys with auditors, for example, might give firsthand data on their experiences, beliefs, and behaviors linked to TA and retention in research on TA and retention tactics in audit companies
Primary data, on the other hand, has limits To begin with, data collection may be time-consuming, labor-intensive, and expensive since it involves careful planning, design, and implementation to assure data quality and validity (Leedy, P D., & Ormrod, 2021) Second, biases in primary data, such as social desirability bias or self-reporting bias, might affect the reliability and validity of the findings (Creswell, 2014) In research on TA and retention techniques, for example, employees may submit replies that they perceive are socially acceptable or anticipated, thereby biasing the findings Primary data quality assurance: To address the constraints of primary data, researchers should use rigorous data-gathering techniques such as employing standardized data collection devices, assuring confidentiality and anonymity, and validating data correctness through validation tests (Leedy, P D., & Ormrod, 2021).
RESEARCH ETHICS
The research was done following the research ethics form (As shown in Appendix 2) Before the study began, all participants of the PwC Vietnam - HCMC branch submitted informed permission after being given complete information about the study, its objective, and the
33 procedures involved Participants were advised that their participation was entirely voluntary and that they might leave at any time without consequence To safeguard the privacy of the participants, the obtained data was kept secret and anonymous Furthermore, the study proved that no injury or negative influence was caused by the volunteers The questions were carefully crafted to cause participants no grief or discomfort Furthermore, no sensitive information that might endanger the participants was requested.
Justification for choosing Research Design
The author uses the research onion framework to build the structure of methodology for this dissertation, it gives a systematic method to research those aids in the consideration and accounting for all significant parts of the research process The framework leads the researcher through the several layers of research concerns, from study philosophy and strategy through data collection and analysis to results interpretation and dissemination The author may use the research onion structure to guarantee that their study is complete, rigorous, and transparent It also enables researchers to effectively convey their study approach to others, including reviewers, colleagues, and stakeholders The study design should be in line with the research questions and objectives, and it should give the best method for collecting and evaluating data Research questions and objectives about the importance and challenges affecting TA and retention strategies at PwC Vietnam, HCMC branch, using a survey with questionnaires to collect experiences and assessments of each employee who has been through the company's recruitment process and has a certain working time enough to have experience about the factors that retain employees with the company The author uses the Likert scale applied to the survey to assess the degree of agreement with the importance of each factor contributing to the company's strategy of attracting and retaining talent The author uses quantitative analysis because results from specific numbers interpret an accurate and realistic assessment of the strategy
Findings and Analysis
Introduction
The research question of this study is to evaluate the TARS as well as the challenges that influence the strategy of the PwC Vietnam - HCMC branch as well as the SWOT analysis of that strategy The dataset used in this study includes responses from a survey conducted among PwC Vietnam - HCMC branch - HCMC employees The survey consists of questions using a Likert Scale related to the evaluation of the current TARS of the company to maintain the most important TARS and suggestions for improvement when it comes to the least important TARS The responses were collected through an online survey platform google forms and were anonymous to assure the confidentiality of participants The sample size of the survey is 100 (65 females and 35 males with a range of age from 22 to 30 years old), which represents a good proportion of the total employee population at the PwC Vietnam - HCMC branch The survey was conducted in April 2023 The objective of this study is to evaluate the importance of the TARS of the PwC Vietnam - HCMC branch on employees to make improvements.
Result of Survey on TARS of PwC Vietnam - HCMC branch
4.2.1 TAS of PwC Vietnam - HCMC branch
Table 2: The result of factors affecting TAS of PwC Vietnam - HCMC branch by the mean and SD
Based on the data supplied, we can see that "Social Media Recruitment" had the highest mean score among the TA methods of the PwC Vietnam - HCMC branch, with a mean of 3.82, followed by "Diversity and Inclusion Recruitment" with a mean of 3.74 On the other hand, "Campus Recruitment" had the lowest mean score of 3.43 This implies that PwC Vietnam - HCMC branch's most essential
TA tactics are social media recruiting and diversity and inclusion recruitment, while campus recruitment may need to be examined to determine how it can be improved The SD is a measure of how far off a group of numbers is from its mean It shows how far apart the data points are from the average The SD values for each category in this scenario vary from 1.03 to 1.22 A low SD implies that the data points are close to the mean, whereas a large SD suggests that the data points are spread out throughout a greater range of values The category of "Social Media Recruitment" has a mean of 3.82 and an SD of 1.03 This indicates that the data points in this category are densely grouped around the mean, implying that this recruitment approach is routinely evaluated favorably The "Campus Recruitment" category, on the other hand, has a mean of 3.43 and an SD of 1.22, showing that ratings for this technique are more distributed and that people may rank this method differently In general, the average scores for the TAS of PwC Vietnam - HCMC branch
Ho Chi Minh City branch are above neutral, indicating that employees agreed with the effectiveness of this TAS, especially the recruitment strategy through social networks and diversity and inclusion recruitment In addition, strategies with high variability show that there are still some people who do not find this strategy to be effective and need suggestions for improvement
Figure 6: The importance of factors affecting TAS of PwC Vietnam, HCMC branch by the chart
What TAS factors are currently important to PwC Vietnam, HCMC branch?
Looking at the chart, we can see that recruiting via social networks is the most important for the talent attraction strategy of PwC Vietnam, HCMC branch This is followed by diversity recruitment and employer brand recruitment Campus recruitment is the least important part of PwC Vietnam's TAS, HCMC branch In contrast, although the campus recruitment method at the university was the least important, it was not unanimously agreed among survey participants that this recruitment method was important to many employees but others didn’t This is similar to the recruitment method by employer brand and finally, the remaining three methods received a more consistent agreement among employees in PwC Vietnam, HCMC branch
4.2.2 Challenges of TAS of PwC Vietnam - HCMC branch
Table 3: The result of challenges affecting the TAS of PwC Vietnam - HCMC branch by mean and SD
Looking at the table, we can see that the average score of excessive technical requirement has the lowest score (3.65) and is quite similar to the stressful nature of work (3.67), while Audit competition has the highest average score (3.82) This proves that all three factors are higher than neutral (3) indicating that employees agree that all three factors are challenges in PwC Vietnam - HCMC branch's talent attraction strategy More specifically, audit competition is the most challenging factor compared to the other two factors In contrast, the factor with the lowest mean has the highest SD (1.11), indicating inconsistency among responses on this factor The remaining two factors have the same SD (1.05) indicating that the answer is not as widely spread and more consistent In summary, employees highly appreciate these strategic challenges to attract talent, although there are still those who feel that these challenges are not too difficult, PwC Vietnam - HCMC branch still needs measures to overcome these challenges This is to improve the effectiveness of the TAS
Figure 7: The importance of challenges affecting the TAS of PwC Vietnam – HCMC branch by the chart
How do survey respondents assess the challenges affecting the TAS of the PwC Vietnam - HCMC branch?
Looking at the chart, we can see that survey respondent expressed the highest level of agreement with the competition in the auditing industry as an important challenge affecting the TAS of PwC Vietnam, HCMC branch Meanwhile, the remaining two challenges are only evaluated equally However, the author still finds that the challenge of excessive technical knowledge requirements needs to be carefully explored because the variability of this factor is the largest, which proves that some interviewees out of 100 people still feel this is the biggest challenge compared to the other two factors
4.2.3 TRS of PwC Vietnam - HCMC branch
Table 4: The result of the TRS of PwC Vietnam - HCMC branch by the mean and SD
Looking at the table, we can see that the average score of the employee retention strategy at the PwC Vietnam - HCMC branch is from 3.78 points to 3.94 points, indicating that employees agree with this strategy is very effective results in retaining talented people to continue working for PwC Vietnam - HCMC branch Which, the most prominent are the voice and feedback mechanism strategy and employee recognition strategy with an average score of 3.94 and 3.9 respectively, showing that employees highly agree on how to effectively retain potential employees of PwC Vietnam - HCMC branch Ho Chi Minh City branch by recognizing talents and speaking up about the benefits and equality in the company In contrast, the culture and working environment plus the career planning at PwC Vietnam - HCMC branch were not as highly appreciated as the other factors when they only had the same score (3.78) Furthermore, despite the low mean score, the career progression route had the lowest SD score (0.95) indicating uniform consistency in employees' responses, followed by its voice and feedback mechanism with an SD score of 0.97 The voice and feedback mechanism received the highest mean score and the smallest SD, indicating that this is the component on which most respondents strongly agree On the other hand, career planning had the lowest average score and the densest group responses, indicating that it is a consideration that most
40 respondents do not take seriously The work environment and culture with the highest SD scores mean that employees still have many choices between agreeing with the effectiveness of this strategy, which may stem from the experience of each employee with this strategy
Figure 8: The importance of factors affecting the TRS of PwC Vietnam, HCMC branch by the chart
What TRS factors are currently important to PwC Vietnam - HCMC branch?
The chart shows that overall, all factors are important to the TRS at PwC Vietnam, but the most important factor contributing to an effective TRS for the company is employee identification and feedback However, the work environment and culture or promotion process are rated as the least important of all factors On the contrary, although the overall assessment is the same, there is still
41 controversy in the decision to survey employees in the company on environmental factors and working culture Meanwhile, people agree most about the importance of feedback and career advancement as a factor in retaining talent in the company
4.2.4 Challenges of TRS of PwC Vietnam - HCMC branch
Table 5: The result of challenges affecting the TRS of PwC Vietnam - HCMC branch by mean and SD
Based on the data analyzed in the table, the biggest challenge for employee retention at PwC Vietnam - HCMC branch is salary and benefits as it has an average score of 3.63 This is further reinforced when it has the lowest SD of 0.99, which means that the number of people who agree with this idea is very similar It is followed by a high requirement for specialized knowledge when it has a score of 3.6 and the SD is still not too high with 1.02 points Meanwhile, staff at PwC Vietnam - HCMC branch the least agree with the generation gap as a challenge when its mean score is 3.42 but this factor has the highest SD (1.12) expressing different opinions among employees
Figure 9: The importance of challenges affecting the TRS of PwC Vietnam, HCMC branch by chart
How do survey respondents assess the challenges affecting the TRS of the PwC Vietnam - HCMC branch?
The graph shows that competition in salary and compensation is the most important challenge affecting the TRS at PwC Vietnam, HCMC branch Next is the high requirement of high background knowledge and the challenge of least concern affecting TR is generational differences According to the author's observation, perhaps the audit industry is very dynamic and changes every year when the most popular age in the industry is usually from graduating from university to 30 years old so the generation gap is usually not very large, making it very easy to exchange and learn about each other However, the number of SDs in the survey shows that this
43 factor is still receiving disagreements among employees, so the author realizes that this aspect still needs to be studied further to make clear the problem Other factors remain more consistent than the generational differences.
Conclusions & Recommendations
INTRODUCTION
The conclusion chapter is an important aspect of any research study since it allows you to summarize and synthesize the significant results, explain the study's implications, and provide recommendations for future research Four previous chapters focus on evaluating the importance of TARS of the PwC Vietnam - HCMC branch Hence, chapter V acts as the researcher's last impression, creating a lasting effect on the reader The study questions and hypotheses will be examined and answered in this chapter based on the data analysis results Furthermore, the study's shortcomings will be examined, and recommendations for further research will be made This chapter is meant to weave all of the study's strands together and give a full and informative conclusion to the research endeavor.
SUMMARY OF THE RESULT
According to the finding analysis, the result shows clearly the importance of TARS and the challenges affecting the strategy of the PwC Vietnam - HCMC branch
RQ1: What TAS factors are currently important to PwC Vietnam - HCMC branch?
Survey respondents positively agree with the importance of the TAS factors of the PwC Vietnam - HCMC branch
RQ2: How do survey respondents assess the challenges affecting the TAS of the PwC
Survey respondents agree with the importance of the challenges affecting the
Vietnam - HCMC branch? TAS of the PwC Vietnam - HCMC branch
RQ3: What TRS factors are currently important to PwC Vietnam - HCMC branch?
Survey respondents positively agree with the importance of the TRS factors of the PwC Vietnam - HCMC branch
RQ4: How do survey respondents assess the challenges affecting the TRS of the PwC
Survey respondents agree with the importance of the challenges affecting the TRS of the PwC Vietnam - HCMC branch
Table 6: Summary of research findings
5.2.1 To evaluate the importance of factors and challenges affecting the TAS employed by PwC Vietnam - HCMC branch
With the mean from 3.43 to 3.82, the TAS is agreed by the employees of PwC Vietnam - HCMC branch as being more important than neutral (3) but not important enough to become the most effective TAS for PwC Vietnam - HCMC branch Besides, while many employees have the same high consensus on the importance of recruiting through social networks, the conflicting opinions stem from the recruitment strategy through campus recruitment The importance of campus recruitment is also proven through the research of Prabhakara Raya et al., (2015), using descriptive research to show the results of the student's level of agreement with campus recruitment, the results showed that 73% of respondents agreed that having multiple companies in a vacancy allows them to choose a company of their choice More than 60 percent of them said that they would choose a company after receiving information about the company Therefore, this factor is very important for the strategy to attract talent The study (Chhabra, 2014) shows that prospective employees prefer to learn about the employer brand through job portals but actually, 33 percent of respondents reported having gained information about the same through company visits/presentations Given that potential workers highly favor business presentations as an employer brand promotion channel (29 percent), it is natural to conclude that company presentations/visits aid in the creation of a psychological tie with the organization, which promotes employer attractiveness A study on employee referrals by
Mani, (2012) supported the importance of employee referrals for TAS, 14.7% of respondents are very familiar with the employee referral program 40% of respondents are aware, 40.7% are not aware, and 4.7% are extremely unaware of the employee referral 4 percent of respondents suggested 0-2 applicants, 42.6% referred 2-5 candidates, 36.7% referred 5-7 candidates, and 16.7% referred 7 and above candidates Research by Ferdman and Deane, (2013) is one research that emphasizes the importance of diversity and inclusion recruiting According to the authors, firms that promote diversity and inclusion in their recruiting methods benefit from more creativity, better problem-solving, and better decision-making They go on to say that such businesses are more likely to recruit and retain great people from a variety of backgrounds
As for the challenges affecting the TAS of the PwC Vietnam - HCMC branch, the mean score for these challenge factors is between 3.65 and 3.82 This score indicates that survey participants are concerned about these challenges, although the score is not above agreeing point (4), it is still above the neutral point (3) and there are ways to overcome these challenges
5.2.2 To evaluate the importance of factors and challenges affecting the TRS employed by PwC Vietnam - HCMC branch
The findings point out the similarity in the assessment of the importance of employee retention strategy and the challenges affecting them by the PwC Vietnam - HCMC branch With a mean score from 3.78 to 3.94, the importance of the employee retention strategy was more positively agreed upon than the importance of the employee acquisition strategy of the PwC Vietnam - HCMC branch Especially the Voice and Feedback Mechanism and Employee Recognition strategy Furthermore, the SDs of this TRS are lower than that of the TAS, with the lowest score of 0.95 representing the highly consistent agreement between individuals and the highest score of 0.95 1.16 shows the disparity in the perception of each interviewee towards each strategy However, even though it scores better than the TAS, it has not reached the consensus score (4) so there is still a need for corrections for this strategy Some studies that support the result of the importance of factors affecting TRS, the study by Kuo, T., Chen, Y., & Lee, (2017) employed a quantitative study approach and collected data from 445 knowledge workers in the high-tech industry using a survey questionnaire The study's findings revealed that corporate culture has a strong favorable impact on knowledge worker retention Organizational culture sub-dimensions
46 such as creativity, teamwork, and employee participation were found to have a substantial influence on knowledge worker retention Allen, Bryant, and Vardaman, (2017) conducted one research that demonstrates the impact of perks and remuneration in TR The study looks at the effect of compensation and perks on employee turnover intentions among 537 employees from diverse sectors in the United States Higher pay and better benefits were found to be significantly associated with lower turnover intentions by the authors The study conducted by Gao, Y., Greenberg, R., & Wong-On-Wing, (2015) shows the influence of work-life balance on employee performance and discovered that work-life balance was positively associated with job performance, suggesting that individuals who felt a better work-life balance performed better on the job Aghaei, N., Mokhtarian, M., & Ashrafi, (2019) did one study that demonstrates the relevance of employee appreciation on TR A survey questionnaire was utilized to collect data from 316 personnel in Iranian medical facilities for the study staff recognition has a favorable and significant influence on staff retention, according to the findings The study by Rehman, W U., Yousaf, Z., Asad, A., & Lodhi, (2020) evaluated the influence of perceived career advancement prospects on employee retention in the banking industry Employees who identified a high level of professional progression chances were less likely to intend to leave their work, according to the survey
In contrast, challenges to TRS have lower average scores than challenges to TAS, specifically from 3.42 to 3.63, which indicates that employees still feel the challenges are worrisome and that action should be taken to overcome them There are several studies related to challenges affecting TRS and support the result of findings, the study by Kooij et al., (2008) investigated the problems of age disparities in the workplace The study looked at how divergent values, views, and actions between older and younger workers might contribute to misunderstandings, disputes, and communication hurdles According to the authors, firms must be aware of generational disparities and devise measures to effectively manage them Another study by Ozbilgin, M., & Tatli, (2011) investigated the influence of job stress on employees' intention to leave the UK financial services sector in one research According to the findings, high levels of job stress were positively connected to employees' intent to quit their present employment
RECOMMENDATIONS
5.3.1 To recommend improvements for the TAS of PwC Vietnam - HCMC branch
After analyzing the data and evaluating the importance of the talent attraction strategy as well as the challenges affecting this strategy, the author has appropriate solutions to positively improve these reviews
As for the talent attraction strategy of PwC Vietnam - HCMC branch, the company has the lowest campus recruitment score, so the solution here is to develop partnerships with universities and colleges to develop a strong presence on campus such as the University of Economics Ho Chi Minh City (UEH), University of Economics and Law (UEL), etc Provide students with hands-on experience and possible future employment opportunities by offering internships Participate in job fairs and activities on campus to promote PwC Vietnam - HCMC branch and meet with possible prospects Create a focused marketing effort to reach top university students and showcase the PwC Vietnam - HCMC branch as an employer of choice Moreover, create an employee referral program that rewards current workers for referring eligible recruits Make it clear what sorts of people are qualified for recommendation and how the reward mechanism works Create a communication strategy to promote the program and increase participation Recognize and reward employees who make effective recommendations regularly Furthermore, create a social media strategy that targets potential applicants while highlighting PwC as an attractive company Share job openings and company updates on networks like LinkedIn, Twitter, and Facebook Encourage workers to use social media to interact with the firm and to share job openings with their networks
To guarantee a pleasant applicant experience, monitor and respond to social media inquiries and comments Set goals and KPIs for diversity and inclusion in your recruitment efforts Increase outreach and sourcing efforts by forming connections with organizations and groups dedicated to diversity and inclusion To achieve a diverse interview panel, recruiters and hiring managers should be trained on unconscious prejudice Analyze and monitor diversity statistics to identify areas for improvement and alter recruiting methods as needed Finally, create a compelling employer brand that is consistent with PwC's values and culture Make certain that the company's web presence appropriately reflects the employer brand and emphasizes the benefits of working with PwC Encourage workers to
48 share their tales and experiences via testimonials and social media Measure and assess the effectiveness of the employer brand regularly to find areas for improvement
However, challenges affecting the PwC Vietnam - HCMC branch’s TAS also need to be covered, the company should examine the job descriptions to check that the requirements are genuinely required for the position Some criteria may be very detailed and may not be required for the function PwC Vietnam - HCMC branch might offer recruits training sessions to address any skill shortages This might involve both technical and soft skill development to assist new staff in succeeding in their professions PwC Vietnam - HCMC branch might employ exams to verify that applicants have the requisite technical skills for the position, while also allowing candidates to demonstrate their talents in a practical context
5.3.2 To recommend improvements for the TRS of PwC Vietnam - HCMC branch
To further develop a TRS for long-term contributions to PwC Vietnam - HCMC branch The working environment and culture need to be improved by encouraging employee teamwork and collaboration by fostering a culture that values open communication, respect for diversity, and mutual support Team-building exercises, mentorship programs, and frequent feedback sessions can help with this Encouraging workers to contribute their thoughts and observations and providing them opportunities to engage in innovation and problem-solving efforts This will contribute to the development of a culture of continuous improvement and innovation, which will drive the organization's success and growth Next, conduct a thorough examination of the employee benefits and pay packages provided by other audit firms in the sector This will assist the PwC Vietnam - HCMC branch in identifying gaps in their present products and making the required improvements to become more competitive Increase workers' basic salary to meet industry norms This will not only assist in recruiting top personnel but will also help keep current staff who may be considering migrating to other audit companies owing to greater pay packages What is more, PwC Vietnam - HCMC branch may be able to provide employees with flexible working arrangements such as flexible hours, reduced workweeks, or the flexibility to work remotely Employees may be able to better manage their job and personal responsibilities as a result, resulting in a better work-life balance Encouraging top management to
49 mentor and coach junior employees This will contribute to the organization's pipeline of future leaders and establish a culture of continual learning and growth PwC Vietnam - HCMC branch might provide mental health and well-being initiatives including stress management courses, meditation sessions, or counseling services These programs can assist employees in managing stress and improving their general well-being PwC Vietnam - HCMC branch should provide a clear career path structure that details the various roles and responsibilities at each level, as well as the necessary skills and competencies This will assist employees in understanding what is expected of them at each stage of their careers, as well as what they must perform to advance to the next level
However, measures are also needed to overcome the challenges affecting the employee retention strategy of the PwC Vietnam - HCMC branch, encouraging workers of all ages to respectfully share their thoughts, opinions, and experiences Creating an atmosphere in which all employees are heard and respected Moreover, communication is essential for employees to feel supported by their leadership team Leaders should be open and available to their staff, and they should deliver regular updates on corporate strategy and goals.
RECOMMENDATION FOR FURTHER RESEARCH
A research thesis on the topic of evaluating PwC Vietnam - HCMC branch's TARS - HCMC branch has assessed the importance of each factor in creating a TARS as well as challenges that influence strategy thanks to the survey opinions of participants in the company However, there are still some limitations in this study Firstly, in terms of sample size, due to time constraints as well as the policy of the company, the author only surveyed 100 people to conclude this study, so it can be said that the sample size still does not represent all the company's existing human resources Second, the author's ability to generalize is limited because PwC Vietnam - HCMC branch is a specific organization with a distinct context and culture from PwC Vietnam - HCMC branch, Hanoi branch, or PwC global Therefore, these findings are not generalizable to the entire organization Third, the author uses only one data collection method, so there may not be a comparison in accuracy compared to research with many methods, and respondents may not give honest and accurate responses Fourth, the author's access to information is limited due to the company's policy and it limits the scope of the study and the
50 conclusions drawn Finally, a researcher's personal bias or subjective interpretation of the data can influence the conclusions drawn from the study However, the research still needs to be further developed based on the questions for broader research:
How effective are the proposed solutions in addressing the challenges faced by PwC Vietnam in TA and retention?
How does the work-life balance of employees in PwC Vietnam compare to other audit firms in the region?
Why are there different assessments of generational differences at the PwC Vietnam - HCMC branch?
Why are there different assessments of the work environment and culture at the PwC Vietnam - HCMC branch?
QUESTIONNAIRE ON EVALUATION OF TARS OF PWC VIETNAM, HCMC BRANCH
Agree (5) TAS of PwC Vietnam, HCMC branch
1 How do you agree on the importance of campus recruitment to
PwC Vietnam's TAS, HCMC branch?
2 How do you agree on the importance of employee referral recruitment to PwC Vietnam's TAS, HCMC branch?
3 How do you agree on the importance of social media channel recruitment to PwC Vietnam's TAS, HCMC branch?
4 How do you agree on the importance of diversity and inclusion recruitment to PwC Vietnam's TAS, HCMC branch?
5 How do you agree on the importance of employer brand recruitment to PwC Vietnam's TAS, HCMC branch?
Challenges affecting the TAS of PwC Vietnam, HCMC branch
6 How do you agree with the opinion that excessive technical knowledge requirements are an important challenge to the TAS of
7 How do you agree with the opinion that the stressful nature of work is an important challenge to the TAS of PwC Vietnam, HCMC branch?
8 How do you agree with the opinion that audit industry competition is an important challenge to the TAS of PwC Vietnam, HCMC branch?
TRS of PwC Vietnam, HCMC branch
9 How do you agree on the importance of the work environment and culture factor to PwC Vietnam's TRS, HCMC branch?
10 How do you agree on the importance of benefits and compensation factors to PwC Vietnam's TRS, HCMC branch?
11 How do you agree on the importance of the work-life balance factor to PwC Vietnam's TRS, HCMC branch?
12 How do you agree on the importance of the employee recognition factor to PwC Vietnam's TRS, HCMC branch?
13 How do you agree on the importance of leadership development factor to PwC Vietnam's TRS, HCMC branch?
14 How do you agree on the importance of employee well-being factor to PwC Vietnam's TRS, HCMC branch?
15 How do you agree on the importance of voice and feedback mechanism factor to PwC Vietnam's TRS, HCMC branch?
16 How do you agree on the importance of career planning factor to
PwC Vietnam's TRS, HCMC branch?
Challenges affecting the TRS of PwC Vietnam, HCMC branch
17 How do you agree with the opinion that the requirement of high knowledge training every year is an important challenge to the TRS of PwC Vietnam, HCMC branch?
18 How do you agree with the opinion that stress and workload is an important challenge to the TRS of PwC Vietnam, HCMC branch?
19 How do you agree with the opinion that generational differences are an important challenge to the TRS of PwC Vietnam, HCMC branch?
20 How do you agree with the opinion that competitive salary and compensation is an important challenge to the TRS of PwC
21 How do you agree with the opinion that lack of leadership support 6 8 27 42 17
53 is an important challenge to the TRS of PwC Vietnam, HCMC branch?
22 How do you agree with the opinion that the absence of options for job progress is an important challenge to the TRS of PwC Vietnam,
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