LIST OF TABLES Table 1.1: Fields of operation of T&M Hung Phat Garment Joint Stock Company Table 2.1: Consumption situation by the number of products in 2021 and 2020 Table 2.2: Consumpt
GENERAL INTRODUCTION OF COMPANY
Organization overview
1.1.1 Name, address, and size of company
• Original trading name: Công ty Cổ phần May Hưng Phát T&M
• English trading name: T&M Hung Phat Garment Joint Stock Company
• Head office: Tan Tien Village, Minh Tan Commune, Phu Cu District, Hung Yen Province, Vietnam
• Email Contact: mayhungphattm@gmail.com
• Website: https://www.facebook.com/mayhungphattm/
• Owner’s equity in 202: 17.9 billion VND
• Total assets in 2021: 37.8 billion VND
• Total number of employees: 350 employees
Picture 1.1: Logo of T&M Hung Phat Garment Joint Stock Company
1.1.2 Milestones in the company’s development
• 19/04/2011: T&M Hung Phat Garment Joint Stock Company was licensed for establishment and operation with 50 employees
• 2013: The company initially developed with many large orders
• 2014: To expand the scale, the company has increased to 120 employees
• 2017: Expanding business cooperation both domestic and foreign and exporting abroad
• 2019: The company reached more than 30 billion VND in revenue and also built a second factory Then, It has increased to more than 200 employees
• 2021: Increasing to 350 employees, the company earned sales of 40- 50 billion VND annually.
The functions and missions of enterprise
1.2.1 The functions and missions of enterprise
T&M Hung Phat Garment Joint Stock Company is an enterprise with legal status, production and business activities according to the functions and duties stated in the business license and is protected by law
Hung Phat T&M Garment Joint Stock Company has functions and missions as follows:
● Developing, organizing and implementing the set goals and plans, producing and doing business in accordance with the registered lines of business, and for the right purposes of enterprise establishment
● Complying with State’s policies, law degree on management of the production process and stipulation in the business contract with both domestic and foreign partners
● Managing and using capital in accordance with regulations to certainly profit
● Conducting R&D to improve labor productivity, employees’ income and the competitiveness of the company both domestic and abroad
● Subject to examination and inspection by competent State agencies and organizations in accordance with law
● Complying with the State's regulations on protecting workers' benefits, occupational hygiene and safety, protecting the ecological environment, ensuring sustainable development, strictly complying with the technical standards set by the company applicable as well as regulations related to the operation of the company
To increase initiative in business activities, the company has the following power:
• Be negotiated, signed and executed production contracts The General Director of the company is the deputy of the company about benefits, production and business obligations of the company in accordance with current law
• Taking part in activities with the goal of expanding production and business activities such as advertising, product development, opening agents, sales stores
• Operating under the regime of independent economic accounting, financial autonomy, legal status, seal, separate bank account
Table 1.1: Fields of operation of T&M Hung Phat Garment Joint Stock Company
(According to Business registration of Company)
1322 Production of ready - made garments (except apparel) Y
1410 Sew costume (except costume made from fur)
1420 Manufacture of products from animal skin
1430 Manufacture of knitted and crocheted garments
4641 Wholesale fabrics, readymade garments, shoes
The company mainly processes according to customer orders Main products of the company are shirts and jackets There are some pictures of them
Picture 1.2: Main Products of T&M Hung Phat Garment Joint Stock Company
Manufacturing technology of some major goods or services
1.3.1 Flow chart of manufacturing technology
The company has a continuous manufacturing technology process, including many technological stages, with two main production and business forms: processing to order and buying raw materials for self-manufacturing for sale
Figure 1.1: Flow chart of manufacturing technology of T&M Hung Phat Garment
(According to T&M Hung Phat Garment Joint Stock Company)
1.3.2 Basic content of work steps in the technological process
- Step 1: Take order and production planning
Sales department receives orders from customers and transfers them to planning and materials department The planning and materials department adds to the work order book, plans production orders, prepares necessary supplies, balances
Take orders and production planning
Process for controlling nonconformities Yes
No new orders into the appropriate line, and informs departments of the order production schedule this queue
Technical department based on customer's requirement document and sample and production schedule, to conduct test and fabricate hard sample The sample sewing team checks the hard samples, studies the details, receives the materials, then proceeds to cut and sew the samples according to the requirements, techniques and designs
The sample sewing team checks the hard samples, studies the details, receives the materials, then proceeds to cut and sew the samples according to the requirements, techniques and designs Deliver technical documents, detailed statistics and approved hard samples to the computerized diagramming department to make cutting diagrams
- Step 3: Cutting sell-finished products
The cutting department receives the cutting diagram and cutting command, and proceeds to take materials from the warehouse Spread the fabric according to the requirements of the size, thickness in the technical documents Make a sketch of the diagrams Check if it is correct or not If yes, then let the batch draw according to the quantity of the order
Workers conduct cutting and ensure accuracy, and enough stamps on the sample All details after cutting is completed, the cutting worker must check by himself
If it does not meet the requirements, it must be corrected immediately Leave the details to be embroidered separately
Coordinate workers proceed to number the order from 1 to the end of all details synchronously
Deliver sufficient quantity of semi-finished products to the sewing team
KCS department receives and based on the production plan to assign inspection according to the production line
KCS staff based on the technical requirements of the inspection order, check 100% of the products of the production line, update the results daily and measure the parameters of the semi-finished and finished products If there is a phenomenon of mass failure, it must be handled according to the “Nonconformity Control Procedure” and promptly corrected
The sewing department receives orders to balance according to the weekly plan and receives semi-finished products from the cutting department, assigns workers to receive materials from the auxiliary warehouse, conducts division according to the design table and assigns specific jobs Guide the stages and techniques for workers, conduct sewing according to the "Sewing technical requirements" of the order and the product code they produce
During the production process, workers at sewing stages must be responsible for self-inspection, and check after receiving products from the previous stage Every day, check each line with 1 product code and record the results, cross-check between lines, compare with technical requirements
Implement buttonholes, buttons, clean thread ends, lint on products, remove stains on clothes and deliver to finished products
Finished goods receiving department must check 100% of products Products with defective parts are returned to those parts The products that meet the requirements, delivered to the workers are finished products
After that, hand it to the forwarder to bring it down to KCS to check again
KCS department conducts goods inspection according to technical and design requirements If there is a mass defect in the goods inspection, it must be handled according to the "Conformity Control Procedure", and promptly corrected When the KCS goods are finished, the delivery workers are responsible for checking whether the total number of goods in their line is sufficient compared to the quantity in the semi-finished goods receipt book or not If not enough, you need to meet the production manager to check again If it is enough, then move to the finished product warehouse
After KCS, the delivery workers bring the goods to the folding department to iron, fold, check and clean before packing according to the technical requirements and after each step will be subject to the inspection of KCS and acquisition
After being packed, the goods will be sealed and transferred to the finished goods warehouse to wait for the delivery date to the customer
Sort by source of goods (domestic or export), type of goods (shirts, pants ), production enterprises Save in both hard and soft copies with a minimum retention period of 3 years.
Production organization form of the enterprise
T&M Hung Phat Garment Joint Stock Company specializes in manufacturing, wholesaling textiles, and processing textiles according to customer orders
The company organizes production lines, with modern technological processes, combined specialization, with a high level of specialization The production lines are designed in a closed manner from the technical stage, cutting house, sewing line Each small part performs its own fixed function with specialized, modern machines and scientific and optimized operating procedures, helping to reduce queuing time, increase labor productivity, and ensure product quality products in accordance with customer requirements.
Organizational Structure
Figure 1.2: Organizational structure diagram of T&M Hung Phat Garment Joint Stock
(According to T&M Hung Phat Garment Joint Stock Company)
Board of Director (Chairman of Directors)
Board of manager (General Manager)
1.5.2 Basic functions and duties of the management department
- General Meeting of Shareholders: Consists of all shareholders with voting rights, is the highest authority of the company The General Meeting of Shareholders decides on issues prescribed by law and the company's charter In Particular, shareholders will approve the company's annual financial statements and the financial budget for the next year
- Board of Directors: As the management body of the company, has full power on behalf of the company to decide on all issues related to the translation and interests of the company, except for matters falling under the authority of the general meeting of shareholders bronze The Board of Directors is responsible for overseeing the CEO and other managers The rights and obligations of the Board of Directors are prescribed by law and the company's charter, internal regulations of the company and resolutions of the general meeting of shareholders
- Board of supervisors: Is an agency directly under the general meeting of shareholders, elected by the general meeting of shareholders The Supervisory Board is responsible for checking the rationality and lawfulness of the company's business operations and financial statements The Supervisory Board operates independently from the Board of Directors and the Board of Directors
- Board of managers: The CEO decides all issues related to the company's day- -day to operations and is responsible to the board of directors for the performance of assigned rights and duties Deputy General Directors are assistants to the General Director and are responsible to the General Director for the assigned tasks, actively handle the tasks authorized by the General Director and counterattack in accordance with the official regime State books and company charters
- Professional departments: The professional departments and divisions have the function of advising and assisting the Board of Directors, directly operating according to the professional functions and direction of the Board of Directors The company currently has 6 professional departments, two production workshops with the following functions:
• Organization and Administration Department: Having the function of building a plan to strengthen the entire organizational structure in the company, managing human resources, performing administrative and administrative work
• Planning and Materials Department: Planning to organize production, propose to purchase, replace, coordinate equipment and materials of the company
• Sales Department: Having the function in determining the goals and directions of production and business activities to achieve the highest efficiency Search and take care of customers
• Financial Accounting Department: having functions in planning the use and management of the company's financial resources, analyzing economic activities, organizing accounting work in accordance with the statistical accounting and financial management regimes main of the State
• Investment Technical Department: Having the functions of planning strategies for science and technology development, applying new science and technology, upgrading or replacing modern machinery and equipment with high economy, participating in supervising investment activities in machinery and equipment of the company and capital construction investment works
• Quality Management Department: Checking and monitoring the quality of the production stages Ensuring the quality of the company's output products.
BUSINESS PERFORMANCE ANALYSIS
Sale and Marketing
Table 2.1: Consumption situation by the number of products in 2021 and 2020
(According to Sale Department) Table 2.2: Consumption situation by revenue in 2021 and 2002
+ The company focuses on 2 main product lines: shirts and jackets More than 80% of the company's products are shirts, jackets account for just over 18% of total products
+ The company's total products in 2021 increased by 28,07%, equivalent to 60.268 products compared to 2020 In 2021, Shirts increased by 27,34%, equivalent to 48.031 products, from 175.627 products in 2020 to 223.658 products in 2021 Jackets also increased by 31,29%, equivalent to 12.237 products
+ Although jackets only account for more than 18% of total products, they bring 55% - 56% of the company's total revenues In 2021, revenue from jackets increased by 18,76%, equivalent to 3.848.689.612 VND Shirt sales also increased strongly, up to 27,35%, equivalent to 4.280.191.383 VND The reason is that the company's product output has increased sharply
+ The company has two main customer groups, domestic and international More than 70% of the company's products are exported to foreign countries This is also the company's target market
+ In 2021, the number of products exported to foreign countries increased by 27.53%, equivalent to 41,688 products Products consumed domestically also increased by 29.36%, equivalent to 18,580 compared to 2020
+ Because 70% of the company's products are exported to foreign countries, the revenue from product exports also accounts for more than 70% of the company's revenue In 2021, export revenue increased by 20.22%, equivalent to 5,509,706,027 VND Revenue from domestic consumption also increased by 29.36%, equivalent to 2,619,174,968 compared to 2020
The strong growth in product output as well as revenue is a positive sign that the company's labor productivity is increasing, thanks to the constant innovation of technology and techniques, improving product quality Products The company is growing and gaining the trust of customers, especially international customers
The company focuses on two main product lines: jackets and shirts The number of products and samples depend on customer requirements ’s
• Jackets: This is the company's strong product line, with high requirements on product quality, mainly due to international customers from Japan, EU,
American… Production time is also longer, due to many stages, as well as high requirements on technology, machines and production materials.
Picture 2.1: Jacket A main product line of the company –
• Shirts: In 2021, the company produced 81.864 shirts Thanks to the trust from both domestic and international customers Shirts have high quality, variety of designs
Picture 2.2: Shirts A main product line of the company –
With more than 11 years of establishment and development, Hung Phat T&M Garment Joint Stock Company always puts product quality first Strict control from the selection of raw materials, meticulousness in every detail and production stage, application of the most advanced production lines, techniques and technology, investment in new machinery and equipment such as bare machines cotton, sewing machine, embroidery machine, cutting machine
The company has complied with management system standards and has been granted certificates of ISO 9001:2008, ISO 14001:2004, OHSA, SA 8000:2001 and high quality Vietnamese goods standards
With a team of highly skilled and experienced workers, Hung Phat T&M Garment Joint Stock Company is always committed to bringing quality sewing products, ensuring the needs of customers
Due to the company's production process, modern machinery and high skills, the product quality is high, suitable for large and fastidious customers
The company's main markets are the US, EU and Japan Domestic customers are all large companies The company only produces on order, not mass production
Picture 2.3: Some customers of the company
Because the company mainly sews and processes according to customer orders, the company will offer an appropriate price depending on the quantity and requirements of the customer (in terms of materials, quality, design, construction, etc.) technology ), the difficulty of the product production process (time, labor, technical requirements, skills, machinery and equipment ), the seasonality of the product, the general price of the market or for competitors Customers can negotiate the desired price The agreed price is at a price that is mutually beneficial and acceptable to both parties
- Pricing method: The company performs the valuation on the basis of cost (plus profit to cost (Mark-up))
• TC: Total cost of production (Direct materials, direct labor, manufacturing overhead, etc.)
• Desired profit: Is the profit that the company receives from the order to maintain operations and bring profit to the owner Desired profit depends on product quantity, order requirements, competitors, discounts, discounts for old customers
• 1 Internal environment: Labor productivity, company goals, production and business costs, skill levels of workers
• External environment: State policy, economic, political, social situation, competitors
The company mainly sews and manufactures according to the orders of customers, so the company does not have distribution channels, retail stores or specialized stores The company's customers can be companies, fashion brands, at home and abroad, they order outsourcing and then receive products for business and trade through their own distribution and retail channels
Although the company does not directly sell products manufactured by the company, the company still needs to advertise modern production technology, skilled workers, advanced machinery and quality products satisfy the most demanding requirements, so that customers know and choose to order production
Many customers have returned and continue to cooperate with the company for a long time thanks to its commitment, prestige, dedication, and putting quality first At the same time, customers also become word of mouth marketers for the company, bringing in many new customers
• Advertisement: In recent years, the company has paid little attention to advertising due to its reputation and stable customer base New customers are usually introduced by old customers of the company
• Direct marketing: Sales department is responsible for finding, contacting and taking care of customers, sending customers news and images about production technology, product quality, price list, and offers for customers having demands
• Personal sale: The company does not sell directly
• Public relations: The company regularly organizes charity activities, gives gifts to policy families, poor households, people in difficult circumstances, poor students overcoming difficulties, war invalids and martyrs in Hung Yen province Support charities and study promotion funds Organizing visits and giving gifts to employees on major holidays such as International Women's Day, International Children's Day, Lunar New Year
• Sales Promotion: The company applies a discount policy, discounts for large orders of garment processing, and with old customers, longtime partners of the company
- Internal information: From the accounting books, orders, information collected from customers of the sales department, periodical reports on revenue, inventory, receivables of the accounting department
- External Information: Product demand, information about competitors, new competitors entering the industry, economic, political, social changes, new technologies and techniques in the industry Collected from the media mass news, competitor websites, reputable websites, newspapers…
It is extremely important to analyze and understand competitors, from which the company can make appropriate policies on prices, production processes, technological innovation, etc to increase competitiveness competition and maintain its position in the market
Some of the direct competitors of Hung Phat T&M Garment Joint Stock Company are:
• Kim Dong Garment Joint Stock Company (Hung Yen), production capacity 462,000 products/year
• Hung Yen II Garment - Hung Yen Garment Joint Stock Company (Hung Yen), Production capacity: about 1,000,000 products/year
• Duc Giang Garment Company Limited (Ha Noi), Production capacity: 1,000,000 products/year
Down jacket, Quiling jacket, Blazer, Vest, Light fashion garments
EU, American, Japan, Korea and Domestic
Jackets, feather jackets for adults and children Sports clothing: Skiing, moto racing, shorts, long pants, slacks, casual dresses of all kinds
Customers are mainly from EU,
2 main products: Jackets, Shirts Customers are mainly from Europe, the
America, Japan, Korea and domestic
Price policy Cost-based pricing
Cost-based pricing Cost-based pricing Cost-based pricing
Production only, not retail, wholesale
Production only, not retail, wholesale
Production only, not retail, wholesale
Production only, not retail, wholesale
General focus on direct marketing
Focus on advertising, direct marketing
Focus on advertising, direct marketing
General focus on direct marketing (offering), public relations
- Strengths of the company compared to competitors:
• Both technological specialization and product specialization, focusing on two main products to save costs and resources
• Orders are from familiar customers, so it's easier to negotiate prices Do not have waiting time between deliveries
• Modern technology, processes, closed lines with high standards, high quality, take care details
• Experienced workers, there are highly senior workers in the profession
• Having subsidiaries to support holding company
- Weaknesses of the company compared to competitors:
• Because they often make high-end goods, prices are slightly high, lower segment partners are difficult to access, offers are often higher than competitors
• Not paying attention to advertising, no separate website or advertising on other media
• Produce only 2 main products, customers have less choices
• The company has a clear development when both its output and revenue in 2021 increase sharply compared to 2020
• 70% of the company's products are for export Shirts account for 80% of the total product
• The company's main markets are the US, EU, Japan and domestic
• The company's products are of high quality, meeting the requirements of customers, many customers return to the company
• Pricing policy, cost-based pricing methods are consistent with the business model Always actively negotiate to bring maximum benefits to customers
• The company constantly improves techniques, invests in new machinery, equipment and technology, trains and improves the skills of employees to improve labor productivity and product quality to retain customers
• The company retains old customers through price policies, incentives, quality commitments, thereby introducing new customers The company also attracts new customers through direct marketing and community outreach activities
• The size of the company is medium, with only 350 employees
• The company only focuses on two main product lines, lacking choices for customers
• Advertising and sales promotion activities are not focused, so many potential customers do not know the company
• Prices may be higher than competitors due to the application of modern processes, technology, high quality raw materials, and skilled workers
• The company's website is sketchy, old photos, not updated regularly.
Human resources management
For a business to survive and thrive depends on three factors: people, employees and tools of workers In fact, humans are the most important factor Because people can mobilize, seek capital for businesses, find all measures to offset the financial shortage for businesses And they are the direct people who use equipment, machines and technologies suitable for production and control them to operate a company
Table 2.4: Labor structure (by gender, age, and academic level) of T&M Hung Phat
(According to T&M Hung Phat Garment Joint Stock Company)
From the table above, we can see that the total number of employees of the company in
2021 will increase to 90 people, equivalent to 20,69% compared to 2020, from 290 employees in 2020, to 350 employees in 2021
In general, the number of female employees is higher than that of male employees
In 2020, the number of female employees is 228 people, accounting for 78,62%, while the number of male employees is only 62 people, accounting for 21,38%
By 2021, the number of male employees will decrease slightly, reducing 8 people (12,90%), down to 54 people, accounting for 15,43% of the total number of employees Meanwhile, the number of female employees increased significantly, increasing to 68 people (29,82%), accounting for 84,57% of the total number of employees, equivalent to 296 employees
Most of the company's employees are between the ages of 18 and 40
In 2020, the total number of employees aged 18-25, and 25-40 years old will be
98 and 126, respectively, accounting for 33,79% and 43,45% of the total number of employees The number of employees over 40 years old accounts for only 22,76%, equivalent to 66 employees
By 2021, the number of employees over 40 years old will continue to decrease by 8 workers, equivalent to 12,12%, to 58 people, accounting for only 16,57% of the total number of employees While the number of employees aged 18-25 and 25-40 increased significantly, increased by 30,61% and 30,16% respectively (equivalent to 30 and 38 people), accounting for 36,57% and 36,57% respectively 46,86% of the company's total employees
Most of the company's employees are garment workers, having junior and high school degrees
In 2020, the number of employees with lower secondary and high school qualifications of the company is 219 people, accounting for 75,57% of the total number of employees The number of employees with university degrees accounts for only 13,45%, equivalent to 39 employees The number of employees with intermediate and college degrees is 32 people, accounting for only 11,03%
By 2021, the number of employees with lower secondary and high school qualifications of the company increased significantly, increasing by 57 people (26,03%), to 276 workers, accounting for 78,86% The number of employees with university degrees was significant, increasing by 17,95%, to 46 employees (up 7 people), accounting for 13,14% of the total number of employees The number of workers with intermediate and college degrees decreased slightly, down 4 people (equivalent to 12,50%), down to 28 people, accounting for 8,00% of the labor structure
Direct labor accounts for the majority of the company's labor structure
In 2020, the total number of direct employees is 228, accounting for 78,62% Meanwhile, indirect labor is only 62 people, equivalent to 21,38%
In 2021, the total number of direct employees increased significantly, with 54 people, equivalent to 23,68%, bringing the total number of direct employees of the company to 282 people, accounting for 80,57% The number of indirect employees also increased slightly with 9,68% (equivalent to 6 employees), to 68 people, accounting for 19,43% of the total number of employees
According to Circular 04/2022/TT-BKHCN stipulating economic - technical norms of public non-business services using the state budget on maintaining, preserving and using the national standard measurement system; then: Labor norms Labor is the direct and indirect labor time required to produce a product or to perform a work step or perform a particular job and labor time during product inspection and acceptance
• Direct labor norm is the time to complete a public non-business service
• The level of waste of labor time in the norm is calculated by labor;
• The norm of indirect labor (manager, service) is set at the rate of 10% of the direct labor norm
2.2.3 The situation of using labor time
Labor Norm = Direct Labor Norm + Indirect Labor Norm
+ Employees will work 6 days a week, 8 hours a day from Monday to Saturday The working time is from 8:00 to 17:30 everyday Employees can take a rest from 12:00 to 13:30
+ Overtime must not exceed 12 hours/week
+ Overtime salary is usually paid 1,5 times as much as on a normal day + Overtime on Sunday is paid 2 times as much as on a normal day.
+ Overtime on holidays is paid 3 times as much as on a normal day
- Leave of absence: Unless otherwise provided for by law, the leave of absence for an employee is defined as follows:
+ For employees who have been signed labor contracts and have worked for the Company for 12 full months (continuity), they shall be entitled to 12 days of full paid leave
+ In addition, employees with a seniority of one year or more will have an additional 2 days of paid leave
+ Leave of absence schedules apply from 1 January to 31 December each year
+ Antenatal examination leave: If pregnant women and fetuses are normal, they are entitled to take leave for a pregnancy checkup five (5) times during pregnancy, one per day calculated per working day
If they stay away from medical facilities or pregnant or fetuses have problems, they take two days off for every antenatal examination
Female laborers work in normal conditions, have 6 months of maternity leave and receive maternity allowance paid by Social Insurance
Female laborers with children under the age of 7, who are entitled to take leave of absence to take care of sick children
Female laborers are entitled to one (01) hour break during their working time and receive full pay during the period of raising children under 12 months of age
+ The employee shall be had day off due to his/her personal causes but still leave on full pay as follows:
Marriage of children: 01 days off
Parents, grandparents, wife (husband), dead child: 03 days off
- The holiday time and resignation:
+ Every year, employees are entitled to holidays according to the regulations of the State and are still entitled to full salary If the holiday is the same as the weekend, there will be a full day off on the next day of the week
+ In case the employee resigns, they must give at least 30 days notice so that the recruitment department can plan to find a new employee and have time to hand over the job
Picture 2.1: The board of directors gives gifts and congratulates female employees on international women's day
Labor Prodcutivity is the value of goods and services produced over a period of time, divided by the number of labor hours used to produce them In other words, labor productivity measures the output produced per unit of labor
Labor productivity is equal to the ratio of revenue divided by the average number of employees in the year in which that revenue is recorded
Table 2.5: Labor productivity of T&M Hung Phat Garment Joint Stock Company
(According to of T&M Hung Phat Garment Joint Stock Company)
In 2021, Labor productivity of T&M Hung Phat Garment Joint Stock Company is 126.555.583 VND, an increase of 1,48% (equal to 1.846.710 VND) compare to 2020 (labor productivity in 2020 is only 124.708.873 VND)
Net Revenue VND 44.294.454.04336.165.573.048 8.128.880.995 22,48 The average number of employees
Because of the end of covid-19 pandemic The number of employees of the company increased 60 employees, from 290 people in 2020 to 350 people in 2021 And The company applied new technologies and machines to improve labor productivity
Because most of the employees of T&M Hung Phat Garment Joint Stock Company are garment workers at secondary and high school level So the recruitment process of the company is simple
Figure 2.1: Recruitment process of T&M Hung Phat Garment Joint Stock Company
(According to T&M Hung Phat Garment Joint Stock Company)
Perceiving and screening candidate’s applications
The departments base on the business plan and plan to recruit on the HR registration form or email the director for approval If the director agrees, he transfers to the human resources department to implement the recruitment Human Resources Department receives recruitment requests from the General Director and conducts recruitment
Human resources department will prepare a notice of recruitment of the required positions at the request of the departments and job descriptions The notice and job descriptions include: position, number of employees, salary, basic compensation, application form, contact information Announcements can be published on the platform such as local newspapers, fan pages of the company
- Step 3: Perceiving and Screening candidate’s applications
Materials and fixed assets management
As a textile company, the main raw material used by the company is fabric
For garment processing orders, the customer provides raw materials and also consumes the products according to the signed contract However, in the process of managing and using materials, they must be rotated in a reasonable and strict order to ensure the norm of the order and avoid waste
To manage materials, the company classifies materials as follows:
• The main raw materials of the garment company are fabrics with many types with different codes such as: micro fabric, checkered CR fabric, colored fabric
• Auxiliary materials include auxiliary materials that increase product quality such as buttons, threads, buckles, drawstrings, labels, labels, mex
• Auxiliary materials for production and management such as needles, chalk, color sketches, pencils
• Spare parts: including spare parts used for sewing machines such as hook, capacity, bearings, reaming belt There are also gasoline, lubricants…
2.3.2 How to build raw material consumption norms
After receiving the request from the customer or director and the technical department, the planning - and material department will make a detailed plan on materials, build and manage the norms of materials
In order to build a standard of raw materials, it is necessary to understand clearly what materials are needed to produce finished products, how much raw materials are needed for production? Calculating the cases of material loss within the allowable norm, calculating the risk of damaged products
To produce a product, the consumption rate of raw materials will be equal to:
• Materials needed to produce 1 unit of finished product
• Production materials for damaged products
In order to do the above, businesses need to:
• Understand the raw materials that make up the product to be manufactured
• Producing product samples to obtain specific quantities of raw materials for production
• Analysis of conditions affecting the production process of finished products that lead to loss of raw materials
• Calculation of cases of failure of manufactured products
• In addition to capturing the quantity of raw materials to be exported, it is also important to pay attention to the purchase price of the raw materials It is necessary to calculate the value of raw materials produced for the production of finished products, because there may be fluctuations in the purchase price, so there must be a contingency plan for such cases
After completing the above steps, it is necessary to make a spreadsheet of the specific quantity of raw materials for the products to be manufactured and send it to the customer or superior for approval From there, the planning department will promote with the accounting department about the quantity of materials to be purchased in the period, the accounting department will check and place the order For raw materials provided by the customer, the planning and materials department also receives and stores the raw materials
During the production process, it is necessary to monitor the actual production of finished products to adjust to the actual production activities of the enterprise
The company is applying import, export and inventory processes for both raw materials, semi-finished products and goods Warehouses are divided into 3 types: finished goods warehouse, raw material warehouse and auxiliary warehouse Materials supplied by the customer and purchased by the company will be transferred to the raw material warehouse Materials such as thread, button, etc are transferred to the auxiliary warehouse, and the finished product will be transferred to the finished product warehouse The planning and materials department is responsible for inventory management
Raw materials sent directly from suppliers or authorized to buy will be checked for quantity, type and quality as required and stored at the raw material warehouse
Accessories are ordered on request, before being stocked, they will also be checked for type, quantity and quality according to the order and technical design
After the relevant departments receive the production order and production documents, the cutting department staff goes to the raw material warehouse to receive the fabric and mex The sewing line leader assigns workers to receive materials from the accessory warehouse In the process of receiving, the recipient is responsible for recording in the "Receiving Book" and comparing it with the delivery notebook
The production process has not used up all the raw materials that are re-entered into the warehouse according to types The ending inventory of raw materials will be disposed of
Semi-finished products are stored in the semi-finished products warehouse for processing
Finished products, after being checked for quality, will be stored in warehouses waiting to be sold or handed over to customers
2.3.4 The situation of inventory, storage and distribution of raw materials
- Inventory and storage of raw materials
• Each time raw materials are imported into the warehouse, they will be inventoried and put on the warehouse shelves according to the correct process
• Measures to preserve and prevent fire are very strict to ensure safety
• When importing and exporting raw materials, the warehouse keeper must check the entry and exit notes The storekeeper must always know the quantity, quality and type of raw materials At the end of the quarter, the storekeeper calculates the inventory of each type of material
• The company only issues production orders when raw materials have been fully stocked Allocating materials only when there is a delivery note
• Allocating materials in the form of quotas, based on required criteria and production progress, the warehouse will allocate according to the quantity indicated on the slip The department receiving raw materials must clearly state the quantity and type in the "Receipt of raw materials"
• Allocating materials in the form of quotas, based on the required criteria and production progress, the warehouse will allocate according to the quantity indicated on the slip The department receiving raw materials must clearly state the quantity and type in the "Receipt of raw materials"
• In case the materials are out of stock but the required quantity of products has not been completed, an order from the head of the production department and the head of the planning and materials department is required to purchase more raw materials for storage Raw materials left over from the production process are re- entered for processing
2.3.5 Structure and Depreciation of fixed assets
As a manufacturing company, the company's fixed assets are mainly tangible fixed assets, including warehouses, factories, machinery, production equipment, office equipment, means of transporting products
Table 2.9: Fixed Assets and Accumulated Depreciation
(According to T&M Hung Phat Garment Joint Stock Company) From the table above, we see that the company's fixed assets in 2021 increased compared to 2020, specifically, an increase of 140.934.118 VND (equivalent to 2,56%), from 5.500.048.788 VND (in 2020) to 5.640 928.906 VND (in 2021) The reason is that the company invests in buying new machinery and equipment for production And 100% of the company's fixed assets are tangible fixed assets
The company uses the straight-line depreciation method With assets being buildings, factories and equipment with a depreciation period of 20 years and other assets with a depreciation period of 5 years, according to regulations, according to the Circular of the Ministry of Finance on management regime , use and depreciation of fixed assets Accumulated depreciation in 2021 increased by 1.086.807.700 VND (equivalent to 13,35%) compared to 2020 The accumulated depreciation to cost ratio is 61,78% This shows the equipment and machinery The company's equipment is old, has been used for many years, the company needs to take measures to repair, maintain, as well as
5 Intangible fixed assets 0 0 0 0 0 replace new equipment to ensure production progress, labor productivity as well as product quality
2.3.6 Situation of using fixed assets
Fixed assets are used in accordance with regulations, according to the Circular of the Ministry of Finance on the regime of management, use and depreciation of fixed assets Depreciation period is 20 years and other assets have a depreciation period of 5 years However, in reality, the company's fixed assets are often not used until the depreciation is exhausted, or the ability to operate is still good, because the company regularly inspects and maintains and repairs machinery and equipment equipment, factories, etc periodically, and regularly liquidate old fixed assets, purchase and replace new equipment, machines, and technologies, in order to increase labor productivity as well as product quality
The company always focuses on the management of raw materials It applies the process of importing, exporting, stocking and dividing according to each specific warehouse
Cost and Cost analysis
The company classifies expenses by item, including 5 types of expenses:
- Group of production costs, including:
• Direct materials cost: This cost item includes raw materials and output materials directly used in the manufacture of the product
In which, the main materials are used to make up the main entity of the product and other auxiliary materials have the effect of combining with the main materials to complete the product in terms of quality and shape
The company processes the main materials: fabrics and accessories provided by the customer according to the norm
The main raw materials included in the company's product cost only include: Sewing thread, overlock thread
• Direct labor costs: This cost item includes wages payable to the workers directly producing the product, and deductions from their wages are included in expenses
• Manufacturing overheads: Manufacturing overheads are costs incurred within the workshops to service or manage the product manufacturing process This cost item includes:
+ Cost of materials for production process or production management + Salary and deductions according to the salary of workshop management staff + Depreciation
+ Repair and maintenance of machinery, equipment and factories
+ Expenses for services purchased outside for production and management in the workshop…
- Group of non-manufacturing costs, including:
• Selling expenses: This expense item includes expenses incurred for product consumption
+ Costs such as transportation costs, loading and unloading of finished products delivered to customers
+ Packaging costs, depreciation of means of transport
+ Sales staff salary, sales commission
• General and administrative expenses: Enterprise management expenses include all expenses for the organization and management of the production and business process in general from the perspective of the whole enterprise
+ Office expenses, salary and deductions according to salaries of business management staff
+ Depreciation of fixed assets of the business
The planned cost is the product cost calculated on the basis of the actual cost of the previous period, the planned production cost and the planned output The calculation and determination of the planned cost is carried out before the production and manufacturing process and is carried out by the planning department
2.4.3 Cost aggregation method and Calculate Actual cost
The company is using the direct cost aggregation method, combined with the indirect cost allocation method, which is related to many objects that do not directly serve the product This method can be understood simply that the costs incurred related to any object are directly determined and attributed to that object To implement this method, the accounting department must ensure that the incurred expenses are collected completely and accurately
Monthly, the accounting department collects the cost items in the detailed table of production and business costs Since the company manufactures goods, production costs included: direct material costs, direct labor costs, and manufacturing overhead
Actual cost is the cost of products calculated on the basis of data of actual production costs incurred and collected in the period and the actual output of products produced in the period The actual cost of the product can only be calculated when the manufacturing process is completed
+ Step 1: Calculate Total Actual cost for finished products in the period
+ Step 2: Calculate general Cost ratio
+ Step 3: Calculate Actual cost for each product
T&M Hung Phat Garment Joint Stock Company is using the General Journals principle All economic transactions are recorded in the journal, especially the general journal in chronological order and according to economic content Then, transactions are recorded in the ledger based on the data in the general journal
Total Production cost of the period = Direct materials cost
+ Direct labor cost + General operation cost
Total actual cost for finished products in the period = Value of un- finished products at the beginning of the period + Production cost of the period - Value of un-finished products at the end of the period
Cost Ratio = Total actual cost for finished products in the period / Total planned cost
Actual cost for each product = Planned cost for each product x Cost ratio
- General Journals accounting form consists of the following main types of books:
Figure 2.2: The order of recording accounting books in the form of general journal entry form
(By Ke toan Thien Ung)
+ General logbook: recording over time
+ Ledger of accounts: recorded according to the system such as ledger TK111,
+ Cash register, bank deposit book …
• Detailed ledger system: The detailed books vary depending on management requirements such as cash fund detail book, payment detail book with buyers (sellers), detail book of accounts, business expense book.
Analyzing financial situation
Table 2.10: Income Statement 2021 of Company
1 Revenues from sales and services rendered
10 Net profits from operating activities 30 5.223.331.315 4.487.349.591 735.981.724 16,40
15 Current corporate income tax expenses
16 Deferred corporate income tax expenses
(According to Accounting Department of Company)
Table 2.11: Revenues of company in 2021 and 2020
1 Revenues from sales and services rendered 44.294.454.043 94,98 36.165.573.048 93,32
• Net income in 2021 increased sharply, increasing by 22,48% (equivalent to 8.128.880.995 VND) compared to 2020, from 36.165.573.048 VND to 44.294.454.043 VND The numbers show that the business is growing and operating effectively after the impact of the covid 19 epidemic
• More than 90% of the company's revenue comes from sales and services rendered, specifically 44.294.454.043 VND in 2021, accounting for 93,32% of total revenue, in 2020 it is 36.165.573.048 VND, accounting for 94,98 % total revenue
• Financial income only accounted for 6,61% of total revenue in 2020, decreasing by 10,52% in 2021 to 4,92% of total revenue
• Other incomes accounted for a very small proportion of total revenue But in
2021, other incomes also increased to 86,16% compared to 2020 because the company liquidated old machinery and equipment for investment and purchase of new equipment
Table 2.12: Expenses of company in 2021 and 2020
15 Current corporate income tax expenses 993.309.061 2,34 530.093.202 1,52
• The total cost of enterprises also increased significantly, from 34.770.436.575 VND in 2020 to 42.570.624.399 VND in 2021
• The reason is that compared to 2020, in 2021 COGS increased by 21,89%, selling expenses increased by 13,83%, General and administration expenses increased by 27,09%, Current corporate income tax expenses also increased by 87,38% (Due to the increase in revenue and profit of the company)
• In which, the cost of goods sold accounts for approximately 70% of the cost of the enterprise Sales and General and administrative expenses account for 13% - 14% of the business
• Net profits from operating activities of the company in 2021 is 5.223.331.315 VND, up 16,40% compared to 2020 (equivalent to 735.981.724 VND)
• Profit after tax in 2021 is 4.267.681.137 VND, an increase of 7,15% (equivalent to 284.696.589 VND) compared to 2020
• After the impact of the covid 19 epidemic in 2019 and 2020, the company quickly reproduced, grew and operated effectively, making good use of the capital and assets of the business
Table 2.13: Balance Sheet as at 31/12/2021 of Hung Phat T&M Garment Joint Stock
(According to Accounting Department of Company)
- Assets: Total assets of the enterprise in 2021 is 37.803.697.967 VND, an increase of 9,16% (equivalent to 3.170.778.035 VND) compared to 2020
• Short-term assets: Increase 8,47% (equivalent to 2.059.283.718 VND), to 26.367.560.257 VND in 2021 In both 2020, and 2021, Short-term assets account for approximately 70% of total assets of the business
In 2021, cash increased by 60,90% compared to 2020 equivalent to 631.013.186 VND, to 1.667.109.588 VND, accounting for 4,41% of total assets (only 2,99% in 2020) The company has no equivalents
Short-term financial investments in 2021 are 14.180.479.972 VND, down 7,91% compared to 2020, accounting for 37,51% of total assets, while 2020 accounts for 44,46%
Current receivables increased by 74,66%, equivalent to 2.661.107.469 VND compared to 2020, and equal to 6.225.240.620 VND, accounting for 16,47% of total assets Due to the strong increase of Current trade receivables (accounting for 11,36% of total assets), an increase of 179,62% compared to 2020, businesses have many receivables, bad debts, and misappropriated capital
Inventories in 2021 are 3.919.589.507 VND (accounting for 10,37% of total assets), down 87.041.707 VND (equivalent to 2,17%) compared to 2020 It shows a decrease in the company's inventory and turnover inventory, faster sales and returns
• Long - term assets: In 2021, increasing by 10,77%, equivalent to 1.111.494.317 VND, to 11.436.137.710 VND compared to 2020 In both 2020 and 2021, the company's long-term assets account for approximately 30 % total assets The company's long-term assets are mainly fixed assets and long-term investments
Fixed assets in 2021 are 5.640.982.906 VND, an increase of 2,56% compared to
2020, accounting for 14,92% of total assets In which, the increase is mainly tangible fixed assets The company has no intangible fixed assets Accumulated depreciation also increased by 13,53% to 9.118.554.459 VND, showing that the company's fixed assets, machinery and equipment are old and need maintenance and replacement to ensure smooth production profit
The company's long-term investments also increased by 788.445.106 VND compared to 2020, equivalent to 17,51%, to 5.290.775.000 VND, accounting for 14% of total assets
- Capital resources: Similar to assets, the company's total capital in 2021 is 37.803.697.967 VND, an increase of 9,16% (equivalent to 3.170.778.035 VND) compared to 2020
• Liabilities: In which, account payable made up more 50% total capital of the enterprise in both 2020 and 2021
Liabilities in 2021 is 19.867.530.403 VND (accounting for 52,55% of capital), an increase of 2.136.715.829 VND, equivalent to 12,05% compared to 2020 of 17.730.814.575 VND
100% Liabilities of the company are short-term liabilities
In 2021, Short-term trade payables increased by 20,50%, equivalent to 470.625.622 VND compared to 2020, accounting for 7,32% of capital Short-term prepayments from customers increased by 45,37% compared to 2020 Taxes and other payables to the government budget also increased by 25448,42%, equivalent to 358.369.819 VND compared to 2020
Payables to employees increased by 658.945.076 VND, equivalent to 16,62%, to 4.622.985.216 VND compared to 2020, accounting for 12,23% of total capital Short-term provisions also increased by 9,35% compared to 2020, equivalent to 253.928.838 VND, to 2.970.165.251 VND, accounting for 7,86% of total capital Bonus and welfare funds in 2021 increased by 5,06% compared to 2020, and equal to 8.896.775.948 VND, accounting for 23,53% of total capital Enterprises are increasingly interested in the benefits and welfare regimes for employees
• Owner’s equity: In 2021, it is 17.936.167.564 VND, an increase of 6,12% compared to 2020, accounting for 47,45% of total capital In which, 100% is contributed capital
Undistributed profit after tax increased by 23,15% compared to 2020, equivalent to 1.034.062.206 VND, to 5.501.698.744 VND, accounting for 14,55% of total capital
Enterprises are growing, profits generated are retained to reinvest in production and business activities of enterprises
Table 2.14: The average assets and equity in 2021 and 2020
Table 2.15: Liquidity Ratios of company in 2021 and 2020
No Financial Ratio Calculation Formula 2021 2020 Changes
1 Current Ratio Current assets/Current Liabilities 1,327 1,371 -0,044 -3,19
2 Quick Ratio (Current assets - Inventory)/Current
3 Cash Ratio Cash and cash equivalents/Current Liabilities 0,084 0,058 0,025 43,60 The company's current solvency and quick solvency in 2021 both decreased slightly compared to 2020 Meanwhile, the cash ratio increased sharply Specifically:
• Current Ratio: Decreased by 3,19%, from 1,371 in 2020 to 1,327 in 2021 If in
2020, for every 1 VND of short-term debt of the company is guaranteed by 1,371
No Contents Average of 2021 Average of 2020
VND of short-term assets, then in 2021, for every 1 dong of short-term debt of the company The company will be secured by 1,327 VND of short-term assets And the company's current solvency index in both years is greater than 1, indicating that the company has enough short-term assets to pay its short-term liabilities
Since the calculated current ratio includes inventory, but inventory is the least liquid short-term asset, the quick ratio is applied
• Quick Ratio: Decreased by 1,32%, from 1,145 in 2020 to 1,130 in 2021 The quick ratio of the company in both years is greater than 1, meaning the company is able to pay short-term debts regardless of inventory
• Cash Ratio: Up to 43,60%, from 0.058 in 2020 to 0.084 in 2021 It shows that the amount of cash, cash equivalents and highly liquid assets of the company increased greatly However, this ratio both years is very small compared to 1, indicating that the company holds very little cash and cash equivalents, not meeting short-term liabilities
Table 2.16: Financial structure Ratios of company in 2021 and 2020
• Short-term assets account for a large proportion of total assets, in 2020 and 2021, the structure of short-term assets will not change significantly, both approximately 70%
2 Long-term assets/Total assets 0,303 0,298 0,004 1,48
• Long-term assets account for only about 30% of the asset structure In 2021, the ratio of long-term assets increased slightly by 1,48% compared to 2020, due to the company's investment in purchasing new machinery and equipment
• In 2021, the ratio of equity to total capital will decrease by 2,78% compared to
2020 And on average, equity only accounts for about 48% to 49% of total capital
• Debts account for more than 50% of capital, but most of them are short-term debts and the company is able to pay these short-term debts This shows that the company is effectively using capital, its short-term financial position is relatively good
Table 2.17: Activity Ratios of company in 2021 and 2020
No Financial Ratio Calculation Formula 2021 2020 Changes
Net income/Average current assets 1,748 1,400 0,349 24,91
4 Sales to long-term assets Ratio
Net income/Average Long- term assets 4,071 3,501 0,570 16,30
Net income/Average total assets 1,223 1,000 0,223 22,32
• Inventory Turnover Ratio: In 2021, an increase of 1,49% compared to 2020, in these 2 years, enterprises can perform about 11 production cycles The inventory period in 2021 is less than in 2020 The larger the inventory turnover ratio, the faster the production and payback period, reducing financial risks, moldy goods, and storage costs warehouse …
• Average Collection Period: In 2021, this index increased by 42,61% (approximately 15 days) compared to 2020 This shows that the company's capital recovery time is longer, and the ability to recover capital is also more difficult The business is misappropriating capital
• Sales-to-current assets Ratio: In 2021, it increased by 24,91% compared to 2020, which means that 1 VND of short-term assets will generate 1,748 VND of revenue
• Sales to long-term assets Ratio: In 2021, an increase of 16,30% compared to
2020, 1 VND of long-term assets will generate 4,071 VND of revenue
• Sale-to-total assets Ratio: In 2021, it also increased by 22,32% compared to
2020, 1 VND of assets will generate 1,223 VND of revenue This is not a large number, but the sharp increase of the above indicators shows that the business is operating more and more effectively.
Table 2.18: Profitability Ratios of company in 2021 and 2020
No Financial Ratio Calculation Formula 2021 2020 Changes
(Net profit after tax/Net income) x 100 9,63 11,01 -1,38 -12,52
(Net profit after tax/Average equity) x 100 24,50 24,08 0,42 1,73
(Net profit after tax/Average total assets) x 100 11,78 11,01 0,77 7,01
• Return on Sales (ROS): In 2021, this index decreased by 12,52% compared to
2020 In 2020, 100 VND of revenue will generate 11,01 VND of profit, but in
GENERAL ASSESSMENT AND GRADUATION ORIENTATIONS
General assessment of the company’s performances
• In 2021, the company's production and business situation has made remarkable progress, with a sharp increase in both product volume and revenue thanks to the trust and support of customers, as well as technological innovation, techniques, training, improving the skills of employees, thereby increasing labor productivity as well as product quality Despite being affected by the Covid 19 epidemic in
2020, the company still maintained regular production and quickly resumed normal operations and ramped up production immediately after the epidemic ended
• The company continuously applies new technology, machinery and equipment to the production process, focusing on product quality to meet the requirements of fastidious markets such as the US, EU, and Japan The company focuses on direct marketing and 2 main product lines to save costs and specialize, constantly researching to improve quality At the same time, they are interested in activities to help the community, improve the lives of employees, and create a beautiful image in the eyes of customers Therefore, customers always trust to come back and introduce new customers to the company, the company also has a certain position in the market
• Labor productivity is increasing, the percentage of employees with degrees, qualifications and skills is increasing because the company pays more attention to recruitment and training
• The company always cares about the material life as well as the spirit of its employees Always ensure employees are entitled to a decent salary and a full range of prescribed benefits At the same time, the company also regularly helps employees in difficult circumstances, takes care of the employees' families and children so that employees can work with peace of mind The company also regularly organizes collective activities, visits and gives gifts to employees on holidays and Tet
• The salary fund is constantly increasing over the years, in order to improve the life, welfare and salary for employees
• The company is also interested in employee training, regularly organizes skill improvement courses The company also facilitates good employees to take more management courses to promote to higher positions
- Materials and fixed assets management:
• The process of importing and exporting raw materials is strictly managed, requires full documents, is clearly compared and recorded, is always declared regularly, and appropriate norms are calculated for each product orders, to avoid unnecessary waste and loss
• Fixed assets are also periodically checked for timely repair and replacement, ensuring a smooth production process as well as product quality
• The company's revenue and profit in 2021 both grew strongly compared to 2020, due to increased labor productivity and product quality, thanks to investment in new machinery and equipment, improved skills of employees, through It has received the trust and support of domestic and foreign customers
• The company has the ability to pay short-term debts, low financial risk Financial indicators such as ROA, ROE, and ROS are all at quite good levels, showing that the company is operating effectively, making good use of existing capital and assets
• Focusing on two main product lines should be limited in business cooperation
• The price is not really competitive compared to the competition
• Not paying much attention to marketing, advertising, fanpage, and websites are sketchy, not regularly updated, with little information on technological processes and product quality, leading to ignoring many potential customers
• The high percentage of female employees, often taking maternity leave, affects the company's production schedule
• Regularly recruiting more seasonal workers to keep up with production orders, wasting time on training, and reducing labor productivity
- Materials and fixed assets management:
• Raw materials in stock are low, so they are passive in production, and the production schedule is delayed if there is a shortage of materials
• Due to the need to collate and update data regularly, it is mainly done manually, so it takes time, as well as human resources
• The company is misappropriating a lot of capital, the average collection period is increased to 15 days, the payback period is longer, and the financial risk is higher.
Orientation of graduation thesis topic
As a manufacturing company, labor productivity and product quality are two core factors that need attention
In addition to production technology, machinery and equipment, factors of labor as well as skills greatly affect productivity as well as product quality And it must be through motivating employees to actively produce, constantly learn, improve skills and stick with the company
Therefore, I decided to choose the topic "Analyzing and proposing solutions to improve employee satisfaction and motivation at Hung Phat T&M Garment Joint Stock Company" for my graduation thesis
The thesis consists of 3 parts:
• Part 1: An overview of the rationale for employee satisfaction and motivation
• Part 2: Analysis of employee satisfaction at Hung Phat T&M Garment Joint Stock Company
• Part 3: Proposing solutions to improve employee satisfaction and work motivation
To complete this topic, I need to collect information about employees' satisfaction with their current job, time with the company, problems employees often face as well as employees' needs …