NATIONAL ECONOMICS UNIVERSITYFACULTY OF FOREIGN LANGUAGESDEPARTMENT OF BUSINESS ENGLISHDANG KIEU GIANG A STUDY ON EMPLOYEE RETENTION STRATEGIES AT MELISOFT TECHNOLOGY SOLUTIONS COMPANY L
Employee Satisfaction with Compensation and Benefits
Figure 3.5 illustrates the level of agreement among current and former employees of Melisoft regarding some statements about the company's compensation policy, inferring their satisfaction with this policy.
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20 | am satisfied with my salary.
| My workload is reasonable for the salary.
The company's salary system is very fair.
Strongly Disagree Neither Agree Strongly Strongly Disagree Neither Agree Strongly #The labor assessment is being disagree agree nor agree disagree agree nor agree done fairly. disagree disagree a a w ° w
Number of current employees w Number of former employees ˆ N
Figure 3.5 Current and former employees’ level of agreement with statements about the company's compensation policy
Firstly, with the statement "I am satisfied with my salary," 16 current employees (out of a total of 35) expressed agreement, and 13 employees showed uncertainty about their satisfaction Meanwhile, half of the former employees (8 out of 16) indicated strong disagreement with or disagreement with this statement Only 3 respondents agreed that they were satisfied with the salary provided by the company Therefore, the level of satisfaction with salary among current employees is average, and among former employees is relatively low It can be inferred that Melisoft's compensation policy has been improved, but further improvements are still needed to increase employee retention rates, as satisfaction with the company's compensation policy is one of the important factors contributing to employee loyalty to the company.
Secondly, regarding the suitability of job workload with salary, most current employees of Melisoft expressed neutrality or agreement, while half of the former employees disagreed or strongly disagreed, with 6 of them strongly disagreeing This indicates that the salary is relatively appropriate for the workload that current employees are undertaking However, the high number of former employees disagreeing with this statement shows that Melisoft needs to reconsider the cases of leaving due to dissatisfaction with the workload leading to the desire to look for a new job.
Finally, concerning fairness in the salary system, in addition to the majority of new employees having a neutral attitude, about a quarter of employees (9 out of 35) disagreed with this statement Moreover, more than half of former employees
Dang Kieu Giang — 11191381 — Business English 61C expressed opposition to the idea that the salary system is fair These results are also similar when it comes to fairness in employee evaluation This indicates that there may be a need for Melisoft to improve the fairness of their compensation system and employee evaluations.
The chart below shows the level of satisfaction among current employees with some of the company's main benefits, specifically the social insurance package and the paid time off policy As the survey results of both current and former employees of Melisoft are quite similar, the author has analyzed the current employee survey results in particular.
# Paid time off policy ® Social insurance packages
Figure 3.6 Current employees’ level of satisfaction with the company's benefits
Regarding the social insurance package, only 2 individuals rated it as very satisfied and 2 individuals as very dissatisfied, while most employees (17 people) rated it as satisfied Additionally, a significant number of employees (14 people) expressed a neutral attitude This may suggest that although the company's social insurance package is rated fairly well, there is still room for improvement to meet the needs and desires of employees.
As for the paid time off policy, nearly half of the employees (15 people) rated it as satisfied and only | person expressed dissatisfaction The highest number of individuals (18 people) fell in the neutral category Therefore, the company should continue to maintain the current paid time off policy or find ways to improve it to better meet the increasing demands of employees.
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In summary, figure 3.6 shows that although the majority of employees rated the social insurance package and paid time off policy positively, there are still issues that need to be addressed to best meet the needs and desires of employees.
In addition to the two main benefits mentioned above, there are many other benefits that the company provides to its employees Due to the limited research time, the author evaluated the overall satisfaction level of employees with the company's benefit packages through the chart below.
| believe my benefits package is good by industry standards.
Figure 3.7 Current and former employees’ level of satisfaction with the company's benefits package by industry standards
Based on the first pie chart, most current employees (60%) selected neutral, suggesting that they are not strongly satisfied or dissatisfied with the company's benefits package Only a small percentage of employees, about 23%, either agree or strongly agree with the statement This suggests that the employees may not be fully satisfied with their current benefits package, and the company may need to take steps to improve it in order to attract and retain employees.
Similarly, the second pie chart shows that the level of satisfaction with the company's benefits package among former employees is also not very high The majority of former employees (56%) selected "neither agree nor disagree," indicating that they did not have strong feelings about the company's benefits package in relation to industry standards However, the number of former employees who disagreed or strongly disagreed (a total of 6) is much greater than the number of former employees who agreed or strongly agreed (a total of 1).
This indicates that the company may need to make significant improvements to
Dang Kieu Giang — 11191381 — Business English 61C its benefits package to not only retain current employees but also to ensure that former employees speak positively about the company's culture and benefits package.
Overall, the results of both charts suggest that the company may need to re- evaluate and improve its benefits package to ensure that it remains competitive with industry standards and meets the needs of the employees.
Employee Satisfaction with Working Conditions
Figure 3.8 provides insights into the level of satisfaction with the working conditions at Melisoft among both current and former employees.
8 Well-equipped tools and equipment
Number of former employees Quiet space, spacious and airy sitting position ®@ Flexible working hours
Figure 3.8 Current and former employees’ level of satisfaction with the company's working conditions
Based on the charts provided, it appears that a significant number of current and former employees neither satisfied nor dissatisfied with the facilities and amenities, well-equipped tools and equipment, quiet space, and flexible working hours offered by Melisoft It can be inferred that there is a lack of strong positive or negative feelings towards the work conditions offered by Melisoft This suggests that while these aspects of the work environment may not be outstanding, they are not particularly problematic either.
Moreover, the level of satisfaction among current employees is slightly higher than that of former employees, especially when it comes to having adequate facilities and amenities and well-equipped tools and equipment These two criteria had the highest number of dissatisfied and very dissatisfied former
Dang Kieu Giang — 11191381 — Business English 61C employees, with 25% of former employees (4 out of 16) expressing dissatisfaction for each criterion The remaining two aspects of the working conditions, which are quiet space and flexible working hours, received high satisfaction from both types of employees Specifically, approximately 37% of current employees and around 38% of former employees indicated their satisfaction with these two work conditions.
The lower level of satisfaction among former employees compared to current employees may suggest that improvements have been made to the work environment over time It is important to continuously evaluate and improve the work environment to ensure employee satisfaction By prioritizing employee satisfaction and well-being, companies can create a positive and productive work environment that attracts and retains highly qualified individuals.
Employee Satisfaction with Corporate Culture sô 37 3.3.4 Employee Satisfaction with Career Development Opportunities 40 3.4 Achievements and Limitations of Employee Retention Strategies at
The table below illustrates the percentage of current and former employees
Strongly Neither agree Strongly ' Disagree disagree nor disagree agree ct of ` | Pet of | Pct of | Pct of | Pct of | Pct of | Pct of | Pct of | Pct of
The working atmosphere in the l 11% | 0% | 49% | 44% | 34% | 31% | 6% | 25% company is very good.
I regularly use social media to communicate with members of the 0% | 17% | 6% 51% 0% company.
I always get the cooperation of my
I received timely encouragement and support from my superiors 11% | 31% | 57% | 38% | 26% | 25% 6% when needed.
The Management treats me with
Table 3.1 Current and former employees’ level of agreement with statements about workplace relationships
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It can be easily observed that the majority of survey participants remained neutral or agreed with these statements This may suggest that their relationships at work range from acceptable to good.
In terms of the work atmosphere, around 40% of current employees agreed or strongly agreed with the statement, while about 11% disagreed Surprisingly, up to 56% of former employees believed that the work atmosphere at the company is good, and no one expressed disagreement This may indicate that the work atmosphere at Melisoft, while still open and friendly, has deteriorated somewhat compared to the past.
Regarding communication on social media, the results show that former employees communicated more frequently than current employees Specifically, up to 50% of former employees agreed that they often use social media to communicate with colleagues, while only 29% of current employees agreed with this statement Furthermore, 17% of current employees expressed disagreement.
Thus, the frequency of using social media to communicate with colleagues by current employees has decreased significantly, which may be a sign of growing distance between them.
Regarding collaboration with colleagues, the majority of respondents agreed or strongly agreed, indicating that cooperation among employees in the company is always emphasized However, some respondents indicated that they did not receive cooperation from their colleagues when needed, accounting for about 11% of current employees and 6% of former employees.
On the issue of motivation and support from superiors, 31% of former employees and 11% of current employees disagreed with this Although the majority remain neutral or agree, the relatively high rate of opposition suggests that management needs to reconsider motivating and supporting employees in their work to retain talent for the company.
Finally, most employees remained neutral or agree with the statement that management treats employees with respect This suggests that management may have a good reputation in this aspect, and the employees do not feel mistreated or disrespected It can also indicate that management values the opinions and concerns of its employees and works to maintain a positive relationship with them.
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In conclusion, while Melisoft has created a generally positive work environment, the survey highlights some areas for improvement, particularly in terms of collaboration and support from management By addressing these concerns and building upon the positive aspects of the work culture, Melisoft can create a more cohesive and supportive environment for its employees, which in turn can lead to greater job satisfaction and retention of top talent.
The figure below illustrates the frequency of team-building activities organized by the company, which plays an important role in building a positive and cohesive company culture.
Strongly disagree, My company regularly organizes group activities such as
0% birthday parties, sports, picnics and travel.
Figure 3.9 Current and former employees’ level of agreement with a statement about team-building activities
It is clear that most respondents chose the option of neither agreeing nor disagreeing It can be inferred that most of the respondents did not have a strong opinion on the statement being presented, or they were uncertain about their position on the issue.
In the current employee chart, out of 35 respondents, 8 (23%) disagreed with the statement that the company regularly organizes group activities, while 7 agreed or strongly agreed with it In the former employee chart, out of 16 respondents, only one disagreed with the statement that the company regularly organizes group activities.
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From the two charts, we can infer that the former employees are generally more positive towards the company's efforts in organizing group activities than the current employees There may be various reasons for this difference, such as changes in management or company culture, or differences in the type of activities being organized However, it is obvious that the current employees are less satisfied with the company's efforts in this regard.
To improve the situation, the company could consider surveying employees to get more detailed feedback on what type of activities they would like to participate in and make efforts to better communicate and involve employees in the planning process This could help increase employee engagement and satisfaction with the company.
3.3.4 Employee Satisfaction with Career Development Opportunities
Figure 3.10 shows the responses of current and former employees regarding their agreement level on four statements related to training, challenging opportunities, resources, and feedback at Melisoft.
TM The company offers enough training opportunities to keep my knowledge and skills up to date.
| have the opportunity to do challenging things at work.
| have all the resources | need to
| | I '# The feedback | receive helps me
Number of current employees ư Number of former employees oF MB 0 kU DN wo ©
Figure 3.10 Current and former employees’ level of agreement with statements about training and development activities
On the one hand, there are several conclusions that can be drawn from the current employee chart For the statement "Our organization offers enough training opportunities to keep my knowledge and skills up to date", 14 current employees agreed while 17 neither agreed nor disagreed This suggests that a number of current employees were not completely satisfied with the current training
Dang Kieu Giang — 11191381 — Business English 61C opportunities provided by the organization In the case of the statement "I have the opportunity to do challenging things at work", 18 respondents agreed and 11 neither agreed nor disagreed This indicates that a majority of employees had the chance to work on challenging tasks, which can help improve their skills and knowledge Regarding the statement "I have all the resources I need to do my job successfully", 22 respondents neither agreed nor disagreed while only 11 agreed.
This indicates that the organization needs to ensure that employees have access to the necessary resources to perform their job effectively Finally, for the statement "The feedback I receive helps me grow and develop", 19 people agreed while 14 neither agreed nor disagreed This suggests that the feedback is valuable for employee development, but there is still room for improvement.
On the other hand, data from the former employee graph shows other notable results Based on the chart, it can be inferred that the majority of former employees did not agree with the statement that Melisoft offers enough training opportunities to keep their knowledge and skills up to date Although they mostly agreed that they had the opportunity to do challenging things at work, they did not feel they had all the resources to do their job successfully However, most former employees did feel that the feedback they received helped them grow and develop.
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The leadership team needs to have a deep understanding of the role and enormous importance of corporate culture for the development and survival of the company With the attention and guidance of the leadership team, the environment within the company is sure to be significantly improved Here are some potential solutions to improve corporate culture: e Foster communication: To improve communication among employees, the company can consider implementing a social media policy that encourages employees to connect and engage with each other The company can also use digital platforms to facilitate communication, such as group chats or forums where employees can share updates, ideas, and feedback. e Promote the relationship between superiors and subordinates: The company's leadership team should pay more attention to their employees, encourage them when assigning tasks and reward them when they complete those tasks. e Encourage team-building activities: To strengthen bonds among employees, the company can encourage team-building activities, such as sports events, arts and crafts workshops, outdoor trips, or volunteer work.
These activities can help employees develop stronger relationships and foster a sense of camaraderie and teamwork. e Celebrate milestones and achievements: To recognize the hard work and achievements of employees, the company can celebrate milestones and achievements by organizing events such as parties or awards ceremonies.
This can help to boost employee morale and foster a sense of pride in the workplace.
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Promote work-life balance: To create a healthy and positive work environment, the company can promote work-life balance by offering flexible work schedules, remote work options, or opportunities for personal development This can help employees to feel valued and supported and can improve their overall wellbeing.
Delegate power in work: There should be a mechanism for delegation of authority, empowering employees to feel a greater sense of responsibility in decision-making With this delegation of power, employees will become more mature as they take the initiative to solve problems (only seeking guidance from management when difficulties arise), have a high sense of responsibility, and most importantly, they feel trusted and recognize their important role in the company This also contributes to recognition for their work and increases awareness of personal responsibility.
4.2.3 Recommendations on Career Development Opportunities
As the company lacks clear direction in training and development, and career advancement opportunities are limited, it is important to consider implementing solutions that can improve career development opportunities for employees Here are some potential solutions:
Offer diverse training programs: To provide employees with the necessary skills and knowledge to advance in their careers, the company can offer diverse training programs These can include online courses, in-person workshops, mentorship programs, and on-the-job training The training programs should be structured and tailored to the needs of employees to help them achieve their career goals.
Establish a transparent career path: To provide employees with clear career development paths, the company can establish a _ career development program This program should include a framework for career advancement, skills and competency assessments, and development plans for employees to help them achieve their career goals This can help employees to set goals and understand the steps they need to take to advance in their careers.
Increase opportunities for career advancement: To provide employees with more opportunities for career advancement, the company can
Dang Kieu Giang — 11191381 — Business English 61C consider creating new roles or departments, or expanding the scope of existing roles This can provide employees with new challenges and opportunities to develop their skills and knowledge. e Recognize employee contributions: To increase employee motivation and engagement, it is important to recognize and reward employee contributions The company can establish a recognition program that includes a range of methods, such as regular feedback, bonuses, promotions, awards, public recognition, and personalized rewards This can help employees to feel valued and motivated to contribute to the success of the company.
In conclusion, Chapter 4 presents the author's recommendations to improve Melisoft's current employee retention strategies based on the author's research and relevant literature Due to the limited research time and the author's limited experience in the field of human resources, these recommendations may not be entirely suitable The author hopes to receive feedback from readers to further improve the research.
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Human resources are considered a valuable asset of a company; they are an important resource for driving the development and success of the business.
Employees play a crucial role in creating quality products and services, helping to increase the company's productivity and business efficiency However, retaining human resources within a company is a major challenge for managers.
As Tom Peters (1999), one of the world's leading management experts, has said,
"Human resources are the most valuable asset of a company, not machines or equipment Human resources create value, creativity, and differentiation." If a company wants to succeed, it needs to create a good, attractive, and competitive work environment to attract and retain talented human resources This can be achieved through investing in employee training and development, creating opportunities for advancement and salary increases, as well as creating a positive and supportive work environment Retaining human resources not only helps reduce the cost of recruiting and training new employees but also helps strengthen the stability and competitiveness of the company Therefore, managing and retaining human resources within a company is an important factor for the development and success of the company.
Realizing that this is also one of the human resource problems that Melisoft needs to solve, based on the knowledge learned in school, work experience at Melisoft, and self-study, the author hopes to provide a solution to Melisoft's human resource problem with the topic "A Study on Employee Retention
Strategies at Melisoft Technology Solutions Company Limited".
Firstly, the thesis has systematized the basic definitions of human resources and employee retention strategies, some motivational theories of employee retention popular in the world today, as well as factors affecting employee retention in general From there, a scientific foundation was built as a basis for studying the current employee retention strategies at Melisoft.
Next, the author studies the actual situation of employee retention at Melisoft.
The author introduced an overview of the company's personnel structure and retention strategies, then evaluated the level of employee satisfaction with the company’s employee retention strategies through summarizing and analyzing the
Dang Kieu Giang — 11191381 — Business English 61C results of a previous survey and comparing them with the company's current strategies From this, the achieved results and limitations of the company's retention strategies were presented.