The influence factor of real estate salespeople jobs satisfaction at dat xanh group case, vietnam

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(OUM OPEN UNIVERSITY MALAYSIA RESEARCH PROJECT (BMBR5103) eo

THE INFLUENCE FACTOR OF REAL ESTATE SALESPEOPLE JOB’S SATISFACTION

AT DAT XANH GROUP CASE, VIETNAM

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HUTECH-OUM MBA PROGRAM

BMBRS5103 BUSINESS RESEARCH METHODS Course Assignment

The influence factors of Real Estate Salespeople Job's Satisfaction at Dat Xanh Page |i

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THE INFLUENCE FACTOR OF REAL ESTATE SALESPEOPLE JOB’S SATISFACTION AT DAT XANH GROUP CASE, VIETNAM

The influence factors of Real Estate Salespeople Joh's Satisfaction at Dat Xanh

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BMBRS5103 BUSINESS RESEARCH METHODS Course Assignment CONTENTS CONTENTTS << s5 <2 c2 5 5 3 4 0880086804960303801004049460300004001010000000004019090190 3 ABSTRACT ả -5- <3 2E4E4SASE9099 4 rer240536080348002423004003070000008010000000401010100000040001008 6 CHAPTER í - INTRODUCTION «.- 5-55 7< se 7 HA “./ se ðo ion aốaố.v.tr_a 7 12 THESTATEMENTOF PROBLEM ảìằằằằằằhhhhnhhhthhtrtrrrrtrtrddrtttrtrt 7 L3 OBJECTIVE OF THE RESEARCH cằằằằằhhhhnhetrtrrttdtrrdtrrrtetrdtrtrreree 9

CHAPTER 2 - LITERATURE REVIEW cscscssssssssorsversnsernensssocevarsvensecoraeanensanansars 10

21 THE OVERVIEW OF REAL ESTATE INDUSTRY AND DAT XANH GROUP 10 22 FACTORS AFFECT TO JOB SATISFACTION OF REAL ESTATE SALESPEOPLE 16

CHAPTER 3 - METHODOLOGY .cscccsesesesserencvesarenenenarasssensesonsvsnenenaceeresanoraseonres 22

3.1 RESEARCH HYPOTHESES -ằcằằằằhehhhhhhrhrtrtrrrirmrrrrrrttrrerrdrtrre 22 3.1.1 FPAMILY RESPONSIBILITY COMMITMENT FACTORS eeằeeneeeerrrrrrrtrtrrrrre 22 3.1.2 INCOME FACTORS ị.c se snnhehhhhhrrhhnht11111101 1118111001111 0 24 3.1.3 PSYCHOLOGICAL FACTORS ằceneiiherherhrtrrrtririrrrrrrrrrrrirrrierierrriri 24 3.1.4 MANAGEMENTSYSTEM FACTORS -««senhhnhhhtrtrrhrrrerrrrrrrrrrrrrtrrrtrrrrreerre 26 3.2 RESEARCH MODEL «eccSseeheehhthhhttrertrrertirrrrrrrrrrtrrerrtrttrrereerre 28 3.3 ŠAMPLE AND DATA COLLECTION -esằeằSehheinhhhrerhtrrrtrrrrrrrrrrteeerdterersrnere 29 3.4 QUESTIONNAIRES cchằenhenrrrrrrrrrtrrrrtrtrtrrtrrtrrrertrrrerrrrrree 30 CHAPTER 4 - DATA ANALYSIS AND INTERPRETATION -. -eessss 32 4.1 RESPONDENT PROFILE ìenhenằeeheeerrrrererrrrrrrerrrirrmiimrrrhnrrrrrrrte 32 4.2 INTERNAL CONSISTENCYOF VARIABLES ằẳằằằằìeeenreerrrirtrrrrreterrrrrrrerrrerrri 33 43 KMO AND BARTLETT'S TEST: cằẴằìneemrerrrrrrrrrrrrrrrrrrirrrrmrrrrrrrtrrerrrrr 35 4.4 FACTOR EXTRACTION «c«etneeerieeerirerrrrrrtrnettttrtrrtrrrriitttrirrrrrrrrtrrrrrrirrrrree 37

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5.2 JOB SATISFACTION AND MANAGEMENT SYSTEM :0.cscscesve secretin tener ete 43

5.3 JOBSATISFACTION AND INCOME FACTOR -ehhhhhhhhrtrrrtrtrtrrttrrtrrter 45 5.4 JOB SATISEACTION AND PSYCHOLOGV FACTOR ẳccieehihrrdrrrrtrtrtrrertrrte 46

CHAPTER 6 - CONCLUSION, LIMITATION AND RECCOMENDATION 51

6.1 eẽ 272 1n e aiẫ ai san 51

6.2 RECOMMENDATION ecSceeeeeehetrhrrhrtererrtrrtrrltrtrntrrrrrteertrerrrrlirrtreeere 52 6.3 LIMHTATIONS OF THE RESEARCH eceeeeerehrerrrrrrdrrrrrrrrrdrrrrrrrtrrier 33

REEERENCES =5 nseeeeseseseeseeeseeseesse "— 55 APPENDIX: SURVEY QUESTIONNAIRE .scsssssrsosssecserssenesssssesesesesosconsneneseassoneners 57

The influence factors of Real Estate Salespeople Job's Satisfaction at Dat Xanh Page |4

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List of Table and Figures

Figure 2.2: Vietnam economic In 0117 ƠƠƠƠ,.,Ơ.ˆƠƯˆ,ơỐ ao 11 Figure 2.3: Housing and Condominiums sale & Leasing volume year 2012-2014 11 Figure 2.4: Real Estate Industry performance IndiCafOr - c+s+ceereeteertrrirerritrre 12 Figure 2.5: The structure of Dat Xanh Human ResourCes - - - 5s shenreitrtrrrrese 15

Figure 2.1: Maslow hierarchy in the shape ofa pyramid of need -. -eeeeirerere 19

Table 4.1: Profile of respondenfs cseerteerrrrerrrrrrtrrrrrerrtdrtrrrdrerrrrrrrerrtrrene 32 Table 4.2: Reliability Statistics -errerrerrerrrrrtrrrerrtrtrrrrrrrrrtrrrrrrrnnrrrrrre 33

Table 4.3: Inter-Item Correlation Matrix -nernhhtrrrrrtrrrrtrrrrrtrrtrrrrietire 34 Table 4.4: KMO and Bartlett’s Test cssecssessersesssserenenensarstensesenenenensenenanarensecnsssn ses 35

Table 4.5: Communallities .c.cccccccseessessssecneeseeseererssencesacesenerenarsecanecsencasenencsereneesses en eges 36 Table 4.6: Total Variance Explained .cccceesessssseeessseeseneneetensennsnananenenenssesneesesnangn ys 39

The influence factors of Real Estate Salespeople Job's Satisfaction at Dat Xanh Page |Š

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Abstract

he Real Estate Industry plays a vital role in underpinning the economic se of a country This study attempts to evaluate the factors of job satisfaction of employees in one of the biggest real estate brokerage company in Vietnam - Dat Xanh Group It focuses on the relative importance factor of job satisfaction and their impacts on the overall job performance of employees It also investigates the impacts of work experience, age, and sex differences on the attitudes toward job satisfaction

Recently, real estate market of Vietnam is in downturn season and many companies have undergone drastic organizational restructuring process to cut cost In connecting of surplus of sale staffs, the satisfaction with their jobs may have strong implication for improving the quality of services It is crucial for policy makers to measure the level of sale staff's job satisfaction exactly in order to improve the quality of sale target

Therefore, the primary purpose of this paper is to develop and test multivariate model

employing theoretically and conceptually relevant predictors of the real estate job

satisfaction in some organizations

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BMBRS103 BUSINESS RESEARCH METHODS Course Assigninent

CHAPTER 1 - INTRODUCTION 1.1 Background

Employee moral are important to the organization due to they recognize the behavior

of workers in the organization There is opinion that “The more satisfied worker is creating a more productivity” A satisfied workforce will result a pleasant atmosphere within the organization to performing eventually Thus as job satisfaction has become a

research studies for some subjects

Job satisfaction can be an emotional reaction to an employee’s work situation

influence to employee’s performance This is to define as an overall impression about

one’s job in terms of specific aspects of the job (e.g., wages, benefit and compensation,

colleagues, human resource policy) and it can be connected with specific results, such as

productivity

People management is an important aspect of organizational components This is arising from the recognition that the human resources of an organization and the organization itself are synonymous A well-managed business organization normally considers the average employees as the primary source of productivity gains

This means that achieving motivation and job satisfaction to develop organizational commitment is not simple or easy and works according to the complexities of individual

firms Although, there are good practices within industries, it is up to the individual

organizations to determine which human resource strategies meet its needs and objectives

1.2 The statement of problem

The specific problem addressed in this study is to examine the impact of job

satisfaction on staff turnover rate resulting on organization performance It considered

which rewards (intrinsic and extrinsic) determine job satisfaction of an employee It also considered influence of age, sex and experience of employees on level of job satisfaction In addition it investigated in most satisfying event of an employee in the

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job, why employees stay and leave the organization

These organizations consider employees rather than capital as the core values of the business and contributors to firm growing To ensure the achievement of firm goals and strategies, the organization creates a sound of commitment and cooperation for its employees through policies that encourage employee satisfaction Satisfaction of employees finds close alignment to highly motivated employees Motivated employees then develop loyalty or attachment to the firm resulting to greater productivity and lower turnover rates Effective sales force socialization — achievement of requisite job skills, development of appropriate behaviors, and internalization of values and norms — is likely to have a favorable impact on salespersons in terms of motivation and job satisfaction, and the organization in terms of performance (Feldman, 1976b; Walker, Churchill and Ford, 1977; Jackson, Tax and Barnes, 1994)

However, even with the widespread recognition of the importance of facilitating the relationship between job satisfaction and motivation in facilitating organizational commitment, there are varying perspectives on the means of doing this The earliest tactic is to use wage increases to link job satisfaction and motivation to organizational commitment (Hill & Wiens-Tuers, 2002) With the recognition that this is not enough to bring about motivation expressed in job satisfaction, other perspectives emerged giving particular importance to the training and skills development of employees (Woodruffe, 2000) applied through the underlying principle of continuous organizational learning Since this covers only an aspect of human resource management, an all-inclusive approach adopted that targets the development of a certain quality of employment life (Champion-Hughes, 2001) that covers fair wages, benefits, other employment

conditions, and career development to support the facilitation of motivation and job

satisfaction directed towards organizational commitment In short, the research is to determine:

* Dismiss negative factors influence individual manner and how to develop and achieve organizational commitment through job satisfaction and motivation

®& Investigate in-depth of real estate salespeople of Dat Xanh Group in the alignment

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BMBRSI03 BUSINESS RESEARCH METHODS

Course Assignment

job satisfaction relation with real estate market downturn currently

% Job satisfaction will be resulting on job performance, and staff turnover rate; so how to improve the condition

1.3 Objective of the research

This research examined factors that affect residential real estate sales staff satisfaction from four subsidiaries of Dat Xanh group with various sizes in different

residential markets

The objective of the study is as follows:

+ To assess the satisfaction level of real estate salespeople, particular in Dat Xanh group, in case of residential market downturn currently

4 To identify the factors which influence the job satisfaction of employees

+ This empirical study attempts to explore the relationship among several component of these factors and its consequences affect to employee satisfaction

Likewise, upon this research, the following objectives are captured:

+ This study is helpful to that organization for conducting further research

+ It is helpful to identify the employer’s level of satisfaction beside the welfare measure

4 This study is helpful to the organization for identifying the area of dissatisfaction of job of the employees

+ This study helps to make a managerial decision to the company in term of

management system improvement

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CHAPTER 2 - LITERATURE REVIEW 2.1 The Overview of Real Estate Industry and Dat Xanh Group

2.1.1 Real Estate Industry downturn

ietnam’s real estate market has found that rebound from a three-year slump will be continued until 2015 as families struggle to access affordable

loans and confidence lags Only 1,500 condominiums were sold in Hanoi in

the first quarter (CBRE) While that’s a fivefold increase from the 279 sold in the same period two years ago, it’s still down from the peak in 2009, when more than 15,000 units were sold in the capital city In Ho Chi Minh City, first-quarter sales more than tripled to

2,263 That’s compared to a peak of 13,000 condos sold in Ho Chi Minh City in 2010

The Vietnam Economic Indicators showed the prospect growth of the economy, and real estate is starting a rivalry by growing steady in year 2014 Ho Chi Minh City, by the first quarter of 2014 reported a GDP growth rate of 4.96%, which is slightly higher than the growth rate in the last three years Although strong signs of recovery have not been seen, there were certain positive economic indicators The government housing package for social housing successfully disbursed 1,322 VND billion to 3,023

customers, an increase of 64% to the end of December 2013 Moreover, a credit

package worth VND50 trillion based on a partnership between investors, contractors, building material suppliers and four local banks with support from the State Bank of Vietnam will be available for real estate very soon

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BMBRS5I03 BUSINESS RESEARCH METHODS Course Assignment Vietnam Economic Indicators CALIDA AA Myer WIS 6h) «592 56 Al AB Trede bolonce {USS, ba) 4 (3 023 (0) 069 03 Retail & sontces leona M3 714 ma IS Wl TS Somce: 650 1) SHM tt Real Estate mnnnniimmmarsmamarmnrnm

Foal Eade Welding Doalepnas ied J2 3 GA 43312 57 5A5 Rook Estate Soricas te chi 100 3ll 720 3459 H00 43 Somme: Seat: C7 7 —Goded ——— Graded WAnnval launch = @ 1 launch » - 15,000 20 a $ 10,000 $10 S000 ° L Q1 07 3 04101 0? 03 04|01 0? 03 0|91 0 : nn 2012 23 1 7009 2010 2011 2012 201 012014 Ssaœ (TH eywd, 01 2014 So (BE trued, 01 2014 Figure 2.2: Vietnam economic Indicator

Sale Volume by Grade, Unit Office Asking Rent (USS/sm/menth)

muy SHigh-end a Midend Affordable GradeA —— GradeB 2,800 w 2,100 $30 ee 1,400 700 #0 ————— 9 $10 - ao ence 9% Q1 02 03 0101 1 03 0101 mm AI 2011 2012 103 Ø1

Sao (E Read, 01 2014 Sàœ (MÉ Resecnch, 01 2014

Figure 2.3: Housing and Condominiums sale & Leasing volume year 2012-2014

The influence factors of Real Estate Salespeople Job’s Satisfaction at Dat Xanh Page [1

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Industrial Performance ha Occupongy rate, % c Source: CBRE Vietaam, Q1 2014

Figure 2.4: Real Estate Industry performance Indicator

2.1.2, Real Estate market challenges

However, there are still ongoing challenges for the economy In the process of dealing with bad debts, there were debates on the real non- performing loan ratio, which is believed by Moody’s and Fitch Ratings to be at least 15%, almost five times higher than the government estimate It is essential to have more transparent information about the process for dealing with bad debt Furthermore, real estate building TRUST is still a concern as there are many Companies still delay of transactions on selling bad debts to interested investors, or versus

2.1.3 Unemployment rate

In general, Vietnam’s unemployment rate has increased slightly from 3.6% in 2011

to 4.3% in 2012 (CIA World Fact Book 2013) This rate, however, was lower than that of many European countries For example, the lowest unemployment rates among the EU countries were recorded in Austria (4.5%), Luxembourg (5.1%), Germany (5.4%), and the Netherlands (5.6%) (Eurostat 2012) The unemployment rate in the urban areas

of Vietnam was considerably higher than that in the rural areas; 4.43% and 2.27%

respectively

1.2 Buying property behavior

Overall, the housing prices in Vietnam are very high compared with residents’

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BMBRS5103 BUSINESS RESEARCH METHODS

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incomes Due to this, when the housing markets were stagnant, many Vietnamese people tried to manage credit to be able to own a house A new niche market has been born from Vietnamese people’s buying behavior, known as the low-income housing market This market has been increasingly supported by the Deputy Minister of Construction in order to reduce the gap between demand and supply This means that foreign investors have an option to penetrate the Vietnamese real estate market by simply creating a joint venture with local companies to support the low-income housing market

There is also a change in the buying behavior of the Vietnamese people in the real estate sector Before, even low-income Vietnamese people preferred to purchase a house and did not like renting houses However, there has been changing behavior by the Vietnamese people toward renting rather than owning a house

2.1.1 Dat Xanh Group — The overview summary

at Xanh Services and Housing Construction Company was established with D the charter capital of VND0.8 billion and 10 employees As this early stage,

Dat Xanh was a specialized real estate broker In Mar 2004, the first

subsidiary of Dat Xanh was opened in District 7, Ho Chi Minh City, they was the first created concept of “Supermarket for apartments”

Year 2006 observed more subsidiaries of Dat Xanh launched in Binh Duong, My Phuoc and introduced “Sale Event”, adding in their various approaching customer ways Pioneer in upholding the transparency of the real estate information, Dat Xanh’s projects were greatly renowned Utilizing the breakthrough tactics, Dat Xanh gradually led the

entire real estate market in Binh Duong

Dat Xanh Investment Corporation was established in Mar 2007 They has officially encroached on the investment sector by possessing and investing in a variety of large projects, such as Giang Dien Water Fall Services — Tourist — Ecological Town, Green Valley Town, The Morning Start plaza etc, with hundreds of hectares of land and

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thousand billions dong The projects, along with the fame and quality of each product, excited their customer

The company name was changed to Dat Xanh Services and Housing Construction Corporation in November 2007 subsequently They upheld strengths in the real estate investment sector by investing in a number of nation-wide projects as strategic location (arisen Thu Duc, Binh Duong Riverside, Paradise Residential Zone, Bien Hoa Tower etc.) In order to meet customer’s demands of settlement and investment, Dat Xanh expanded their territories, investment models, partnership and diversified the high

quality properties with modern facilities

Their subsidiaries and branches are the most powerful alliance in the entire of Vietnam’s real estate market, in term of housing and condominiums distribution and brokerage business sector Recently, Dat Xanh was restructured to be an efficient

management model that aims at becoming a multi-industry on INVESTMENT — CONSTRUCTION — SERVICE Group with breakthrough development in major urban areas Dat Xanh Group is present in Top-100 of these Fast500 rankings, one of the fastest growing companies in Vietnam With strong financial resources, solid experience and efficient teams of zealous, creative and dynamic professionals, Dat Xanh has put in

continuous efforts, anytime, to affirm and leverage their standing in Vietnam’s real

estate market

Dat Xanh is very successful of brokerage service firm These are helping Dat Xanh growed rapidly while the real estate market downward and crisis are spread out thru the market They have successes in recently year from 2010 to 2013 as the result of correct strategy application and strictly control of the implementation process

The move is part of a plan to turn different Dat Xanh Group brokers across the

country into four regional brokerage firms — Dat Xanh South, North, Central Region, and South East The group will hold 51 per cent of each South, North and South East,

and 55 per cent in Central Region While to the Board of Management of Dat Xanh, the

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HƯTECH-OUM MBA PROGRAM

value of the deals is less important than the main purpose of streamlining the subsidiaries system

Considering “Human Resource as the core of development”, Dat Xanh always maintain a dynamic, professional, and challenging environment that treasures talents and human values and lets every employee joint efforts to shine and pursue the same cause Human Resource @ Graduated @ Undergraduated @ College @ Vocational Qualification

Figure 2.5: The structure of Dat Xanh Human Resources

Dat Xanh convenes thousands of dedicated employees who are efficient and formally

trained in locally and internationally renowned universities Moreover, Dat Xanh

organizes in-depth training course on the real estates

Dat Xanh’s employees are of high caliber, dynamic, creative, progressive, professional and customer oriented Their employees are capable of surviving the harsh competition and achieving international standards With the leader and employees uphold the sense of efforts and continuous learning, Dat Xanh staff has non-stop sharpen the skill and knowledge through practical activities and the Group’s professional training, Human resource is an invaluable assets that glorifies Dat Xanh in the business

section

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2.1.2 Dat Xanh Group’s organization culture

The real estate industry engages in independent housing and land development It is a

major driver of the economy and it also keeps pace with the development of the general economy

Culture plays an important role in the running of the company Dat Xanh Group culture embraces traditional Vietnamese philosophy but also absorbs the essence of ASEAN culture They show their ideals through strict management and a competitive spirit, but also provide the employees with a sense of belonging, a sense of accomplishment, and a

harmonious atmosphere, in which everyone is expected to work hard but can also feel

proud of his or her work

The mission is to develop middle-class projects, create and direct new real-estate

trends, promote both their own and their customers’ values, and ultimately become an

industry leader Dat Xanh use advanced management techniques and leverage the benefits of the collective wisdom and middle-class management techniques in order to create greater social benefits with exquisite design, construction and _ professional service Dat Xanh aims to successfully combine individual pursuits with the long-term development of the company Therefore, development also offers growth and advancement opportunities for the employees

Dat Xanh objective is to meet the growing needs of customers with exquisite design

and excellent quality, both in construction and professional service Quality is the tool for success, and customer satisfaction is always their main pursuit A premium brand

image can lead to customer recognition and high market share It is the key core competence of a real-estate company, and Dat Xanh is striving to obtain day by day 2.2 Factors affect to job satisfaction of real estate salespeople

A previously examination individual sales staff biographical information, market

factors, and some perceptions of the job by Stribling (Characteristics of the High

Performance Real Estate Salesperson) It is found that hours worked per week, those

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HUTECH-OLIM MBA PROGRAM

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salespeople are not married, and those generally satisfied were better level of satisfaction Age, gender and experience at the firm were not related to job satisfaction This satisfaction level measurement may cause some concer because of the inconsistencies inherent in a measure that is both self-reported and relies on personal tax record keeping and reporting practices

More accurately determined performance as they examined staff biographical information and firm characteristics by Follain, Lutes and Meier (Why Do Some Real Estate Salespeople Earn More than others?) These reported that longer years of experience; more hours worked; being a broker, especially in non-residential areas; being working in a larger firm; and attending more seminars were present in higher satisfaction level They reported that age, gender, function of the firm, marital status,

and whether or not the firm participated in a large franchise were not related to

satisfaction and their performance as well

However, this study is to continue define some other factors developing from previous reports

Job satisfaction can be viewed as ‘‘the pleasurable emotional state resulting from

the appraisal of one’s job as achieving or facilitating the achievement of one’s job

values’’ (Locke, 1969, p.316) Other studies (e.g., Steers, 1977; Wanous et al., 1984; Lo and Lam, 2002) have revealed the relationship between job satisfaction and organizational system Job satisfaction significantly and positively lead to the

performance of organizational commitment, which decline employees’ intentions to leave and resulted in decreased turnover rate When people joined an organization and/or

were assigned for the job, job satisfaction decreased when job expectations were not met During the course of this duties designation, job satisfaction increased when job expectations were reached

Over the years, many studies have addressed to categorize and list out those factors

that contribute to job satisfaction (Abdullah et al., 2011) and found wages as the

main factor for job satisfaction, but other factors such as the promotion, recognition of

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work, and employees loyalty also are considerable In addition, salaries and incentives are the most important determinant of job satisfaction (Calisir et al., 2010)

Moreover, positive and significant association found between job satisfaction and management practices such as team work, independence and leadership positions (Hunjra et al., 2010)

Abdulla et al (2011) examines the relationship between job satisfaction and environmental and demographic factors and found environmental factors (such as salary, promotion and supervision) better predictors of job satisfaction as

compared to demographic factors (such as sex, age and education level as well as

other factors related to their work experience, such as job level, shift work, and years of experience)

Psychologist Abraham Maslow identified seven categories of basic needs common

to all people Maslow represented these needs as a hierarchy in the shape of a pyramid (Figure 2.1) A hierarchy is an arrangement that ranks people or concepts from lowest to

highest According to Maslow, individuals must meet the needs at the lower levels

of the pyramid before they can successfully be motivated to tackle the next levels The lowest four levels represent deficiency needs, and the upper three levels represent growth needs

They are:

% Physiological Needs

Notice that the physiological needs are the foundation of the pyramid Why do you

suppose these needs occupy this position? Maslow suggested that the first and most

basic need people have is the need for survival: their physiological requirements for food, water, and shelter People must have food to eat, water to drink, and a place to call home before they can think about anything else If any of these physiological necessities

is missing, people are motivated above all else to meet the missing need Have you ever

had a hard time paying attention to what the professor is saying when you are hungry? Some of your future students may not have had breakfast or even dinner the night

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before Free and reduced breakfast and lunch programs have been implemented in schools to help students meet some of their physiological needs

Figure 2.1: Maslow hierarchy in the shape of a pyramid of need

& Safety and Security Needs

After their physiological needs have been satisfied, people can work to meet their needs for safety and security Safety is the feeling people get when they know no harm will befall them, physically, mentally, or emotionally; security is the feeling people get

when their fears and anxieties are low

$ Love and Belongingness Needs

After the physiological needs and the needs for survival and for safety and security have been met, an individual can be motivated to meet the needs represented at higher

levels of the pyramid The third levels of the pyramid are needs associated with love and

belonging These needs are met through satisfactory relationships with family members, friends, peers, classmates, teachers, and other people with whom individuals interact Satisfactory relationships imply acceptance by others Having satisfied their physiological and security needs, people can venture out and seek relationships from which their need for love and belonging can be met

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% Seif-Worth and Self-Esteem Needs

Once individuals have satisfactorily met their need for love and belonging, they can begin to develop positive feelings of self-worth and self-esteem, and act to foster pride

in their work and in themselves as people Before they can work toward self-esteem,

however, they must feel safe, secure

%& The deficiency need

The first four levels of Maslow’s hierarchy of needs are essential for a person’s

well-being and must be satisfied before the person is motivated to seek experiences that pertain to the upper levels If a student cannot meet any of these needs, that student will

not be motivated to pursue any of the needs in the succeeding levels Because of this, the first four levels of needs are called deficiency needs After a deficiency need has been satisfied, a person’s motivation to satisfy it lessens

$4 The Need to Know and Understand

The fifth level of Maslow’s pyramid represents an individual’s need to know and understand According to Maslow’s hierarchy, this motivation cannot occur until the

deficiency needs have been met to the individual’s satisfaction

%& Aesthetic Needs

Aesthetics refers to the quality of being creatively, beautifully, or artistically pleasing; aesthetic needs are the needs to express oneself in pleasing ways

% The Need for Self-Actualization

At the top of the pyramid is the need for self-actualization, which is a person’s desire to become everything he or she is capable of becoming to realize and use his or

her full potential, capacities, and talents This need can be addressed only when the previous six have been satisfied It is rarely met completely; Maslow (1968) estimated

that less than 1% of adults achieve total self-actualization

& The Growth Needs

The upper three levels of the pyramid constitute a person’s growth needs Growth needs can never be satisfied completely Contrary to the deficiency needs, for which

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BAIBRS103 BUSINESS RESEARCH METHODS Course Assignment

motivation diminishes when a need is satisfied, as growth needs are met, people’s

motivation to meet them increases The more these needs are satisfied, the more people want to pursue them

Employee satisfaction also relates to the design of compensation system for a business, because payment strategies based on compensation system and should appreciate (Lai, 2011) Lai (2011) argue that an efficient compensation system result in organizational growth and expansion and exhibit a positive relationship between employee satisfaction and job-based wages, skill-based pay and performance-based pay The study concludes that the intrinsic factors of motivation, including recognition, work, career opportunities, professional growth, responsibility, good feeling about the organization that has a significant correlation with job satisfaction, while hygiene (external) factors have no significant relationship with job satisfaction of employees satisfaction

The Brayfield-Rothe Index of Job Satisfaction (item 6 = “I am often bored with my job”) generated a response from 40% of the respondents that they agreed with the statement In more affirmative feedback, the Brayfield-Rothe Index of Job Satisfaction (item 17 = “I find real enjoyment in my work”) indicated that 60% of this sample population of salespersons reported liking their jobs

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CHAPTER 3 - METHODOLOGY 3.1 Research Hypotheses

3.1.1 Family responsibility commitment factors

Sales staff age, tenure, education, gender, family responsibility commitment, number of children, spousal sharing housework, actual age and age started in real estate,

and hours worked per week are the human capital model variables examined in this

study Some of these studies have found that actual age was not related to job satisfaction while others reported that it was This inconsistency in findings may indicate that age started in real estate may be a more important factor Residential real estate

agents typically start at young ages or when they are older and household issues are no

longer a central focus Actual age may therefore not be a determining issue of performance Instead, it may be the age people begin a career in real estate that affects performance If this is found to be true, this information would be a valuable tool in selecting sales agents because it is easily determined during the interview

Two different types of tenure are examined in the present study These include tenure at the firm, tenure in real estate Each of these has been examined in previous studies with various findings However, these have not been examined simultaneously

by the same study Family responsibility commitment is predicted to have the most significant influence on job’s satisfaction

Recent research examining life satisfaction has produced better consistent job performance and thus influence on job satisfaction Crellin, Frew and Jud, Follain,

Lutes and Meier and Glower and Hendershott found that brokers and sales staff life

satisfaction is related to satisfaction factors Follain, Lutes and Meier, in a study that

examined mostly residential sales staff, found that staff happier in life was related to

their job’s satisfaction

Residential real estate is one of the few careers in which females are not a

minority Because women hold more residential sales positions than commercial sales positions, it is predicted that this self-selection is for a reason, and that women will be

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Course Assignment

better performers in residential sales than men Chinloy found that males were higher performers, but his study included both commercial and residential agents Commercial agents, who are generally male, typically earn more than agents in the

traditionally female-dominated residential market Crellin, Frew and Jud reported

that there was no gender difference in illustrating the level of satisfaction for non- broker residential agents

Traditionally, women have been responsible for the majority of family responsibilities This situation also is expected to influence the performance of sales associates because it is primarily a female work force and the time and priority issue that arise due to family responsibilities may influence performance

To examine this contention, two forms of family responsibilities were examined:

marital status and the number of children living at home The stronger the pull

from the home on the sales associate, the more influence each of these family

responsibilities are posited to have on performance Thus, it is predicted that both

marriage and responsibility for several children at home will lead to lower

performance although Follain, Lutes and Meier found no relationship between

performance and marital status

Hypothesis 1: The family responsibilities commitments are negatively

related to sale staff satisfaction

Finally, hours-worked per week also is predicted to sway staff satisfaction level Previous research examining this factor found that associates willing to work the longest hours will be the most successful, thus as resulting on his or her job satisfaction Two studies reported that there may be decreasing returns to hours worked per week Following the rationale of most of the previous research, it is predicted that as hours worked per week increase, so will

The family responsibility commitment factors that was just reviewed, frequently has been examined in past real estate research While the human capital model is

examined in this study, other models also are incorporated The present study

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expands on past research by predicting that variables from two other models also

may impact to staff job satisfaction 3.1.2 Income Factors

Research has shown that attitudes and perceptions held by people effect their expectation in doing job However, past research in this area has not produced a consistent relationship between satisfactions This is generally attributed to the subjective component of satisfaction measurement that occurs when supervisor performance evaluations are used This study overcomes this problem by using objective sales staff commission earnings as the measure of performance It is expected that general, as well as other types of satisfaction (i.e., satisfaction with basic pay, satisfaction with sale commission, satisfaction with the company allowance) will increase sales staff sales commission performance

Hypothesis 2: The satisfaction with basic pay, allowance, sale commission, and paying period of time are positively related to sale staff commission and to job satisfaction

3.1.3 Psychological Factors

The psychological factors model in the present study focuses specifically on personality, attitude and perception variables Because no other area of psychology

may be as broad as the area of personality, it is necessary to narrow the scope

Personality has been defined as the unique organization of thoughts, feelings, and behaviors that define an individual and determine that person's pattern of interaction with the environment The “working environment” of interest to the

present investigation is that of an independent contractor (i.e., sales associate)

With this in mind, more specific personality traits that would influence how an individual reacts in this environment can be isolated Past research has found that for individuals who wish to develop their own business, not unlike the activities required of a sales associate The personality variable of need for

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Course Assignment

achievement is required Therefore, it is predicted that sales associates who have a high need for achievement will be successful

Hypothesis 3a: The need of achievement is positively related to job

satisfaction

Real estate salespeople pursuing professional designations do so primarily

because they have the motivation to improve their technical proficiency and selling

skills There is additional evidence that these salespeople are able to blend the merits

of both learning and performance orientations (Sujan, Weitz and Kumar, 1994) Thus, real estate salespeople with professional designations, who employ learning and

job orientations, may outperform those who rely on job orientations exclusively

Two other related variables, need for autonomy and need for affiliation, also have been found to be needed by individuals, in particular managers, as they deal with their

work environment Specifically, individuals who have a high need for affiliation tend to

create a strong sense of team spirit among fellow workers While this may be required of a broker, sales associates should not be in the office improving team spirit Instead, they should be in the field listing and showing properties Being in the field listing and showing properties are behavior more reflective of an individual with a high need for autonomy For these reasons, it is predicted that sales associates who have a high need for autonomy also may be better job satisfied, while sales associates who have a high

need for affiliation may not be better level of job satisfaction

Hypothesis 3b: The need of autonomy and affiliation are positively related to

job satisfaction

Perceptions sales staff hold about their job also may lead their job satisfaction For example, satisfaction level may decrease if the job is viewed as having a high level of

ambiguity or a high degree of conflict regarding sales expectations Also, the level of

frustration the agent feels from the job, as well as the level of stress experienced because of the job, may decrease satisfaction they are However, sale staff satisfaction may be

The influence factors of Real Estate Salespeople Job’s Satisfaction at Dat Xanh Page [25

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enhanced by a strong willingness to work and commitment to the firm or a strong

personal attachment to the job Finally, if the sales agent experiences tremendous pressure from clients this may decrease desire to produce and negatively influence their

satisfaction level

Hypothesis 3c: The level of stress, the level of ambiguity and conflict are negatively related to job satisfaction

Hypothesis 3d: The client pressure level is negatively related to job satisfaction

Research also suggests that a learning orientation motivates salespeople to put more planning into their work, in lieu of longer hours These salespeople tend to persevere

because they enjoy the selling process and continue to strive in the face of adversity

because they are not overwhelmed by failure (Kohli, Shervani, and Challagalla, 1998)

A learning orientation motivates salespeople to attain both deep-rooted and

extrinsic rewards over time Thus, real estate salespeople who are influenced by both learning and performance will be more likely to seek higher license status and become brokers and broker- associates

Abdulla et al., (2011) identified communications and job stress an important determinant of job satisfaction and found no significant influence on job satisfaction whereas significant relationship found between job satisfaction and its determinants (salary and incentives, organizational policy and strategy and nature of the work)

Hypothesis 3e: The job stress level is negatively related to job satisfaction 3.1.4 Management System Factors

Several factors under the control of management also may impact to staff job satisfaction First, past research has found a relationship between training and job satisfaction instruments However, research has not examined the effect of the perceived need by sales agents of typical office training on sales staff job

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Course Assignment

satisfaction It is suspected that those stating they need the most training would be

those who are lower job satisfaction level If a negative relationship between need for training and job satisfaction occurs, it suggests that training is important for performance and that those needing it the most realize this affects their satisfaction

Hypothesis 4a: The control level of management is negatively related to sale staff job satisfaction

Hypothesis 4b: The need of training is negatively related to sale staff job satisfaction

How satisfied the agent is with the supervisor also could influence performance Some agents may find a close relationship with the manager is essential to their continued high level of performance and lead them more satisfied with the job Others may just want a manager who is there to answer questions whenever they arise It is

hypothesized that satisfaction with management, therefore, will be related to

performance Specific managerial qualities have been shown to have an effect on job satisfaction The qualities proposed to affect performance in the present study include integrity and ability to act as a role model

Hypothesis 4c: The satisfaction level with management is positively related to job satisfaction

Finally, the reputation of the firm may directly influence sales staff performance and thus as affecting to their satisfaction felling with the job The amount of walk-in

and call-in business may lead the sales agent working in the office to believe the firm

has a good reputation Agents being aware of positive feedback regarding their firm or office from others in the industry may also enhance their personal motivation This, along with other positive attitudes sales staff have about their firm, will further enhance sales associate motivation and productivity

The influence factors of Real Estate Salespeople Joh’s Satisfaction at Dat Xanh Page |27

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Hypothesis 4d: The reputable of the firm is positively related to job satisfaction

Hanif and Kamal (2009), argues that if companies makes favorable strategies and

rules for the employees related to pay scales, policy development, staff input, and

the work environment, may lead to employee engagement, satisfaction and

increased employee loyalty with the organization because satisfied employees are more

likely to be welcoming and attentive which attracts customers and the employees not

satisfied with the job can lead to customer unhappiness

3.2, Research model

The research model depicted in Figure 2.6 postulates a relationship among the job satisfaction and some variables Despite a great deal of research on job satisfaction,

considerably less attention has been given to integrating the variables into a coherent

picture by exploring their mutually causal relationships

In lieu of the hypothesized relationships, prior empirical studies have noted that four

contributors influence job satisfaction of real estate salespeople as described: - Family responsibility commitment

- Employee’s income

- Psychology of employee

- Management system of the firm

These above independent variables will be examined and regression will be worked out

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BMBRS103 BUSINESS RESEARCH METHODS Course Assignment Independent variable H1: Family responsibility Commitment Independent variable H2: Income

Dependent variable: Job's satisfaction Independent variable H3: Psychology Independent variable H4: Management system

Figure 2.6: Research model of real estate salespeople job’s satisfaction level

3.3 Sample and data collection

A descriptive research design with survey method is applied in the study The researcher has used both the primary and the secondary data for the purpose of this study Secondary data were collected from available books, publications, research studies, articles and websites

This study aims at developing a holistic measurement scale to evaluate job’s satisfaction of real estate salespeople Thorough analysis of literature and depth interviews with salespeople and sales managers at several sale floors and branches office provided 6 different job related tasks which seemingly acted as indicators of sales force performance These 51 observation variables were subjected to Exploratory Factor Analysis (EFA), and Cronbach’s alpha technique using SPSS 22 Version Processor, with a purpose of removing unrelated and insignificant items thereby converging them into some meaningful factors The final scale derived has 23 items converged into five underlying factors namely: Income, Management system, Family responsibility

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commitment, and Psychological These factors represent the dimensions of real estate sales staff job satisfaction measurement scale

The twenty-three independent variables studied were measured using traditional and rather straightforward one-item questions (sample description), or well-developed, psychometrically sound multi-item scales (human capital, income factor, psychological factors and management systems factor), to measure the satisfaction and the perceive level, a 5 point scale likert - type has been used which is representing 1=Strong Agree, 2=Agree, 3=Neutral, 4=Disagree, and 5=Strong Disagree

This study also uses Minnesota Satisfaction Questionnaires to measure the overall

job satisfaction The level of job satisfaction have many varies of relationship Dependent variable related to job satisfaction of salespeople with 12 observation

variables are subjected to examine the regression as the above model drawn out 3.4 Questionnaires

The questionnaire used in this study was 51-item survey that included items from these four factors measures: family responsibility commitment and sample profile, income and pay, psychology, management system, job’s satisfaction Demographic data were addressed by five factors items The questionnaire was self-administered by the research population and returned to the researcher when completed

A cross-section questionnaire has been filled by at least 439 salespeople or relative functioning of sale among employees Job satisfaction was regressed against various job demands and job resources

A survey questionnaire and interview-schedule was designed to collect primary data Dat Xanh Group Head office, Dat Xanh Dong A, Dat Xanh Hoan cau in Ho Chi Minh City and Dat Xanh Mien Bac in Ha Noi have been selected to collect primary data and the researcher visited each company to talk informally with sale

officials for collecting information regarding job satisfaction After collecting all

necessary data, data have been analyzed and tabulated descriptively And, this tabulated

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Course Assignment

information used to measure perceived satisfaction and agree level of the employees Brokers and sales associates released are working for the company for the six-

month period after completion of the questionnaire

The table in the Appendix lists the average, standard deviation, and range for each

of the variables examined in the study

The family responsibility commitment factors were related to sales staff job

satisfying A psychological factors and management systems factors were introduced that explained variance beyond that accounted for by the sample profile description Multiple regression analysis demonstrated that four of the twenty-three variables examined accounted for most of the statistically significant variance These variables included family responsibilities commitment, work satisfaction, the firm management

system and reputation of the firm Suggestions on how to utilize the findings regarding

those variables related to earnings, as well as those not related, are briefly discussed

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CHAPTER 4 - DATA ANALYSIS AND INTERPRETATION

4.1, Respondent Profile

The respondent profiles are summarized as following: Table 4.1: Profile of respondents Frequency Percent Valid Cumulative Percent Percent Gender Male 249 56.7 56.7 56.7 Female 190 43.3 43.3 100.0 Total 439 100.0 100.0 Age Group <28 216 49.2 49.2 49.0 28 - 35 189 43.1 43.1 92.3 >35 34 7.7 7.7 100.0 Total 439 100.0 100.0 Education level University 311 70.8 70.8 70.8 3-year college 84 19.1 19.1 90.0 2-year college 44 10.0 10.0 100.0 Total 439 100.0 100.0 Tenure in the industry 0-3 240 54.7 54.7 54.7 4-6 199 45.3 45.3 100.0 Total 439 100.0 100.0 Tenure in the firm 0-3 250 56.9 56.9 56.9 4-6 189 43.1 43.1 100.0 Total 439 100.0 100.0 Worked hour per week <40 hrs 247 56.3 56.5 56.5 40-48 hrs 190 43.3 43.5 100.0 Missing system 2 5 100.0 Total 439 100.0 Marriage status No 395 90.0 90.0 90.0 Yes 44 10.0 10.0 100.0 Total 439 100.0 100.0

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Course Assignment

4.2 Internal consistency of variables

Internal consistency refers to a measure based on the correlations between different items, the composite score of a survey items was made for keys variables (independent variables and dependent variable) The internal consistency is usually measured with Cronbach’s alpha

For these data in study, all values from Corrected Item-Total Correlation column above 0.3, the data is encouraged The overall alpha is 0.878, it is greater than all the values in Cronbach's Alpha if Item deleted column, so, none of these need to be deleted

Table 1.2: Reliability Statistics Cronbach’s alpha - Reliability Cronbach alpha Coefficients Instrument Family responsibility commitment 88 Income .764 Psychology - 767 Management system 75 Job’s satisfaction 85

In the Inter-Item Correlation Matrix, all value are positive, this means all items is

one same characteristics

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Table 4.3: Inter-Item Correlation Matrix Correlations Family

Management responsibility Job system Psychology |Income| commitment_| satisfaction Management | Pearson : 1 System Correlation Sig (2- tailed) N 439 Psychology Pearson 376" 1 Correlation Sig (2- tailed) 000 N 439 439 Income Pearson 415" s77" I Correlation Sig (2- tailed) 000 000 N 439 439 439 Family Pearson + a +“ responsibility | Correlation 520 6603| 421 Ị it t ig (2- commitment Sig @ tailed) .000 000| .000 N 439 439 439 439 Job Pearson “ Pry Pry +e Satisfaction _| Correlation 606 591) 839 2 I Sig 2- 000 000] 000 000 tailed) N 439 439 439 439 439

** Correlation is significant at the 0.01 level (2-tailed)

Andy Field (2009) confirmed that the values of corrected Item-Total Correlation

column present the correlations between each item and total score from the

questionnaire If the value is less than about 0.3, it means that that item doesn’t correlate very well with the scale overall, we need to remove that value

The influence factors of Real Estate Salespeople Job's Satisfaction at Dat Xanh

Group case, Vietnam

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For these data in study, there are some values from Corrected Item-Total Correlation column below 0.3 and deleted, the data as the above table is encouraged 4.3 KMO and Bartlett’s Test:

The Kaiser-Meyer-Olkin (KMO) measure of sampling adequacy is an index used to examine the appropriateness of factor analysis This index ranges from 0 to 1 High values (from 0.5 to 1.0) indicate factor analysis is appropriate (Malhotra and Dash, 2007) The value which is equal to 0.60 or above is considered accepting the sample adequacy (Hair et al 2006) From table 4.4, the Kaiser-Meyer-Olkin Measure of Sampling Adequacy is 0.876 which is acceptable result for the study The Bartlett’s Test of Sphericity from table 4.4, the sig value is 0.000 which is significant at 95% confidence level A statistically significant Bartlett’s test of sphericity indicates that sufficient correlations exist among the variables to proceed with factor analysis (Hair et al, 2006)

Table 4.4: KMO and Bartlett’s Test

KMO and Bartlett's Test

Kaiser-Meyer-Olkin Measure of Sampling Adequacy 876 Bartlett's Test of Sphericity Approx Chi-Square 2743.410

Df 171

Sig .000

The values of communalities before and after extraction are shown as following The community is the proportion of common variance within a variable, before extraction the communialities are all equal to 1 From Extraction column, the variance combined with each of questions, the highest communality value is 0.779 which explained 77.9% variance combined with this question is common The lowest communality value is 0.026

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Table 4.5: Communalities Communalities Initial Extraction

Need for training 1.000 .463

Satisfaction with supervisor 1.000 492

Manager quality 1.000 586

Organization reputation 1.000 515

Management control level 1.000 485 Basic pay satisfaction 1.000 614 Commission pay satisfaction 1.000 .610 Paying period of time satisfaction 1.000 .779 Allowance pay satisfaction 1.000 .614

Need for achievement 1.000 .328

Need for autonomy 1.000 .773

Need for affiliation 1.000 490

Level of ambiguity and conflict 1.000 532

Client pressure 1.000 470

Job stress 1.000 439

Tenure on the firm 1.000 450

Tenure on real estate industry 1.000 .676 Children at home 1.000 .690 Hour worked per week 1.000 304 spousal helping me doing housework 1.000 Al4 life is close to ideal 1.000 407 I would change almost nothing in my life 1.000 306 the company control and audit system 1.000 212 the equipment and materials required for you do your 1.000 273 work efficiently

keep you up to date with information concerning 1.000 330 development and changes

recognition from the organization for doing good work 1.000 409

organization make you feel that your job is important 1.000 371 fellows are committed to doing good quality work 1.000 .287 performance assessed or discussed in the last six 1.000 220 months

had the opportunity over the last year at work to 1.000 341

improve your skills

basis pay is important to me 1.000 A41

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BMBRSI03 BUSINESS RESEARCH METHODS Course Assignment

commission rate in selling is same as other companies 1.000 361

encourage sale staff use back money to invest in other 1.000 330 way to attract customer like individual website, SEO

ads

workmate is paid more than my income 1.000 406

being underpaid to what I have contributed to the 1.000 392 company

little control over the things that happened to me 1.000 281 can do just about anything I really set my mind to do 1.000 204

often feel helpless in dealing with the problems of life 1.000 22] feel that I am being pushed around in life 1.000 201 uncertain times I usually expect the best 1.000 197

always optimistic about my future 1.000 026

job is like a hobby to me 1.000 160

job is usually interesting enough to keep me from 1.000 402 being bored

sale job interesting enough to keep me from being 1.000 338 bored

friends are more interested in their jobs 1.000 205

my job better than the average colleague does 1.000 245 job is pretty uninteresting 1.000 414 enjoy my work more than my leisure time 1.000 212 my job is no more interesting than others I could get 1.000 338 satisfied with my job for the time being 1.000 305 I am happier in my work than most other people 1.000 103 I am enthusiastic about my work 1.000 261 I am happier in my work than most other people 1.000 338

Extraction Method: Principal Component Analysis

4.4, Factor extraction

The component analysis model is most appropriate when data reduction is paramount (Hair et al, 2006) Hence, Principal Component Analysis was applied for factor extraction The rotation of the factors improves the interpretation by reducing some of the ambiguities that often accompany initial unrotated factor solutions Orthogonal rotation methods are the most widely used rotational methods and are the preferred method when the research goal is data reduction (Hair et al, 2006)

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Therefore for factor rotations, Varimax with Kaiser Normalization was used which is one of the most commonly used methods of Orthogonal rotations In table 4.6, first five factors have been extracted All these eigen values are above 1 The percentage of variance explained is a summary measure indicating how much of the total original variance of all variables the factor represents and the percentage of variance- explained statistics can be useful in evaluating and interpreting a factor (Aaker et al., 2001) The rotation sums of squared loadings column reveal the percentage of variance explained by each factor The cumulative total percentage variance in sales

performance of retail sales people explained by these five factors is 55.316%, which is indicated in the table 4.6

Factor loadings are the correlation of each variable (item) and the factor

loadingindicate the degree of correspondence between the variable and the factor, with

higher loadings making the variable representative of the factor Factor loadings are

the means of interpreting the role each variable plays in defining each factor In a sample of nearly 250 & above; the factor loadings of 0.35 & above are significant for consideration (Hair et al, 2006) Though thumb rule of factor analysis permit to accept loadings above 0.35, in this study, the factor loadings of 0.34 and above are only considered (from table 4.7) Also some variables were removed which had significant loadings in more than one factor (cross loadings) and some others were removed for having low communalities This additional care is taken to qualify only those variables which are more accurate indicators of sales performance of retail sales people Due to the above mentioned reasons, 28 variables were removed from the analysis and then the factor analysis was again carried out by using only 23 qualified variables as inputs out of total 51 initial variables As a result the factors loadings in this study are ranging from 0.289 to 0.553 with no cross loadings and have considerable communalities

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