Job satisfaction of underwriting management employees at baoviet insurance

ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA QUẢN TRỊ VÀ KINH DOANH - PHẠM THU ANH JOB SATISFACTION OF UNDERWRITING MANAGEMENT EMPLOYEES AT BAOVIET INSURANCE ĐO LƯỜNG MỨC ĐỘ HÀI LỊNG TRONG CƠNG VIỆC CỦA CÁN BỘ TRỤ SỞ CHÍNH - TỔNG CÔNG TY BẢO HIỂM BẢO VIỆT LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH Hà Nội - 2017 ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA QUẢN TRỊ VÀ KINH DOANH - PHẠM THU ANH JOB SATISFACTION OF UNDERWRITING MANAGEMENT EMPLOYEES AT BAOVIET INSURANCE ĐO LƯỜNG MỨC ĐỘ HÀI LỊNG TRONG CƠNG VIỆC CỦA CÁN BỘ TRỤ SỞ CHÍNH - TỔNG CÔNG TY BẢO HIỂM BẢO VIỆT Chuyên ngành: Quản trị kinh doanh Mã số: 60 34 01 02 LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH NGƯỜI HƯỚNG DẪN KHOA HỌC: TS TRẦN HUY PHƯƠNG Hà Nội - 2017 DECLARATION The author confirms that the research outcome in the thesis is the result of author’s independent work during study and research period and it is not yet published in other’s research and article The other’s research result and documentation (extraction, table, figure, formula, and other document) used in the thesis are cited properly and the permission (if required) is given The author is responsible in front of the Thesis Assessment Committee, Hanoi School of Business and Management, and the laws for above-mentioned declaration Date 01/10/2017 i ACKNOWLEDGEMENT First of all, I would like to express my sincere gratitude to PhD Tran Huy Phuong, my research supervisor, for his invaluable guidance and advice in helping me following the right track throughout the course of my research work I am also grateful to my committee member who have given their suggestions and comments for improvement of this research study I take the responsibility of possible mistakes and errors in this study Secondly, I would like to send my great thanks to professors, lecturers and staffs at the Hanoi School of Business and Management for the knowledge and experience that have been shared through their lectures during the program Thirdly, I am very thankful to the senior management team and my colleagues in Underwriting Management departments at BaoViet Insurance for their kind cooperation and support to let me interview them and also gave me very useful information as well as valuable experiences Last but not least, I would like to say many thanks to my family and friends for giving me encouragement and supports during my studying time and completion of this thesis Hanoi, October 2017 PHAM THU ANH ii TABLE OF CONTENT ACKNOWLEDGEMENT i ABBREVIATION vi LIST OF TABLES viii LIST OF FIGURES vii INTRODUCTION .1 CHAPTER 1THEORETICAL FRAMEWORK ON JOB SATISFACTION OF EMPLOYEES IN ORGANIZATION 1.1.Definition job satisfaction 1.1.1 Definition of job satisfaction 1.1.2 The role of job satisfaction 1.2.Job descriptive index to measure job satisfaction 10 CHAPTER JOB SATISFACTION OF UNDERWRITING MANAGMENT EMPLOYEES AT BAOVIET INSURANCE 14 2.1 Overview of BaoViet Insurance Corporation and Underwriting Management Division 14 2.1.1 Introduction of BaoViet 14 2.1.2 The feature and structure of Underwriting Management (UM) Division in BaoViet Insurance (BVI) .16 2.2.Dimensions to measure job satisfaction of UM employees at BVI 18 2.3.Respondent profile and scale reliability 21 2.3.1 Respondent profile 21 2.3.2 Exploration factor analysis (EFA) for dimension and attribute of measuring job satisfaction 24 iii 2.3.3 Testing reliability for dimension and attribute of measuring job satisfaction 25 2.4.Analyzing the situation of UM employees job satisfaction at BVI: 27 2.4.1 Satisfaction with “Salary” 27 2.4.2 Satisfaction with“Work itself” .28 2.4.3 Satisfaction with“Training, promotion” 30 2.4.4 Satisfaction with“Manager” 31 2.4.5 Satisfaction with “Colleague” 32 2.4.6 Satisfaction with “Welfare” .34 2.4.7 Satisfaction with “Working environment” 36 2.5.Overall assessment for UM employees’ job satisfaction at BVI .37 2.5.1 Overall job satisfaction of UM employees at BVI 37 2.5.2 Analyzing dimensions to measure job satisfaction through regression model .41 CHAPTER SOLUTIONS TO IMPROVEUNDERWRITINGMANAGEMENT EMPLOYEES’ JOB SATISFACTION AT BAOVIET INSURANCE 46 3.1 Human resources development strategy and job satisfaction improvement goal 46 3.1.1 Human resources development strategy of the Underwriting Management division at BVI 46 3.1.2 Employees’ job satisfaction improvement goal .47 3.2.Solutions to improve underwriting management employees’ job satisfaction at BVI 49 3.2.1 Implementing training programs and expanding the promotion opportunities to develop underwriting management employees’ capabilities and skills .49 iv 3.2.2 Improving the working environment positively 52 3.2.3 Improving policies on Salary and Welfare 56 3.2.4 Improving the factor of manager: 58 3.2.5 Improving activities to connect “Colleagues” 60 3.3.Recommendations for the solutions 61 3.3.1 Recommendations for the Company .61 3.3.2 Recommendations for managers .62 3.3.3 Recommendations for employees 62 CONCLUSION 65 REFERENCE LIST 66 APPENDIXES 68 v ABBREVIATION AJDI: Adjusted Job descriptive Index BVI: BaoViet Insurance Corporation EFA: Exploration factor analysis HR: Human resource JDI: Job descriptive Index UM: Underwriting Management vi LIST OF FIGURES Figure 1.1: Research process Figure 3.1: Revenue of BaoViet Insurance from 2009 – 2013 15 Figure 3.2: Market share of BaoViet Insurance 16 Figure 3.3: Organization Chart of BaoViet Insurance 17 Figure 3.4: Organization Chart of Underwriting Management Division 18 Figure 3.5: AJDI model studying employees’ job satisfaction 20 Figure 3.6: Structure of surveyed sample according to “Age” 23 Figure 3.7: Structure of surveyed sample according to “Qualification” 23 Figure 3.8: Structure of surveyed sample according to “Seniority” 24 Figure 3.9: Adjusted research model 25 vii LIST OF TABLES Table 3.1: Dimensions of job satisfaction 20 Table 3.2: The sample description 22 Table 3.3: The result of Exploration factor analysis 25 Table 3.4: The result of the scale reliability 26 Table 3.5: Satisfaction with“Salary and Welfare” 27 Table 3.6: Satisfaction with“Work itself and Working environment” 28 Table 3.7: Satisfaction with“Training, promotion and Decision-making right” 30 Table 3.8: Satisfaction with“Manager” 31 Table 3.9: Satisfaction with “Colleague” 32 Table 3.10: Overall job satisfaction 37 Table 3.11: Job satisfaction based on each personal attribute 39 Table 3.12: Results obtained by Annova analysis 41 Table 3.13: Correlation coefficient R2 42 Table 3.14: Coefficients 43 viii APPENDIX 2: THE QUESTIONS FOR EMPLOYEES INTERVIEW Interview the job satisfaction of Underwriting Management employees at BaoViet Insurance What you think about the working environment and pressure in your current job? Do you feel your salary is suitable and correlative to the job pressure compared with other insurance companies? Could you explain why say Yes/No? How is your opinion of welfare facilities in BaoViet Insurance? Do you think that training and promotion opportunities of BaoViet Insurance are clear and fair to all the employees? Could you explain why say Yes/No? What is your satisfaction level of delegation in your current job? Do you have strong commitment to work in BaoViet Insurance? Thank you for your corporation! 69 APPENDIX 3: SURVEY QUESTIONNAIRES Dear Sirs, We would like to ask for the employees' thought & opinions to study the employees' desire and identify dimensions, affecting to the job satisfaction, then make basis to establish human resource policies reasonably to increase job, satisfaction for Underwriting Management division of BaoViet Insurance Corporation Please save your precious time to fulfill this questionnares We commit to keep confidential all the personal information that you provided Many thanks for your kind corporation I DIMENSIONS AFFECTING TO JOB SATISFACTION OF UNDERWRITING MANAGEMENT EMPLOYEES AT BAOVIET INSURANCE The weight of job satisfaction for the responses is ranged from to 5 Totally dissatisfied Dissatisfied Somewhat satisfied Satisfied Totally satisfied Please circle your answer for each dimension A Level of satisfaction Work itself 1 The work is suitable for staffs’ professional capacity Stable and interesting work Challenges in working Suitable assignment for work B Training and promotion opportunities Promotion conditions in working Clear and fair promotion policy Opportunities to be trained to develop career, expertise C Manager Staffs supported by his/her manager 70 A 10 11 12 13 Level of satisfaction Work itself Always caring about staffs Always listening to, respecting the attitude and ideas of staffs Fair treatment to all staffs Thoroughly understanding and assigning tasks suitable for staffs’ capability and characteristics Good vision, management and leadership capability and skills D Colleague 14 Always ready to cooperate and coordinate to work 15 Always ready to share experience and working information 16 Friendly, helping each other in working E Salary 17 Salary is paid fairly and suitably 18 Salary is enough to afford staffs’ living standards 19 Periodical salary increase or based on working performance 20 Salary is the same as other companies in the same industry F Welfare 21 Social insurance, health insurance 22 Clear and useful welfare policy 23 Union division well operates and protects labor rights G 24 25 Working environment Working pressure is not too high Professional, fully-equipped, convenient and clean working environment 71 A Level of satisfaction Work itself 26 Safe working conditions 27 No worry about layoffs OVERALL JOB SATISFACTION II PERSONAL ATTRIBUTE Could you please provide some personal information as belows: Which department you work? Gender: Male Age: Below 25 years old Female From 25 - 35 years old Above 35 years old Qualification Graduated Post - graduated Seniority Below years From - 10 years Above 10 years Thanks for your kind corporation! 72 APPENDIX 4: THE RESULT OF SPSS ANALYSIS Description of sample Table: Sample description under “Gender” Cumulative Frequency Valid Percent Valid Percent Percent Male 37 37.0 37.0 37.0 Female 63 63.0 63.0 100.0 100 100.0 100.0 Total (Source: Frequency Statistic by SPSS) Table: Sample description under “Age” Cumulative Frequency Valid Percent Valid Percent Percent 35 tuoi 19 19.0 19.0 100.0 100 100.0 100.0 Total (Source: Frequency Statistic by SPSS) Table: Sample description under “Qualification” Cumulative Frequency Valid Percent Valid Percent Percent 10 nam 11 11.0 11.0 100.0 73 Table: Sample description under “Qualification” Cumulative Frequency Valid Percent Valid Percent Percent 10 nam 11 11.0 11.0 100.0 100 100.0 100.0 Total (Source: Frequency Statistic by SPSS) Table: Sample description under “Seniortity” Frequency Percent Valid 10 nam Total Valid Cumulative Percent Percent 41 41.0 41.0 41.0 48 48.0 48.0 89.0 11 11.0 11.0 100.0 100 100.0 100.0 (Source: Frequency Statistic by SPSS) Exploration factor analysis (EFA) KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy .662 Bartlett's Test of Approx Chi-Square 2.066E3 Sphericity df 406 Sig .000 (Source: KMO and Bartlett's Testby SPSS) 74 Rotated Component Matrixa Component PL2 844 TL1 840 PL3 829 TL3 788 TL4 763 CV1 867 CV4 844 CV2 819 DK1 797 DK2 708 DK3 613 CH1 941 CH3 860 LD3 899 LD2 837 LD1 801 LD6 634 LD4 627 DN3 750 DN1 719 DN2 703 TL2 939 CH2 929 CV3 643 PL1 952 LD5 950 75 DK4 855 Extraction Method: Principal Component Analysis Rotation Method: Varimax with Kaiser Normalization a Rotation converged in iterations (Source: Rotated Component Matrix by SPSS) Test of data reliability Table: Cronbach’s Alpha coefficient reliability for the dimensions of job satisfaction Scale Corrected mean if Scale Item - Cronbach's Item - Total Item Variance if Total alpha if satistics deleted Item deleted Correlation item deleted Dimension "Work itself and Working environment" Cronbach's Alpha = 0.86 CV1 20.83 6.385 0.774 0.821 CV2 21.00 6.141 0.671 0.833 CV4 20.96 6.261 0.767 0.820 DK1 21.15 5.947 0.660 0.836 DK2 21.200 6.242 0.613 0.844 DK3 21.36 6.273 0.510 0.867 Dimension "Salary and Welfare" Cronbach's Alpha = 0.899 PL2 15.57 4.005 0.779 0.871 PL3 15.62 4.036 0.742 0.881 TL1 15.60 4.404 0.817 0.865 TL3 15.45 4.593 0.712 0.885 TL4 15.68 4.402 0.728 0.881 Dimension "Trainning, Promotion and Decision - making right" 76 Cronbach's Alpha = 0.895 CH1 9.79 2.733 0.890 0.823 CH3 9.62 2.763 0.740 0.875 QD1 9.67 2.789 0.758 0.868 QD2 9.65 2.775 0.698 0.892 Dimension "Manager" Cronbach's Alpha = 0.828 LD1 17.91 2.628 0.674 0.780 LD2 17.83 2.526 0.707 0.769 LD3 17.80 2.444 0.818 0.738 LD4 17.95 2.896 0.493 0.829 LD6 17.95 2.755 0.4700 0.842 Dimension "Colleagues" Cronbach's Alpha = 0.849 DN1 7.75 1.604 0.778 0.749 DN2 7.77 1.472 0.683 0.826 DN3 7.88 1.4 0.714 0.798 (Source: Cronbach’s Alpha coefficient reliability by SPSS) Regression Model Model Summaryf Model R R Square Adjusted R Std Error of the Square Estimate Durbin-Watson 581a 338 331 521 724 b 523 514 444 818c 668 658 373 849d 721 709 344 876e 767 755 316 77 813f 716 708 341 806g 732 735 312 2.018 a Predictors: (Constant), TL b Predictors: (Constant), TL, CH c Predictors: (Constant), TL, CH, CV, d Predictors: (Constant), TL, CH, CV, DN, e Predictors: (Constant), TL, CH, CV, DN, LD f Predictors: (Constant), TL, CH, CV, DN, LD, PL g Predictors: (Constant), TL, CH, CV, DN, LD, PL, DK h Dependent Variable: HLC (Source: Self-analyzed by SPSS) ANOVAf Model df Mean Square Regression 13.565 13.565 Residual 26.625 98 272 Total 40.190 99 Regression 21.039 10.520 Residual 19.151 97 197 Total 40.190 99 Regression 26.866 8.955 Residual 13.324 96 139 Total 40.190 99 Regression 28.958 7.240 Residual 11.232 95 118 Total 40.190 99 Regression 30.826 6.165 9.364 94 100 Total 40.190 99 Regression 28.306 Residual Sum of Squares 78 5.651 F Sig 49.929 000a 53.282 000b 64.520 000c 61.233 000d 61.888 000e 63.214 000f Residual 11.884 93 112 Total 40.190 99 Regression 26.643 8.124 Residual 13.547 92 108 Total 40.190 99 000g 61.048 a Predictors: (Constant), TLP b Predictors: (Constant), TLP, CHTT c Predictors: (Constant), TLP, CHTT, CV d Predictors: (Constant), TLP, CHTT, CV, DN e Predictors: (Constant), TLP, CHTT, CV, DN, LD f Dependent Variable: HLC (Source: Self-analyzed by SPSS) Coefficientsa Unstandardized Standardized Collinearity Coefficients Coefficients Statistics Model B (Constant) 769 403 1.911 059 724 102 581 7.066 000 -.884 436 TL 731 087 586 8.363 000 1.000 1.000 CH 504 082 431 6.153 000 1.000 1.000 -2.852 475 TL 715 073 574 9.761 000 999 1.001 CH 487 069 416 7.078 000 998 1.002 CV 494 076 381 6.479 000 997 1.003 -3.472 463 TL 521 082 418 6.354 000 680 1.470 CH 514 064 440 8.057 000 988 1.012 TL (Constant) (Constant) (Constant) Std Error Beta t Sig Tolerance 2.028 6.002 7.504 79 VIF 1.000 1.000 045 000 000 CV 522 071 403 7.380 000 989 1.011 DN 301 072 278 4.207 000 673 1.486 -4.612 500 TL 460 077 369 6.013 000 658 1.520 CH 491 059 420 8.344 000 980 1.021 CV 482 066 372 7.356 000 970 1.031 DN 306 066 282 4.654 000 673 1.486 LD 358 083 224 4.330 000 928 1.078 (Constant) 9.229 000 a Dependent Variable: HLC (Source: Self-analyzed by SPSS) Frequency statistic of overall satisfaction Table: Overall job satisfaction Frequency Percent Valid Percent Valid "dissatisfied" Cumulative Percent 4.0 4.0 4.0 Somewhat satisfied 37 37.0 37.0 41.0 Satisfied 55 55.0 55.0 96.0 4.0 4.0 100.0 100 100.0 100.0 Totally satisfied Total (Source: Frequency Statistic by SPSS) Table: Overall Job satisfaction under dimension “Colleagues” Frequency Percent Valid Percent Valid 2.66666666666667 3.0 80 3.0 Cumulative Percent 3.0 7.0 7.0 10.0 3.33333333333333 14 14.0 14.0 24.0 3.66666666666667 15 15.0 15.0 39.0 45 45.0 45.0 84.0 1.0 1.0 85.0 15 15.0 15.0 100.0 100 100.0 100.0 4.33333333333333 Total (Source: Frequency Statistic by SPSS) Table: Overall Job satisfaction under dimension “Manager” Frequency Valid 3.8 Percent Valid Percent Cumulative Percent 1.0 1.0 1.0 30 30.0 30.0 31.0 4.2 10 10.0 10.0 41.0 4.4 9.0 9.0 50.0 4.6 11 11.0 11.0 61.0 4.8 19 19.0 19.0 80.0 20 20.0 20.0 100.0 100 100.0 100.0 Total (Source: Frequency Statistic by SPSS) 81 Table: Overall Job satisfaction under dimension “Work itself “ Frequency Valid Percent Valid Percent Cumulative Percent 1.0 1.0 1.0 3.16666666666667 1.0 1.0 2.0 3.5 3.0 3.0 5.0 3.66666666666667 12 12.0 12.0 17.0 3.83333333333333 13 13.0 13.0 30.0 23 23.0 23.0 53.0 4.16666666666667 5.0 5.0 58.0 4.33333333333333 6.0 6.0 64.0 4.5 8.0 8.0 72.0 4.66666666666667 7.0 7.0 79.0 4.83333333333333 8.0 8.0 87.0 13 13.0 13.0 100.0 100 100.0 100.0 Total (Source: Frequency Statistic by SPSS) Table: Overall Job satisfaction under dimension “Training, promotion” Frequency Valid Percent Valid Percent Cumulative Percent 6.0 6.0 6.0 2.25 2.0 2.0 8.0 2.75 2.0 2.0 10.0 36 36.0 36.0 46.0 3.25 27 27.0 27.0 73.0 3.5 9.0 9.0 82.0 3.75 4.0 4.0 86.0 82 11 11.0 11.0 97.0 4.75 2.0 2.0 99.0 1.0 1.0 100.0 100 100.0 100.0 Total (Source: Frequency Statistic by SPSS) Table : Overall Job satisfaction under dimension “Salary” Frequency Valid Percent Valid Percent Cumulative Percent 5.0 5.0 5.0 3.2 10 10.0 10.0 15.0 3.4 6.0 6.0 21.0 3.6 11 11.0 11.0 32.0 3.8 14 14.0 14.0 46.0 36 36.0 36.0 82.0 4.4 4.0 4.0 86.0 4.6 5.0 5.0 91.0 4.8 1.0 1.0 92.0 8.0 8.0 100.0 100 100.0 100.0 Total (Source: Frequency Statistic by SPSS) 83 ... Framework on Job satisfaction of employee in organization Chapter 2: Status of job satisfaction of Underwriting Management employees at BVI Chapter 3: Solutions to improve the job satisfaction of Underwriting. .. measure job satisfaction 10 CHAPTER JOB SATISFACTION OF UNDERWRITING MANAGMENT EMPLOYEES AT BAOVIET INSURANCE 14 2.1 Overview of BaoViet Insurance Corporation and Underwriting Management. .. JOB SATISFACTION OF EMPLOYEES IN ORGANIZATION 1.1.Definition job satisfaction 1.1.1 Definition of job satisfaction 1.1.2 The role of job satisfaction 1.2.Job