Compensation for improving employee performance of ACB Bank Graduation internship report

i TABLE OF CONTENTS TABLE OF CONTENTS i LIST OF ABBREVIATIONS iii LIST OF TABLES AND FIGURES iv INTRODUCTION CHAPTER LITERATURE REVIEW 1.1 Overview of Human Resource Management 1.1.1 Definition of Human Resource Management 1.1.2 Roles of human resources management 1.2 Definition of performance management 1.3 Overview of Compensation 1.3.1 Definition of compensation 1.3.2 The role of compensation on employee performance 1.3.3 Structure of Compensation 1.4 Link between compensation, performance and business outcome 20 CHAPTER THE SITUATION OF COMPENSATION AT ACB BANK 25 2.1 Introduction of the company 25 2.1.1 Establishement and Development of ACB bank 25 2.1.2 Business scope of ACB bank 26 2.1.3 Business results of ACB bank in recent years 27 2.1.4 Organizational structure of ACB bank 30 2.2 Assessment of compensation policies in ACB Bank 36 2.2.1 Financial Compensation 37 2.2.2 Non financial compensation 42 ii 2.3 The impact of compensation at ACB bank 43 2.3.1 Strengths and weaknesses 43 2.3.2 Opportunities and challenges 45 2.3.3 Analyzing the impact of compensation policies on employee’s performance 48 CHAPTER DISCUSSION AND RECOMMENDATION FOR ACB Bank Vietnam 51 3.1 Development plan of ACB bank 51 3.1.1 Business plan 51 3.1.2 Human resource plan 53 3.2 Recommendations 54 3.2.1 Improving employee satisfaction with Pay 54 3.2.2 Diversifying forms of compensation 55 3.2.3 Improving employee satisfaction with Opportunities for promotion and training 56 3.2.4 Completing job description 57 3.3 Lesson learned from the development countries 58 3.3.1 Lessons from the US 58 3.3.2 Lessons from Japan: 61 CONCLUSION 63 REFERENCES 64 APPENDIX 69 APPENDIX 70 APPENDIX 71 iii LIST OF ABBREVIATIONS ACB Vietnam Vietnam Asia Commercial Joint Stock Bank ACB Phan Chu Vietnam Asia Commercial Joint Stock Bank – Phan Chu Trinh Trinh branch BVPS Book value of equity per share CAGR Compound Annual Growth Rate CIR Cost Income Ratio DP Department FY Fiscal year HRM Human resource management HR Human resource NPL Non-performing loan P/B Price to Book ratio P/E Price to Earnings ratio ROA Return on assets ROE Return on equity USD United States Dollar VND Vietnamese dong iv LIST OF TABLES AND FIGURES Table 1.1:Basic approaches to performance measurement Table 1.2: Financial and non-financial compensation 10 Table 2.1Business results of ACB bank in recent years 28 Figure 1.1: Human resource management pratices Figure 1.2:Maslow's hierarchy of needs 16 Figure 1.3 : components of Vroom‘s Expentancy theory 18 Figure 2.1: Organizational Chart 30 Figure 2.2:Labor structure by gender 34 Figure 2.3: Labor structure by qualifications 34 Figure 2.4:Labor structure by age 35 INTRODUCTION This report is submitted as mandatory requirements for the graduate course In pursuit of deeper understanding about some situation of human resource management in general, the author would like to investigate further into compensation system in Asia Commercial Joint Stock Bank Human resource is one of the most important things which contribute to the success of an organisation An organisation cannot build a good team of working professionals without good human resources People are always the key to success in any organization It can only function effectively when its employees perform their job well, constantly develop their ability to work and try their best for overall development of the company To have a high quality workforce, the organization must ensure the implementation of good human resource management, organizatinal strategy from reasonable recruitment, work assignment, performance evaluation and remuneration policies The key functions of the Human Resources Management (HRM) department include recruiting people, training them, performance appraisals, motivating employees as well as workplace communication, workplace safety,etc Besides this, compensation plays an important role How to evaluate the performance of the staff depends on compensation policies and the way an enterprise motivates its employees An effective compensation is critical to company‘s business success Although businesses are conscious of the importance of corporate governance and human resource development but not yet successfully conducted by improper methods, no form, a lack of system and synchronism with related activities within the organization In fact, many firms, especially state-owned companies, have not been fully aware of the important role of human resource as well as compensation, which lead to lack of effectiveness and efficiency in human resource management and lost of talents They not go in the right direction or they are reluctant to change the policies which is no longer appropriate This issue inspires the author to choose the topic: ―Compensation for improving employee performance of ACB Bank ‖ This paper is broken down into three chapters, except the Introduction and Conclusion, which are listed below: CHAPTER is the literature review about compensation, CHAPTER focus on the situation of compensation at ACB bank and CHAPTER is the discussion and recommendation for ACB bank In this report, the writer want to tackle two big problems Firstly, the author will review general knowledge about some basic definitions and theories of compensation to provide an overview for readers Secondly, this paper will focus on the case of ACB bank to describe and analyse the policies of improving employee performance in this bank After that, the author hope to make a small contribution to find out some solutions for future development of ACB bank Due some limitation of time and knowledge, mistakes and faults are inevitable in my report Consequently, the author is looking forward to any feedbacks to develop the topic as well as pratical experience human resource management in the future The author would like thank to my supervisor, Ms Duong Thi Hoai Nhung, MBA for her supervision for my dissertation Without her valuable guidance and advices, the writer would never have been able to complete this report The author would like to express the appreciation for the staff of ACB Bank - Phan Chu Trinh, Hanoi branch, who gave me the opportunity to work with and offer me helpful support during the last 10 weeks of my internship CHAPTER LITERATURE REVIEW 1.1 Overview of Human Resource Management 1.1.1 Definition of Human Resource Management Until now, there are numerous perspectives of Human Resource Management However, people usually use four main definitions: Human Resource Management as ―the policies, practices, and systems that influence employees’ behavior, attitudes, performance The material also denotes that the concept of “Human Resource Management” implies that employees are resources of the employers” (Raymond A.Noe, et al., 2010) Human Resource Management is also described as ―designing management system to ensure that human talent is used effectively and efficiently to accomplish organizational goals‖ (Mathis and Jackson, 2008) Besides that, Edwin Flippo, a famous personnel management author, defined that Human Resource Management is ―planning, organizing, directing, controlling of procurement, development, compensation, integration, maintenance and separation of human resources to the end that individual, organizational and social objectives are achieved‖.( Edwin B Flippo, 1979) According to Michael Amstrong, Human Resource Management is ―the strategic and coherent approach to the management of an organization’s most value asset – the people working there who individually and collectively contribute to the achievement of the objective of the business” (Armstrong, 2012) In conclusion, the similarity between the four perspectives about Human Resource Management is that how to use human resources most effectively in order to reach organizational targets 1.1.2 Roles of human resources management For years, HRM was not linked to corporate profit because organization only focused on current performance and HR managers did not have a strategic perspective Executives categorized HRM in traditional manner, which focused on short-term results, emphasized on controlling the rules, policies, and position power Recognizing the importance of people has made HRM as a major player in developing strategic plans HRM strategies must reflect the organization‘s strategy regarding people, profit and effectiveness HRM influences business effectiveness It helps the organization reach goals through providing trained, motivated employees, employing workforce skills/abilities efficiently, increasing satisfaction, self-actualization, quality of work life, communicating HRM policies to all employees, maintaining ethical policies, socially responsible behavior, and managing change to the mutual advantage of individuals, groups, the enterprise, and the public Many companies refer to HRM as involving ―people practices.‖ (Raymond A.Noe et al., 2011) There are eight important HRM practices that are considered the foundation for company performance: analyzing work and designing jobs, human resource planning (determining how many employees with specific knowledge and skills are needed), recruiting (attracting potential employees), selection (choosing employees), training and development (teaching employee how to performs their jobs and preparing them for the future), performance management (evaluating their performance), compensation (rewarding employees), and employee relations (creating a positive work environment) To get things done through the subordinates, a manager must plan ahead Planning is necessary to determine the goals of the organisation and lay down policies and procedures to reach the goals For a human resource manager, planning means the determination of personnel programs that will contribute to the goals of the enterprise, i.e., anticipating vacancies, planning job requirements, job descriptions and determination of the sources of recruitment Once the human resource manager has established objectives and developed plans and programs to reach them, he must design and develop organisation structure to carry out the operations In other words, the manager has to put the plan into reality To encourage people to work effectively, the manager should guide and motivate as well as help them to solve conflicts To make sure that subordinates go into right way and comply with plans, the manager must keep his eyes on employees‘ performance to evaluate their results, give feedback and decide on performance appraisal These practices which give support to organisation‘s stategy are given below: Figure 1.1: Human resource management pratices (Source: Raymond A.Noe, et al., 2011, p.2) As depicted in the Figure 1.1, HRM should begin with analysing and designing specific work to decide how many vacancies should be filled and which specific skills and knowledge are needed (HR planning) After that, HR manager thinks of the way to attract potential candidates (Recruiting) and build up criteria to select right people (Selection) Then, employees are taught how to perform their jobs well to reach organisation‘s goals HR manager also consider the way to mativate employees and manage their performance as well as create a good relationship among employees, between employee and manager 1.2 Definition of performance management Performance management is the systematic process by which an agency involves its employees, as individuals and members of a group, in improving organizational effectiveness in the accomplishment of agency mission and goals The Performance Management includes stages which are Defining performance, Measuring performance, and Feeding back performance information In the first stage, based on the job analysis, organizations specifies which aspects of performance are relevant to the organization Then in the next stage, they conduct performance appraisals to measure relevant aspects of performance Finally, through performance feedback sessions, managers give employees information about their performance so as they can adjust their behavior to meet the organization‘s goal The Performance Management meets broad purposes: Strategic purpose, Administrative purpose, and Developmental purpose Firstly, It is said that effective performance management helps the organization achieve its business objective Beside that, effective performance management enables organization to take corrective action to employees such as training, incentives or discipline Secondly, performance management provides information and support organization in making decision related to salary, benefits, recognition programs, employee retention, termination for poor behavior, and hiring or layoffs Thirdly, performance management helps organization to set up basis for developing employees‘ knowledge and skills To manage employees‘ performance effectively, organization should assess following main criteria:  Fit with strategy which means that organization ensure employee behavior and attitudes in working support the organization‘s strategy, goals and culture  Validity: this criterion refer to whether the appraisal measures all the relevant aspect of performance and omits irrelevant aspects of performance 58 ACB bank is not really successful in job description In fact, many enterprises have to deal with this problem They just stop at describing job characteristics of each department and ignore the detail of each position The job description of each role requires professional analysis from experts, ACB bank Vietnam has invited some experts of this problem to describe specific tasks of each employee However, it seems not to come into reality till now It can not be denied that job description is a difficult task of every enterprise, but if we can have solution for this, the Bank will accomplish more successes The bank should apply job description for each role in the organization like what the Chief accountant is responsible for and how these tasks are completed, what an employee of HR department is in charge of and how…Once this problem is solved, the job performance will be higher and it will be easier for managers to evaluate results of each employee Moreover, this improvement will draw a clear view for people who want to apply for a job in the Bank , also draw a clear direction for existing employees to help them make assessment on themselves 3.3 Lesson learned from the development countries 3.3.1 Lessons from the US 3.3.1.1 Experience in preferential treatment in the US: The selection of the optimal form of payment is very important, because it stimulates the capacity work, create the atmosphere of healthy competition among employees within the company Costco‘s most recent quarterly earnings report reveals a fairly healthy eight percent rate of growth in year-on-year sales—including a five percent rise in same store sales What‘s more, with membership fees rising from $459 million in the same quarter last year to $528 million this year, it‘s pretty clear that a significant number of customers are moving over to the retailer to their discount shopping Meanwhile, Costco‘s primary competitor, Walmart, saw an anemic 1.2 percent rise in sales, while other competitors such as J.C Penny and Target experienced even greater disasters in their sales results In fact, Costco pays nearly all of its employees a decent living (well in excess of the minimum wage) while Wal-Mart continues to pay its workers as if their 59 employees don‘t actually need to eat more than once a week, live in an enclosed space and, on occasion, take their kids to see a doctor? And just in case the occasional Walmart employee finds a way to squeak by, the company has sought to put an end to that by cutting their employment roster by 1.4 percent, even as they increased their store count by thirteen percent The result is that Walmart service now pretty much sucks—and customers don‘t like it Without enough employees to get the basic work of a retail operation done— and with those on site being paid a wage so low that it is difficult to expect much in the way of pride or motivation—Wal-Mart merchandise remains stacked on pallets in the warehouse rather than making it to the floor where customers can find the products they want At the same time, check-out lines are painfully long and annoying as the overall shopping experience continues to deteriorate According to Bloomberg Businessweek, ―Wal-Mart Stores (WMT) has been cutting staff since the recession—and pallets of merchandise are piling up in its stockrooms as shelves go unfilled In the past five years the world‘s largest retailer added 455 U.S Walmart stores, a 13 percent increase, according to company filings in late January In the same period its total U.S workforce, which includes employees at its Sam‘s Club warehouse stores, dropped by about 20,000, or 1.4 percent.‖ The article continues, ―A thinly spread workforce has other consequences: longer checkout lines, less help throughout the store, and disorganization Last month, Walmart placed last among department and discount stores in the American Customer Satisfaction Index, the sixth year in a row the company has either tied or taken the last spot The dwindling level of customer service comes as Walmart has touted its in-store experience to lure financially strained shoppers and to counter the threat from online rivals such as Amazon.com.‖ Harold Myerson writes in a terrific piece published in today‘s WashPo: ―One lesson that emerges from the experience of low-end retailers is that putting workers in crummy, low-wage jobs tends to yield crummy service as well McDonald‘s earnings have fallen, the Wall Street Journal reports, and a management webcast to franchise owners acknowledged that customer dissatisfaction is rising in part because ―service is broken.‖ Myerson adds, ―Some of 60 the most successful retailers follow a different path As MIT management professor Zeynep Ton argued in Harvard Business Review last year, Costco and Trader Joe‘s pay their workers far more than many of their competitors, offer their employees opportunities for promotion and enjoy markedly lower worker turnover and far higher sales per employee than their low-road counterparts Sales per employee at Costco are nearly double that at Sam‘s Club‖ As the old saw goes, you get what you pay for Costco pays their employees a livable wage and gets sales per employee at double what Walmart subsidiary Sam‘s Club gets from their employees who work for lousy pay (Rick Ungar, 2013) 3.3.1.2 Experiential learning lesson from US-rewards: In the US, employees annual wage is raised The wage increase in the class rank or salary relative ease, but wage increases are a difficult thing For example, a worker Level (grade final salary ranks 2nd) want to rank 3rd wage must satisfy the criteria of this salary class They must have enough points under the standard work They have often to pass advanced training skilled opened by the company, or at schools; they even had to learn at the university at night to improve qualifications The requirement to raise the level of expertise needed for increasing salary ensure qualified staff working for the company Those have higher wages thank to their qualifications and their capabilities are higher than others This makes the remuneration rewards and promoting more fair and more efficient Moreover, annual wage increases in US businesses depend on the company's profit and loss, thus increasing the number of the annual fixed salary Firstly, the departments proposed list of employee-specific staff wage increases which must specify the standards set by HR department Then, US companies will convene a committee consisting of directors promoted directors, union representatives and employees The committee will consider the criteria (such as seniority, less tardiness, little holiday, with good labor record) outside the target which have met the laborers on the list of nominees 3.3.1.3 Clear reward and punishment 61 In order to work effectively assess, administrators must adopt quibble policies pay-off Because, none make workers frustrated as whose working hard not rewarded while lazy or wrong repeated persons are rewarded; whose achievements and no achievements are rewarded equally To objectively evaluate and make reasonable pay off, the company relies on a system standards with specific ladder presented in the table job description The American companies are very interested in tracking people who are novice or new charging work If these people a good job, administrators will promptly rewarded timely encouragement Newbies will have dramatic and happy with this commendation They thus have more interested in work But, if the newbies wrong will be specific guidelines that made a mistake somewhere, how to avoid similar mistakes Otherwise, those who have worked long years in public companies will be less thrilling contact with administrators because they know work adjustment If the self-evaluation of staff performance was properly inspected, administrators to be reward and motivate them honestly as end-month bonus and praised them in the report In the case of those who have seniority mistakes, if slight, the manager should promptly analyze and specify the cause of errors there If the irregularities which seriously affect to the company, the management may have strong measures For example, Hewlett Packard company specializes in manufacturing computer American Electronics has applied fines by reducing the bonus fund Specifically, copies on the design of computer software Electronic HP make mistakes but if put into action damages may use the $ 250,000, three directors were fined by the design department dividends decreased $250,000 profit last year The company emphasizes "the Company hasmedium bonus equivalent quality fine according to the job: all of them have responsible if quality decline and the reward is just for employees who have high performance" (Thomas J.Peters and Robert H.Waterman, p.55) 3.3.2 Lessons from Japan: 3.3.2.1 Experience of evaluation in Japan: 62 In Japan, an assessment of an employee usually based on basic standards are: merit, competence and attitude of their work hard or not In evaluating the work attitude, the collective attitude of an employee is very important because for them, the success and reputation of a group is rather than a single individual For some reason, Japanese companies don‘t consider individual talent as the most important They often prioritize the recruitment of staff thinking, working with community spirit copper, all toward a common goal "for the company" 3.3.2.2 Experiential learning lesson from Salary, Bonus fund in Japan: In a Japanese company, the staff treatment between newbies and seniors is a bit different People who work long course will be more deals by donations and mount with the company Taking a long time (about years) work at Japanese companies employees receive other incentives at first joined the company Everyone should have patience and to be able to work effectively in group, it necessarily things: Report - Communication - Discussion (Employees must report to superiors; between managers and followers must have the contacts, exchange regularly and always discuss or consult before making a task.) The difference between working time and salary depend on each firm, but there are two majority payment ways: monthly and hourly payment Calculated monthly salaryapplied to staff in the company (However, there are differences between the employees in the same company - depending on rank and time working, , but each company has its own specific salary) Hourly wages payment often the salary paid for overtime work in a factory or a job other than the key job In Japan, a new staff in often someone(probably seniors colleague or superiors directly in charge) "monitoring" of time and efficiency of their performance Therefore, no matter who has no real power, not sit all day,even just to "chat" is still considered to be good employees, acceptable as didfull time work regulations The Japanese firms focused on quality, achievement work and relies on it to payroll 63 CONCLUSION Nowadays, apart from competitive in products, companies also rival each other in human resource Staff‘s performance has a great effect on company‘s business Along with the increase of human resource importance, compensation within a organization also become more essential Labour decide money salary, while wages also influence on the living standard of workers The firm use salary as the most effective tool to manage and improve product‘s quality, productivity of employees, then, help business increase effectiveness and workers‘ income However, to maximize the compensation‘s effectiveness in managing human resources, staff evaluation must be focus and develop on time to support the corporate‘s compensation Compensation based on employee appraisals is growing trend in the world Vietnam with an open economy since joining the WTO are more concerned with this form of compensation, but still exists many restrictions and not actually motivate workers During the internship period, the author had chances to approach the Human Resource activities in real life The writer understood clearly the role of compensation The report presents an overview of compensation in a bank as well as its pros and cons Then from the analysis of current situation in compensation system in enterprise, the solutions for improving its effectiveness have been stated to contribute to ACB bank ‘s development in the future Thanks to diligent guidance of Ms Duong Thi Hoai Nhung, MBA and the staff in ACB Bank , Phan Chu Trinh, Hanoi, the author had a deeper knowledge of human resource management, which certainly contributed a great deal to my future career 64 REFERENCES Books and documents Adams, J.S 1963, ―Towards An Understanding of Inequality‖, Journal of Abnormal and Normal Social Psychology Adams, J.S., & Freedman, S., 1976 ―Equity theory revisited: Comments and annotated bibliography In E Walster (Ed.) 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Thị Tuyết, 2014, Quản trị doanh nghiệp: Trả công lao động, < http://voer.edu.vn/c/tra-cong-lao-dong/4dbdd6c5/af4aa172>, accessed on 5th April 2015 10 VTC News, 2014, Nhân viên ngân hàng ACB nhận lương quý II?, < http://vtc.vn/nhan-vien-ngan-hang-acb-nhan-luong-bao-nhieu-trong-quyii.1.500973.htm>, accessed on 5th April 2015 69 APPENDIX 70 APPENDIX Income Statement (Quarter 1/2015) 71 APPENDIX 72 ... theories of compensation to provide an overview for readers Secondly, this paper will focus on the case of ACB bank to describe and analyse the policies of improving employee performance in this bank. .. they conduct performance appraisals to measure relevant aspects of performance Finally, through performance feedback sessions, managers give employees information about their performance so as... are Defining performance, Measuring performance, and Feeding back performance information In the first stage, based on the job analysis, organizations specifies which aspects of performance are