Cathay life insurance (vietnam) co , ltd

TABLE OF CONTENTS INTRODUCTIONS 1 Overview of Cathay Insurance Company and my project .2 1.1 Overview of Cathay Insurance Company 1.1.1 Company overview 1.1.2 Organizational structure 1.1.3 Financial statements and business results .5 1.2 My project 1.2.1 Project context 1.2.2 Objective of project 1.3 SWOT analysis Implementation of project about improving the recruitment quality of Cathay Insurance Company 2.1 The importance of human resource recruitment .8 2.2 Human resource recruitment process in the company 2.3 Status of improving the recruitment quality of Cathay Insurance Company 11 2.4 Recommendations and duties on improving the recruitment quality of Cathay Insurance Company at Ngoc Khanh Branch 13 2.4.1 Recommendations 13 2.4.2:Implement the project 13 Evaluating my project 16 3.1 Mistakes and solutions .16 3.2 Contribution for the company 16 3.3 My project result 17 3.4 Knowledge and experiences gained 17 CASE STUDY 19 CONCLUSION 20 REFERENCES 21 INTRODUCTIONS Cathay Life Insurance Vietnam Limited is one of the 500 largest companies in the world and a Cathay Century Life Assurance Subsidiary jointly established in Vietnam by Cathay Financial Holdings In the Taiwan market, Cathay Life Insurance has achieved excellent business results, although it has only been operating for 17 years, but now the company has occupied the second market ranked in 2009 It is our honor of the company to receive the title of Asia’s Best Non-life Insurance Company, demonstrating that Cathay Life Insurance’s products and services have confirmed position in the international market The Vietnam’s economic growth rate maintaining high growth and stability And Taiwanese enterprises have high result in foreign businesses investing in Vietnam With these factors, Cathay Life Insurance has set up a Representative Office in Ho Chi Minh City in December 2007, and also to provide early service to Taiwanese businesses as well as joining the insurance market in Vietnam Page 1 Overview of Cathay Insurance Company and my project 1.1 Overview of Cathay Insurance Company 1.1.1 Company overview Full name: Cathay Life Insurance (Vietnam) Co., Ltd Abbreviation: Cathay Life Tax code: 0305365284 Head office: 46-48-50 Pham Hong Thai Street, Ben Thanh Ward, District 1, Ho Chi Minh City Established: December 2007 Phone: (84 -8) 6255 6699 Website: https://www.cathay-ins.com.vn Legal representative: Mr Lee Hsun Yu – Role: Chief Executive Officer Vietnam's economic growth rate reached 5.32%, maintaining high growth and stability Moreover, Taiwanese enterprises are in the Top foreign businesses investing in Vietnam With these factors, Cathay Life Insurance has set up a Representative Office in Ho Chi Minh City in December 2007, and also to provide early service to Taiwanese businesses as well as joining the insurance market in Vietnam At the end of 2009, it officially asked the Ministry of Finance to set up a subsidiary in Vietnam and the company officially came into operation in December 2010 Vision: Continuing to set up branches and offices in other provinces, Cathay Life will serve more Vietnamese people and strives to expand its internationalization Mission & Strategy: The above vision will come true through the following strategies: + Focusing on building an excellent sales team + Business expansion to employees of Taiwanese companies in Vietnam +Expand group insurance and bank affiliation insurance by partnering with Indovina Bank and Cathay United Bank (Vietnam) and their clients +Double the success of the double-action “Insurance + Banking” dual-impact strategy from Taiwanese Cathay Financial Holdings to become the strongest and most reliable financial institution in Vietnam 1.1.2 Organizational structure Chairman President Agency V.P V.P Director Internal Audit IT System Developent Management Director HR Finance & Accounting Accounting Policy Admin Underwriting Planning Marketing Business Planning Agency Planning Actuary Agency Admin Training V.P Training Planning Chief Regional Director Regional Director TW Consultant Premium System support GA Finance POS Informatio n Security Legal Investmen t Claim PR Brand Manager Agency Officer Service center Training center 1.1.3 Financial statements and business results No Quota 2016 2017 (current unit: vnd) 450.174.597.373 (current unit:vnd) -Net revenue from insurance business 204.950.596.272 305.942.809.925 -Revenue from financial activities 251.269.473.552 397.911.540.359 -Other revenue 708.958.278 1.318.248.190 Total cost 439.143.731.272 552.236.117.843 -Total cost of insurance business 297.057.421.775 337.267.729.793 -Financial expenses cost of sales 7.238.328.594 15.447.664.510 -Enterprise Cost Management 100.957.790.040 127.492.354.359 -Other costs 51.463.599 2.428.733 Total accounting profit before fees 8.885.296.830 152.836.480.631 Current corporate income tax expense 1.826.859.235 30.071.026.213 Profit after tax of enterprise income 6.058.437.595 122.765.454.418 Total revenue 804.172.596.461 Source: Cathay Life’s financial report in 2017 It obvious that in the period of 2017, Cathay Life has become more stable stability, constantly striving to rise in business with the outstanding profit and revenue Insurance market in 2018 is forecast to maintain growth of over 10% and there are many opportunities for insurance companies to develop revenue and market share However, there are still limitations in high compensation due to poor management and high costs due to unfair competition, which is still the main reason why insurance companies are losing money in insurance business Therefore, Cathay Life needs to improving the quality of customer service, focus more on risk management and cost management in the business plan 2018 1.2 My project 1.2.1 Project context The recruitment process is important for human resource managers to make the right recruitment decisions Recruiting decisions are significant for business strategies and for organizations because good recruitment will help the organizers get skilled people who are suitable for the organization development in the future Good recruitment will help the organization reduce the costs of recruiting, retraining, as well as avoiding the risk of damage during the work implementation Successful recruitment ensures that the enterprise has a suitable workforce, creating strength to help enterprises overcome all difficulties and challenges in the process of operation In contrast, unsuccessful recruitment will make the company in ineffective operation because the staffing plan is not guaranteed, wasting a lot of time as well as recruiting costs Candidates will not meet the job requirements, the quality of recruitment will not be high, time-consuming in the alternative recruitment process Therefore, the recruitment quality is an essential factor that needs to be concerned in the companies Most of the companies in the world as well as Vietnam have found solutions to improve the recruitment quality Nowadays, enterprises in Vietnam still have to face the shortage of high-quality human resources, lack of good management staff and skilled workers Especially for the insurance industry, which is an important sector in the socio-economy, the human resources, and human resource recruitment issues need to be focused and continuously improved As one of the most reputable insurance companies, Cathy Insurance Company provides life insurance products and services These are essential services for the high demand of customers In order to achieve the best quality of products and services, the Cathy Insurance company staffs must work actively and efficiently The Cathy Insurance company has been aware of the imperative of improving the recruitment quality The Board of Directors advocates arranging their staff and employees in a reasonable way to ensure implement the overall goal The recruitment process has been focused on by the company, but it still has many inadequacies In particular, the Cathy Insurance company has many positions and titles, but the recruitment process has not established in sync In addition, the Cathy Insurance company has not exploited the sources of recruitment, the notice form of the recruitment is not extensive, and the information provided to candidates is limited The drawback needs for measures to be taken the higher quality of human resource recruitment in the Cathy Insurance company 1.2.2 Objective of project A business, or any organization, that has rich financial resources, abundant resources with modern machinery and equipment, attached the high technical science, will also become useless if they not know how to find and manage human resources to promote the advantage in their organization To have good staffs and employees, the recruitment is paid attention much Improving the recruitment quality is a challenge that companies have been struggling with for years That’s because, in my opinion it’s it is not simply impossible to hire workers as before This project was conducted for several purposes as below: + Presentation of the actual situation of improving the recruitment quality in Cathay Insurance Company and have analysis and comments on this situation +I can recognize and understand the improvement of recruitment quality in general and the quality of human resource in particular at Cathay Insurance Company The actual improvement of recruitment quality of Cathay Insurance Company is shown, and then I see the strengths and weaknesses that still need to be solved as the practical basis for the methods The best and most effective solutions are found to boost their recruitment quality to have staffs dedicate and have higher work productivity for Cathay Insurance Company +To observe the role of human element especial from the recruitment in the organization and its importance in achieving organizational objectives; furthermore, to study and identify the management activities with the view of making useful recommendations for improvement The Cathay Insurance company can save time, costs of recruiting and training new employees Labor productivity, labor efficiency will increase that is the platform to increase profitability To gain the result that the good staffs will have the coherence with Cathay Insurance Company; besides, the reputation of the company will spread out and they will get more contacts and cooperation +The theme “Improving the recruitment quality of Cathay Insurance Company” is comprehended clearly.Throughout this thesis, besides reinforcing the knowledge learned in the school, I want to apply the theory to practice through the recruitment of the Cathay Insurance company From then on, I would like to contribute some of my knowledge to improve the recruitment quality at the brand of the company 1.3 SWOT analysis Strengths Weaknesses In terms of scale, the number of human The productivity and labor efficiency resources, staff force, and insurance have not surpassed and under-developed agents increased continuously The difficult problem is the shortage of The company's recruiting process based personnel, especially high-quality on scientifically methods to select the personnel right employee Opportunities Threatens The high growth of the economy and the WTO accession causes the barriers to the source of FDI capital contributed to the insurance increase in non-life insurance revenue the shortage of personnel, especially high- The increase of life insurance demand quality personnel Vietnam insurance market is considered to be hightly potential and will have outstanding growth in the next 20 years Implementation of project about improving the recruitment quality of Cathay Insurance Company 2.1 The importance of human resource recruitment It is obvious that human resource recruitment decisive to the success of every business Therefore, there are three factors to assess the effectiveness of the recruitment process as below:  For businesses Provide for the business an employee team with skilled, dynamic, innovative and complementary workforce that is consistent with the business requirements of the business Help the company to achieve the best business objectives, help businesses successfully accomplish business plans by finding a qualified person to the job, thereby improving business performance, team development, the dynamics of business in the context of globalization The quality of human resource recruitment will create sustainable competitiveness for the enterprise, contribute to the input of human resources, determine the quality, capacity, and meet the requirements of personnel of the business  For employees Help employees in the business better understand the philosophy, the views of the management Creates the competitive atmosphere, the spirit of competition within the employees of the enterprise, thereby improving business efficiency  For socio-economic Helps to achieve the socio-economic goals of workers who have jobs, earn income, reduce social burdens such as unemployment and other social evils At the same time, the recruitment of human resources also helps to utilize the resources of the society in the most useful way 2.2 Human resource recruitment process in the company To well in the human resource recruitment, the company must have a scientific and reasonable recruitment process Each enterprise can build its own recruitment process depending on the characteristics of each type of job However, the process of recruiting in Cathay Life is carried out through the basic steps as follows: Recruitment announcement Receive and process applications Identify job vacancies Organizing the examination Evaluate candidates Recruitment decision Introduce new employees to become familiar with the job and the environment And shorten the steps specified below: Candidates submit applications and receive notifications interview Take the professional test, MBIT personality test, Informatics, English, Presentation & Take part in the interview Candidates receive a notification by email (if successful) Join the integration program In particular, recruited candidates will spend at least two rounds and a maximum of four rounds of interviews (in case of further discussion with applicants about positions or benefits) Contest subjects include basic skills (English and Computer); personality tests; written assignment or presentation; interview about the experience and practical ability to meet the job requirements stated in the job advertisement In addition, new candidate will receive a trial plan with specific criteria and time to complete in the first two months Finally, the new staff will be participating in the integration training program at Cathay Life Insurance Vietnam; to guide how to use modern systems and tools; the system of planning and reporting the results of the work, the participation in the training courses and practical training etc from month to a maximum of 12 months under the direct guidance of professional trainers and experienced managers 2.3 Status of improving the recruitment quality of Cathay Insurance Company After 10 years of operation in Vietnam, the company has ceaselessly improved and grown in terms of scale and quality of products and services In the scale, the number of consultants reached to 2000 people helps the company achieve impressive business results Over the past three years, Cathay Insurance company has increased owner's equity, demonstrating a long-term commitment to the Vietnamese market With the reduction in interest rates and legal requirements, the Company has reduced the provision interest rate and increased the provision fund to ensure future benefits.The productivity and labor efficiency of Cathay Insurance's staff are quite good The company has had plans to make good use of the controllable and uncontrollable recruiting sources and organize to learn from mistakes for experience after each recruitment times to get the better result for the next recruitment The recruitment is conducted rigorously, clearly and detailed in the responsibilities and rights of the individuals and sections of the interview as well as the obligations and rights of the employees in the company The company always bases on the job description in details, identifying redundant or missing jobs in each department to determine the recruitment criteria So the company makes timely decisions with actual needs, ensuring the operation is thoroughly.The system of regulations and document used in the recruitment process in accordance with the labor law of the state as well as the government regulations on labor that helps to monitor and evaluate candidates more accurately However, the international integration requires insurance companies to compete more, the company lacks skilled personnel in the areas of costing, marketing, product development and business management The increase in human resources in such numbers has not kept up with the pace of market development.Although, the company had several specific plans to make good use of recruiting sources,the bases for recruiting are not well implemented, the company does not regularly make the plan for recruiting; in some cases when arising work, the urgent recruitment needed, which leads to the passive and reduce the ability to attract the talent Most insurance agents not consider insurance as their main occupation, this is the only part-time job, so initial training is not respected, nor does it meet high and training requirements.Therefore, to recruit employees and agents who are really enthusiastic and determined to work in long-term is an obvious issue should be cared The number of agents who update their knowledge at thecompany after being licensed is just half The need to enhance productivity, quality and boost the competitiveness of the economy compared to other companies in the region has not been gained Communications of the personnel recruitment is too small, limited and not reach the target, no effect There are few Curriculum vitae (CV) applied for the job in the company Therefore, the number of good CV quality is also fewer In the latest recruitment, HR manager needed at least 30 CVs apply to the position, he just received 20 CVs in which 13 CVs meet the requirement for interviewing Candidates are still lacking insurance knowledge as well as related skills In some case, the candidates didn't go to work after being selected by the recruiter 2.4 Recommendations and duties on improving the recruitment quality of Cathay Insurance Company at Ngoc Khanh Branch 2.4.1 Recommendations From the above analysis, I would like to give some recommendations to improve the recruitment quality of Cathay Insurance Company at Ngoc Khanh Branch Its would be mentioned in the following: Provide interesting recruitment information, especially in the content that job seekers' pay attention Invest money in the media to boost the spread of recruitment information Making the trust and ensuring the quality of products and services to customers to help enhance the professional image of the company, which will attract the talent Holding the Career seminar at universities to get in touch with students, they can approach the job in the insurance industry Focus on the strategy and personnel plan have already been set The Ngoc Khanh branch needs to learn from reputable insurance training organizations to deploy recruitment programs in accordance with the positioning standards of employees, meeting human resources target of the foreign branch on the quality of personnel recruitment 2.4.2:Implement the project  Preparation: - I put the content idea and purpose of the career seminar to the superior and was supported, the director of the branch has allowed the organization of career seminar at University of Finance - Design leaflets promoting the career fair for university’s students - Design post on the fan page of the company - Prepare the content of program together with colleagues in the company - Design job descriptionn suitable for each position - Communication activities  The program at Career seminar has the following content: Objective - The company can find and recruit qualified personnel Thereby, create a long-term exchange of information between the university and the company - To provide students with orientation in their careers, access to the working environment as well as requirements on qualifications and skills necessary to meet the requirements of the company; - To create conditions for students to find suitable jobs Cathay Insurance’s leader, Cathay Insurance’s staffs and university Participant students (about 200 people), including 02 MC (Cathay Insurance’s Location staff) University of Finance, Address: No.58 Le Van Hien, Duc Thang Operating date Program’s Wards, Bac Tu Liem District, Hanoi City Friday, 27th April 2018 ● From 07h30 to 8h00 content and procedure - Welcome and seating stability - Welcome program and music - Issue the job survey for students ● From 8h00 to 10h30 - Introduce the director of the company Introduce the Cathay life insurance company Speech of the Director Career counseling for candidates by leader Introduce recruitment positions and the benefits of students when becoming employees of the company ● From 10h30 to 11h30 - Discussion: answer the question of candidates ● From 11h30 to 13h30 - Eating lunch prepared by company Relaxing ● From 13h30 to 16h00 - Director and head of business Interview students and direct recruitment ● From 16h00 to 17h00 - Director announces the candidates who pass the interview - Give gifts for students Finish the career seminar, thanks for the university, give the present to the header Program cost - Cost for presents and awards for students and the header: 7.5 - million VNĐ Cost for food: 10.0 million VNĐ - Cost for stage decoration and music equipment: 5.0 million - VNĐ Other expense: 2.0 million The total cost is 24.5 million VNĐ + For the survey: when starting the program, I distributed survey forms for students who participated in this program And then, I collected answers from them, all participants thought that this program was very useful Besides, they hoped that the company would organize it annually I can have the actual demands of student for their future job + Leader needs to listen, share idea and knowledge with students Then, leader create situation and challenge for students solve to find the talent The interview process would be right, fair and clear The quality of recruitment could be good - Send the plan and give the specific amount of money needed to improve the recruitment quality for the management approval - The seminar is organized regularly to discuss and learn from experience for each personnel plan had been done - Searching the recruitment program of other insurance companies as: Prudential, Manulife, Dai-Ichi… Evaluating my project 3.1 Mistakes and solutions This is the first time I have worked at Cathay Insurance Company in the role of an intern Because I was not have experience, I did not complete the tasks very well in several times In the early working days, I made many mistakes, such as sitting wrongly in staff room, lacking knowledge about the Cathay Insurance company I tried to my duty by myself without asking for the help so my task was not done perfectly Besides, I was confuse when working Fortunately, my instructor reminded me and gave me useful advices Then, I complied with the company’s regulation and discover more information about the Cathay Insurance company and knew the ways how to controll myself I used tomake the collegues unsatisfied when they were so busy due to my issues After that I learned from experience, I just communicated with them when I found they were ready to introduce me My working speed changed that it was faster than the previous days of work because I got more active skills 3.2 Contribution for the company I could understand more about the operating way of the company after working at Cathay Insurance Company as an intern It was a precious chance for me to apply my knowledge from university in the real situation.I tried to find out the criteria, factors, improve the recruitment quality of Cathay Insurance Company In particular, I had performed the tasks as following: + I could persuade some customers to use Cathay Insurance services after reading the documents and observing the consultants + I did spread out the recruitment information of Cathay Insurance for suitable people + Finding and accessing the criteria, current situation of the improvement of the recruitment quality at Cathay Insurance Company + Knowing the complex problemsand proposing the useful solutions in the improvement of the recruitment quality at Cathay Insurance Company in order to boost the productivity and complete the common goal 3.3 My project result Based on the mentioned recommendations as well as proposal, I have reached some specific results after applying at the branch of Cathay Insurance in my practical time It can be represented as below: The number of candidates has increased from 30 to 40 people, in which 25 candidates take part in the interview That helps the recruiter more in choosing the suitable employee The recruitment information designed very nice, interesting content that are popular in many websites and social media because of the investment for communications as Head Hunter, and related others Many students could be be clearer and closer to Cathay Insurance branch and there are quite many of them feeling happy and taking part in Cathay team 3.4 Knowledge and experiences gained Knowledge: +I strengthened my knowledge of human resources, staff recruitment rules, and labor laws that affect an insurance company's business Furthermore, I have had the opportunity to experience in practical and applied knowledge to understand, analyze, evaluate and propose some recommendations to improve the quality of recruitment for the Cathay Life Insurance Company + Through the internship, I learned more about the working environment at the insurance company, the duties of employees in each department and captured the total number of employees of the company, as well as the source database to recruit staff that the company is available or in the process of development + Improve the ability to search, develop, post job description to attract candidate to apply for the positions of the company, and evaluate the quality of human resources recruitment of Human Resources Department based on the real situation Experiences: + Improve the recruitment process of the company and develop recruitment plans through available or unavailable sources Also, to recruitment part at an insurance company is a good experience for me in the future when apply in other companies; better understand what the companies need to recruit employees + Having more knowledge and experience in interviewing, surveying, researching, recruiting, searching for candidate information suitable to the company's need for recruitment CASE STUDY In my practical at Ngoc Khanh branch of Cathay Insurance Company, I met some cases needed the measures quickly In which, the case that position is consultant, so attractive because of high salary; but HR manager was not received enough Curriculum Vitae He just found CVs for interviewing due to the limited spread out of information I posted this recruitment information on many job seeking groups on Face book, instagram, and I quickly answered all relevant questions of people who concerned I also checked the CVs they sent through email to help the HR manager The number of CV increased a lot, about more than 40 people caring about consultant job of Cathay Insurance In the interview, the candidates came to the Ngoc Khanh branch very early Some people were self-confident, but others looked quite confused When I saw that, I asked them the reason why and they answered that they didn’t have experience before I said them that they should not worry much because Cathay Insurance Company would hold the training after they were selected I also brought drinks for them to make the candidates felt we were friendly and cared about them After the interview, for 18 people had the chance to become the consultant that meet the demand about number The HR shared that he could see their strong point in this job and they was so interested in working for Cathay Insurance That made the HR manager satisfied and he could choose the candidates easily; then, he gave compliment to me CONCLUSION My opportunity to practice at Ngoc Khan branch of Cathay Insurance company is meaningful and wonderful I can apply my specialized knowledge from university in a real working environment This project has presented some theoretical and practical issues on improving the quality of recruitment This is a comprehensive review of the basic theory of recruitment, improving the quality of recruitment, especial in the overall view of the strategy for quality improvement of recruitment Simultaneously of analyzing the quality of human resource recruitment; in particular, the development strategies, recruitment, training, are shown and assessment of the company's achievements and failures The company can properly evaluate the work efficiency and can make the right decisions to improve the recruitment quality I have been directly taken part in plan to improve the recruitment quality at Cathay Insurance company during the internship process In order to this project effectively, I have applied a lot of the specialized knowledge from my university as well as promoted my ability Due to the time constraint, my collecting materials and knowledge are limited, the theme still has shortcomings I met many people, such as my instructors at university and staffs from Cathay Insurance company who have supported me for doing my study successfully Thanks to the assistant from the people working in the company and my instructor as well, I overcame many difficulties I hope that the recruitment quality will be improved much and Cathay Insurance company develope more in the near future REFERENCES History of foundation and development of Vietnam Cathay Insurance company https://www.cathaylife.com.vn/vi/About-Us/Company-Introduction.html Entrepreneur Asia Pacific, Recruiting and Hiring Top- Quality employees https://www.entrepreneur.com/article/76182 secrets for recruiting and retaining young Insurance Agency, Jim Schubert, 2016 http://www.agencyownersacademy.com/recruiting-retaining-young-insuranceagents/ “Recruit Rock stars: The 10 Step Playbook to Find the Winners and Ignite Your Business”, Jeff Hyman “The Best Team Wins: Build Your Business Through Predictive Hiring”, Adam Robinson, 2017 “High Velocity Hiring: How to Hire Top Talent in an Instant”, Scott Win trip, 2017 “Top grading: The Proven Hiring and Promoting Method That Turbocharges Company Performance”, Bradford D Smart, 2012 “Hiring Talent: Decoding Levels of Work in the Behavioral Interview”, Tom Foster, 2013 “Proven Tactics for Successful Employee Selection”, Martin Yate, 2014 10 “Why companies are losing billions in turnover to this generation—and what to about It”, Joanne Sujansky & Jan Ferri-Reed 11 “A Revolutionary Approach to Recruiting and Selecting People with Both Tremendous Skills and Superb Attitude”, Mark Murphy, 2014 ... Cathay Insurance Company 1.1.1 Company overview Full name: Cathay Life Insurance (Vietnam) Co. , Ltd Abbreviation: Cathay Life Tax code: 0305365284 Head office: 46-48-50 Pham Hong Thai Street, Ben... compensation due to poor management and high costs due to unfair competition, which is still the main reason why insurance companies are losing money in insurance business Therefore, Cathay Life. .. 2009 It is our honor of the company to receive the title of Asia’s Best Non -life Insurance Company, demonstrating that Cathay Life Insurance s products and services have confirmed position in the