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Improving KPI evaluation system a study of donga money transfer company

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UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business Nguyen Hoang Cuong IMPROVING KPI EVALUATION SYSTEM: A STUDY OF DONGA MONEY TRANSFER COMPANY MASTER OF BUSINESS ADMINISTRATION Ho Chi Minh City – 2020 UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business Nguyen Hoang Cuong IMPROVING KPI EVALUATION SYSTEM: A STUDY OF DONGA MONEY TRANSFER COMPANY MASTER OF BUSINESS ADMINISTRATION SUPERVISOR: Asscoc.Prof Tran Ha Minh Quan Ho Chi Minh City – 2020 TABLE OF CONTENTS LIST OF ABBREAVIATION LIST OF FIGURES LIST OF CHARTS LIST OF TABLES ACKNOWLEDGEMENT I II EXECUTIVE SUMMARY III INTRODUCTION 3.1 COMPANY BACKGROUND 3.2 INDUSTRY OVERVIEW 3.2.1 Remittance market overall 3.2.2 Competitor landscape PROBLEM CONTEXT 10 IV 4.1 BUSINESS CONTEXT 10 4.2 DONGA MONEY TRANSFER ORGANIZATIONAL STRUCTURE 12 4.2.1 4.3 Company organizational chart 12 SYMPTOMS 13 4.3.1 SYMPTOM 01: Business performance of DongA Money Transfer does not reach the target in 2019: 13 4.3.2 SYMPTOM 02: Low employee performance of Customer Service Department in 2019 15 PROBLEM IDENTIFICATION 18 V 5.1 PROBLEM 01: KPI Evaluation system is unsuitable 19 5.2 PROBLEM 02: Lack of motivation 22 5.3 PROBLEM 03: Low employee satisfaction 23 5.4 PROBLEM 04: Personal issues 24 5.5 Problem validation 25 CAUSES VALIDATION 27 VI 6.1 CAUSE 01: KPI without SMART Goals 28 6.1.1 Sub-cause 01: Unrealistic targets (R) 28 6.1.2 Sub-cause 02: Lack of detailed quantitative operation criteria (S) 29 6.1.3 Sub-cause 03: Hard to Achievable with Financial Indicators (A) 30 6.2 CAUSE 02: Lack of Learning and Development Indicators 30 6.2.1 Sub-cause 01: Less Training courses for employees 31 6.2.2 Sub-cause 02: Lack Employee Development Programs 31 6.3 CAUSE 03: Lack of recognition with high results 32 6.4 Causes Validation 33 6.5 Cause – Effect map 34 ALTERNATIVE SOLUTIONS 34 VII 7.1 ALTERNATIVE SOLUTION 01: Building detailed operation criteria for Customer Service Department 35 7.2 ALTERNATIVE SOLUTION 02: Building suitable financial indicators 37 7.3 ALTERNATIVE SOLUTION 03: Employees Reward Program 38 7.4 Action plan 40 VIII IX CONCLUSION 42 SUPPORTING INFORMATION 44 APPENDIX A – INTERVIEW GUIDE 44 APPENDIX B – INTERVIEW SCRIPT 44 Interview 01: Problem identification 44 References 49 LIST OF ABBREAVIATION HR DAMTC DAB Human Resources DongA Money Transfer Company DongA Bank LIST OF FIGURES Figure 1: Organization chart of DongA Money Transfer Company Figure 2: KPI Results of DongA Money Transfer Company in 2019 Figure 3: KPI Results of Customer Service Department in 2019 Figure 4: Potential Cause Figure 5: Cause – Effect map Figure 6: Alternative Solutions LIST OF CHARTS Chart 1: The proportion of sales of DongA Money Transfer’s services from 2017 to 2019 LIST OF TABLES Table 1: Results of implementing targets of DongA Money Transfer Company Table 2: Total revenue results of DongA Money Transfer Company in 2019 Table 3: Problem identification – Interviewees list Table 4: Solution 01 – Evaluation Table 5: Solution 01 – Cost structure Table 6: Solution 02 – Evaluation Table 7: Solution 03 – Evaluation Table 8: Solution 03 – Cost structure Table 9: Roll – out plan of building detailed operation criteria for Customer Service Department Table 10: Interview transcript for justification on Problem identification Table 11: Interview transcript for Cause validation I ACKNOWLEDGEMENT Firstly, I would like to send my appreciation to Asscoc.Prof Tran Ha Minh Quan who has always supported me with helpful advice, clear instructions and provided in-depth knowledge for me to complete this thesis In addition, I would like to express my sincere thanks to managers and employees of DongA Money Transfer Company who are ready to help, advise and provide the necessary support during the process of conducting research for my thesis II EXECUTIVE SUMMARY Remittances are an important source of capital for the economy to develop and stabilize the foreign exchange market In Vietnam, remittances are sent to support families, health care, education, business investments, real estate and personal shopping DongA Money Transfer Company, under DongA Bank, has had 18 successful years operating in the field of Remittance in Vietnam However, at present, the employee performance of the Company is at a low level, affecting business performance According to Bhatti et al (1), employee performance management has an important role in creating a competitive advantage compared to competitors As a result, organization checks whether it is complying with the orientation, plan and achieving the set goals For this purpose, employee performance measures are used to assess and monitor the organization's overall business activities In addition, they are also used to measure and compare the effectiveness of different organizations Performance assessments are comparable in departments, groups and individuals Examining external and internal factors and internal data, the researcher identified unsuitable KPI Evaluation System as the main problem To solve these problems, Dong A Money Transfer Company needs to set up KPI SMART Goals This thesis will bring insight into the organization in a realistic, objective and accurate way The thesis aims to accurately identify symptoms, problems and causes, effectively identify feasible and practical solutions to solve problems III INTRODUCTION 3.1 COMPANY BACKGROUND DONGA MONEY TRANSFER COMPANY - A SUBSIDIARY OF DONGA BANK - one of the famous remittance/ bank brand in Vietnam Since its establishment in November 2001, DongA Money Transfer Company has always led the remittance market about the revenue, highly appreciated and trusted by both domestic and foreign customers In order to achieve such results, DongA Money Transfer has continuously invested in developing the system, applying modern technology to daily operations with payment network of over 220 locations nationwide Each employee is trained professionally to deliver remittance to customers fast and safe In addition to focusing on improving the quality of services, DongA Money Transfer Company also builds and implements customer care programs regularly Promotions with high value prizes are held regularly Besides, the company has continuously expanded its cooperation with global partners to help customers transfer money from more than 180 countries and territories around the world, through 350,000 transaction locations to Vietnam through DongA Money Transfer Company At present, the company has continuously made efforts to develop its network of overseas partners and promoted the promotion of DongA brand in potential markets The company has connected with more than 40 major partners in 170 countries, such as RIA, MoneyGram, Xpress Money, Sigue, The company has received prestigious awards as follows: "Excellent brand providing financial services in Vietnam" by Global Banking & Finance and Finance Digest in London (2017, 2018, 2019), “Strong brands in Vietnam” by Economic Times (2018), “Excellent brand of remittance service in Vietnam” by Finance Digest in London (2019) 3.2 INDUSTRY OVERVIEW 3.2.1 Remittance market overall According to the World Bank, in 2017 the amount of remittances transferred to Vietnam was 13.8 billion USD, up 16% compared to 2016 and surpassed Bangladesh to reach the top 10 countries with the largest amount of remittances in the world In 2018, the number of remittances sent to Vietnam reached US $ 15.9 billion, 100 times more than in 1993 In particular, according to the World Bank, Vietnam ranked 9th in the top 10 countries receiving the most remittances in the world in 2019 The amount of remittance transferred to Vietnam reached 16.68 billion USD, accounting for 6.4% of GDP The most attractive field of remittance in recent years is production and business, accounting for 60 to 65% of the total remittance transferred to Vietnam Besides, real estate also attracted a large amount of remittances, reaching 21% The leading remittance countries for Vietnam are the United States, Canada, Australia, Europe, Malaysia, Taiwan, Korea and Japan According to data from the Vietnam Association of Manpower Supply (VAMAS), in 2018, more than 131,000 Vietnamese workers went to work abroad, an increase of 10.28% compared to 2017 The main sources of money transfer to Vietnam are Vietnamese labor export workers and Vietnamese living abroad living in other countries In particular, the United States accounted for 60% of remittances sent to Vietnam, the remaining 20% was from Europe, Korea, Japan and other regions The official channels most commonly used to remit remittances to Vietnam are via commercial banks, economic organizations, customs and post offices, of which commercial banks account for 72% of remittances to Vietnam This brings many opportunities for competition among remittance companies, demonstrating their strength to develop in the remittance industry 3.2.2 Competitor landscape For economic organizations, remittance service is very important because it is a special channel of foreign currency mobilization without having to pay a lot of expenses Currently in Vietnam, in addition to banks, there are dozens of remittance companies providing remittance services from abroad This is a service that not only provides revenue sources but also helps banks to buy foreign currencies, increase deposits and cross-sell other products to overseas remittance recipients, and enhance the prestige and brand of bank with customers Currently, in addition to DongA Money Transfer Company, there are many other banks that offer overseas remittance services such as Vietcombank, Vietinbank, BIDV, Agribank, ACB, Sacombank, These are remittance organizations with many competitive advantages with wide payment networks and good agency relations However, DongA Money Transfer Company still has the optimal competitive advantages, helping the market share always to the top of remittance payment in Vietnam Firstly, with 18 years of experience in the field of remittances, DongA Money Transfer Company has cooperated with many major partners with the number of annual sales leading the market Besides, DongA Money Transfer Company also receives many valuable international awards in the remittance market, which helps to increase the reliability of partners and customers Second, Dong A Money Transfer Company fully develops three remittance payment services for customers in Vietnam, namely home delivery, cash-backup and Bank transfer service Therefore, DongA Money Transfer Company has fully met the needs of customers when they use remittance services Thirdly, the creativity in developing smart applications to facilitate transactions with customers has made the service more professional, fast and safe These competitive advantages help promote the trust of partners and customers to develop DongA Money Transfer Company in such competitor landscape IV PROBLEM CONTEXT 4.1 BUSINESS CONTEXT DongA Money Transfer Company is a remittance company in Vietnam, head office’s location in district in Ho Chi Minh City DongA Money Transfer provides the following services: Home Delivery Service: for the home delivery service, DongA Money Transfer Company employees deliver the remittance to hand at the designated beneficiary’s address with the appointment time in advance Benefits of service: 10 Table 6: Solution 02 – Solution evaluation Evaluation Budget Possibility Efficiency Possible but depending on the decision of VND Short-tern efficiency DAB (HR Internal) 7.3 ALTERNATIVE SOLUTION 03: Employees Reward Program Employee reward program refers to programs established by the company to recognize and reward performance for employees on an individual and / or group level (27) The Employees Reward Program consists of steps with the below: Step 1: The department manager clearly defines the goals and detailed targets of each month to evaluate employees Step 2: Implement reward program for employees Step 3: Evaluate the employee's work plan completion result for monthly rewards Step 4: Communicate program results to employees 38 Table 7: Solution 03 – Solution evaluation Evaluation Budget Possibility Efficiency Can do, but not at regular frequency 18,900,000 VND The program brings immediate results, if Short-term efficiency finished, it will lead to the situation where (03 months) employees not try to reach their goals This cost structure is designed for a three-month Rewards Employees Program: Table 8: Solution 03 - Cost structure Source: Reference from the HR Manager Certificate of month outstanding employee 900,000 VND (300,000 VND for each months) Reward Gifts (3 portion each month, 18,000,000 VND each values 2,000,000VND) Communication of Reward program VND (HR Internal) Total 18,900,000 VND In summary, through the analysis of the solutions, building detailed operation criteria for Customer Service Department has been chosen for further action plan design as it is more possibility and efficiency 39 With this solution, the problem will be solved in both short-term and long-term with two stages: complete details operating criteria and follow up performance by individual monthly staffs Besides, this solution has budget lower than Employees Reward Program solution, it is more effective and feasible 7.4 Action plan The first action plan is to build a comprehensive process in which everyone at Customer Service Department need to be enrolled with separate tasks and the process will not allow duplicated jobs Only when employees have concern to improve the efficiency of individual assignments or tasks, they can proactively search the method and get self-motivated when get awards Secondly, separate tasks to each department helps managers more accountable for the resources they manage Final yet importantly, the effort are being made to improve corporate planning These changes are presenting challenges to the internal consultancy services because improved skills and techniques are needed First step, HR Manager and Head of Customer Service will build proportion and detailed criteria of operation indicators suitable for each different position Teams in Customer Service Department will be assigned quarterly tasks from the Head of Department and General Manager After that, each Team Leader will work with their team to set the objectives and subgroup tasks, they also divide their group into smaller groups being based on the specific task at each moment, but the optimal solution is about 2-3groups The next step is the head of each team will assign the objectives for each subgroup and individualize the task Each member is required to have a specific Key Performance Index for Operation Indicators and the KPI need to be S.M.A.R.T (Specific, Measurable, Ambitious, Realistic, Timely) Precisely, the managers need to eliminate the duplication between members but still need to encourage them to collaborate After that, Managers monthly or Bi-weekly monitor performance by KPI of 40 each member The assessment needs to be quantitative as three levels: Not achieved, Achieved, Exceeded The motivation is this process is required, they need to motivate those who are on track or better than expectation The next step, when quarters end, managers conduct job appraisals and give feedbacks for employees This step and the precious counterpart are crucial to motivate employees to complete operation indicators Because when you the step usually, the employee will be aware clearly about how they can actively their job and they are well conscious about what they can achieve when meet the target The final step is setting the next objectives for next quarter, as the same process, the next quarters with different objectives and individualize them will push employees to be out of their laziness and their boxes The accurate details of each steps are in the below table: Table 9: Roll-out plan for Building detailed operation criteria for Customer Service Department Stage Action Objective Timeline People Involved HR Manager and Head of Customer Service Department will build HR Manager Set detailed criteria and proportion and detailed 03 weeks Head of Customer proportion for each positon criteria of operation Service Department indicators suitable for each different position Head of Customer Set prioritized objectives & Revise detailed objectives and 01 week Projects to 03 Teams Service Department set prioritized to each team General Managers 41 Team Leaders will divide team into 02-03 groups base on prioritized objectives of Set accurate objectives for each the department Group Assign objectives for each Avoid duplicate task Team Leader 02 weeks Head of Customer Service Department individual & submit into assessment system Training about New KPI Introduce the new KPI System System with detailed for Staff in Customer Service operation criteria Department 01 week HR Manager Follow up performance by individual monthly staffs will Head of Customer Monthly Feedback & be assessed by direct managers assessment in the system by 03 levels: Not Monthly Service Department Team Leaders achieved, Achieved, Exceeded VIII CONCLUSION In recent years, the overseas remittance market in Vietnam has grown Especially in 2019, Vietnam ranked 9th in the top 10 countries with the most remittances from other countries in the world This proves that the overseas remittance market has a lot of potential for development DongA Money Transfer Company has many competitive advantages compared to competitors to attract more partners and customers to use the service However, DongA Money Transfer 42 Company also has some problems that need to be solved to improve This study with the topic "Improving employee performance: a study of DongA Money Transfer Company" has clarified some points as below Firstly, the main problem facing Dong A Money Transfer Company is the inappropriate KPI rating system This has been shown through analytical data collected from Customer Service and Human Resources Secondly, there are many reasons for the inappropriate KPI rating system, which is KPI without SMART Goals, lack of training and development indicators and lack of recognition with high results However, through evaluation, the KPI without SMART Goals factor was identified as the main cause of the three factors Thirdly, some solutions to build SMART goals for the appropriate KPI rating system have been evaluated by many aspects such as cost, possibility, efficiency Finally, the Building detailed operation criteria for Customer Service Department is prioritized to apply at a reasonable cost and bring the effective resolution of the problems facing DongA Money Transfer Company The implementation of this action plan will help improve management system and evaluate employee performance effectively 43 IX SUPPORTING INFORMATION APPENDIX A – INTERVIEW GUIDE Research objectives: To explore and understand the reason why unsuitable KPI Evaluation System and propose solutions to solve it Duration: 10-20 minutes Overall discussion framework: Key sessions Overall background Objectives Timing To understand the situation of – minutes employee performance management of DAMTC Explore the cause of To explore the main reason – 10 minutes unsuitable KPI evaluation that lead to unsuitable KPI system and define the main evaluation system reason The solution To find out solution -10 minutes APPENDIX B – INTERVIEW SCRIPT Interview 01: Problem identification Interviewer: Nguyễn Hoàng Cương Interviewee list: No Full name Position Department Mr Nguyen Tuong Tan Head of Customer Service Dept Customer Service Ms Tran Thu Hang Customer Transactions Team leader Customer Service Ms Bui Tuong Oanh Customer Care Team leader Customer Service Mr Ngo Hoa Huy Teller Customer Service Ms Tran Thuy Vy Teller Customer Service Mr Chau Quoc Dat Home Delivery Staff Customer Service Ms Nguyen Dinh Ly Home Delivery Staff Customer Service 44 Duration: minutes Table 10: Interview transcript for justification on Problem identification Researcher In 2019, how did the leader set KPI evaluation criteria for you? I see financial indicators of sales allocated to employees in 2019 Mr Ngo Hoa Huy increased 15% compared to 2018 though the sales results in 2018 did not reach the target My tasks are not detailed evaluation criteria for employees There is Ms Nguyen Dinh Ly no additional reward offered when results exceed the target Researcher What is your opinion on the current KPI evaluation form? For me, the current KPI assessment form does not have training and Ms Tran Thuy Vy development indicators so I don't have motivation to focus on corporate training programs There are not development criteria in the KPI form so we don't know which criteria to evaluate to upgrade our job position There are no Ms Nguyen Dinh Ly clear standards for evaluating staff, senior executive or management levels Researcher What about your comment about KPI evaluation process? Employees are not allowed to discuss and exchange ideas with Mr Chau Quoc Dat management before assigning targets of the year” Manager does not communicate details about the evaluation of Ms Tran Thu Hang sales and financial indicator Our salaries have not been paid at KPI rates and no other Ms Bui Tuong Oanh additional benefits if the target is exceeded Researcher Reasons why low KPI evaluation results? 45 Home delivery employees are often on the go, so their health is also affected by the quality of their work In addition, most of the Mr Nguyen Tuong Tan company's tellers are female, so they are also influenced by families (eg taking care of children, housework, etc.) Customer care staffs rarely have conversations with manager or Ms Tran Thu Hang team leader about the ability to perform the assigned tasks or the difficulties that need guidance to be highly effective at work Interview 02: Causes validation Interviewer: Nguyễn Hoàng Cương Interviewee list: No Full name Position Department Mr Nguyen Tuong Tan Head of Customer Service Dept Customer Service Ms Tran Thu Hang Customer Transactions Team leader Customer Service Ms Bui Tuong Oanh Customer Care Team leader Customer Service Ms Le Thi Hong Nhung HR Manager HR & Admin Ms Tran Thuy Vy Teller Customer Service Mr Chau Quoc Dat Home Delivery Staff Customer Service Mr Nguyen Ba Thien Deputy General Director Board of Director Duration: 10 minutes Table 11: Interview transcript for cause validation Researcher Mr Nguyen Tuong Tan Where is KPI system without SMART Goals? KPI Goals have not focused and goal-specific, not measurable 46 and hard to achieve higher goals Customer Service Dept’s Operation Indicators have not detailed for each positions Financial indicators are assigned to employees based on the indicators set by DongA Bank to the company, so these Ms Le Thi Hong Nhung indicators are difficult to achieve or unsuitable for the company's business situation each year Home Delivery Staff conformed that targets set for 2019 are very high compared to 2018, in which home delivery service turnover increased by 20% and Foreign currency exchange Mr Chau Quoc Dat increased by 35% although the previous year's goals have not been achieved Managers not specifically communicate goals with employees, making them difficult at work KPI assessment system of Customer Service Department employees are not detailed and specific about operation Mr Nguyen Tuong Tan indicators This has led to the fact that the set goals cannot be measured in quantitative detail which leads to KPI results are not objective and accurate for each employee Performance employee results at Customer Service Department is generally considered to be "completed" or "not completed" Ms Tran Thuy Vy and no specific measurement for each goal This makes employees feel unbiased in evaluating employee productivity and dissatisfied with the results received from management Ms Bui Tuong Oanh I feel difficult to achieve the financial targets that the company 47 made It was truly beyond herself and the majority of Customer Service Department staff Researcher Why KPI system lack training and development indicator? Currently, the company are not staff in charge of professional training so it does not organize training courses for employees Ms Le Thi Hong Nhung Besides, the budget of company invested in training programs is quite small to develop a training plan Researcher How is recognition for high performance employees? High-performing employees are not recognized with rewards Ms Tran Thu Hang compared to underperforming employees That leaves employees with no goals to get the job done Researcher What suggestion you have for the main cause? The current business performance of company is still in a difficult situation due to many external economic factors, it is difficult to increase the budget for training and employee development programs Besides, Board of General Directors, in Mr Nguyen Ba Thien the immediate future, DAMTC will build a complete employee performance evaluation system to pave the way for employee recognition and reward programs to promote effective achievement The important plan make employees satisfied with performance Ms Le Thi Hong Nhung evaluation results 48 References Bhatti, M & Awan, Hassan & Razaq, Z (2014) The key performance indicators (KPIs) and their impact on overall organizational performance Quality & Quantity 48 10.1007/s11135-013-9945-y Angelova, Biljana & Zeqiri, Jusuf (2011) Measuring Customer Satisfaction with Service Quality Using American Customer Satisfaction Model (ACSI Model) International Journal of Academic Research in Business and Social Sciences 10.6007/ijarbss.v1i2.35 David Parmenter (2015) Key Performance Indicators: Developing, Implementing, and Using Winning KPIs Kaplan RS Conceptual Foundations of the Balanced Scorecard SSRN Electronic Journal 2010 Locke, E.A & D Henne Work motivation theories In C.L Cooper & I Robertson (Eds.) 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Money Transfer Company DongA Bank LIST OF FIGURES Figure 1: Organization chart of DongA Money Transfer Company Figure 2: KPI Results of DongA Money Transfer Company in 2019 Figure 3: KPI Results of. .. strategic goals, financial targets assigned by DongA Bank every year After receiving financial targets from DongA Bank, DongA Money Transfer Company will put into the KPI Goal of the company although... field of remittances, DongA Money Transfer Company has cooperated with many major partners with the number of annual sales leading the market Besides, DongA Money Transfer Company also receives many

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