LV Thạc sỹ_Work motivation at Cement finance company

ACKNOWLEDGEMENT At the beginning, I would like to express my most sincere gratitude to NEU Business School with all its members, especially to all my teachers, doctors, professors and their assistants for the knowledge and experience that have been shared during the last two years Next, I would like to send my special thanks to my supervisor, PhD …., who has guided me a lot during the thesis’s implementation And thanks to all my colleagues in Cement Finance Company who have helped me to fulfill questionnaires, supplied needed information and given advice and ideas for my thesis Lastly, I deeply thank all my members in my family who always encourage and help me along the way Once again, let me be thankful to other people who always stand by me in the finishing period of the thesis TABLE OF CONTENTS ABBREVIATION LIST OF TABLES LIST OF FIGURES .3 EXECUTIVE SUMMARY CHAPTER 1: INTRODUCTION 1.1 Rationale of the thesis .6 1.2 Research Objectives 1.3 Research questions 1.4 Literature review .8 1.5 Research methodology 10 1.5.1 Research process 10 1.5.2 Data collection 11 1.5.3 Data Analysis 13 1.6 Scope of research 13 1.7 Structure of thesis 13 CHAPTER 2: THEORETICAL BACKGROUND OF EMPLOYEE MOTIVATION .14 2.1 Definition of employee motivation 14 2.2 Differences between employee motivation and employee satisfaction, job satisfaction .16 2.2.1 Employee satisfaction 16 2.2.2 Job satisfaction 16 2.2.3 Job performance 17 2.3 Role of staff motivation 17 2.4 Applied theories on staff motivation .18 2.4.1 Abraham Maslow’s theory 19 2.4.2 Equity theory of John Stacey Adams 21 2.4.3 Fred Herzberg’s theory 22 2.4.4 The Job Characteristics Model (JCM) 26 2.4.5 Path-goal Theory 27 CHAPTER 3: OVERVIEW OF CFC 31 3.1 An overview of CFC .31 3.1.1 Cooperate information 31 3.1.2 Products and services 32 3.1.3 Vision and business principles 32 3.1.4 General (overall) result of business 32 3.2 The CFC’s human resources structures 36 3.2.1 CFC’s structures 36 3.2.2 CFC’s demographic characteristic of employees 37 CHAPTER 4: ANALYSIS 40 4.1 Overview of work motivation in CFC 40 4.1.1 Evaluation of 10 factors of Herzberg theory 40 4.1.2 Employees’ satisfaction level 41 4.1.3 The commitment to work for CFC 42 4.2 Analysis of the motivator factors in CFC 43 4.2.1 The achievement 43 4.2.2 Recognition 45 4.2.3 The work itself .47 4.2.4 Promotion and growth 53 4.3 Analysis of the hygiene factors in CFC 58 4.3.1 Goal and vision of CFC 58 4.3.2 Salary and benefits 60 4.3.3 Appraisal policy 63 4.3.4 Relationships 65 4.3.5 Supervision - technical 67 CHAPTER 5: RECOMMENDATIONS 72 5.1 CFC ‘s goal in 2012 72 5.2 Recommendations for enhancing employee motivation at CFC .73 5.2.1 Completing the company’s goal 74 5.2.2 Reforming salary policy 76 5.2.3 Upgrading the system to assess motivation for staff 77 5.2.4 Creating more interesting and challenging work 79 5.2.5 Creating more effective rewards and recognition .81 5.2.6 Establishing a feedback system 82 5.2.7 Completing an effective training program 83 CONCLUTIONS 85 REFERENCES 86 APPENDICES 87 ABBREVIATION AP BIDV H.O Appraisal measurement Joint Stock Commercial Bank for Investment and BOM CEO CFC HCM branch HR HRM ID IT Vicem Development of Vietnam Head office Board of management Chief Executive Officer Cement finance company Ho Chi Minh Branch Human resource Human resource management Identification Informatic technology Viet Nam Cement industry corporation LIST OF TABLES Table 1.1: Data collection 11 Table 1.2: Sent and received questionnaires by department categories 12 Table 2.1 Two factors of Herzberg theory 23 Table 2.2 Factors of motivation applied in CFC’s case .28 Table 3.1 Demographic characteristic of employees 38 Table 4.1 Evaluation of 10 factors of Herzberg theory .40 Table 4.2 Interested in job 41 Table 4.3 Intension to work for CFC 42 Table 4.4 Intension to work for CFC by year 43 Table 4.5 Employee ‘s evaluation on achievement 44 Table 4.6 Employee‘s evaluation on recognition 45 Table 4.7 Employee‘s choice in reward policy 46 Table 4.8 The reward policy of CFC 46 Table 4.9 Employee‘s evaluation on work itself .47 Table 4.10 Employee‘s evaluation on responsibility 48 Table 4.11 Number of reports 50 Table 4.12 Report periodically 50 Table 4.13 Application level information technology by periodically report .51 Table 4.14 Employee‘s evaluation on promotion 53 Table 4.15 Employee‘s evaluation on growth 56 Table 4.16 Commitment to training 57 Table 4.17 Employee‘s evaluation on Salary policy 60 Table 4.18 Employee‘s evaluation on benefit policy 62 Table 4.19 Employee‘s evaluation on Appraisal policy 63 Table 4.20 Mark of appraisal‘s system 64 Table 4.21 Employee‘s evaluation on relationships 66 Table 4.22 Employee‘s evaluation on relationships 66 Table 4.23 Employee‘s evaluation on supervision - technical 67 Table 4.24 Discipline in violations of labor regulations 68 Table 4.25 Summarize in analysis 70 LIST OF FIGURES Figure 1.1 Research process .10 Figure 2.1 A model of driving forces 15 Figures 2.2 Maslow’s hierarchy of need 19 Figure 2.3 Job Characteristic model 27 Figure 3.1 CFC’s shareholders 31 Figure 3.2 Profit before tax in CFC 2008-2012 34 Figure 3.3 Total assets of CFC 2008-2012 34 Figure 3.4 CFC’s structures in 2012 36 Figure 3.5 Employees of CFC 2008-2012 37 Figure 4.1 Interested rate in job 41 Figure 4.2 Intension to work for CFC .43 Figure 4.3 Employee‘s evaluation on their current job 48 Figure 4.4 The numbers of report by department .50 Figure 4.5 The frequency of reports 51 Figure 4.6 Employee‘s evaluation on job characteristic 52 Figure 4.7 Employee‘s desire about future position 52 Figure 4.8 Structure of position 2012 54 Figure 4.9 Employee’s plan about their promotion in the next couple years 54 Figure 4.10 Employee‘s understanding about CFC’s goal and strategy 58 Figure 4.11 Employee‘s belief in CFC’s goal and strategy 58 Figure 4.12 Comparision between understanding and belief in CFC’s goal and strategy 58 Figure 4.13 Employee‘s satisfaction level with current salary 60 Figure 4.14 Salary in CFC in comparision with other colleagues and companies 61 Figure 4.15 Employee‘s evaluation on relationships 67 EXECUTIVE SUMMARY “Employee engagement is only part of the story when it comes to performance You also need to know whether your organization enables people to their jobs” (William Werhane Vice President, Effectiveness – Hay group) Today, in competitive environment, managers are striving to motivate their employees to perform at high levels Numerous studies have shown a direct link between employee motivation and high employee productivity but many companies still not recognize the link between workforce motivation and business performance Managers must find ways of motivating employees by developing programs or practices aimed at emerging or unmet needs CFC is one of credit institutions in finance and banking sector, a member of Vicem HRM plays an important role in developing company, however, keeping talent employees staying for a long time is a big problem facing CFC’s managers since there are more and more qualified employees left CFC with many reasons CFC is facing more difficulties for managing employees which affects the operation of the company So enhancing employee motivation is very necessary for CFC to limit the employees’ turnover The thesis about “Work motivation at Cement Finance Company” is written under such current circumstance with the purpose to find out some methods to improve CFC’s human resources Its objective is to provide the theoretical background on Motivation – Hygiene theory of Frederick Herzberg, Hierarchy of need of Maslow, Equity theory of John Stacey Adams, The Job Characteristics Model of Hackman & Oldham and Path-Goal Theory of Robert House to find out the factors influencing in employee motivation at CFC Last, the thesis is to find out the hygiene factors and motivator factors and propose solutions to enhance employee motivation at CFC During the research process, the author conducted in-depth interviews with current managers, Ex-Managers, Ex-employees and surveyed 59 members from all departments of company to collect staff‘s opinions about work motivation Moreover, the thesis used annual reports, periodic reports, and other statistics…of CFC Motivation factors are referred as achievement, recognition, job itself, promotion and growth, job responsibility Hygiene factors are referred as salary and benefits, appraisal measurement, working relations, supervision-technical, company’s vision and goal After analyzing the current HRM, the author found main reasons causing dissatisfaction of employee in CFC such as: goal and strategy is not clear, salary is not competitive, appraisal measurement is not effective and flexible, employees not have chance for promotion, the training policy is not very effective, job is not interesting and challenging Basing on discovered reasons, the author would like to suggest and recommend some solutions to “enhance employee motivation” These solutions can make contributions to build up the policies in company Some recommendations to enhance employee motivation for CFC should be done such as: Complete the company’s goal, Reform salary policy, Upgrading the system to assess motivation for staff, Creating more interesting and challenging work, Creating more effective rewards and recognition, Establishing feedback system, Completing effective training program The author hopes that this research’s result will help BOM of CFC to recognize and consider the importance of “enhance employee motivation” in HRM CHAPTER INTRODUCTION This chapter will present some main parts of research proposal such as rationale (the reasons for choosing thesis’s topic were its importance and urgency for Cement Finance Company – herein referred to as “CFC”), research questions, research methodology, research objectives, etc… It will be introduced in order to give readers a general picture of the research problem 1.1 Rationale of the thesis CFC was founded with decision #142/GP-NHNN, in the middle of the latest financial crisis in 2008 with a charter capital of 300 billion VND The shareholders of CFC were provided by three leading enterprises in the banking and building materials sector as Vietnam Cement Industry Corporation (Vicem) – the biggest shareholder, The Joint Stock Bank for Foreign Trade of Vietnam (Vietcombank), and Vietnam Steel Corporation (VN Steel) CFC’s head office is located on the 7&8th floor, 28 Ba Trieu, Hang Bai, Hoan Kiem, Ha Noi From September 2008 up to now, after years of establishment and development, CFC now has owned the capital of more than 604 billion VND and a total asset of nearly 2000 billion VND The labor of CFC now is about 60 CFC’s vision is to become the leading and most profitable financial institution in the building materials sector About Business Principles, CFC considers their people, their capital and their reputation as the most important assets of the Company Based on the real situation in Cement Finance Company (CFC), a member of Viet Nam Cement Industry Corporation (Vicem) at the moment, the author finds out three major reasons for conduction of the research Firstly, motivation plays an important role in life It is one of the key factors to the success Work motivation is not the exception Work motivation brings about the capacity and effectiveness in business But Cement Finance Company has never done research on work motivation methodical before As a member of CFC‘s HR department, I have heard much complaints about the policies, the opportunity, the relationship at work …And the staff are really unhappy at work Secondly, in recent time, there have been some of CFC’s figures which are noticed  The rate of turnover has fluctuated from year to year The figure is 33% in 2009, 52% in 2010 and 48% in 2011 It shows in these tables in the appendix  The rate of absence of staff has increased It is 2% in 2009, 5% in 2010 and about 7% in 2011  In 2010, labor productivity reached 1.722 billion VND/person In 2011 it dropped to 1.355 billion VND/person This year (according to the resolution in 1/2012) it reduced to only 736 million VND/person (down 54% corresponds compared to 2011)  The attitude of staff at work is not satisfied The rate of feeling satisfied at work in 2010 was 56 % and decreased to is 35 % in 2011 (according to HR’s statistic)  The commitment to the company is also lower It dropped sharply from 19% in 2010 to 7% in 2011 Specifically, in 2010, 8% of the staff desired to work for CFC in year, 19% wanted to work in 2-3 years, 32% wanted to work for a long time In 2011, however, the corresponding data were 5%, 7% and 32% And the rest is say “not sure” (42% in 2010, 56% in 2011) (Source: CFC HR sector’s survey) Theoretical acknowledge and empirical evidence guide the author that those problems must partially emerge from low work motivation at CFC Finally, CFC is a young and medium-sized credit organization in Viet Nam finance and banking sector The company is faced with numerous difficulties and challenges, especially in attracting qualified candidates, encouraging the staff to create the "output products" with real quality and competitive value Starting from this issue, the assessment of work motivation and giving some solutions is necessary in order to improve the image, reputation of the Cement Finance 89  Neutral: Column (3)  Agree: Column (4) Agree (4) II 10 11 12 13 a b b d e III completing your individual goal Recognition from managers and co- Completely agree Neutral (3) (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) (5) Motivator factors Achievement You always finish your task satisfactorily You feel satisfied when finishing tasks Completing company’s goal contributes to Disagree C1 I (2) Contents (1) TT Completely disagee  Completely agree: Column (5) workers Your contribution to the organization is great Your achievement is appreciated in the right time You are well-rewarded Recognition is publicly and fair You are well-rewarded in terms of mental value You are well-rewarded in terms of materials The measurement of appraisal encourage you to work harder What form of appraisal you like? Money + certificate/cup Money + film ticket/tour travel Certificate and film ticket/tour travel Money Others (in detail): Present position (2) (3) (4) Completely agree (1) Agree (4) (5) You are happy/satisfied in your current job Your current job is interesting Job description is clear and regularly Neutral (3) 14 15 Disagree Contents (2) TT Completely disagee (1) 90 16 17 18 19 20 21 22 23 24 25 26 a b c d e IV 27 28 29 updated Job procedure is easy to follow You usually have to extra tasks and extra time You can actively plan your work You make decision on a regular basic You are given tasks appropriate with your ability and interest Your own achievement is always recognized individually and fairly You always receive feedback/comment from boss/ colleagues Your job is challenging You always have new and interesting tasks to What are your requirements about your future position at CFC? Stay at the same position Get promotion to take more responsibility Move to other department Move to other areas (eg: Ho Chi Minh City) Others (in details): Promotion and growth Promotion opportunity Job development (relations with clients, experiences and knowledge…) Your boss often share plan about your (5) Disagree Neutral (3) Agree (4) (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) (5) (2) Contents Completely disagee (1) TT Completely agree 91 30 31 32 33 34 35 36 37 V 38 39 40 41 own promotion in or years You are promoted or given more duty when performing well Promotion of other workers in company is fair and based on their capacity Delegation from boss to lower staff is well-organized You are satisfied with company’s human resource training Training budget is well-invested annually You are given the best condition to take extra training course (eg: time, finance,…) Training course funded by company is effective Training course organized by company is effective Responsibility You know your present job description well You know CFC’s working procedure clearly Your responsibility in organization is clear You are given the right to actively carry out your task C2 Hygiene factors I Salary and benefits 42 You are satisfied with current salary Your salary is appropriate with your 43 devotion 44 Your salary is satisfactory compared with Disagree Neutral (3) Agree (4) (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) (5) (2) Contents Completely disagee (1) TT Completely agree 92 45 46 47 48 49 50 II 51 52 53 54 55 56 57 other colleagues in company Your salary is satisfactory compared with other colleagues in your field Salary rise rate is appropriate with your achievement Methods of calculating salary is proper You are happy with other benefits (eg: healthcare, holidays, Tet bonus,…) Benefits at CFC are greater than in other company in the same sector Other suggestions on benefits for staff (in details): Other policies Appraisal policy Measures of appraising are fair Every 3-month assessment of employees’ performance is suitable Assessing criteria are clear Assessment is carried out fairly and objectively KPI used in assessment is good KPI is to be regularly improved and updated Appraisal/assessment helps you improve your productivity and develop yourself III Relationships III- Relationship with higher-level staff 58 59 Good relationship with direct managers You are comfortable to talk about your ideas and difficulties Disagree Neutral (3) Agree (4) instruct you 62 Managers care about your living condition III- Relationship with lower staff (For (1) (2) (3) (4) (5) managers only) 63 Good relations with lower-staff III- Relationship with customers (For front (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) Contents 60 Managers always listen to your ideas Managers are willing to support and (5) TT (2) Completely disagee (1) Completely agree 93 61 64 65 66 67 IV 68 69 70 71 V 72 73 74 a b c d office only) Build relationship with customers Opportunity to earn money outside working hour Company’s policy to create relation with customers Long-lasting relationship Supervision Proper measures of time management Strict working system Confidential working system Strict staff management Belief in CFC’s aim and development strategy You understand CFC’s goal and strategy You believe in CFC’s goal and strategy How long you intend to work for CFC? Not sure Within year Within 2-3 years Long time Thank you a lot for your time and support! 94 APPENDIX RESULT OF SURVEY No of question 10 11 12 Content Absolute number (1) (2) (3) (4) Relative number (5) Total (1) Company’s vision and goal Salary and other benefits Promotion and growth Work itself Working relations Recognition Achievement Job responsibility Appraisal measurement Supervision - technical Are you interested in your present job? Very Not at all Neutral You always finish your task 21 27 satisfactorily You feel satisfied when finishing tasks Completing company’s goal contributes to completing your individual goal Your contribution to the organization is great Your achievement is appreciated in the right time You are well-rewarded Recognition is publicly and fair You are well-rewarded in terms of mental value You are well-rewarded in terms of materials The measurement of appraisal encourage you to work harder (2) (3) (4) (5) 114 143 165 171 211 228 342 399 450 456 10 5 46 9% 9% 82% 57 0% 0% 37% 47% 16% 33 14 57 0% 2% 16% 58% 25% 15 28 14 57 0% 0% 26% 49% 25% 32 18 55 0% 5% 58% 33% 4% 15 18 13 54 28% 33% 24% 6% 9% 29 55 13% 17% 54% 11% 7% 12 20 55 15% 22% 37% 13% 15% 13 19 11 55 24% 9% 35% 20% 13% 27 55 11% 17% 50% 13% 11% 11 15 23 55 20% 28% 43% 7% 4% 95 No of question 13 14 Content Absolute number Relative number (1) (2) (3) (4) (5) Total (1) (2) (3) (4) (5) What form of appraisal you like? Money + certificate/cup Money + film ticket/tour travel Certificate and film ticket/tour travel Money You are happy/satisfied in your current job 15 Your current job is interesting Job description is clear and 16 regularly updated 17 Job procedure is easy to follow You usually have to extra 18 tasks and extra time You can actively plan your 19 work You make decision on a 20 regular basic You are given tasks 21 44% 15 27% 2% 15 27% 28 19 56 4% 9% 50% 34% 4% 12 30 12 56 2% 21% 54% 21% 2% 11 19 22 55 2% 20% 35% 40% 4% 24 19 54 2% 17% 44% 35% 2% 11 21 20 55 0% 20% 38% 36% 5% 19 22 54 4% 15% 35% 41% 6% 21 27 55 4% 7% 38% 49% 2% 19 21 55 5% 11% 35% 38% 11% 29 18 55 4% 5% 53% 33% 5% 31 19 55 2% 4% 56% 35% 4% 33 12 56 2% 14% 59% 21% 4% 14 24 12 appropriate with your ability 24 and interest Your own achievement is 22 always recognized individually and fairly You always receive 23 24 25 26 feedback/comment from boss/ colleagues Your job is challenging You always have new and interesting tasks to What are your requirements 52 4% 27% 46% 23% 0% about your future position at CFC? Stay at the same position 18 35% 96 No of question Content Absolute number Relative number (1) (2) (3) (4) (5) Total (1) (2) (3) (4) (5) Get promotion to take more responsibility Move to other department Move to other areas (eg: Ho 27 28 Chi Minh City) Others (in details): Promotion opportunity Job development (relations 27 52% 8% 2% 4% 55 19% 31% 33% 13% 6% 55 28% 15% 39% 15% 6% 21 20 10 55 4% 39% 37% 19% 4% 12 24 55 9% 22% 44% 17% 9% 15 20 16 55 2% 28% 37% 30% 2% 20 24 54 2% 37% 44% 15% 2% 20 24 54 2% 37% 44% 15% 2% 24 13 48 2% 17% 44% 24% 2% 10 30 15 57 0% 19% 56% 28% 4% 13 30 11 56 2% 24% 56% 20% 2% 10 17 18 with clients, experiences and 15 21 knowledge…) Your boss often share plan 29 about your own promotion in or years You are promoted or given 30 more duty when performing well Promotion of other workers in 31 32 33 34 company is fair and based on their capacity Delegation from boss to lower staff is well-organized You are satisfied with company’s human resource training Training budget is wellinvested annually You are given the best 35 condition to take extra training 36 37 38 course (eg: time, finance,…) Training course funded by company is effective Training course organized by company is effective You know your present job description well 14 28 15 22 34 57 0% 26% 52% 28% 0% 59 0% 2% 37% 58% 3% 97 No of question 39 40 41 42 43 44 Content Absolute number Relative number (1) (2) (3) (4) (5) Total (1) (2) (3) (4) (5) You know CFC’s working procedure clearly Your responsibility in organization is clear You are given the right to actively carry out your task You are satisfied with current salary Your salary is appropriate with your devotion Your salary is satisfactory compared with other 22 29 55 0% 4% 40% 53% 4% 17 26 48 0% 6% 35% 54% 4% 15 32 55 0% 7% 27% 58% 7% 15 26 54 7% 28% 48% 17% 0% 17 25 10 54 4% 31% 46% 19% 0% 12 29 51 4% 24% 57% 16% 0% 20 24 54 4% 37% 44% 15% 0% 13 26 11 54 7% 24% 48% 20% 0% 17 24 13 54 0% 31% 44% 24% 0% colleagues in company Your salary is satisfactory 45 46 47 48 compared with other colleagues in your field Salary rise rate is appropriate with your achievement Methods of calculating salary is proper You are happy with other benefits (eg: healthcare, 22 22 54 0% 13% 41% 41% 6% 11 25 14 53 2% 21% 47% 26% 4% holidays, Tet bonus,…) Benefits at CFC are greater 49 50 than in other company in the same sector Other suggestions on benefits for staff (in details): 51 Measures of appraising are fair Every 3-month assessment of 22 16 12 52 employees’ performance is 17 21 56 17% 31% 39% 15% 2% 53 suitable Assessing criteria are clear Assessment is carried out 15 17 14 55 4% 28% 31% 26% 13% 13 21 10 55 7% 24% 39% 19% 13% 54 fairly and objectively 11 9% 27% 36% 27% 0% 55 9% 41% 30% 22% 0% 98 No of question 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 Content KPI used in assessment is good KPI is to be regularly Absolute number Relative number (1) (2) (3) (4) (5) Total (1) (2) (3) (4) (5) 13 19 10 improved and updated Appraisal/assessment helps you improve your productivity 27 23 56 0% 0% 48% 41% 11% 14 30 51 0% 8% 27% 59% 6% 23 23 55 0% 9% 42% 42% 7% 30 19 54 2% 4% 56% 35% 4% 28 16 54 2% 13% 52% 30% 4% difficulties Managers always listen to your staff Build relationship with customers Opportunity to earn money outside working hour Company’s policy to create relation with customers Long-lasting relationship Proper measures of time 56 0% 7% 24% 48% 24% 55 7% 50% 30% 6% 9% about your ideas and living condition Good relations with lower- 13 26 13 managers You are comfortable to talk support and instruct you Managers care about your 56 24% 35% 19% 11% 15% and develop yourself Good relationship with direct ideas Managers are willing to 27 16 14 10 24 0% 0% 58% 42% 0% 20 32 3% 6% 63% 28% 0% 13 10 32 16% 41% 31% 13% 0% 14 32 19% 22% 44% 16% 0% 19 32 3% 16% 59% 22% 0% 14 31 55 2% 25% 56% 16% 0% management Strict working system Confidential working system Strict staff management You understand CFC’s goal and strategy You believe in CFC’s goal and strategy 31 14 30 13 25 20 1 56 4% 14% 55% 25% 2% 54 6% 13% 56% 24% 2% 56 2% 9% 45% 36% 9% 10 30 12 56 4% 18% 54% 21% 4% 17 24 55 5% 31% 44% 16% 4% 99 No of question 74 Content Absolute number Relative number (1) (2) (3) (4) (5) Total (1) (2) (3) (4) (5) How long you intend to work for CFC? Not sure Within year Within 2-3 years Long time 24 10 52% 17% 9% 22% 100 APPENDIX Rate of turnover of CFC from 2009-2011 (Source: HRM’s statistic) Rate of turnover No Year of 2009 Year of 2010 Year of 2011 Recruitment 22 47 30 Termination 14 29 31 39 47 65 47 65 63 43 56 64 33% 52% 48% Contents Number at the beginning of period Number at the end of period Number in average (=(3)+(4)/(2)) Rate of turnover per year (=(2)/(5)) Rate of turnover per month (=(6)/12months) 2.71% 4.32% 4.04% Termination employee statistics by specialist position Termination employee statistics length of working in company by length of working in company 101 APPENDIX Demographic characteristic of employees  CFC’s human resources by Sex  CFC’s human resources by Age  CFC’s human resources by education/qualifications 102 APPENDIX Roadmap about development of CFC  06/2008: Established company with charted capital of over 400 million USD  09/2008: Became the 111th member of the Vietnam Cement Association  03/2009: The State Bank of Vietnam provided CFC with the supply of Forex Services  04/2009: Became the 52th member of Vietnam Banks Association  12/2009: Supported the community through the program “We will repel cancer together”  06/2010: Increased its chartered capital to over 604 million USD  08/2010: Was allowed to set up a new branch in Ho Chi Minh City  11/2010: Established Ho Chi Minh City Branch 103 APPENDIX CFC as a part in the structure of VICEM ... work motivation elements  To evaluate strengths and weaknesses of work motivation at CFC  To propose recommendations to improve work motivation at CFC 1.3 Research questions The question that... factors that reduce motivation if not satisfied, whereas, in the case is satisfied, the motivation is not increased much These factors can motivate motivated when they are satisfied But if not satisfied,... affects the operation of the company So enhancing employee motivation is very necessary for CFC to limit the employees’ turnover The thesis about “Work motivation at Cement Finance Company? ?? is written