Job satisfaction of underwriting management employees at baoviet insurance

ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA QUẢN TRỊ VÀ KINH DOANH - PHẠM THU ANH JOB SATISFACTION OF UNDERWRITING MANAGEMENT EMPLOYEES AT BAOVIET INSURANCE ĐO LƯỜNG MỨC ĐỘ HÀI LỊNG TRONG CƠNG VIỆC CỦA CÁN BỘ TRỤ SỞ CHÍNH - TỔNG CÔNG TY BẢO HIỂM BẢO VIỆT LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH Hà Nội - 2017 ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA QUẢN TRỊ VÀ KINH DOANH - PHẠM THU ANH JOB SATISFACTION OF UNDERWRITING MANAGEMENT EMPLOYEES AT BAOVIET INSURANCE ĐO LƯỜNG MỨC ĐỘ HÀI LỊNG TRONG CƠNG VIỆC CỦA CÁN BỘ TRỤ SỞ CHÍNH - TỔNG CÔNG TY BẢO HIỂM BẢO VIỆT Chuyên ngành: Quản trị kinh doanh Mã số: 60 34 01 02 LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH NGƯỜI HƯỚNG DẪN KHOA HỌC: TS TRẦN HUY PHƯƠNG Hà Nội - 2017 DECLARATION The author confirms that the research outcome in the thesis is the result of author’s independent work during study and research period and it is not yet published in other’s research and article The other’s research result and documentation (extraction, table, figure, formula, and other document) used in the thesis are cited properly and the permission (if required) is given The author is responsible in front of the Thesis Assessment Committee, Hanoi School of Business and Management, and the laws for above-mentioned declaration Date 01/10/2017 i ACKNOWLEDGEMENT First of all, I would like to express my sincere gratitude to PhD Tran Huy Phuong, my research supervisor, for his invaluable guidance and advice in helping me following the right track throughout the course of my research work I am also grateful to my committee member who have given their suggestions and comments for improvement of this research study I take the responsibility of possible mistakes and errors in this study Secondly, I would like to send my great thanks to professors, lecturers and staffs at the Hanoi School of Business and Management for the knowledge and experience that have been shared through their lectures during the program Thirdly, I am very thankful to the senior management team and my colleagues in Underwriting Management departments at BaoViet Insurance for their kind cooperation and support to let me interview them and also gave me very useful information as well as valuable experiences Last but not least, I would like to say many thanks to my family and friends for giving me encouragement and supports during my studying time and completion of this thesis Hanoi, October 2017 PHAM THU ANH ii TABLE OF CONTENT ACKNOWLEDGEMENT i ABBREVIATION vi LIST OF TABLES viii LIST OF FIGURES vii INTRODUCTION CHAPTER 1THEORETICAL FRAMEWORK ON JOB SATISFACTION OF EMPLOYEES IN ORGANIZATION 1.1 Definition job satisfaction 1.1.1 Definition of job satisfaction 1.1.2 The role of job satisfaction 1.2 Job descriptive index to measure job satisfaction 10 CHAPTER JOB SATISFACTION OF UNDERWRITING MANAGMENT EMPLOYEES AT BAOVIET INSURANCE 14 2.1 Overview of BaoViet Insurance Corporation and Underwriting Management Division 14 2.1.1 Introduction of BaoViet 14 2.1.2 The feature and structure of Underwriting Management (UM) Division in BaoViet Insurance (BVI) 16 2.2 Dimensions to measure job satisfaction of UM employees at BVI 18 2.3 Respondent profile and scale reliability 21 2.3.1 Respondent profile 21 2.3.2 Exploration factor analysis (EFA) for dimension and attribute of measuring job satisfaction 24 iii 2.3.3 Testing reliability for dimension and attribute of measuring job satisfaction 25 2.4 Analyzing the situation of UM employees job satisfaction at BVI: .27 2.4.1 Satisfaction with “Salary” 27 2.4.2 Satisfaction with“Work itself” 28 2.4.3 Satisfaction with“Training, promotion” 30 2.4.4 Satisfaction with“Manager” 31 2.4.5 Satisfaction with “Colleague” 32 2.4.6 Satisfaction with “Welfare” 34 2.4.7 Satisfaction with “Working environment” 36 2.5 Overall assessment for UM employees’ job satisfaction at BVI 37 2.5.1 Overall job satisfaction of UM employees at BVI 37 2.5.2 Analyzing dimensions to measure job satisfaction through regression model 41 CHAPTER SOLUTIONS TO IMPROVEUNDERWRITINGMANAGEMENT EMPLOYEES’ JOB SATISFACTION AT BAOVIET INSURANCE 46 3.1 Human resources development strategy and job satisfaction improvement goal 46 3.1.1 Human resources development strategy of the Underwriting Management division at BVI 46 3.1.2 Employees’ job satisfaction improvement goal 47 3.2 Solutions to improve underwriting management employees’ job satisfaction at BVI 49 3.2.1 Implementing training programs and expanding the promotion opportunities to develop underwriting management employees’ capabilities and skills 49 iv 3.2.2 Improving the working environment positively 52 3.2.3 Improving policies on Salary and Welfare 56 3.2.4 Improving the factor of manager: 58 3.2.5 Improving activities to connect “Colleagues” 60 3.3 Recommendations for the solutions 61 3.3.1 Recommendations for the Company 61 3.3.2 Recommendations for managers 62 3.3.3 Recommendations for employees 62 CONCLUSION 65 REFERENCE LIST 66 APPENDIXES 68 v AJDI: BVI: EFA: HR: JDI: UM: vi LIST OF FIGURES Figure 1.1: Research process Figure 3.1: Revenue of BaoViet Insurance from 2009 – 2013 15 Figure 3.2: Market share of BaoViet Insurance 16 Figure 3.3: Organization Chart of BaoViet Insurance 17 Figure 3.4: Organization Chart of Underwriting Management Division 18 Figure 3.5: AJDI model studying employees’ job satisfaction 20 Figure 3.6: Structure of surveyed sample according to “Age” 23 Figure 3.7: Structure of surveyed sample according to “Qualification” 23 Figure 3.8: Structure of surveyed sample according to “Seniority” 24 Figure 3.9: Adjusted research model 25 vii LIST OF TABLES Table 3.1: Dimensions of job satisfaction 20 Table 3.2: The sample description 22 Table 3.3: The result of Exploration factor analysis 25 Table 3.4: The result of the scale reliability .26 Table 3.5: Satisfaction with“Salary and Welfare” 27 Table 3.6: Satisfaction with“Work itself and Working environment” 28 Table 3.7: Satisfaction with“Training, promotion and Decision-making right” 30 Table 3.8: Satisfaction with“Manager” 31 Table 3.9: Satisfaction with “Colleague” 32 Table 3.10: Overall job satisfaction 37 Table 3.11: Job satisfaction based on each personal attribute 39 Table 3.12: Results obtained by Annova analysis 41 Table 3.13: Correlation coefficient R 42 Table 3.14: Coefficients 43 viii APPENDIX 4: THE RESULT OF SPSS ANALYSIS Description of sample Table: Sample description under “Gender” ValidMale Female Total (Source: Frequency Statistic by SPSS) Table: Sample description under “Age” Valid 35 tuoi Total Valid 10 nam 73 Table: Sample description under “Qualification” Valid 10 nam Total (Source: Frequency Statistic by SPSS) Table: Sample description under “Seniortity” Valid 10 nam Total (Source: Frequency Statistic by SPSS) Exploration factor analysis (EFA) KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy Bartlett's Test of Sphericity (Source: KMO and Bartlett's Testby SPSS) 74 Rotated Component Matrix PL2 TL1 PL3 TL3 TL4 CV1 CV4 CV2 DK1 DK2 DK3 CH1 CH3 LD3 LD2 LD1 LD6 LD4 DN3 DN1 DN2 TL2 CH2 CV3 PL1 LD5 75 a DK4 Extraction Method: Principal Component Analysis Rotation Method: Varimax with Kaiser Normalization a Rotation converged in iterations (Source: Rotated Component Matrix by SPSS) Test of data reliability Table: Cronbach’s Alpha coefficient reliability for the dimensions of job satisfaction Item - Total satistics Dimension "Work itself and Working environment" CV1 CV2 CV4 DK1 DK2 DK3 PL2 PL3 TL1 TL3 TL4 Dimension "Trainning, Promotion and Decision - making right" 76 CH1 CH3 QD1 QD2 LD1 LD2 LD3 LD4 LD6 DN1 DN2 DN3 Regression Model Model 77 a Predictors: (Constant), TL b Predictors: (Constant), TL, CH c Predictors: (Constant), TL, CH, CV, d Predictors: (Constant), TL, CH, CV, DN, e Predictors: (Constant), TL, CH, CV, DN, LD f Predictors: (Constant), TL, CH, CV, DN, LD, PL g Predictors: (Constant), TL, CH, CV, DN, LD, PL, DK h Dependent Variable: HLC (Source: Self-analyzed by SPSS) ANOVA Model Regression Residual Total Regression Residual Total Regression Residual Total Regression Residual Total Regression Residual Total Regression 78 f Residual Total Regression Residual Total a Predictors: (Constant), TLP b Predictors: (Constant), TLP, CHTT c Predictors: (Constant), TLP, CHTT, CV d Predictors: (Constant), TLP, CHTT, CV, DN e Predictors: (Constant), TLP, CHTT, CV, DN, LD f Dependent Variable: HLC Model (Constant) TL (Constant) TL CH (Constant) TL CH CV (Constant) TL CH 79 CV DN (Constant) TL CH CV DN LD a Dependent Variable: HLC Frequency statistic of overall satisfaction Table: Overall job satisfaction Valid "dissatisfied" Somewhat satisfied Satisfied Totally satisfied Total Table: Overall Job satisfaction under dimension “Colleagues” Valid 80 3.33333333333333 3.66666666666667 4.33333333333333 Total Table: Overall Job satisfaction under dimension “Manager” Valid 3.8 4.2 4.4 4.6 4.8 Total (Source: Frequency Statistic by SPSS) 81 Table: Overall Job satisfaction under dimension “Work itself “ Valid 3.16666666666667 3.5 3.66666666666667 3.83333333333333 4.16666666666667 4.33333333333333 4.5 4.66666666666667 4.83333333333333 Total Table: Overall Job satis Valid 2.25 2.75 3.25 3.5 3.75 82 4.75 Total Table : Overall Job sati Valid 3.2 3.4 3.6 3.8 4.4 4.6 4.8 Total 83 ... Framework on Job satisfaction of employee in organization Chapter 2: Status of job satisfaction of Underwriting Management employees at BVI Chapter 3: Solutions to improve the job satisfaction of Underwriting. .. measure job satisfaction 10 CHAPTER JOB SATISFACTION OF UNDERWRITING MANAGMENT EMPLOYEES AT BAOVIET INSURANCE 14 2.1 Overview of BaoViet Insurance Corporation and Underwriting Management. .. JOB SATISFACTION OF EMPLOYEES IN ORGANIZATION 1.1 Definition job satisfaction 1.1.1 Definition of job satisfaction 1.1.2 The role of job satisfaction 1.2 Job