Reducing employee turnover rate – the case of agribank cho lon

UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business Huynh Thi Phuong Vy REDUCING EMPLOYEE TURNOVER RATE – THE CASE OF AGRIBANK CHO LON MASTER OF BUSINESS ADMINISTRATION Ho Chi Minh City – Year 2020 UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business Huynh Thi Phuong Vy REDUCING EMPLOYEE TURNOVER RATE – THE CASE OF AGRIBANK CHO LON MASTER OF BUSINESS ADMINISTRATION SUPERVISOR: DR LY THI MINH CHAU Ho Chi Minh City – Year 2020 TABLE OF CONTENTS COMPANY INTRODUCTION 1.1 Company overview 1.2 Organizational structure 1.3 Core values PROBLEM CONTEXT 2.1 Symptoms 2.2 Symptom justification and validation 13 PROBLEM IDENTIFICATION 13 3.1 Problem mess 13 3.2 Potential problem and validate the main problems 15 3.2.1 Income dissatisfaction 15 3.2.2 Job stress 16 3.2.3 Poor motivation 17 3.3 Updated symptom – problem map…………………………………………… …….… 19 3.4 Problem justification…………………………………………………………………… 19 CAUSE VALIDATION 21 4.1 Potential causes 21 4.2 Validating causes 24 SOLUTION 25 5.1 The first alternative solution 25 5.2 The second alternative solution 27 5.3 Justification and select the solution 29 ACTION PLAN 30 6.1 Content of action plan …………………………………………………… .30 6.2 Timeline for implemention ………………………………………………………………32 CONCLUSION 34 SUPPORT INFORMATION 35 8.1 Interview Guide 37 8.2 Summary of transcripts 40 References 56 LIST OF FIGURE Figure Bank for Agriculture and Rural Development of Viet Nam Figure Agribank Cho Lon Struture from HR Department 2019 Figure Turnover trend - Talentnet – Mercer post survey report 2018 11 Figure Top & Bottom Turnover - Talentnet – Mercer post survey report 2018 12 Figure Preliminary symptom – problem map 15 Figure Updated Symptom – Problem map 19 Figure Cause – Effect map 21 Figure Worldat Work total rewards model 24 Figure Final Cause – Effect map 25 Executive Summary This study analyzes the case of Agribank Cho Lon with the symptom is high turnover rate in recent years Human resource is often considered as the most valuable assets in all organizations Recruiting and retaining employees in organizations is not only tasks of Human Resources but also involves all other departments Therefore, managers and Board of Director in organizations should care the employees, understand their expectations as well as their difficulties, then give some possible solutions to help company to motivate and increase their competency By doing so, organizations can reduce employees turnover rate as well as enhance company performance With the secondary data provided by General & Administrative Department and primary data collected during the in-depth interviews with three groups of the company’s leaders and the employees who are currently working in Agribank and who are also left the company, it revealed that income dissatisfaction, job stress, and poor motivation are potential problems that lead to the high turnover rate in Agribank Cho Lon By analyzing the interview results and using literature review, the main problem is identified as poor motivation, which caused by no recognition, lack of training and lack of career growth opportunities, that leads to the high turnover rate in Agribank Cho Lon After finding the main cause of high turnover rate, alternative solutions are designed and justified The solution of rotating employee role is suggested by the managers, selected by the exiting employees and supported by the company Director for execution Then, the detailed action plan of this solution is presented to the company for implementation to solve the problem Acknowledgements I would like to acknowledge all people who supported me during my studies First, I would like to thank my supervisor – Dr Ly Thi Minh Chau for all her advice and guidance, without her help this could not have been possible Then, I also would like to show my gratitude to my husband, my husband’s Director, Managers and his friends at Agribank Cho Lon Branch who gave me chance to conduct the research and spent time on interviews with me to come up the result of this thesis I also send my sincere thankfulness to ISB Organization, my parents and friends for their support and encouragement COMPANY INTRODUCTION 1.1 Company overview Vietnam Bank for Agriculture and Rural Development (Agribank) was established in 1988 of the Council of Ministers (now the Government) Through each development period with names associated with different missions, throughout 31 years of development, Agribank has always affirmed its position and role as one of the leading commercial banks in Vietnam Over 31 years of establishment and development, Agribank has achieved some achievements such as Vietnam Outstanding Banking Awards 2019; Banking Information Technology Award Winner; Top 10 Largest Enterprises in Vietnam; Top 20 Largest Taxpayers in Vietnam BANK FOR AGRICULTURE AND RURAL DEVELOPMENT OF VIETNAM – CHO LON (Agribank Cho Lon) was established in 1998 Currently, the total number of employees of the branch is over 134, and is divided into different sections Agribank Cho Lon offers over 200 convenient banking products and services, improving access to banking services for the economy, especially in agriculture and rural areas, thereby making a positive contribution to the process of accelerating non-cash payments in Vietnam and the implementation of the National Strategy for Financial Inclusion Agribank Cho Lon is currently focusing on effectively implementing the Business Strategy for the 2016-2020 period, with a vision to 2030, successfully implementing the phase restructuring associated with the task of speeding up the implementation of the Agribank equalization plan under the Prime Minister's Decision, maintaining its leading position in the agricultural and rural financial market, making positive contributions to promoting socio-economic development of the country (1) (Figure 1: BANK FOR AGRICULTURE AND RURAL DEVELOPMENT OF VIETNAM – CHO LON BRANCH) 1.2 Organizational structure Director Vice Director Vice Director Vice Director Accounting Depart Transaction Office & Credit Depart Transaction Office & Mkt Depart Internal Control Dpt Admin& General Dpt Transaction Office Accounting Funding Controlling Accounting Funding Controlling Enterprise Individual Accounting Crediting Admin International payments Marketing IT Controlling Checking Admin Housekeeper Security Organizing Accounting Crediting Admin (Figure 2: Agribank Cho Lon Branch Struture from HR Department 2019) 1.3 Core values Agribank's core cultural values are Honesty, Discipline, Creativity, Quality, and Efficiency - Honesty: is interpreted as per someone’s thought, something has existed and happened or integrity, truthfulness - Discipline: is interpreted as “code of ethics that governs the society, the organization, family to consolidate the relationship within a lifestyle that complies with the moral rules Customs and regulations form the social order Discipline must be followed” - Creativity: is interpreted as “Creating something new or study for improvement without compulsion In theory, “initiative” is interpreted as an internal element; economic development is a change of economic activities on the basis of internal creation - Quality: is interpreted as value of benefits PROBLEM CONTEXT 2.1 Symptoms In order to assess the current status of human resources at Agribank Cho Lon, the researcher uses a method of observation for data collection At the same time the author discussed with Administration and General Department and Credit Department as well as conducted interview some employees who are currently working at the company and someone quit their jobs Through that researcher has a holistic and objective view in order to make a proper comment of the problem the company is facing in terms of human resources Table 1: Yearly turnover rate in Agribank Cho Lon Year Turnover rate 2017 2018 17% 2019 20.5% 23.8% (Source: Statistic of Administration and General Department 2019) From the beginning of 2018 until now, a number of employees had worked and contributed to the bank for the past 10 years had resigned Even now, some employees are planning to quit next year after the end of 2019 This has affected the working spirit of some employees as well as leaving regrets for losing talented employees to the bank From Table 1, we can clearly see that although the human resources have fluctuated over the years, the number of employees quitting in 2018 and 2019 is quite high, increasing by more than 3.3% This figure shows a remarkable phenomenon and needs to consider the problem that led to this incident at Agribank Cho Lon at present As can be seen from the statistics of Administration and General Department, the turnover rate of Agribank Cho Lon was increased in some department, especially in Credit Department and Accounting Department as well as in some Transaction Offices Turnover rate is the percentage of the employees leaving the organization during a period of time Turnover rate is calculated by using “the total number of employees leaving the organizations during the month divided by the average number of employees during the month”, postulated by Phillips as cited by Hernández et al (2) 10 working way and the difficulty in difficulty in advancing For young, motivated, advancing ambitious young people, the state environment may not motive them Mr Pham The reason for leaving their job is almost Low Dissatisfaction Need job Son dissatisfaction due to low motivation and motivation & Growth motivation in they not have career growth opportunity no career opportunity working for growth staying longer opportunity Ms Phuong I think most of you will be promoted when Be promoted Promotion Compare with Lien you work at other joint stock commercial when they Motivation other bank banks after moving from Agribank move to joint stock commercial bank Q5 In your opinion, what would you to improve the turnover rate? Mr Pham Any company wants to retain competent Changing Retention Creating Son employees because they are contributing to internal Working strong the development of their business We policy, environment competition, recognize that there is a need to change improve the promoting the some of the internal branch policy way we work, effort and the mechanisms, improve the way we work, and create spirit and create more enthusiasm for the job more learning And surely this change will create a strong enthusiasm among competition, but also with the purpose of for the job employees Ms Phuong Because I work for a long time in a public New Hope for the Lien environment, I think there are advantages can and disadvantages when working here I and satisfy the Motivation also hope that the Board of Directors will employees of promoting the effort and the spirit of learning among employees policy Growth motivate opportunity a change of policy have new policies to motivate and create 43 more opportunities for the employees Q6 Do you think the company should have clear career development plans or any competitive strategies to motivate the employees? Mr Dang In recent years, we have also gradually Learned the Training and Setting KPI Bo learned the effective business methods of effective developing assessment joint stock banks On the path to business programs criteria and equitization, we have made strategic methods directions to change the way we work and joint maximize the capacity of our employees A banks for employees good working environment will have to be Invest more in to develop competitive, go up together, progress training and their together We will invest more in training developing competency and developing programs, which requires programs of Working stock environment creating opportunities more time and money Therefore, we also give priority to the solution to change the working environment by setting KPI assessment criteria and creating opportunities for employees to develop their competency Ms Kieu Of course Because these are the main job Job Planning to Tho reasons employees leave banks In any dissatisfaction satisfaction improve the environment, too, without job satisfaction, , no career Career turnover rate difficult career development opportunities growth development will not attract long-term employees I opportunities opportunities Job Rotation think the board of directors also has some upcoming plans to improve the situation Mr Pham Of course we have to that And myself Choose Employees can Son as General Manager, I have to be the one to solution as job be transferred propose many solutions to solve this rotation for from room to situation And one of the recommendations solving the room I made to the Board of Directors is to apply high turnover 44 a job rotation strategy Basically at rate Agribank, employees can be transferred from room to room, but really not professional and seriously assess their capacity Q7 Does the company can have detailed action plan? How long will it be implemented? Mr Dang The Board of Directors also held a meeting Meeting to Short term Have plan for Bo to discuss and have specific plans to discuss and strategy improving consolidate the business situation I can plan for only share like that consolidating turnover rate the business issues Mr Pham Of course, the severance of such a situation, Find a Son we have to find a solution Solution solution Need shortlong term strategy Q8 Can you share some information regarding the business plan for the next years? Mr Dang Agribank will be equitized soon, and Cho Arranging and Evaluate First steps to Bo Lon branch is also gradually arranging and re-evaluating Promote reevaluate re-evaluating its staff There will be the staff Motivate competencies selection and dismissal, I think This has A never happened before, but once equitized, working motivation for the competent people will be promoted, and environment employees the low-power people will eliminate will motivate themselves I think such an environment employees will motivate employees to work more more good and create effectively THANK AND CLOSE 45 8.2.2 Group 2: Employees who are currently working in Agribank Cho Lon Branch QUESTION and ANSWERS CODING (key CATEGORY FINDINGS answer) GREETING AND INTRODUCTION Q Thank you for spending your time to have meeting with me today + How are you? How long have you been working for the company? + How you feel about your current job? Ms Thu Hello, I am a treasurer, and have been in Treasurer, long Satisfaction Loyalty and Loan this position for 27 years I am almost one time working Working keep working of the veterans at Agribank Currently I am and environment still comfortable with the work here satisfaction Mr Hoang I have been a credit officer here since I Credit officer Long graduated from college It's been 10 years Long time join to stock Actually, I also regret a little bit because I working in commercial have not yet challenged the joint stock Agribank since bank commercial bank graduated Ms Lam Almost years working as a credit officer Satisfy though Job stress Compare with Van at Agribank Cho Lon Branch, there are it’s not so good Pressure commercial some here that are not equal to the stock workplace Loyalty Haven’t try to bank and bank environment But really in my found that its position, it is not as pressure as a joint stock not so stress bank as other bank MAIN BODY QUESTIONS Q1 How is your daily tasks? PROBE: Do you like your job? Are you happy with your tasks? Ms Thu I want to keep a stable work rather than take Stable job Loan a new challenge to get promotion Satisfaction Too old to find Work-life A stable work is still better 46 opportunity I know that I has no another job opportunity for my promotion because of Satisfy imbalance than take a new challenge company’s policy And honestly I am too to get old to find another job better easily I’m promotion satisfied with my current job opportunity Mr Hoang Every day I spent over hours at the bank I Tired after Work-life Feel tired in Long always came home after PM My health working, no imbalance Agribank was not as good as before, I was tired when time for taking because of I got home and no longer had enough care of family working energy to take care of my family environment Ms Lam I felt pressure on the target and the sales set Pressure on the pressure Could no Van by the superior I was still young, I liked to target and the longer stay travel and learned something more at sales with the bank weekend But the work took up my free because of time, even for a few months I couldn't go timing out with friends for coffee time or shopping time I realized that I could no longer stay with the bank Q2 Did you encounter any difficulties in the process of working? PROBE: working environment, income, colleagues, line manager? Ms Thu Probably because I'm accustomed to work, I Limitation in Loan don't find it difficult But there are also Training Agribank such service & new some things I find limited in Agribank, such as lack of as very rarely we are trained on new Customer policies training policies, or product improvements to better serve customers Mr Hoang There are many things to make banking Not being able Dissatisfaction Some pressure Long officer get stress, the workload, timing, lack to of training, lack of soft skills… myself in this Working Many many time, I'm frustrated by not workplace being able to express myself in this Dissapointed express Motivation when working environment 47 workplace For example, I am very Intend to quit confident about my potential customers, but job when my manager checks profile , my customers are disqualified Sometimes during the month, I bring back a lot of customer’s profile, but all of them are disqualified I feel like I am losing because I am a subordinate Sometimes I intend to quit here Ms Lam The time pressure Time pressure Timing Working Van Q3 How you think about working environment? Ms Thu For me, the working conditions here are not The Loan too bad at the moment But compared to the professionalism condition professional joint stock banks, perhaps the and technology and lack of professionalism and technology are not are not equal as technology equal other bank Mr Hoang Having accepted the state environment, it Not been very Long cannot be compared with other banks In the good for with current past, salaries were quite good, but these salary Income salaried No Dissatisfaction years have not been very good for salaried employees like us Ms Lam I don’t see any development plan in my Boring job and Career growth Feel unhappy Van career, as I am doing the same tasks in the no promotion plan and no future past two years Though my line manager growth teaches me a lot in my works, but I don’t opportunity see any career growth opportunity here Q4 What you think about your salary? How is your opinion on company policies? Ms Thu At this age, there are many people who Salary Loan want to work for a long time, love work for acceptable a long time, so sometimes they not care Income is Income Bonus at 27 years working and get high salary 48 about the salary and bonuses, they will Agribank for experience receive it in January In general, the income ensures the life at Agribank also ensures my family life Moreover, I has worked at the bank for 27 years, so she can get high salary because company’s salary paying based on the time working for the bank more or less and for position Mr Hoang Being satisfied is not sure, because Salary is Salary A high salary Long everyone wants to raise their salary as high acceptable Satisfaction comes with a as possible But a high salary comes with a big big responsibility If you try your best, you responsibility will be paid more for your contributions Ms Lam The basic salary according to the Satisfied with Income Van government is lower than this position in current salary Promotion Happy with income and the joint stock banks, but we also have other current income from bonuses, so it is okay for me position to so Q5 In general, you feel satisfied with your current job? If not, what is the worst point makes you dissatisfied in your job? Ms Thu It’s good It’s routine tasks, nothing Satisfied with Loan interesting, but it’s also no challenging I current job Satisfaction Feel comfortable feel comfortable doing my tasks doing tasks everyday Mr Hoang In recent years, the economy is difficult, so Worry about Career Unstable job Long my work is also affected Therefore, I also future growth Development No future plan feel a bit precarious for the future Ms Lam It’s quite hard question to answer I like the Friendly Dissatisfaction Looking Van people here But when I feel unstable and environment Career around for a no chance for growth, then I may start No chance for Growth better looking around for a better opportunity career growth Opportunity opportunity Q6 Do you have any suggestions to improve 49 your job satisfaction? Ms Thu I still want to contribute my knowledge and Keep working Loan experience to stay longer with the company here Happy with current job and want to stay longer Mr Hoang I think not only myself but many employees Motivation is Recognition If you are Long working at Agribank Cho Lon, looking required in Motivation motivate, forward to dedication and recognition of Agribank Cho there we will competence From there we will have more Lon have more enthusiasm enthusiasm THANK AND CLOSE 50 8.2.3 Group 3: Employees had worked but now they have already left Agribank Cho Lon Branch QUESTION and ANSWERS CODING CATEGORY FINDINGS (key answer) GREETING AND INFORMATION Q Thank you for spending your time to have meeting with me today + How are you? How many years you have been worked for the company? + Have you found a new job? + How long have you left the company? Ms Van Just worked for years and year left Anh Mr Binh I was working there for about years Nguyen I left there year ago Mr Minh I had been working there for years It’s Thai quite long I have left since last year Ms Thanh I had been working there for years And Ha almost years I had left MAIN BODY QUESTIONS Q1 Can you tell me the reason for quitting job in Agribank Cho Lon Branch? Mr Binh I don’t see any development plan in my No Dissatisfaction Boring when Nguyen career, as I am doing the same tasks in the development Development working and no future plan past few years Though my line manager plan teaches me a lot in my works, but I don’t Same see any career growth opportunity here everyday Mr Minh As a credit officer, I must go out for drink Drinking after Working Tired and no Thai with potential customers until midnight I working time environment time for often have to go after guests after work, So tired and Work-life family much actually I'm quite tired When I was young, considering to imbalance task 51 I tried and had more time, but after leaving the marriage, I thought I needed more time for banking my family That is why I consider leaving environment the banking environment after a long period after a long of attachment period of attachment Ms Thanh I could not found the opportunity to Not found the Career Comparing Ha promotion If I join to other bank, my opportunity to opportunity with other position may be higher and salary is also promotion bank policy higher Q2 What is the worst point makes you dissatisfied working in Agribank Cho Lon Branch? PROBE: working environment, income, colleagues, pressure? Ms Van I could not found the opportunity to Could not Promotion Higher salary, Anh promotion If I join to other bank, my found the Salary higher position may be higher and salary is also opportunity to higher promotion promotion Low salary than other bank Mr Minh About not being evaluated better by the Not being Motivation Thai branch rating according to the capacity of evaluated Recognition the transaction office better Ms Thanh No career development No future growth No Ha We are unequally treated, this makes me development dissatisfaction feel unhappy and disappointed unhappy and Growth disappointed opportunity Q3 career Job Dissatisfaction Unequally treated How you think about your salary at Agribank? How is your opinion on company policies? Ms Van Banking is not as simple as many people Lot of Dissatisfaction Hard working Anh think As a credit officer, my job is under a pressure and Workload but 52 lot of pressure and the workload is the workload Pressure increasing but the income is not is increasing Income commensurate Although my salary is not but the low, but compared to my efforts, I feel it is income is not not enough commensurate Mr Binh I have worked at Agribank for more than Nguyen years but my income has not increased dissatisfaction much, so I have the opportunity to have a better workplace with a higher salary so I jump right away Mr Minh The salary does not increase but the target Thai increases quickly Wages is based on the level of completion of business targets, so if you don't meet your targets, you can't get a good salary either Actually, in the past 10 years, I have never received a full salary Ms Thanh As a state-owned bank, the salary for Ha seniors is higher than the wages of others in the same or higher position Sometimes we feel a bit sad, but I think that if we switch to the joint stock bank model, the salary and rank will be adjusted better than the present Q4 If can, you have any suggestion to help us in improving our employees’ job satisfaction? Ms Van I have no idea But I think I need a more More Anh dynamic and friendly environment dynamic and Motivation Friendly environment friendly environment Mr Minh I think the company should consider new New Motivation Friendly Thai programs or policies for all people, programs to Working environment motivating and working environment to motivate environment motivate employees to work more employees 53 enthusiastically Ms Thanh Hopefully, the equitization strategy in New strategy Career growth Waiting for Ha Agribank next year will change the way we will be opportunity new change work and create more opportunities for coming soon good employees new policy for career growth THANK AND CLOSE 54 References (1) https://www.agribank.com.vn/en/ve-agribank (2) Hernández von Wobeser L, Ramírez Escamilla G, Wobeser Iv Case Study Of Employee Turnover At Ice Cream Deli In Mexico Journal of Business Case Studies (Online) 2013;9(3):193n/a (3) https://tbavietnam.org/wp-content/uploads/2018/12/Highlights-of-2018-TRS-Results.pdf (4) Van Aken JE, Berends H Intake and Problem Definition In: Problem Solving in Organizations: A Methodological Handbook for Business and Management Students 3rd ed Cambridge: Cambridge University Press; 2018 p 47–73 (5) Carraher SM Turnover prediction using attitudes towards benefits, pay, and pay satisfaction among employees and entrepreneurs in Estonia, Latvia, and Lithuania Baltic Journal of Management 2011;6(1):25-52 (6) Schuck AM, Rabe-Hemp C Investing in people: salary and turnover in policing Policing 2018;41(1):113-128 (7) Mullen PR, Malone A, Denney A, Dietz SS Job stress, burnout, job satisfaction, and turnover intention among student affairs professionals College Student Affairs Journal 2018 Spring;36(1):94 (8) Gordon Rouse K,A BEYOND MASLOW'S HIERARCHY OF NEEDS: What Do People Strive For? 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DEVELOPMENT OF VIETNAM – CHO LON (Agribank Cho Lon) was established in 1998 Currently, the total number of employees of the branch is over 134, and is divided into different sections Agribank Cho Lon offers... control the turnover rate in Agribank Cho Lon ACTION PLAN Based on the discussion with Mr Dang Bo – Director of Agribank Cho Lon, the solution of implementing job rotation to give employees more choices,