Determinants of the loyalty of employees in businesses

Advisor’s assessment Advisor’s signature Table of contents Chapter 1: Introduction 1.1 Problem statement 1.2 Research objectives 1.3 Research questions 1.4 Research scope 1.5 Research methodology 1.6 Research structure Chapter 2: Literature Review 2.1 Theoretical literature 2.1.1 Approaches in the study of the loyalty of employees 2.1.2 Benefits of building and maintaining the loyalty of employees 10 2.2 Empirical literature 11 Chapter 3: Research Methodology 14 3.1 Data sources 14 3.1.1 Qualitative study 14 3.1.2 Quantitative study 15 3.2 Variables 15 3.3 Research model 19 3.4 Method of estimation 21 3.5 Method of testing 22 Chapter 4: Research Results 23 4.1 Synthesis of the survey result 23 4.2 Descriptive statistics 26 4.3 Adjustment of scale 28 4.4 Factor analysis 30 4.5 Adjusted model 33 4.6 Testing of the adjusted model 35 4.7 Result of testing hypothesis 40 4.8 Testing the loyalty rate between male and female 42 4.9 Testing the loyalty among employees at different levels 43 4.10 Testing the loyalty among employees at different positions 45 4.11 Testing the loyalty among employees in different business types 47 Chapter 5: Conclusion, Recommendation and Limitation 50 5.1 Performance and topic’s contributions 50 5.2 Practical signification and recommendation 52 5.3 Limitation and direction for coming studies 55 References 58 CHAPTER 1: INTRODUCTION 1.1 Problem statement: Today, in the harsh conditions of the market, competition for human resources has always been a hot issue in the company And so, to attract talent, companies constantly improve their policies of development of human resources under which compensations and benefits, and many other treatment regimes are always particularly interested by the company leaders Human resources management (HRM) issues include aspects: attendance, payroll, screening, hiring, training, coaching, evaluating the work of staff, drafting the remuneration policy, the labor remuneration regime, etc But one of the most important issues that should not be ignored by HRM professionals is the planning and implementation of strategic development of human resources, attracting talent to work for the company as well as not making them anxious with their thought “the grass is always greener on the other side of the fence” According to results from a recent study by Walker Information and Hodson Institute that provided some information about the loyalty of workers in organizations as follows:  Only 24% of employees found that they were really loyal, true commitment of contribution to the objectives and activities of the company, and available to work for the firms in at least two years  33% of employees had no commitment, no plan to survive in the firms in the long term  Up to 39% of employees have to be seen as being reluctant to work They worked only for a few specific reasons (wages, favoritism, waiting to find another job, etc.) but did not have a specific plan to benefit to the businesses All business owners will admit that they have to always pay very high prices for the leave of key employees One of the problems often seen is the leave of the key employees will entail the leave of key customers The study showed that 70% of customers leave because of the leave of key staff Moreover, if there is continuous passing of the key staff, it may cause underground waves of exit of all staff remaining Currently, the problem of how to retain employees is a headache for business owners and managers of enterprises in Vietnam Especially after Vietnam joined the WTO, the domestic enterprises need to expand production and business; in addition to the need of high quality of human resources, they also have to know how to retain qualified employees It’s a matter of business survival Thus, the business must identify, consider and evaluate accurately factors that affect the loyalty of employees, on the basis that the business will have appropriate direction in the management of human resources, in order to have positive move to retain talent for the business to avoid brain drain phenomenon in the future That's why I chose the topic “Determinants of the loyalty of employees in businesses” The paper attempts to identify the most important determinants of the loyalty of employees and provide an integrated analysis on the identified determinants 1.2 Research objectives: The general objective of this study is to identify factors which affect the loyalty of employees in businesses in Ho Chi Minh (HCM) city To achieve the general objective, the study is designed to meet the following specific objectives: (1) Find out determinants of the loyalty of employees in businesses in HCM city (2) Suggest implications to improve the management of human resources of the businesses 1.3 Research questions: The research aims to address the following questions: (1) What are the determinants of the loyalty of employees in businesses in HCM city? (2) What suggestions can this study have to improve the loyalty of employees in businesses in HCM city? 1.4 Research scope: Research objects who are currently working in the economic organizations; including Limited Liability Company, Joint Stock Company, State-owned Company, Joint Venture Company, Private enterprise and Enterprise 100% foreign capital Since the time constraint, the study is focused on investigating the objects who are currently working in businesses in HCM city in positions of staff, team leaders, supervisors and middle managers 1.5 Research methodology: The research is conducted over phases:  Phase 1: using qualitative research methods to confirm and supplement the criteria of assessment, adjust scales and questionnaires to support the quantitative research process  Phase 2: using quantitative research methods, using the measured variables in qualitative research phase to determine the factors and the measurement properties; after adjustment, final scale is used for formal interview Samples and sample information: Quantitative survey was conducted in the area of HCM city Sample objects are currently working in businesses in HCM city, conducted by direct interviews with the questionnaires, selecting a random sample of students in night classes (in-service, degree 2, master, etc.) at some universities in HCM city like University of Economics HCM City, Open University of HCM City, University of Natural Sciences, University of Social Sciences and Humanities, University of Industry, etc Measurement model included 29 observed variables, using 5-level Likert scale range (1: totally disagree to 5: completely agree) to quantify; and hypotheses according to minimum rule x = 15 samples for each measurement variables (Bentle & Chou, 1987) So that the original sample was calculated: 29 x 15 = 435 Collecting and analyzing data: Using data processing techniques by SPSS software, testing conducted through the following steps: (1) preliminary assessment of the scale and reliability of variables measured by Cronbach Alpha coefficients, and the values (factor loading) by EFA (Exploratory Factor Analysis); (2) testing the hypothesis and the overall model fit After that, T-Test would be used for testing and ANOVA (Analysis of Variance) would be used for analyzing to find out significant differences of a few specific groups 1.6 Research structure: Chapter 1: Introduction Chapter 2: Literature review Chapter 3: Research methodology Chapter 4: Empirical results and discussion Chapter 5: Conclusion, recommendation and limitation CHAPTER 2: LITERATURE REVIEW 2.1 Theoretical literature: 2.1.1 Approaches in the study of the loyalty of employees: There are many approaches in the study of the loyalty of employees in businesses Loyalty can be considered as a component of organizational commitment, or an independent concept Allen & Mayer (1990) focused on three psychological states of employees associated with the organization Employee loyalty to the organization can derive from their true feelings: (1) they will stay with the organization despite elsewhere higher salaries, better working conditions, (2) they can be loyal to their organizations just because they not have the opportunity to earn a better job, and (3) they can be loyal to their organizations because the moral standards of the organizations that they pursue According to Mowday, Steers and Poter (1979), loyalty is the "intention or desire to maintain membership of the organization" Mowday's famous definition of loyalty is similar to the concept of "Maintain" in the research of Aon Consulting Institute for many years in US: employees who intend to stay with the organization in the long term will stay with the organization even though they get more relatively attractive offers from other organizations According to Johnson (2005), today employees are more loyal to their profession than loyal to their employer; and the nature of the relationship between employees and employers has changed fundamentally, and it is necessary to revaluate the loyalty concepts By the Loyalty Research Center (2004), employee loyalty is as commitment of employees associated with the organization's success, and they believe that working for this organization is the best choice of them According to the scale model of employee loyalty of Man Power (2002), the evaluation criteria of loyalty include: (1) be willing to recommend their company as a good place to work; (2) be willing to introduce the products and services of the company; and (3) Intend long-term commitment to the company In the scope of this study, definition of Mowday et al (1979) and the scale of employee loyalty of Man Power (2002) are used 2.1.2 Benefits of building and maintaining the loyalty of employees: The value of employee loyalty is extremely large, reducing employee turnover cost is just one visible example; and the benefit of retaining experienced and reliable staff is invaluable Seniority, experience and stability of the organization will be the things we think of first, but beyond the personal experience will give us an overview of the benefits to the organization of the construction and maintenance of employee loyalty in today's economic situation  On the revenue side: The loyal employees tend to work better than what customers expect and always have high morale in their best ability Both of these characteristics are very important for the company to retain loyal customers and bring in more sales  On the expense side: The loyal employees will stay working with the company in long term, refuse offers from the opponents, not actively look for a new job and always present the company as a good workplace All four of these attitudes have a positive impact to the operating cost of the company, because the company will avoid a significant cost for replacing staff In other words, instead of just focusing on holding the employees (try to keep the employees who were laid off), managers need to be more positive and proactive in 10 CHAPTER 5: CONCLUSION, RECOMMENDATION AND LIMITATION 5.1 Performance and topic’s contributions: 5.1.1 Performance: Research model originally includes seven factors affecting employees’ loyalty to the organization, they are: high income, favorable working conditions, target suitability, support from management, support from colleagues, fair reward and empowerment with 26 observed variables After evaluation of scale reliability and factor analysis, the results of observed variables are put into the regression analysis of factors group In which, a new factor was created based on the combination of the observed variables of two components: support from management and support from colleagues, and it was named as management decision factor Results of multi-variables regression analysis identified that the employees’ loyalty influenced by six factors, they are: high income, favorable working conditions, target suitability, management decisions, fair reward and empowerment In which, “management decisions” component has the most important influence on the loyalty of employees, followed by target suitability component, favorable working conditions, empowerment, fair reward and the last one is high income component Hypothesis testing of the model was confirmed these six factors make employees more loyal to the businesses Testing of T-test and ANOVA showed results as follows: The loyalty of male and female is the same There are differences between group of college level and group 50 of university level, between group of university level and group of master level There are differences between staff group and leaders / experts group, between staff group and managers group The loyalty of employees working in different types of businesses is the same 5.1.2 Topic’s contributions: Today, in the market economy, competition is fierce, so any business who wants to survive and thrive in this race must have preparations in many aspects, such as finance, reputation, facilities but the most important one is human resource The establishment of competitiveness policies to retain employees and attract qualified talents will lead to other consequences that organizations will have new ideas for better handling; loyal employees with organization will make businesses increase sales and significantly reduced costs of some factors Those are is competitive factors comparison with their enemies Human resource management policies, if built based on the actual situation, will have objective and high feasibility Scope of topics only focuses on identifying factors affecting loyalty of employees and on that basis it is required to held and re-adjust towards a common goal is: when employees are loyal to the organization, they will focus their whole heart on the jobs and try their best to make contributions to the organization development The results are to build a positive working environment, to improve equal competition among employees in working, to reduce the cost of recruiting and training new employees In addition, employees tend to work better than what customers expect and always have high morale in their best abilities Both characteristics are important in keeping loyal customers and bringing high sales to the company 51 5.2 Practical signification and recommendation: 5.2.1 Practical signification: The result of regression research shows that the employees’ loyalty depends on: High income, favorable working conditions, target suitability, management decisions, fair reward and empowerment In addition, the study also identifies the importance of the independent variables to dependent variables as follows: management decisions component has the most important influence on the loyalty of employees, followed by target suitability component, favorable working conditions component, empowerment component, fair reward component and the last one is high income component Testing of T-test results show that the loyalty of male and female is the same ANOVA results show that there are differences between group of college level and group of university level, between group of university level and group of master level There are differences between staff group and leaders / experts group, between staff group and managers group The employees’ loyalty working in different types of businesses are the same Also, according to ANOVA results, employees working at different types of businesses have the same loyalty level These results help managers develop HR policies that are suitable for their business conditions Employees who are loyal to the company will make increasing sales and reducing significant costs 5.2.2 Recommendation: 52 According to research findings, we have identified the factors that affect employees’ loyalty, they are: high income, favorable working conditions, target suitability, management decisions, fair reward and empowerment On base of these results, we implement a number of solutions aiming at improving the efficiency of the personnel management as follows: Firstly, enterprises have to build a competitive salary system, it depends on type of business in order to plan surveys, analyze and determine the appropriate level of income The distribution of income must be linked to the nature and complexity of the job Salary must be linked to economic development and living standards of labors Every year, enterprises should consider and evaluate for suitable salary adjustments and direct to improve labors’ life In addition, businesses need to build a system of fair, uniform and clearly salary in order to avoid the existing of two systems of salary in the same company but differences in treatment between new employees and old employees Fair is expressed in fair among groups and among individuals in the same working environment In term of spirit, employees tend to make comparison their performance with other people's income, therefore unfair payment make them feel not satisfied and they will not be loyal to the organization On the other hand, businesses need to make accurate and scientific assessments to their employees; salary must be paid according to their ability and working efficiency associated with specific working conditions and circumstances Secondly, businesses need to provide employees with an ideal working environment as well as appropriate equipments such as: a cool and clean working environment, appropriate temperature and light, equipments for the jobs in order 53 that employees invest more talent for the business Especially enterprises must create a working environment where all employees feel safe at workplaces Thirdly, enterprises must build a specific and clearly development target and they have to transmit this message to every employee This action has important meaning for employees as well as enterprise to reach goals In addition, enterprises need to implement different ways to guide all employees towards business objectives that were set out Fourthly, managers must look after and support for their employees because these interests are very important A good manager must know how to fully promote all employees’ energy and enthusiasm in working In addition to professional skills, managers must be good at gaining popularity as well as empathizing and grasping their employees’ mentality HR managers should regularly consult employees in solving problems that arise in their work, share your business information with employee in order that they can see the relationship between the work they are doing and the results the company is achieving Thus, employees will feel that they are respected they are making a partly contribution to the enterprise’s development Besides the interests and respects, HR managers should organize activities for relax at the company to mark special occasions and try to create a friendly environment so that everyone can feel comfortable in the office as well as take a short time to learn a little about their family and private life And not only HR employees need to be equipped with knowledge and necessary management skills, but also management people in general and head of departments in particular perform personnel jobs in their managing scope in order to promote his employees to reach common goals Fifthly, enterprises must consider and conclude in a fairly and objectively manner 54 regarding to whether employees perform their tasks in accordance with the requirements set out or not, since it deserved a reward to best individuals for their efforts on the job Enterprises need to build a system of income distribution and promotion policies in accordance with employees’ wishes; because should the income distribution is based on job requirements, personal skills, and other distribution standards in the community the employees will feel more satisfied In addition, enterprises should offer promotion opportunities for all employees, because if employees recognize that if the promotion decisions in the organization are fair, the employees will feel more satisfied Sixthly, enterprises need to create an environment of mutual trust for both sides Employees need to be recognized and respected from managers through the empowerment for self-determination, opportunity creation for studying and contributing to the common success of the business Managers need to delegate tasks based on the weaknesses and strengths of employees It is required for employees to learn professional knowledge they need If managers understand what requirement the job is, they should empower employees who can take the job well Managers should realize that the job cannot be completed when it done by one person When assigning employees, it is required to understand that an effective empowerment also means that unwanted occurs can be attached and they should accepted them The managers cannot get the results as expected, but they need to accept it and accept occurred errors 5.3 Limitation and direction for coming studies: 5.3.1 Limitation: Besides the contributions mentioned above, this study also exist some certain 55 limitations as follows: Firstly, the loyalty of employees affected by many factors, but this study only focused on six factors including: high income, favorable working conditions, target suitability and management decisions, fair reward and empowerment Besides, the object of the study is limited to classes in evening in HCM city Secondly, the limitations of the data analysis method, this study used method of multi-variables regression analysis to determine the relationship between the independent variables including: high income, favorable working conditions, target suitability, management decisions, fair reward and empowerment and the dependent variable is the loyalty However, this analysis method does not identify the relationship between this independent variable with the others, so the results may not accurately reflect the relationship between these factors 5.3.2 Direction for coming studies: The purpose of the following studies after measuring the loyalty of employees is to consider in terms of revenue and costs to confirm:  When employees are loyal to the enterprises, employees tend to work better than what customers expect and always have high morale in their best ability Both of these characteristics are very important for the company to retain loyal customers and bring higher revenue to enterprises  The loyal employees will stay working for the company in long term and refuse offers from competitors; they not actively look for new jobs and always present their companies as the best workplaces All four of these attitudes have positive impacts to cost column in the balance sheet of the company, because the company will 56 reduce the significant costs for replacement employees  The loyalty of employees affected by many factors, but this study only focused on six factors including: high income, favorable working conditions, target suitability, management decisions, fair reward and empowerment Besides, the object of the study is limited to classes in evening in HCM city Further studies will be certainly continued, because this is a very important theory tool on human resource management  Because regression analysis does not identify the relationship between this independent variable with the others, the results may not accurately reflect the relationship between these factors Therefore, this study repeated with higher quality tools will show more accurate result 57 References: Abbas J Ali, Ahmed Azim, Thomas W Falcone (1993), International Journal of Manpower, 14 (6) Albert S King, Barbara J Ehrhard (1997), Empowering the workplace: a commitment cohesion exercise, Empowerment in Organizations, (3) Alison Davis-Blake, Joseph P Broschak, Elizabeth George (2003), Happy Together, How Using Nonstandard Workers Affects Exit, Voice, and Loyalty Among Standard Employees, Academy of Management Journal, 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Potentials, 32 (9), 69-70 42 Yee, R., Yeung, A., and Cheng, E (2009) An empirical study of employee loyalty, service quality and firm performance in the service industry 61 Appendix Questionnaire Kindly access by circling the number of points for each of the following statements, with the conventions of scale as follows: Scale of level of agreement 1: strongly disagree 2: somewhat disagree 3: wondering if agree or not (neutral) 4: somewhat agree 5: strongly agree I – Factors affecting the loyalty of employees: Level High income / salary My current salary is commensurate with my working capacity My life is totally well with my current salary I think that the company I am working for pay a fair salary 5 Level Favorable working conditions Equipments at my workplace are very well-equipped Rooms at my workplace are very airy to make me feel very comfortable Temperature, light and noise at my workplace are very suitable for my job I feel safe at my workplace 5 5 Level Target suitability I feel my capabilities are suitable to organization’s working requirements I commit to implement the goals set by organization I agree with the organization’s business line My development targets are similar to the organization’s targets 5 1 2 3 4 5 62 Level Support from management I always gain supports from my direct senior in all respects Senior always supports me when the problems have just arisen I often gain supports from my direct senior when the problems become worse 5 Support from colleagues My senior / colleagues always listen to and support me My senior / colleagues are always good understanding persons, friendly and easily accessible Fair reward I get a fair reward in completing my role I get a fair reward through my job duty I get a fair reward through my spent efforts I get a fair reward when working under high pressure I get a fair reward when I complete well my job Level 5 Level 1 2 3 4 5 5 Level Empowerment Senior assign my job and let me implement it by myself Senior empowers me to make decisions Senior believes in my capability of making decisions Senior promotes me to utilize empowerment that he gave me Senior believes in my working performance evaluation 5 1 2 3 4 5 Level Loyalty I'm willing to introduce to people about my company as a good working place 5 I am proud to introduce to people about the product / service of the company I will stay working with the company in long term although others suggest more attractive salary 63 II – Personal information: Kindly indicate the following personal information: Business types you are working for  Not working  Limited Liability Company  Joint Stock Company  Private enterprise  State-owned  100% foreign capital  Joint Ventures Gender  Male  Female Age  =41 Working position  Staff  Leader / Expert  Manager Education level  High school  Intermediate  College  University  Post-university 64 ... ? ?Determinants of the loyalty of employees in businesses? ?? The paper attempts to identify the most important determinants of the loyalty of employees and provide an integrated analysis on the identified determinants. .. management of human resources of the businesses 1.3 Research questions: The research aims to address the following questions: (1) What are the determinants of the loyalty of employees in businesses in. .. LITERATURE REVIEW 2.1 Theoretical literature: 2.1.1 Approaches in the study of the loyalty of employees: There are many approaches in the study of the loyalty of employees in businesses Loyalty can be