Attracting and retaining the talents in lanmak property investment construction join stock company

Lunghwa Universityof Scienceand Technology Department of Business Administration Thesis for a Master’s Degree Attracting and Retaining The Talents in Lanmak Property Investment Construction Join Stock Company Researcher: Hoang Anh Tung Supervisor1: Dr Tran Huy Phuong Supervisor 2: Assoc Prof Shumei Chiang Ha Noi, 2018 Lunghwa University of Science and Technology Approval Certificate of Master’s Degree Examination Board This is certify that the Master’s Degree Examination Board has approved this thesis Attracting and Retainingthe Talents in Lanmak Property Investment Construction Join Stock Companypublished by Ms./Mr.Hoang Anh Tung in the Master Program of Graduate School of Department of Business Administration Master’s Degree Examination Board Board Members： Advisors：Dr Tran Huy Phuong Assoc Prof Shumei Chiang Chair： Date：／／ ABSTRACT Thesis Title ： Attracting and Retainingthe Talents in Lanmak Property Investment Construction Join Stock Company Pages：83 University：Lunghwa University of Science and Technology Graduate School：Department of Business Administration Date：2018 Degree：Master Researcher：HoangAnh Tung Advisor：TranHuy Phuong and Shumei Chiang Keywords:Talents, attracting and retaining the talents The issue of staff turnover in Vietnam has been prevalent among many industries It cuts across industry; agriculture, banking, academia and in the other sectors of the economy The real estate industry has gone through the significant crisis since 2008 Nowadays, it is partly rehabilitated even more have signs of booming again Learning from the past failure, every real estate company is trying to carry out its reforms in every aspect, especially focusing on talents management to develop durably Lanmak Company is not an exception In 2015, the figure in HRM shows that the company is now losing many of its skilled staffs More specifically, internal HRM report of Lanmak Company give the information about the company does not establish separated policies for talent management The need to retain the talents in most organisations is the key principle of Human resource management (HRM) Many at times organisations seek to acquire the most talented workforce but not really much in retaining them to ensure a continuous flow of work They spend a lot of money in recruitment and selection which is just a part of an entire talent management system but not effectively manage them; only to lose them in the end The main objective of this study is to provide the recommendations or solutions to further improve the effectiveness of talent management at Lanmarkcompany The research aims to assess the status of talent management at Lanmak Company and focus on the two main practices: talent attraction and talent retention In this study, qualitative and quantitative research methods are both applied accordingly Qualitative research is primarily used in exploratory research It is used to gain an understanding of underlying reasons, opinions, and motivations The study relied on both primary and secondary sources of data Secondary sources of data included literature from journals, textbooks, i manuals, reports, and publications and articles from the internet The primary sources of data required was information from respondents through filling of questionnaires concerning the research under study.The results of the study highlighted the factors that influence talent attraction and retention at Lanmakcompany By determining the factors, it will help the managers at this company to have in-depth knowledge about current issues of talent management and then how to further improve this area Furthermore, this study is considered as empirical evidence for talent management in property investment field in Vietnam and other researchers can be benefited by reading this study’s results ii ACKNOWLEDGEMENT I would like to thank all the professors of MBA program, especially PhD Tran Huy Phuong- my supervisor Then I would like to thank deeply the respondents and interviewees who allowed me to gather enough data for this research I would like to express my thanks to my family, my colleagues and my fellow friends who created convenient conditions and give me encouragement and understanding for me to complete this degree In order to finish this project successfully, I have receive many helps, supports and guidance from many people who I would like to thank sincerely I sincerely thank you! 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, and the laws for above-mentioned declaration Thank you! Author Hoang Anh Tung iii TABLE OF CONTENTS ABSTRACT i ACKNOWLEDGEMENT iii LIST OF TABLES vi LIST OF FIGURES vii INTRODUCTION 1.1 Research rationale 1.2 Research objectives and research method 1.2.1 Objectives 1.2.2 Research questions 1.2.3 Research scope 10 1.2.4 Research methodology 10 1.3 Research results 11 1.4 Structure of the thesis 11 LITERATURE REVIEW 13 2.1 Overview of human resource management 13 2.1.1 Definition of human resource and human resource management 13 2.1.2 Evolution of human resource management 13 2.2 Talent management 14 2.2.1 Definition of Talent 14 2.2.2 Definition of Talent Management 15 2.2.3 Research approaches to talent management 16 2.3 Talent attraction and talent retention 17 2.3.1 Talent attraction 17 2.3.2 Talent retention 18 2.4 Factors affecting talent attraction and retention 19 2.4.1 Recruitment strategy 20 2.4.2 Employer brand 21 2.4.3 Total reward system 22 2.5 An employer attractive model of talent attraction and retention 27 RESEARCH METHODOLOGY 32 3.1 Research method 32 3.2 Data collection method 33 3.2.1 Secondary data 33 3.2.2 Primary data 34 3.3 Data analysis method 35 3.4 Survey instruments 37 iv CASE STUDY AT LANMAK COMPANY 39 4.1 Introduction to Lanmak Company 39 4.1.1 Back ground information 39 4.1.2 Recruitment and Selection Process 40 4.1.3 Recruitment policies 41 4.1.4 Selection methods 43 4.1.5 Labor contract 44 4.2 Data description 44 4.2.1 Demographic description 44 4.2.2 Labor structure by age 45 4.2.3 Labor structure by education 45 4.2.4 Labor structure by monthly income 46 4.3 Descriptive statistics 47 4.4 Reliability test analysis 49 4.5 Explanatory factor analysis 53 4.6 Multiple linear regression 55 4.6.1 Talent attraction as dependent variable 55 4.6.2 Talent retention as dependent variable 56 5.RECOMMENDATION FOR LANMAK COMPANY 58 5.1 Evaluation on activities of attracting and retaining talents at Lanmak Company 58 5.1.1 Strengths and weaknesses 58 5.2 Development plan of Lanmak Company 60 5.3 Suggested solutions to improve the effectiveness of attracting and retaining the talents at Lanmak Company 63 5.3.1 Improving economic value 63 5.3.2 Improving social value 66 5.3.3 Improving application value 68 5.3.4 Improving development value 71 5.3.5 Improving interest value 73 CONCLUSION 76 REFERENCE 80 v LIST OF TABLES Table Survey statement Error! Bookmark not defined Table Recruitment criteria 50 Table 3: Demographic Characteristics 50 Table 4: Descriptive statistics of research items 50 Table 5: Reliability test for Talent Attraction 51 Table 6: Reliability test for Talent Retention 49 Table 7: Reliability test for Interest Value 56 Table 8: Reliability test for Social Value 50 Table 9: Reliability test for Application Value………………………………… ……51 Table 10: Reliability test for Economic Value……………………………… ……… 52 Table 11: Reliability test for Development Value ………… ……………………… 52 Table 12: KMO and Bartlett’s Test…………………………………………………….53 Table 13: Rotated Component Matrix………… …………………………………… 54 Table 14: Multiple linear regression ………………………………… ……………….55 Table 15: Multiple linear regression ……………………….………………………….56 Table 16: Responsibility of key departments and units……………………………… 61 vi LIST OF FIGURES Figure 1: Conceptual research model for Talent Attraction………………… ……… 30 Figure : Conceptual research model for Talent Retention …………………… ……31 Figure 3: Organizational Structure ………………………………………………….…39 Figure 4: Labor structure by Gender………………………………………………… 44 Figure 5: Labor structure by age…………………………………………………… …45 Figure 6: labor structure by education …………………………………………….… 46 Figure 7: Labor structure by monthly income …………………………………… … 47 Figure 8: Position and Segments of the product ……………………………… …… 48 vii INTRODUCTION 1.1 Research rationale The goal of every business is to achieve its stated goals and objectives with a limited resource base with the human resource as a key factor The human resource if not rightly discovered, retained and developed to cope with changes in the business environment is likely to fail in its operations Chiefly among the human resource practices of developing employees is talent management Talent is the most important aspect, among others, in an organisation and drives the organisation to success When employees' talents are identified and enhanced it does not only increase their productivity but brings about higher satisfaction on their jobs, increased motivation, and high staff retention rate Talent is defined as the sum of a person‟s abilities, including intrinsic gifts, skills, knowledge, experience, intelligence, judgment, attitude, character, as well as an ability to learn and grow According to Michaels et al (2001:7), power has shifted from the corporation to individuals, and individuals have negotiating power to ratchet up their expectations for their careers This brings another challenge to companies, hence they have to work harder if they want to attract and retain good talent There are four main steps of recruiting and retaining people process: recruiting people, training them, motivating employees and evaluating working’s performance In which, the very first step in the process is to decide who will be selected to fill in the job vacancies The talents decide to work for a company depends on some conditions such as recruitment process, compensation scheme, internal company’s culture and the way the company motivates its employees Every company always wants to hire as many qualified people or talents as possible So why attracting and retaining these talents is becoming more and more crucial to a company’s development? This is because those are person who will steer organization and will be responsible to take the organization toward the peak of success Today,beside cheap materials or labor, the competitive advantage also comes from highly-skilled employees to create the best product or service, which could lead to customer loyalty In addition, the talents know how to take advantage of strengths and overcome obstacles of a company in right way, which is very critical for long-term development Therefore, the role key determining a company’s success or failure is the reason for companies are in state of fight for best people Taking a “job content” approach, by having an applicant some of the actual work, is the best way to separate top candidates from average ones Consider asking them to: Identify problems on the job Say something like: “Please walk me through the steps of the process that you’ll use during your first weeks to identify the most important current problems or opportunities in your area.” Solve a current problem The ability to solve current problems is often the number one predictive factor of job performance Provide them with a description of an actual problem that they will face on their first day Then ask them to walk you through the broad steps they would take in order to solve the problem Prior to the interview, make a list of the essential steps Deduct points if they omit important steps like gathering data, consulting with the team or customer, and identifying success metrics Identify the problems in our process Hand them a single-page description of a flawed existing process related to their job Ask them to examine the process and identify the top three areas where they predict serious problems are likely to occur Prior to the interview, make a list of those pain points and flaws - Evaluate whether they’re forward-looking In fast-evolving environments, employees must anticipate the future Consider asking these questions to assess how well a candidate can that: Outline your plan for this job The very best develop a plan before they begin a major project or new job Ask them to outline the elements of their plan of action for their first 3–6 months Have them highlight key components, including goals, who they’ll consult with (by title), what data they’ll analyze, how they’ll communicate with their team, the metrics for assessing their plan’s success, etc Forecast the evolution of the job/industry Anticipating major shifts is critical Ask them to forecast at least five ways that their job will likely evolve over the next three years as a result of changes in the business environment New hires must also be able to anticipate changes in your industry So consider asking candidates to project 3–5 major trends in our industry, and then forecast how the top firms will need to change over the next few years to meet those trends - Assess a candidate’s ability to learn, adapt, and innovate If the job requires any of those factors, consider these questions: Learning: “Outline the steps you’d take to continuously learn and maintain your expert status in one important technical area.” Agility: “Outline the steps you’d take to adapt when a dramatic unexpected change occurs in either technology or customer expectations.” 70 Innovation: “Outline the steps you’d take to increase innovation among your team to respond to increased competition or new technologies.” 5.3.4 Improving development value Development value refers to the opportunity for the employees to increase their career enhancing skills and to gain more confidence by doing the jobs Training, development and empowerment can be seen as effective ways to improve development value The detailed suggestion for improving development value will be discussed next 5.3.4.1 Enhance career training and personal growth program Training should be More Flexible: many companies are becoming more unwilling to allow workers large amounts of time away from their desk for in-person training Therefore you should look to integrate online aspects when you can, allowing employees to complete elements remotely in their own time This adds flexibility for the client and can save on material and instructional cost and travel expenses Tracking Performance: A training program is not effective unless the progress is tracked With cloud-based software programs, you can evaluate progress during the learning process; reporting on attempts, result and completion times Providing reports will allow customers to identify areas of weakness and provide targeted feedback to individual staff “Constructive feedback is crucial to career development, employee satisfaction, employee retention and employee motivation,” explains Nancy Mobley, Founder and CEO of HR consultancy Insight Performance Active participation: according to the Research Institute of America, employee retention with eLearning tools range from 25% to 60%, while face to face training is between 8% and 10% By providing visually appealing and interactive content, your client’s employees’ motivation to complete the training courses increases, which, consequently, makes them retain the information better in the long term 5.3.4.2 Empowerment Sharing Information Basic to employee empowerment are programs to share information about business performance, plans, goals, and strategies It is difficult to expect employees to make meaningful contributions to the success of the organization unless they have access to basic operating information While organizations appear to be increasing efforts in this area, there is still a tremendous opportunity for greater sharing of business information with employees, particularly information about business operating results, competitors’ performance, business plans and goals, and new technologies (Lawler, Mohrman& Ledford, 1998) Many public corporations, for 71 example, provide only the financial information that the law requires be distributed to shareholders in annual reports By not sharing basic information, a significant number of companies still not treat employees as important stakeholders in and contributors to the firm’s performance (Lawler, et al, 1998) Empowerment can be increased in organizations by actively engaging in power sharing with employees This process involves moving decision making downward in the organizational hierarchy Problem solving activities and special meetings are typically held outside of normal work processes; thus these empowerment activities are also known as parallel structures Popular forms of parallel structures include quality circles, employee participation groups, use of survey feedback, quality-of-work-life groups and suggestion systems (Lawler, Mohrman& Ledford, 1998) In sharing power through parallel structures, employees are asked to provide input and recommendations However, they are not typically given substantial decision making control and they may not have the power or budget to implement their decisions, which is a distinct limitation to their effectiveness These programs have significantly increased in popularity over the last two decades such that most organizations use some form of parallel structure and many use more than one However, parallel structures are typically limited to fewer than half of the employees in the organizations that use them (Lawler, Mohrman& Ledford, 1998) The most successful parallel structures are survey feedback and employee participation groups They are relatively easy to introduce and require no fundamental organizational change; consequently, they can produce positive results in many types of situations There is some evidence that employee participation groups, survey feedback, and suggestion systems work better when they are part of an overall pattern of practices that involve employee empowerment (Lawler, Mohrman& Ledford, 1998) Another type of program for increasing empowerment is the use of self-managed teams Implementation of teams requires more structural change in the organization than the parallel structures discussed above Seventy-nine percent of Fortune 1000 companies and 81 percent of manufacturing organizations have implemented teams with some degree of self management (Lawler, Mohrman& Ledford 1998; Taninecz, Lee, Feigenbaum, Nagle & Ward, 1997) Unlike traditional work units where a formal manager usually makes all the key decisions, members of selfmanaged teams meet to determine how to the work and who will each task The team usually selects a 72 leader to conduct meetings and coordinate activities, and this leadership role may be rotated among qualified members 5.3.5 Improving interest value Interest value refers to the innovativeness and creativity within the firms and the ability of the firms to procude innovative products These can be achieve by make sure that the employee may have opportunity to ultilize their creativity and contribute to the innovativeness of the firm Therefore, in order to improve interest value, it could be necessary to enhance delegation and knowledge sharing activities 5.3.5.1 Delegation Effective delegation is a tool of management and time management However, many managers not delegate effectively Therefore, delegation fails The manager usually blames their team member or delegatee for the task/activity not being completed or delivered to the standards required, on budget and/or on time With good planning, organising and communication skills you will be able to delegate effectively If the task is not completed as required then it is possible that you did not delegate well! Effective delegation is a skill and therefore does take practice The following will help you develop this important skill + Planning delegation Know exactly what needs to be done, be able to describe the end result to the delegatee in terms of specifications, level of detail required, how the result will be used and by whom, what exactly needs to be in place, deadline, budgets If you can't describe this then it will be more difficult for the delegatee to have the same picture or understanding of the end result as you The two may end up being very different! Determine the level of skills, knowledge, experience required to identify who is the right person to delegate to If you delegate effectively you are also facilitating the learning, development, growth and engagement of your team members Identify who to delegate to and what training and coaching they will require if any Match the task/activity to be delegated to the most suitable person based on a number of criteria: Time, training and/or coaching required, natural skills and strengths and fit with career development, current workload + Effective communication Give adequate time for the delegatee to review the task, clarify their understanding of the requirements and develop a plan 73 Use effective communication skills This includes planning how to explain the task to the individual, using effective two-way communication by allowing them to ask questions, actively listening to their comments, concerns, allowing them to paraphrase their understanding of the task and expectations and summarising what has been agreed + Updating progress Depending on the size, complexity, experience and length of the task/activity delegated you will need to have progress update meetings The meeting ensures that the task is moving in the right direction, that they are on the right track and allows changes to be made at appropriate stages before it is too late Agree times for progress update meetings and stick to them Allow the delegatee to run their progress update meetings Practice effective communication skills - lsitening to their update and openly discussing any concerns or difficulties they may be experiencing Encourage the person to come up with solutions to problems, discussing it with them Do not make the mistake of taking problems on board yourself and completing However, agree any support that you need to give them Give constructive feedback + Be patient Recognise that it may take longer for the task to be completed initially than doing it 100% yourself However, you are still spending less of your time completing the task Therefore you have more time to focus on tasks only you can 5.3.5.2 Promote knowledge sharing + Foster the Right Mindset To promote knowledge-sharing at the workplace, you need to create the right mindset and environment Reward employees for sharing their knowledge It is also important to create a safe environment, where people know they will not be at risk for sharing their ideas + Leverage the Social Space People love to create and share within a social context Leveraging the social space will be beneficial, because it provides a kind of intrinsic reward that can be even more motivating than financial incentives of performance reviews + Lead by Example A senior leader plays a pivotal role in ensuring the implementation of knowledge sharing Team leaders who actively represent knowledge sharing lead by example and 74 display that the open and timely sharing of significant ideas and information is valuable for all + Reward, and Recognise Rewarding employees by recognition is one of the best ways to motivate them Recognition by seniors and peers makes employees feel valuable and further promotes a culture of knowledge sharing Rewards and recognition will lead to increase in employee participation, increase the efficiency of a task, help in develop new strategies and regulate the older ones + A Conducive Workplace An important way to foster an environment where knowledge is shared is to make sure the necessary resources are available Leaders should be sure to allocate budgets for the purpose of knowledge sharing Aside from budget, also make sure that various tools are available for the purpose 75 CONCLUSION HRM is considered having wide scope of work and the most important one is talent management In general, talent management plays critical role in HRM practices in every company and the quality of product and service is depended largely on how the talents to be satisfied or dissatisfied with current jobs (Crossman and Abou-Zaki, 2003) The main objective of this study is to get in-depth understanding about talent management at Lanmak Company through the impacts of several antecedents Goal is to provide the recommendations or solutions to further improve the effectiveness of talent management at the company To that, quantitative research method is deployed with the primary data to be collected from survey of questionnaire with relevant respondents Achieved result shows that 61.9% of changes in attracting and retaining talent is explained by recognition, training and development, salary, and job security Among these factors, recognition has highest impact to talent management It is denoted that the company is not doing well in two areas of recognition, namely co-workers' recognition and autonomy From these key findings, the study provides suggestions to further improve effectiveness of attracting and retaining the talents at Lanmak Company 76 APPENDIX Survey Instruments I General Information 1.You are: Female Male 2.Please specify your year of birth: -3.Please specify your highest educational degree: High school or below College or University degree Master degree Ph.D degree or equivalent Please specify your monthly income: Less than VND 10 million VND 10-15 million VND 15-20 million More than VND 20 million Please give your opinion regarding the following statements using the scale describe below (1 – Strongly disagree, – Disagree, – Neither disagree nor agree, – Agree, and – Strongly agree) Code Statement TA Attracting and retaining talent (Adapted from Reis and Braga, 2016) TA1 I will introduce my friends to work for this company TA2 If I look for a job, I would certainly apply to this company TA3 This company is attractive to me TR Talent retention (Adapted from Sullivan, 2017) TR1 I cannot imagine that I leave this company TR2 I would not accept similar job elsewhere TR3 I look forward to another day at work IV Interest Value (Adapted from Berthon et al., 2005) IV1 My company is an innovative employer who applies novel practices/forward-thinking 77 IV2 My company appreciates and utilizes my creativity IV3 My company produces innovative products and services IV4 My company offers vibrant/challenging environment SV Social Value (Adapted from Berthon et al., 2005) SV1 In this company I can have a good relationship with colleagues SV2 I can have a good relationship with superiors at this company SV3 At this company I can have supportive and encouraging colleagues SV4 This company provides happy work environment AV Application value (Adapted from Berthon et al., 2005) AV1 This company is a humanitarian organization – gives back to society AV2 I have the opportunity to apply what was learned in college/university AV3 I have the opportunity to teach others what I have learned AV4 I can have the feeling of acceptance and belonging at this company AV5 This organization is customer-orientated EV Economic Value (Adapted from Berthon et al., 2005) 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Examination Board Board Members： Advisors：Dr Tran Huy Phuong Assoc Prof Shumei Chiang Chair： Date：／／ ABSTRACT Thesis Title ： Attracting and Retainingthe Talents in Lanmak Property Investment Construction