Improving employee motivation at the card services business department of vietcombank’s ngo quyen transaction centre

Lunghwa University of Science and Technology Department of Business Administration Thesis for a Master’s Degree Improving employee motivation at the Card Services Business Department of Vietcombank’s Ngo Quyen Transaction Centre Researcher: Nguyen Le Duc Supervisor 1: PhD Ngo Vi Dung Supervisor 2: Assoc Prof Fan, Kai - Tang November 2018 Lunghwa University of Science and Technology Approval Certificate of Master's Degree Examination Board This is to certify that the Master’s Degree Examinations Board has approved the thesis improving employee motivation at the card services business department of Vietcombank’s Ngo Quyen transaction center published by Mr.Nguyen Le Duc in the Master Program of Graduate School of Department of Business Administration Master’s Degree Examination Board Board Member: TSAN,Chiachi Mai Anh Doan Thu Trang Advisors: PhD Ngo Vi Dung Assoc Prof Fan, Kai - Tang Chair: TSAN,Chiachi ： Date： 2018/11/25 ABSTRACT Thesis Title：Improving employee motivation at the card services business department of Vietcombank’s Ngo Quyen transaction center Pages：61 University：Lunghwa University of Science and Technology Graduate School：Department of Business Administration Date：June, 2018 Degree：Master Researcher：Nguyen Le Duc Advisor：PhD Ngo Vi Dung Assoc Prof Fan, Kai - Tang Keywords: employee motivation Based on actual requirement, theoretical basis, documents, preceding studies on the issue about human resource management in general and employee motivation in particular, I have chosen topic for my thesis: “Improving employee motivation at the card services business department of Vietcombank’s Ngo Quyen transaction center” In this thesis, I use secondary data sources from the documents, reports, policies of the bank and primary data sources from in-depth interviews with employees and managers of the Card Services Business Department to know about their mutual understanding, the assess how the employees are motivated or not motivated in the workplace Research methods: In the thesis, the author uses quantitative research methods Direct interview are designed to gather information from employees and managers Accordingly, the thesis provides a view from the managerial aspects to technical aspects on motivation of employees at the Card Services Business Department in the period 2014-2017 The author also points out the advantages, drawbacks at the Department affecting the employees and causes of these problems The thesis concludes with the recommendations to improve employee motivation at the Center These recommendations are really necessary for the Card Services Business Department if they want to possess a strong pool of employees The recommendations are also practical and applicable to the situation of the company i Therefore I believe that my research will not only help the Center to realize its current situation but work out some good solutions for its better performance as well ACKNOWLEDGEMENT Firstly, I would like to express my gratitude to the International School, Vietnam National University Hanoi and Lunghwa University of Science and Technology with all members, lecturers and staff for their great guidance, constructive contributions and valuable advice during my study Secondly, I would also want to express my sincere appreciation to my supervisors, PhD Ngo Vi Dung and Assoc Prof Fan, Kai - Tang for their patience, motivation, and immense knowledge Their guidance is invaluable for me to complete this MBA thesis Besides my supervisors, I would like to thank to the help of many people working at the card services business department of Vietcombank’s Ngo Quyen transaction center, especially the people who are fully occupied in business but still be willing to provide me with a lot of useful information Last but not the least, I would like to thank my family, my beloved ones for supporting me spiritually throughout writing this thesis and my life in general Hanoi, November 2018 Nguyen Le Duc ii TABLE OF CONTENTS ABSTRACT i ACKNOWLEDGEMENT ii TABLE OF CONTENTS iii ABBREVIATIONS viii LIST OF FIGURES vi LIST OF TABLES vii INTRODUCTION 1.1 Rationale 1.2 Objectives 1.3 Main research questions 1.4 Methodology 1.4.1 Research process 1.4.2 Data collection 1.4.3 Data analysis 1.5 Research scope 1.6 Structure of research LITERATURE REVIEW AND CONCEPTUAL FRAMEWORK 2.1 Overview of employee motivation 2.1.1 Definition 2.1.2 Significance of employee motivation 2.2 Conceptual framework on analysis of employee motivation 10 2.2.1 Overview of theory 11 2.2.2 Critics of Herzberg’s two factor theory 15 2.2.3 Research related critics of Two Factor theory 16 2.2.4 Conceptual framework 17 THE CURRENT SITUATION OF EMPLOYEE MOTIVATION AT THE CARD SERVICES BUSINESS DEPARTMENT OF VIETCOMBANK’S NGO QUYEN TRANSACTION CENTRE 18 3.1 Overview of Vietcombank 18 3.1.1 History of Vietcombank 18 iii 3.1.2 Business strategy 19 3.1.3 Organizational structure 21 3.1.4 Business operation outcomes 22 3.1.5 Business orientation for the year 2018 23 3.1.6 Introduction of Ngo Quyen Transaction Centre 24 3.2 Dimensions and attributes to analyze employee motivation at the Card Services Business Department of Vietcombank’s Ngo Quyen Transaction Centre 25 3.3 Respondents’ profile 28 3.3.1 Respondents’ profile by years of experience 28 3.3.2 Respondents’ profile by age 29 3.3.3 Respondents’ profile by gender 29 3.3.4 Respondents’ profile by qualification 30 3.4 Analyzing employee motivation at the Card Services Business Department – Vietcombank’s Ngo Quyen Transaction Centre 30 3.4.1 Bank’s policies and administration 30 3.4.2 Quality of supervision 33 3.4.3 Working conditions 35 3.4.4 Salary 36 3.4.5 Interpersonal relations 38 3.4.6 Achievement 40 3.4.7 The work itself 42 3.4.8 Advancement 43 3.4.9 Growth 45 3.4.10 Overall employees’ motivation 46 3.5 Summary of findings 47 RECOMMENDATIONS FOR THE CARD S ERVICES BUSINESS DEPARTMENT O F VIETCOMBANK ’S NGO QUYEN TRANSACTION CENTRE TO IMPROVE EMPLO YE E M O T I V A T I O N 49 4.1 Vietcombank’s vision for Human Resources Management 49 4.2 Recommendations for improving employee motivation at the Card Services Business Department of Vietcombank’s Ngo Quyen Transaction centre 50 4.2.1 Improving Bank’s policies and administration 50 4.2.2 Improving Supervision skill 51 4.2.3 Improving Working conditions 52 iv 4.2.4 Improving Salary 52 4.2.5 Improving Interpersonal relations with co-workers 53 4.2.6 Improving Achievement 54 4.2.7 Improving The work itself 56 4.2.8 Improving Advancement 57 4.2.9 Improving Growth 59 CONCLUSION 61 LIST OF REFERENCES 62 APPENDIX 67 EMPLOYEE MOTIVATION QUESTIONNAIRE 67 APPENDIX 72 PRIMARY DATA COLLECTED 72 v LIST OF FIGURES Figure Respondents’ profile by years of experience 28 Figure Respondents’ profile by gender 29 Figure Respondents’ profile by qualification 30 Figure Employees’ evaluation towards Bank’s policies and administration 31 Figure Employees’ evaluation towards Quality of supervision 34 Figure Employees’ evaluation towards Working conditions 35 Figure Employees’ evaluation towards Salary 37 Figure Employees’ evaluation towards Achievement 41 Figure Employees’ evaluation towards The work itself 43 Figure 10 Employees’ evaluation towards Advancement 44 Figure 11 Employees’ evaluation towards Growth 45 Figure 12 Employees’ evaluation towards Overall employees’ motivation 46 vi LIST OF TABLES Table Data collecting method for in-depth interview Table Data collecting method for survey Table 3.Herzberg’s Two-factor Theory 12 Table Organizational structure of Vietcombank 21 Table Measurement variables to analyze employee motivation at the Card Services Business Department of VCB’s Ngo Quyen Transaction Centre 25 Table Respondents’ profile by age 29 Table 7.Vietcombank’s visit regimes and policies 32 Table Employees’ evaluation towards Interpersonal relations 38 vii ABBREVIATIONS AGM Annual General Meeting ATM Automated Teller Machine Joint Stock Commercial Bank for Investment and Development of BIDV Vietnam Bil Billion BOD Board of Directors BoM Board of Managers CAR Capital Adequacy Ratio CSB Card services Business EMBA English Master for Business Administration HR Human Resources HRD Human Resources Department IPO Initial Public Offering JSC Joint Stock Commercial MA Master MBA Master for Business Administration No Number NPL Non performing Loan OECD Organization for Economic Co-operation and Development ODA Official Development Assistance PJICO Petrolimex Insurance Joint Stock Company viii LIST OF REFERENCES Ahmad, M B., Wasay, E., & Malik, S U (2012) Impact of Employee Motivation on Customer Satisfaction: Study of Airline Industry in Pakistan, Interdisciplinary Journal of Contemporary Research in Business, 4(6), 531-539 Armstrong, Michael (2001) Human Resource Management Practice London: Kogan Page Limited Armstrong M (2006) Human Resource Management Practice, Kogan Page, Pp 251-269 Arnold Anderson (2010), Factors Affecting Employee Performance, Macmillan publishing company, 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Lunghwa University of Science and Technology and this questionnaire forms part of my thesis I am doing a survey on employee’s motivation at the card services business department of Vietcombank’s Ngo Quyen transaction centre You could answer the questionnaire by completing the blank spaces with precise answers “1 Years of experience:”  “< years”  “2 – years”  “> years”  “26 – 31”  “> 31” “2 Age:”  “23 – 26” “3 Gender:”  “Male”  “Female” “4 Qualification:”  “Bachelor”  “MA”  “Others” Position …………………………………………………………………………………… What motivates you most at work? …………………………………………………………………………………… …………………………………………………………………………………………… …………………………………………………………………………………………… Do you have any comments to improve employee motivation at the Card Services Business Department of Vietcombank’s Ngo Quyen Transaction Centre? …………………………………………………………………………………………… …………………………………………………………………………………………… …………………………………………………………………………………………… Could you answer the questionnaire by rating the following statements by ticking only one appropriate box on the side of each question, where 1= Strongly disagree, = Disagree, = Neutral, = Agree, = Strongly agree, which best corresponds with your opinion 67 “Level” “Statement” “Bank’s policies and administration” “The bank’s policies and rules are relevant and clear enough for you.” “The administrative procedures of the bank are simple and friendly enough for you.” “You feel acceptable with other policies such as social insurance, childcare, healthcare and other extra activities.” “Quality of supervision” “Your supervisor provides you with regular constructive feedback.” “You feel acceptable with your supervisor’s management style.” “Your supervisor communicates your job performance expectations with you clearly.” “Your supervisor takes time to listen to your concerns and supports reasonable suggestions.” “Your supervisor is objective and fair enough.” “Working conditions” “The bank has modern and safe working environment.” “The bank has clear and friendly cultural framework and principle.” “The bank’s public reputation is good.” “The bank has suitable regime for working and relaxing time.” “The bank equips you with full and suitable facilities for your current work.” “Salary” 68 “Level” “Statement” “Your salary is suitable for your efforts.” “Your salary can ensure your current living standards.” “You feel satisfied with your current salary.” “Salary is paid fully and timely.” “The allowance of the bank is suitable and encouraging for the working environment.” “The bank always has the regime for bonus given at Tet, holidays, etc.” “The bank’s policy on salary and bonus is equal and reasonable.” “Your salary is higher than that of other banks.” “Interpersonal relations” “You are supported by your co-workers when doing your work.” “Your co-workers are always helpful and cooperative.” “You are recognized and respected by your co-workers for your achievements.” “Employees at the department and the bank always share and communicate on a friendly and harmonious basis.” “You can well cooperate with your co-workers when working.” “You co-workers are full of capacity and responsible to well meet working requirements.” “You are encouraged by your managers.” “The managers always recognize your achievements.” “You are instructed and directed enthusiastically by your managers during working.” “You feel satisfied with your managers’ leadership and management style.” “Your managers are excellent.” 69 “Level” “Statement” “Achievement” “You can earn some profit when you complete the whole or a part of a job.” “The bank gives you some bonus on raising ideas to solve problems.” “You can achieve some reward when generating money for the bank.” “The bank has its own official performance appraisal to recognize one’s work.” “The work itself” “Your current work makes you proud and respected by the society.” “Your current work requires you to use a large amount of professional expertise.” “Your current work affects other individuals’ works in the organization.” “Your current work is challenging and interesting.” “Your current work requires you to be always innovative.” “Your current work fills you with the feeling of completion and success.” “Your current work makes positive contribution to the general sales objectives of the organization.” “Advancement” “You believe that your work brings you a lot of promotion and development opportunities for your future career.” “You are able to be recognized and given promotion based on your capacity, seniority and achievements in work.” “The bank always promotes the right person for the right duty and the right position.” “The bank has clear promotion and development policy.” 70 “Level” “Statement” “You are equally treated in promotion opportunities as compared to other colleagues at the same working seniority and training qualification.” “Growth” “You are supported with favorable conditions to improve your qualification to be able to meet current work requirements.” “You are funded to attend necessary training courses for your work.” “You are oriented to attend the programs to improve your knowledge for your work that cannot be organized by the bank.” “The training activities of the bank helpful for your work.” “You are able to apply the knowledge and expertise gained from the training course to your work.” “Overall employees’ motivation” “You always take much self-efforts when working.” “You feel awful when you fail in working.” “You feel unhappy when everything goes wrong, not as expected in working.” “You like reviewing daily works to enjoy your achievements.” “You always think about how to your work in the most effect way.” 71 APPENDIX PRIMARY DATA COLLECTED Strongly disagree Disagree Neutral Agree The bank’s policies and rules are relevant and clear enough for you The administrative procedures of the bank are simple and friendly enough for you You feel acceptable with other policies such as social insurance, childcare, healthcare and other extra activities 0 Your supervisor provides you with regular constructive feedback You feel acceptable with your supervisor’s management style Your supervisor communicates your job performance expectations with you clearly Your supervisor takes time to listen to your concerns and supports reasonable suggestions Your supervisor is objective and fair enough The bank has modern and safe working environment The bank has clear and friendly cultural framework and principle Mean Strongly agree 25 37 10 3.79 18 40 14 3.94 0 18 30 24 4.08 0 40 24 3.56 38 22 11 3.60 39 23 3.56 15 40 12 3.10 15 38 15 3.11 0 40 27 0.00 4.31 0 34 38 4.53 72 The bank’s public reputation is good The bank has suitable regime for working and relaxing time The bank equips you with full and suitable facilities for your current work 0 23 25 24 4.01 23 12 21 16 3.42 0 23 49 4.68 Your salary is suitable for your efforts Your salary can ensure your current living standards You feel satisfied with your current salary Salary is paid fully and timely The allowance of the bank is suitable and encouraging for the working environment The bank always has the regime for bonus given at Tet, holidays,… The bank’s policy on salary and bonus is equal and reasonable Your salary is higher than that of other banks 11 34 22 3.29 20 25 26 3.11 18 34 19 3.04 0 43 29 4.40 18 26 27 3.15 0 32 40 4.56 10 37 19 3.29 14 58 0 1.81 51 14 4.07 14 52 10 4.19 0 36 26 10 3.64 11 33 23 3.31 You are supported by your co-workers when doing your work Your co-workers are always helpful and cooperative You are recognized and respected by your coworkers for your achievements Employees at the department and the bank always share and communicate on a friendly and harmonious basis 73 You can well cooperate with your co-workers when working You co-workers are full of capacity and responsible to well meet working requirements You are encouraged by your managers The managers always recognize your achievements You are instructed and directed enthusiastically by your managers during working You feel satisfied with your managers’ leadership and management style Your managers are excellent 30 35 3.60 12 41 10 3.22 25 24 18 3.76 12 37 18 3.22 41 22 3.35 12 31 21 3.35 16 22 28 3.33 You can earn some profit when you complete the whole or a part of a job The bank gives you some bonus on raising ideas to solve problems You can achieve some reward when generating money for the bank The bank has its own official performance appraisal to recognize one’s work 15 38 10 2.85 26 34 10 2.83 0 45 27 4.38 15 57 0 1.79 0 33 35 3.60 0 21 21 30 4.13 0 23 35 14 3.88 Your current work makes you proud and respected by the society Your current work requires you to use a large amount of professional expertise Your current work affects other individuals’ works in the organization 74 Your current work is challenging and interesting Your current work requires you to be always innovative Your current work fills you with the feeling of completion and success Your current work makes positive contribution to the general sales objectives of the organization 19 23 18 12 3.32 13 29 21 3.36 10 43 13 3.21 0 10 35 27 4.24 You believe that your work brings you a lot of promotion and development opportunities for your future career You are able to be recognized and given promotion based on your capacity, seniority and achievements in work The bank always promotes the right person for the right duty and the right position The bank has clear promotion and development policy You are equally treated in promotion opportunities as compared to other colleagues at the same working seniority and training qualification 0 35 25 12 3.68 0 10 45 17 4.10 43 22 3.42 37 23 3.36 18 27 22 3.19 You are supported with favorable conditions to improve your qualification to be able to meet current work requirements 0 11 45 16 4.07 75 You are funded to attend necessary training courses for your work You are oriented to attend the programs to improve your knowledge for your work that cannot be organized by the bank The training activities of the bank helpful for your work You are able to apply the knowledge and expertise gained from the training course to your work 20 27 14 11 3.22 0 30 20 22 3.89 0 33 32 3.64 0 34 38 4.53 You always take much self-efforts when working You feel awful when you fail in working You feel unhappy when everything goes wrong, not as expected in working You like reviewing daily works to enjoy your achievements You always think about how to your work in the most effect way 12 25 18 17 3.56 0 10 44 18 4.11 0 45 22 4.24 24 20 24 3.11 34 28 3.58 76 ... employee motivation situation at the Card Services Business Department of Vietcombank’s Ngo Quyen Transaction Centre; - To propose solutions to improve employee motivation at the Card Services Business. .. factors to measure employee motivation? - How is the current employee motivation situation at the Card Services Business Department of Vietcombank’s Ngo Quyen Transaction Centre? - What are effective... Achievement, The work itself, Growth 17 THE CURRENT SITUATION OF EMPLOYEE MOTIVATION AT THE CARD SERVICES BUSINESS DEPARTMENT OF VIETCOMBANK’S NGO QUYEN TRANSACTION CENTRE 3.1 Overview of Vietcombank