Impacts of job satisfaction on job performance, organizational commitment, and turnover intention of employees in VietinBank Ba Dinh branch NATIONAL ECONOMICS UNIVERSITY BACHELOR THESIS I herewith formally declare that I myself have written the submitted Bachelor Thesis independently. I did not use any outside support except for the quoted literature and other sources mentioned at the end of this paper.I clearly marked and separately listed all the literature and all other sources which I employed producing this academic work, either literally or in content.
NATIONAL ECONOMICS UNIVERSITY EXCELLENT EDUCATIONAL PROGRAM - - BACHELOR THESIS Impacts of job satisfaction on job performance, organizational commitment, and turnover intention of employees in VietinBank Ba Dinh branch Ha Noi, 2020 NATIONAL ECONOMICS UNIVERSITY EXCELLENT EDUCATIONAL PROGRAM - - BACHELOR THESIS Impacts of job satisfaction on job performance, organizational commitment, and turnover intention of employees in VietinBank Ba Dinh branch Student’s full name Student’s ID Class Speciality Supervisor : : : Business Administration : Enterprise Management : Vũ Hoàng Nam PhD Ha Noi, 2020 Table of Contents STATUTORY DECLARATION I herewith formally declare that I myself have written the submitted Bachelor Thesis independently I did not use any outside support except for the quoted literature and other sources mentioned at the end of this paper I clearly marked and separately listed all the literature and all other sources which I employed producing this academic work, either literally or in content Ha Noi, … / … / 2020 ABBREVIATIONS BoD Board of Director GMS Globalization Management System BoM Board of Management ORP Operational Readiness Plan SBV State Bank of Vietnam ERP Enterprise Resource Planning IDP Individual Development Plan TOT Training of Trainers HR Human Resource VBI VietinBank Insurance LIST OF TABLES LIST OF FIGURES INTRODUCTION The high turnover rate of workers has progressively been an important issue for both specialists and academics Concerns about the issue have a substantial basis on the chance that one will look at the detailed insights into turnover rates From the point of view of the board’s human asset, high turnover is a major issue for a several reasons For starters, the high turnover rate has money-related results It is essential at a time when representatives leave, enroll, choose and prepare new workers Supplying a full-time, private-equity worker may cost 25 per cent of his or her total annual remuneration (Kenny, 2007) Second, representative turnover may impair the efficiency of the organization and, in this way, the execution, in particular when it involves basic situations in associations The high turnover also produces a feeling of unevenness in the working environment, which consequently stirs up supervisors and representatives Organizations that can not reduce the turnover of their workers are likely to lose their intensity over the long run (Ismail & Lim) As a result of these adverse outcomes, there is an urgent need for associations to understand the components that add to the representative turnover of associations Human resources are always an important key factor contributing to the success of every business Especially in the context of economic integration today, human resource issues are always the top concern of organizations In particular, the bank is no exception With the banking industry characteristic, currency trading is still risky, so it is necessary to have a competent quality workforce to meet the job requirements, such as fierce competition between banks Increasingly, bank employees face more and more pressure, such as running sales targets, running KPIs, not to mention the fear of falling into the cycle of labor always lurking around them As a result, many bank employees were dissatisfied with their jobs, and eventually, they had to resign Therefore, personnel in the banking industry are always volatile and often have to recruit and train much new personnel, especially those in the credit and accounting departments This situation makes banks often rush into the recruitment and training of new personnel The sticking index of the bank staff makes the employers have a headache The basic reason is that when recruiting new personnel, the bank often has to spend at least six months to a year for training I had not known the job for a long time, even before I had even contributed to the unit, the personnel had quit This problem poses a problem for banks, including VietinBank - Ba Dinh branch, which is how to limit the intention of leaving employees in the bank, helping them feel secure bundle, devote to your unit more lasting The number of employees quitting VietinBank in 2019 was 287, equivalent to 1.3% (Minh, 2020) Thereby, we can see that the rate of VietinBank resignation is relatively high, requiring the board of directors to quickly step in to have a solution to minimize the employee turnover rate This thesis researches the factors affecting the job satisfaction of VietinBank Ba Dinh employees with organizational commitment, working efficiency, and intention to quit Since then, the thesis proposes solutions to improve employee satisfaction at work, enhance cohesion, and improve employee performance, avoid brain drain in VietinBank The thesis has built a research model on the factors affecting job satisfaction, organizational commitment, job completion, and the intention to leave the bank Analyze the current situation of the factors affecting the relationship between job satisfaction, organizational commitment, performance, and the intention to leave of VietinBank Ba Dinh's employees Propose solutions and recommendations to encourage and increase working motivation, engagement, and performance, reducing the desire to quit the job of VietinBank Ba Dinh branch staff This investigation is organized into four areas Chapter 1, contains a presentation of VietinBank Ba Dinh branch Research builds hypothesis and the connection among them are talked about in the writing audit of chapter Next, in chapter 3, manages the measurable examination of the observational consequences of this investigation The point of the investigation is expressed, after which the technique is clarified top to bottom Further, information examination is introduced, after which the outcomes are talked about Chapter closes with a conversation of confinements and proposals recommended CHAPTER OVERVIEW OF VIETINBANK AND BA DINH BRANCH 1.1 General information of VietinBank 1.1.1 Business information The VietinBank was established in 1988 and is separate from the State Bank of Vietnam VietinBank is one of Vietnam ‘s four largest commercial banks, ranked among the top 23 state-owned companies - International transaction name: VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE Abbreviated name: VIETINBANK Charter capital: VND 37,234 billion Headquarters: 108 Tran Hung Dao, Hoan Kiem District, Hanoi Phone: (84-24) 3942 1030 Fax: (84-24) 3942 1032 Website: http://www.vietinbank.vn/ Logo of VietinBank 1.1.2 Establishment and development of VietinBank VietinBank established in 1988 after being separated from the State Bank of Vietnam It has become one of the four largest state-owned commercial banks in Vietnam, with total assets of VietinBank accounting for more than 20% of the market share of the entire banking system of Vietnam Besides, VietinBank’s capital source has continued to increase over the years and has been growing significantly since 1996, with an average annual growth rate of 20% Moreover, VietinBank has developed an operational network including 01 10 Table 3.18 ANOVA variance analysis with organizational commitment Sum of Squares Model Regression df Mean Square 1.210 605 Residual 74.346 130 572 Total 75.556 132 Regression 43.701 14.567 Residual 31.855 129 247 Total 75.556 132 F Sig 1.058 035b 58.991 000c ANOVA test results on the suitability of the model for Sig results = 0,000 is less than 5%, so the coefficient results can be considered Conclusion: from the regression results, the increased job satisfaction increases the commitment to the organization So hypothesis H3 has been supported 3.4.4 Regression results of turnover intention Table 3.19 Results of regression model towards turnover intention R Square Adjusted R Square Std Error of the Estimate Change Statistics Model R 354a 125 112 60881 125 9.309 398b 159 139 59944 033 5.096 R Square Change F Change Run regression with SPSS software with multivariate variables, in which: the turnover intention is dependent variable an organizational commitment is independent variable The regression results show that the adjusted R is 0.139, meaning that the independent variable running regression affects 13.9% of the change of the dependent variable, the rest is due to non-model variables and random errors 47 Table 3.20 Results of linear regression with turnover intention Unstandardize d Coefficients Std B Error Model (Constant) Gender Tenure (Constant) Gender Tenure oc 1.554 242 -.042 2.110 249 -.039 -.157 Standardized Coefficients t Sig Beta 092 107 012 262 105 012 070 Collinearity Statistics Tolerance 185 -.294 191 -.271 -.184 16.900 2.258 -3.580 8.039 2.365 -3.329 -2.257 000 026 000 000 020 001 026 VIF 998 998 1.002 1.002 997 983 984 1.003 1.017 1.016 Sig tests t regression coefficients of independent variables less than 0.05, so these independent variables have significant explanations for the dependent variable The result from the table above shows that the coefficient of organizational commitment variable is less than This indicates that organizational commitment has a linear inverse relationship In other words, organizational commitment affects the turnover intention, and this effect is negatively affected because of the negative β coefficient VIF is less than so multicollinearity is not occur Table 3.21 ANOVA variance analysis with turnover intention Model Regression df Mean Square 6.901 3.450 Residual 48.185 130 371 Total 55.086 132 8.732 2.911 Residual 46.354 129 359 Total 55.086 132 Regression Sum of Squares F Sig 9.309 000b 8.100 000c ANOVA test results on the suitability of the model for Sig results = 0,000 is less than 5%, so the coefficient results can be considered 48 Conclusion: from regression results, higher organizational commitment reduces the intention to quit So the hypothesis H4 proposed has been supported 49 CHAPTER DISCUSSION 4.1 Summary of findings Survey results show that job satisfaction has a dramatic impact on the performance of employees The efforts of bank staff influenced by significant factors of job satisfaction, not only affecting the pride of employees in the office where they work and their work but also demonstrating the trust of employees in the leadership and development of the work unit From the employee’s point of view, when they consider their work to be more boring, they often have no interest in the current job; on the contrary, people who love the work they find it exciting and able to express it A person goes to work for a variety of reasons, but being satisfied with the job is one of the most important causes that not only keeps them attached to the workplace but also helps increase productivity The results of the analysis showed that most of the employees surveyed said that when they were satisfied with their work, their work efficiency increased because they were more aware of their efforts to complete their work, and they worked harder than other colleagues In general, the banker’s job performance scale was assessed by four factors: (1) efficiency, (2) creativity, (3) proactiveness These three factors were evaluated with relatively uniform indicators Through interviews with VietinBank bank staff surveyed also shows that, when employees are satisfied with their current job, they tend to be more active and more productive When employees are well assessed, they are also more confident in themselves and their careers The results of the interviews also show that employees are committed not only to the organization on the basis of their work emotions, but also specific calculations According to Allen and Meyer (1990), a prediction-based commitment is the desire to remain in the organization of employees because they are aware of the costs associated with leaving the organization According to both authors, employees continue to work at the organization because they feel the need to so In addition, computational-based commitments described as “awareness of the costly level of termination of an organization’s commitment” (Meyer & Herscovitch, 2001) Because the promise based on interpolation of past employees’ contributions, and therefore the commitment based on the calculation shown, is that workers feel that they will receive benefits if they stay with the organization, and that staff will lose if they leave the organization With the current policy on training 50 and development in the state-owned banking environment, higher education officers tend to work longer Because they are more likely to face problems when they finish their jobs with compensation, such as training, they can not afford to pay for their expenses In general, the last element is the most rated among six factors assessed for commitment to an organization The employees surveyed also said that if they are satisfied with their work, they will feel more attached to their agencies and their work, thereby affecting their emotions and working attitudes Some opinions have indicated that, with the VietinBank’s environment in difficulty, it will have a significant impact on staff, such as welfare, social security, work Therefore, if banks face problems, employees themselves will feel worried and want to be able to solve them soon The results off the survey show that there is a change in the organization, such as streamlining payroll, welfare regime, and working arrangements These changes have a multidimensional impact on the job satisfaction of the staff of VietinBank Ba Dinh On the positive side: the employees feel that the change is necessary and acceptable; the percentage of employees who accept the changes that affect their work is not large, especially those who are under 35 years old As far as seniority is concerned, the percentage of employees between to years of work experience is also those who accept the most rapid change of attitude, and are satisfied if they have an impact on their work On the negative side: change in organization negatively affects the thoughts, attitudes, and behavior of employees A significant proportion of the employees surveyed had ever intended to leave once in the course of their work Those with a university degree or higher are more willing to stop finding a new job that is better suited to better compensation The percentage of employees with 10 years of experience or more who intend to leave is not much, but from to less than 10 years of experience accounts for the highest percentage The employees aged 45 or older often not intend to quit due to their long working time and also related to the regimes and policies they enjoy, the percentage of employees aged 25 to 35 years old who intend to quit is the largest The main reason is that they no longer believe in the work and leadership of the organization, as well as in the benefits and salaries that are not consistent with the effort they have made in the process of work 51 As a result, the results of the research show that the attitude, satisfaction at work are quite crucial to leaving the bank Employees may also accept changes to staff policies, benefits, salaries, and other regulations, but they are not fully satisfied with the job and lead to the intention to quit But when they no longer have faith in their work and the working environment, employees intending to quit their job will also increase The interview also showed that employees are often dissatisfied with the advancement and recognition of their leaders with their skills rather than salaries What employees need is promotion and, at the very least, recognition of leadership, if their efforts fail to achieve that recognition, the intention to quit tends to increase The results of the regression model and the qualitative test results analyzed above show that job satisfaction has a significant impact on organizational commitment, effort, performance, and employee intent to quit Examining the average value of the variables shows that job satisfaction is quite similar to organizational commitment, effort, and performance, while the turnover intention is lower This indicates that conditions in VietinBank are relatively good, and the percentage of employees who intend to leave is relatively low The results also show that the performance of staff is explained by performance, creativity, and initiative at work 63.1% of the employee effort change is defined as job satisfaction 56.9% of the shift in organizational commitment comes from less job satisfaction The higher level of job satisfaction, the higher the level of organizational commitment, the less intention to quit The results of this study are easy to explain and similar to most previous research models The results also show that variables directly affect job satisfaction, indirectly affect organizational commitment, and have an indirect impact on turnover intention Thus, if we adjust the factors to increase employee satisfaction in work, they will also indirectly increase their organizational commitment and reduce their intention to quit The research results have confirmed the previous hypotheses: H1: Job satisfaction has a positive impact on the effort H2: Effort has a positive impact on job performance H3: Job satisfaction has a positive impact on organizational commitment H4: Job performance has a negative impact on the employee’s turnover 52 intention In which the interview results of respondents associated with the survey in the study showed that: Job satisfaction has a positive impact on emotions, attitudes, and calculations of employees in terms of loyalty and loyalty to the workplace With the tasks assigned to them, the position and qualifications of employees are also factors that increase the satisfaction of employees with the situation, thereby increasing their engagement with the Quan When there is satisfaction with the job, working with the employees will have a positive working attitude and higher job performance This shows not only their pride and belief in themselves, in the work they are undertaking, but also the affirmation and commitment of employees before leaders and colleagues On the contrary, when the satisfaction of employees tends to decrease, they are more likely to become dissatisfied with the rules, the agency’s job requirements, and the intention to quit more When employees are dissatisfied, their attachment to work and workplace is also reduced In general, like other State-owned banks, VietinBank also has certain limitations in its working environment and working conditions However, these factors are not included in the scale of the assessment of the relationship between job satisfaction and commitment to the organization, effort, efficiency, and intention to leave the bank because this is not a must-factor that can change easily as in other nonbusiness units 4.2 Recommendations related to the organizational commitment For all jobs in general as well as the work of employees at VietinBank Ba Dinh branch, the higher the organizational commitment of each individual, the more tightened they will be minimized Because this is a platform to help employees get more motivation to commit to working more Job satisfaction is closely related to organizational commitment, and many scholars consider this to be a distinctive sign of the impact of different variables on organizational commitment (Lok & Crawford, 2001) Staff satisfaction at work is also a need for recognition and achievement Managers need to pay more attention to designing work and making it rich and meaningful It is a method to improve 53 satisfaction, to create incentives to increase labor productivity, to satisfy the needs, competencies, and values of employees, the higher their satisfaction However, in the current situation, the implementation of activities to increase the level of commitment to the organization has not been effectively implemented The author therefore proposes recommendations to enhance the commitment of the organization to minimize the employee’s intention to resign as follows: Firstly, regularly discovering and fostering competent cadres on a regular basis, helping them to increase their work experience so as not to create boredom in their work, thereby contributing to boosting the commitment of the employees at more organizations and organizations Second: Regularly identify and transfer staff to new positions to adapt their skills and experience This method is essential because it can help staff to feel interested in the work of the unit in which they work, thus contributing to an increase in the organization’s commitment to the workplace Third: Units need to create their own resting space for staff, which can be: reading room, newspaper room, midday break to help them get better spirits after working hours of stress This is considered to be one of the key trends for the units and organizations because this policy creates more mental motivation, helps employees feel more interested in their bank, minimizes their intention to quit the bank Fourth: Ensuring the maintenance of good health for employees at work In order to ensure that units not only carry out insurance activities, periodic health checks for staff, but also need to pay attention to other small actions, such as the office room must be well-lit, electrical and water-based, thus further promoting the cohesion of the workplace with cadres more, minimizing their intention to quit 4.3 Recommendations related to improving job satisfaction and improving work performance 4.3.1 Recruitment and placement of job matching capabilities of employees The staff, as well as parts of the human body, if not arranged, assigned scientifically and reasonably will lead to overlapping, cluttered, inconsistent, untrue public duties; each other leads to unpredictable consequences Therefore, right from 54 the recruitment, banks need to recruit cadres following professional standards and qualifications as well as the conditions of dignity and morality to find the right people who are interested and capable After hiring, it is required to arrange the work properly, following the capacity, qualifications, forte available for the right people, and assigned specific jobs Not too pressure but not too simple to create boredom for employees When assigning a task to a subordinate, the leader should discuss and consult with them because they are the ones who understand the best of their competence to the extent that the goal is far beyond their capabilities That way, they are ready to perform the task without feeling imposed and having the most effective working attitude There are periodically rotating jobs among staff to create conditions for cadres to approach many different positions and allow them to learn and grasp many fields, thereby improving work experience, professional knowledge, generating interest in work for employees Also, it helps employees promote their creative potential, build confidence Objectives need to be challenging and achievable, explaining the importance of goals to the organization and each individual 4.3.2 Promote the training, training and construction of banking culture It is necessary to step up the training and fostering of the banking staff; there must be an incentive and mandatory regime for self-study and self-study Periodically check knowledge and professional qualifications for each level of the team, have regulations to control the use of staff after training, ensure training effectiveness Establishing collective goals to help employees as well as other workers, realize their role in the aggregate and focus on the organization’s overall development goals in a spirit and voluntary consciousness Building a sense of solidarity, always ready to cooperate, support each other to complete the work of individuals and collectives Leadership and mass organizations need to be proactive in building and encouraging employees to have a spirit of cooperation, support staff to maintain good colleague’s relationships such as helping each other at work, not relying on or push responsibility and aim towards achieving the highest performance 55 CONCLUSIONS The research results shed light on the relationship between job satisfaction and commitment to the organization, the efforts of employees, work efficiency, and the intention to leave the bank’s staff Ba Dinh has solved the research objectives The thesis synthesizes research materials to clarify some critical theoretical contents: 1) Theoretical basis and research model; 2) Scale construction criteria; 3) Research model on the relationship between job satisfaction and commitment to the organization, effort, performance, and intention to quit In addition, to previous studies, research works has also been analyzed criteria for assessing job satisfaction, commitment to the organization, and efforts of employees, job performance, and intention to make a turnover The proposed research model includes factors of work resources that affect job satisfaction and organizational commitment, effort, performance, and turnover intention Line Cronbach’s Alpha is used to test the reliability of the scale of the components of work resources and job cohesion, showing that the measurement scales used in research are highly reliable Correlation analysis and regression are used to find out the relationship between the components of work resources that affect job satisfaction and commitment to the organization, effort, job performance results, and turnover intention of the bank staff The results of the regression analysis show that the level of job completion when studying with the case of the officers working at VietinBank Ba Dinh branch is affected by two factors: (1) job satisfaction; (2) self-effort The regression analysis results also show that the intention to quit when studying with the case that the staff working at VietinBank Ba Dinh branch is influenced by two factors: (1) 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OVERVIEW OF VIETINBANK AND BA DINH BRANCH 1.1 General information of VietinBank 1.1.1 Business information The VietinBank was established in 1988 and is separate from the State Bank of Vietnam VietinBank. .. of VietinBank (1) (VietinBank, 2018a) Figure 1.2 Organization Structure chart of VietinBank (2) (VietinBank, 2018a) 16 Board of Directors: The BoD is the governing body of VietinBank, having... Fax: (84-24) 3942 1032 Website: http://www .vietinbank. vn/ Logo of VietinBank 1.1.2 Establishment and development of VietinBank VietinBank established in 1988 after being separated from the State