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Dissatisfaction on commision of pos salesman in ho chi minh city at mirae asset finance company (vietnam)

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UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business Nguyen Thi Hoang My Thesis DISSATISFACTION ON COMMISION OF POS SALESMAN IN HOCHIMINH CITY AT MIRAE ASSET FINANCE COMPANY (VIETNAM) ………………………… MASTER OF BUSINESS ADMINISTRATION SUPERVISOR: ASSOC P TRAN HA MINH QUAN Hochiminh City – 2021 SUPERVISOR’S CONFIRMATION Student name: NGUYEN THI HOANG MY Student ID: 22170029 Thesis title: DISSATISFACTION ON COMMISSION OF POS SALESMAN IN HOCHIMINH CITY AT MIRAE ASSET FINANCE COMPANY (VIETNAM) I would like to confirm that this paper has met the following requirements:  Completed content  Editing requirements Other comments: Overall, this paper:  Meet requirement for submission  Not meet requirement for submission Supervisor’s Signature TABLE OF CONTENTS EXECUTIVE SUMMARY LIST OF FIGURES LIST OF TABLES ABBREVIATION CHAPTER 1: COMPANY BACKGROUND 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 HISTORY BUSINESS PERFORMANCE 11 VISION 12 MISSION 13 PRODUCT 13 ORGANIZATION CHART OF MAFC 15 INSTALLMENT LOAN DEPARTMENT (POS DEPT.) 16 TARGET CUSTOMER 16 MARKET SHARE 17 CHAPTER 2: PROBLEM INDENTIFICATION 18 2.1 PROBLEM CONTEXT 18 2.2 SYMPTOM: 19 2.3 POTENTIAL PROBLEMS 21 2.3.1 Incompatible work 22 2.3.2 Poor performance of Leadership 25 2.3.3 Dissatisfaction on commission 27 2.4 HIGH COMPETITION 30 2.5 MAIN PROBLEM VALIDATION 31 CONCLUSION 33 2.6 PROBLEM CONSEQUENCES 33 2.6.1 Impact on Individuals: Lack of opportunities for promotions 34 2.6.2 Impact on Organization: High turnover rate: 34 CHAPTER 3: CAUSE OF PROBLEM 36 3.1 POTENTIAL CAUSES 36 3.1.1 Miscommunication on commision policy of Salesman 36 3.1.2 Low of competition in commission policy 36 3.1.3 Poor salesman skills 37 3.2 REAL CAUSES: 37 3.2.1 Miscommunication on commision policy of POS Salesman 38 3.2.2 Low of competition on commission policy of POS Salesman 39 3.2.3 Poor salesman skills 40 3.3 MAIN CAUSE VALIDATION 41 CHAPTER 4: SOLUTION 44 4.1 ALTERNATIVE SOLUTION 1: BUILDING AN ORIENTATION TRAINING COURSE FOR POS SALESMAN ABOUT COMMISION POLICY 44 4.2 ALTERNATIVE SOLUTION2: BUILDING A TWO-WAY COMMUNICATION SYSTEM 46 4.3 ALTERNATIVE SOLUTION 3: PROVIDING A PAY STATEMENT OF POS SALESMAN’S COMMISSION 48 4.4 SOLUTION SELECTION 51 CHAPTER 5: ACTION PLAN 53 CHAPTER 6: CONCLUSION 56 CHAPTER 7: SUPPORTING INFORMATION 57 7.1 METHODOLOGY 57 7.2 POPULATION AND SAMPLING 57 7.3 INTERVIEW TRANSCRIPTS: 58 7.3.1 Potential Problems Interview Transcripts: 58 7.3.2 Problem Validation Interview Transcripts: 64 7.3.3 Cause Validation Interview Transcripts: 66 7.3.4 Solution Justification Interview Transcript 69 7.4 COMMISSION POLICY FOR POS SALESMAN 71 REFERENCE 74 EXECUTIVE SUMMARY Nowadays, buying and paying monthly installments is no longer strange to Vietnamese consumers High demand leads to abundant supply There are dozens of financial companies emerging with strong capital and diverse competitive strategies Along with that is the talent attraction strategy that companies build to own a dynamic workforce to increase the competitiveness of the business compared to the competition Mirae Asset Finance Company (Vietnam) is not a new brand name in the financial industry, but it is a new comer in the field of consumer installment loans Its Installment Loan department was only established years ago compared to the company's 10-year history Currently, when Installment Loan department is trying to expand its sales system by increasing human resources, the turnover rate of POS salesman in Hochiminh region is too high It shows that a large number of credits consultants in this area joined the company and then left The purpose of this thesis to find out the problems of Installment Loan department in Hochiminh city to get the situation and solve them This report uses both of primary data and secondary research to analyze as well as conduct in-depth interviews with POS salesman and managers of Installment Loan department It also bases on available literatures to verify some possible problems which can be occurred From that, the thesis continuous to evaluate potential causes and combine with the MAFC's context to find out the real cause that are really existing in the firm Finally, with comments of managers, thesis come to conclusion To sum up, the thesis finds out that Dissatisfaction on commission is the main problem of high voluntary turnover rate of POS salesman in Hochiminh city at Installment Loan department of Mirae Asset Finance Company (Vietnam) The main cause which leads to this problem is the Miscommunication on commission And the best solution is building an orientation training course about commission policy for all staffs including new and current POS salesman This solution can improve the satisfaction of POS salesman in Hochiminh city about their commission and therefore, it increases POS salesman's productivity which get higher revenue for the company LIST OF FIGURES Figure 1.1: Map of MAFG’s network (9) Figure 1.2: All area of business in MAFG .(10) Figure 1.3: History and Milestone of MAFC (10) Figure 1.4: Customer Growth of MAFC (11) Figure 1.5: ASEAN Business Award 2020 Combating Covid – 19 (12) Figure 1.6: Four core values of MAFC (12) Figure 1.7: Map products of MAFC (13) Figure 1.8: Progress of a CDL/TWL (14) Figure 1.9: Organization chart of MAFC (15) Figure 1.10: Structure of Installment Loan Department (16) Figure 1.11: Market share of finance companies in Vietnam (2018 – 2019) (17) Figure 2.1: Average Turnover Rate by Industry .(19) Figure 2.2: Voluntary turnover rate of POS Salesman in POS – HCM (21) Figure 2.3: Reasons for resignation of POS salesman – Source: HR department (23) Figure 2.4: Initial causes and effects map (30) Figure 2.5: Updated causes and effects map (31) Figure 3.1: Complaints of POS salesmen about commission (2019 – 2020) (38) Figure 3.2: Fish born map (41) Figure 3.3: Ideas of POS salesman for main factor make their dissatisfaction on commission (42) Figure 3.4: Final cause and effect map .(43) Figure 4.1: The Kirkpatrick's Four-Level Training Evaluation Model (44) Figure 4.2: Model of a Proposed Two – way communication system at MAFC (47) Figure 4.3: Proposed interface of the two – way communication system at MAFC (47) Figure 4.4: Current pay statement provided to POS salesman (49) Figure 4.5: Form of detailed commission on communication system (50) Figure 4.6: Proposed Change in Format of Payment Statements for POS salesman .(51) LIST OF TABLES Table 2.1: Number of POS Salesman in Hochiminh from 2018 to 2020 - Source: Installment Loan dept (20) Table 2.2: Voluntary turnover rate of POS Salesman in Hochiminh from 2018 to 2020 - Source: HR dept .(20) Table 2.3: Transcripts interview with Mr Minh and Ms Ngan to validate main problem (32) Table 3.1: Number of complaints’ POS Salesmen in Hochiminh from 2019 to 2020 - Source: Installment Loan dept (38) Table 3.2: Commission in comparison among rivals .(40) Table 4.1: The costs of orientation training course about commission policy for POS salesman (46) Table 4.2: The cost of building a pay statements (48) Table 4.3: Solution comparison (51) Table 5.1: Action plan of orientation training course .(55) Table 7.1: Interview transcript with ASM – Mr Minh for potential problems (59) Table 7.2: Interview transcript with Ms Nguyen Thi Van Anh - POS salesman of POS - HCM for potential problems (60) Table 7.3: Interview transcript with Ms Pham Thi Thanh Loan - POS salesman of POS - HCM for potential problems .(61) Table 7.4: Interview transcript with Mr Nguyen Thanh Binh - POS salesman of POS - HCM for potential problems (61) Table 7.5: Interview transcript with Mr Nguyen Cong Duy - POS salesman of POS - HCM for potential problems (62) Table 7.6: Interview transcript with Mr La Thanh Long - POS salesman of POS - HCM for potential problems (63) Table 7.7: Interview transcript with Mr Le Van Tien - POS salesman of POS HCM for potential problems (63) Table 7.8: Interview transcript with Mr Nguyen Chi Dung - POS Sales Supervisor of POS - HCM for potential problems .(64) Table 7.9: Problem Evaluation Interview Transcript (65) Table 7.10: Interview transcript with POS Sales Admin Supervior (66) Table 7.11: Interview transcript with Mr Minh – ASM about potential causes (67) Table 7.12: Survey for the main cause with 100 POS Salesmen in Hochiminh city (68) Table 7.13: Main Causes Evaluation Interview Transcript (68) Table 7.14: Interview transcript with Mr Phuoc about alternative solution (69) Table 7.15: Interview transcript with Mr Minh – ASM about alternative solution (70) Table 7.16: Alternative solution and solution selection interview transcript (70) Table 7.17: Survey for the final solution with POS Sales supervisors in Hochiminh city (71) ABBREVIATION Index Abbreviation Description MAFG Mirae Asset Financial Group DIG Digital Innovation Group MAFC Mirae Asset Financial Company (Vietnam) CDL Consumer Durable Loan TWL Two-Wheel Loan (TWL) POS dept Installment Loan Department POS Point of Sales UND Underwriting BOD Board of Directors 10 DSR Direct sales 11 HOD Head of department 12 SPL Service Packet Loan 13 VTR Voluntary Turnover Rate 14 ITR Involuntary Turnover Rate 15 C&B Compensation and Benefits Table 7.6: Interview transcript with Mr La Thanh Long - POS salesman of POS HCM for potential problems Mr Long Mr Long Mr Long Good afternoon Long I am doing research about real situation at Installment Loan department of MAFC Could I interview you a few of questions? Certainly What you want to know? Thank you I would like to ask about the reason why you decide to stop working at MAFC? Actually, I did not satisfy my job, espescially my commission I think I did more than what I got Oh, I am so sorry to hear about that Could you please share some detailed things about this? In first months, I only have base salary and a fix bonus if I complete my target Base salary is million VND and the fix bonus is million VND I heard that in fouth month, I will have a commission base on my sales amount and risk management ratio, so I was looking forward to it But at the end, I had no commission that month and my suppervisor said that I not reach the minimum sales amount at my first month path to my risk management ratio is under requirement In sixth month, my commission was zero again although my risk management is perfect 100% I got a feedback from supervior that my sales amount is under the target I think I work hard during months, but I did not get a good commission as I looked forward to it I can see your concern I really appreciate your time and sharing Have a good afternoon, Long ❖ Interviewee 6: Mr Le Van Tien Title: POS salesman – Level: Sales Officer Length of service: 02/2020 – 10/2021 Date of interview: 25/01/2021 – Duration: 10 minute Table 7.7: Interview transcript with Mr Le Van Tien - POS salesman of POS - HCM for potential problems Mr Tien Mr Tien Good afternoon Tien I am doing research about real situation at Installment Loan department of MAFC Could I interview you a few of questions? Sure What can I help you? Thank you Firstly, I would like to ask about the reason why you decide to stop working at MAFC? My work did not like what I expected I worked at a POS which has coorperate with finance companies I asked somes salesman at those companies Most of them had equal or higher commision than me although my target and risk management ratio – PR3 meet my company requirement Especially HD Saison, they had commission policy similiar with our policy about structure, but commission level is better So they have commision higher than me about 15% I really appreciate your time and sharing Have a good afternoon, Tien ❖ Interviewee 7: Mr Nguyen Chi Dung Title: POS Sales Supervisor – Level: Senior Supervisor Length of service: 02/2019 – current Date of interview: 30/01/2021 – Duration: 15 minute 63 Table 7.8: Interview transcript with Mr Nguyen Chi Dung - POS Sales Supervisor of POS - HCM for potential problems Mr Dung Mr Dung Mr Dung Good afternoon Dung I am doing research about real situation at Installment Loan department of MAFC Could I interview you a few of questions? Of course Thank you Firstly, I would like to ask about difficulties of POS salesman in wokring at POS? Dealers not provide enough loans for POS salesman’s target, so POS salesman need to cover many POSs with many dealers It does not only make difficulty for them to reach requirements of company but also it make them down mood and not work for long time So how about the situation of receiving customers at POS of POS salesman? In a shop, it has or finance companies When customer say that he/she has demand make a loan for product of shop, manager of shop (presentation of dealer) often prioritize other finance organizations as FE Credit, Home Credit, HD Saison If customer’s loan of those companies is rejected, the shop’s manager will introduce MAFC to customer With these kind of applications, rate of disbursement loan is very low And risk of successful loan is high All of these make salesman feel more difficult to reach their target Oh, I really appreciate your time and sharing Have a good working day, Dung 7.3.2 Problem Validation Interview Transcripts: Below is the transcript of the third interview with ASM and Head of Installment Loan dept This helps to validate the main problems for the High turnover rate of POS Salesman Interviewer: Nguyen Thi Hoang My Interviewees: ❖ Interviewee 1: Mr Tran Vo Quang Minh Title: Area Sales Manager – Level: Associate Manager Length of service: 06/2018 – present ❖ Interviewee 2: Ms Bui Thi Thanh Ngan Title: Head of Installment Loan department – Level: Manager Length of service: 12/2017 – present Date of interview: 17/04/2020 – Duration: 30 minute The respondents were given the list of potential problems and were asked to raise their opinions towards each potential problems What you think about the potential problem of “Incompatible work”? What you think about the potential problem of “Poor performance of Leadership”? 64 What you think about the potential problem of “Dissatisfaction on commision”? What is the main problem? Table 7.9 : Problem Evaluation Interview Transcript Area Sales Manager Mr Minh Head of Installment Loan department Ms Ngan I agreed that this work is very stressful and require POS salesman pay their effort and time to get the target But high pay high get That is a nature of work in sales industry If they love to sale something to customer, they will understand and think positive about it In this time, role of POS sales supervisor is very important We need to catch feelings and thinking of their team members and have some reasonable changes for new situation what support POS salesmen finish their task happily But for POS salesmen, some supervisors did not connect to work well They did not recognize enough POS salesmen’s wish and finished tasks They not communication clearly and closely enough to their downline All of these made them lose their POS salesmen Commission is very important with POS salesman Every POS salesman has same base salary if they not book any day off So, commission is a different side that shows their effort for job and what encourage them work more and more everyday Expectation about commission after hard work is a certain thing We need to find out why they dissatisfy about commision policy to resolve it If not, they will get disappointment and quit job more Main problem is Dissatisfaction on commission Actually, every job has its high pressure If it is not in this side, it will be on that side It cannot be avoidable We understand the difficulties of POS Salesmen and the company always try to find out to support them by back office workforces and information technology systems So, for me, if a salesman feels this is incompatible work for him/her, after help him/her by many ways but ineffective, we need to let them leave We prefer staffs who can work with high pressure and willing to serve their customers with high quality POS channel is still in developing period time We are young with years old when comparing with 10 years in FE credit POS Sales supervisors are learning and growing up themselves day by day With bad leaders, we will train or recruit other ones or promote excellent POS salesman We are looking forward to seeing improvement POS sales supervisors’ proficiency in management skills Besides that, we build many tools to evaluate sales’ performance more exactly I think it is not the most important issues this time POS Salesman has parts of income: base salary and commission In financial industry, for salesman, the base salary is very low when comparing with their bonus It is a key point to motivate salesman’s productivity No doubt about base salary, we paid totally equal with other rivals How much commission that a POS salesman will receive is more important with them It can be double or triple base salary if they reach a good result on amount 65 of sales and good management in risk We should discover about reasons make their dissatisfaction on commission This not only helps POS salesman not be disappointed their job which leading to a negative decision is leaving the organization, it also helps them have a flagrant orientation on how to achieve the best results based on their own competence For me, in POS channel, it has some weak leaders but it is not serious problem more than commission Dissatisfaction on commission pushed POS salesman look for other opportunities at other companies Thus, main problem is Dissatisfaction on commission 7.3.3 Cause Validation Interview Transcripts: Below is the transcript of interviews with Ms Ngoc - POS sales supervisor, Mr Minh – ASM of POS HCM This helps evaluate the potential causes for the real causes of the problem Dissatisfaction on Commission of POS salesman at MAFC Interview with POS Sales Admin Supervior: This helps to explore more about Long’s case above and validate more about her opinion about commission policy Interviewer: Nguyen Thi Hoang My Interviewee 1: Ms Cao Huu Bao Ngoc Title: POS Sales Admin Supervisor – Level: Senior Length of service: 03/2018 – present Date of interview: 02/05/2021 – Duration: 15 minute Table 7.10 : Interview transcript with POS Sales Admin Supervior Ms Ngoc Ms Ngoc Ms Ngoc Ms Ngoc Good afternoon Ms Ngoc I am doing research about real situation at Installment Loan department of MAFC Could I interview you a few of questions? Certainly What you want to know? Thank you Firstly, I would like to ask about the complaint case of Mr La Thanh Long Is there any wrong in payment for his commission? Of cources no I calculate commission for all POS salesmen by a data exported from IT system I double check it and HOD check again before we print commission list and get approval from BOD It seldoms get mistake I heard about this issue from Mr Long and he not understand why Is there any POS salesman ask you about this similiar case? Yes, many POS salesmen are very sensitive with their commission They often contact me to complain about their commission Their supervisor explained them before, but they not understand, so they want to hear from me – who calculate and can check for their commission detailly Furthermore, the questions come from many teams, does not only focus on some leaders So, I concern about their reaction after get the answer from you? To be sad, dispointed, angry, complaint, many ways Some POS salesman agree thay they are misunderstood and have possitive attitude Some ones are not After payment period, I often receive many resignation letters from POS salesmen 66 Ms Ngoc Do you have any database about POS salesman’s complaint? Could I be shared this for my research? I collected them every month I will send it to you later I really appreciate your time and sharing Have a good day, Ms Ngoc Interview with Mr Minh - Area Sales Manager: This helps to validate more about his opinion about cause of problem Interviewer: Nguyen Thi Hoang My Interviewee 2: Mr Tran Vo Quang Minh Title: Area Sales Manager – Level: Associate Manager Length of service: 06/2018 – present Date of interview: 02/05/2021 – Duration: 15 minute Table 7.11 : Interview transcript with Mr Minh – ASM about potential causes Mr Minh Mr Minh Mr Minh Mr Minh Good morining Minh I have some questions about POS salesman Could you explain it to me? Certainly What you want to know? Thank you Firstly, I would like to ask about the key elements in evaluating sales performance for POS salesman? There are two key elements: Target and risk management ratios I mean PR3 Can you tell me more about the effect of PR3 on sales’ commission? Salesman is required to identify who is potential bad debt customer and reject that application loan It is meaning of PR3 ratio We calculate performance of POS salesman on it If POS salesman has low PR3 ratio, his/her commission will be decreased I saw that some POS salesmen had very low PR3 ratio, under 90% So what is your opinion about that? There are some POS salesmen it very well, but somesone doesnot In process of sales, the step when POS salesman collect information with customer and assess customer’s behavior via attitude, questions, face emotion , they need to evaluate that customer is good or bad and decide to make a loan or not This recognition skill depends on salesman’s skill We shared our experience to our POS saleman forces, but all salesman it well is impossible I really appreciate your time and sharing Have a good day, Mr Minh * Survey for the main cause with 100 POS Salesmen in Hochiminh city: Interviewer: Nguyen Thi Hoang My Interviewees: Group of POS Salesmen in Hochiminh city Objective: Conducting a survey from POS Salesmen to find out the main solution of “Dissatisfaction on Commission of POS Salesman at Mirae Asset Finance Company (Vietnam)” problem Date of interview: 03/05/2021 – 10/05/2021 Interview Guide: 67 Question: Which main cause you think the most impact to the “Dissatisfaction on Commission of POS Salesman at Mirae Asset Finance Company (Vietnam)” problem? 1: Real cause 1: Miscommunication on commission 2: Real cause 2: Low of competition on commission 3: Real cause 3: Poor salesman skills Result as table below: Table 7.12: Survey for the main cause with 100 POS Salesmen in Hochiminh city Real cause Miscommunication on commission Low of competition on commission Poor salesman skills The number of POS Salesmen 57 28 15 Interview with Ms Ngan – Head of Installment Loan department: This helps to validate the main cause of problem Interviewer: Nguyen Thi Hoang My Interviewee 3: Ms Bui Thi Thanh Ngan Title: Head of Installment Loan department – Level: Manager Length of service: 12/2017 – present Date of interview: 17/05/2020 – Duration: 30 minute The respondents were given the list of causes of the problem “Dissatisfaction on commission” and were asked to raise their opinions towards each cause What you think about the cause of “Miscommunication on commission”? What you think about the cause of “Low of competition on commission”? What you think about the cause of “Poor salesman skills”? What is the main cause? Table 13: Main Causes Evaluation Interview Transcript Head of Installment Loan department I value the importance of commission policy to POS salesman High quality of communication on commission with POS salesman will help them orientate daily and monthly activities’ sales which directly affect on achieving the target of company POS salesmen miscommunicate with commission policy, that why they think that the company’s commision is low of competition Actually, when changed the structure of commission policy on September 2019, intention of company is “Better performance, higher commission” A POS salesman with normal performance will get an average commission But with an excellent POS salesman, he will get very high commission due to high PR3 and PR6 ratio 68 With “Poor salesman skills” cause, it isnot main cause at Installment Loan department because POS salesman need to work well on those skills to avoid to make bad debt loan for company Their performance doesnot only evaluate by percentage target of loan amount, but it is also recognized by their PR3 and PR6 ratio It is core value in company’s commission policy The main cause is Miscommunication on commission 7.3.4 Solution Justification Interview Transcript Interview with Mr Phuoc – Supervisor of Training team: This helps to validate more about his opinion about alternative solution “Building an orientation training course about commission for POS salesman in Hochiminh city” Interviewer: Nguyen Thi Hoang My Interviewee: Mr Dang Thanh Phuoc Title: Area Sales Manager – Level: Executive trainer Length of service: 10/2018 – present Date of interview: 20/05/2021 – Duration: 10 minute Table 7.14 : Interview transcript with Mr Phuoc about alternative solution Mr Phuoc Mr Phuoc Good morining Phuoc I have some questions about training course Could you share your opinion to me? Certainly What you want to know? Thank you What you think if the company building an orientation training course for POS salesman about commission policy? Currently, the company have an orientation training course for new POS salesman with days period MAFC could use current trainer and internal document to provide initial knowledge about commission policy for POS salesman Not only new staff, I think that any current POS salesman can join this course to repair their misunderstandings about commission policy Oh, thạnk you for your opinion Have a good day, Phuoc Interview with Mr Minh - Area Sales Manager: This helps to validate more about his opinion about alternative solution “Building an orientation training course about commission for POS salesman in Hochiminh city” Interviewer: Nguyen Thi Hoang My Interviewee: Mr Tran Vo Quang Minh Title: Area Sales Manager – Level: Associate Manager Length of service: 06/2018 – present Date of interview: 22/05/2021 – Duration: 15 minute 69 Table 7.15 : Interview transcript with Mr Minh – ASM about alternative solution Mr Minh Mr Minh Good morining Minh I have some questions about POS salesman Could you explain it to me? Certainly What you want to know? Thank you What you think if the company building an orientation training course for POS salesman about commission policy? Actually, I am looking forward to having a course to explain formally about commission policy That makes him and his downline managers confident to support POS salesman when having any concern about their commission He also emphasized that his POS supervisors and he will attendant the training course if the company hold it I really appreciate your time and sharing Have a good day, Mr Minh Below is the summary of the interview of the Head of Instalment Loan department This is used for justifying the most appropriate solution for the main cause “Miscommunication on Commission of POS salesman in Hochiminh region” Interviewer: Nguyen Thi Hoang My Interviewee 1: Ms Bui Thi Thanh Ngan Title: Head of Installment Loan department – Level: Manager Length of service: 12/2017 – present Date of interview: 25/05/2021 – Duration: 20 minutes The respondents were given the list of alternative solutions for the main cause: “Miscommunication on Commission” and were asked to raise their opions towards the most appropriate solution What you think about the alternative solution: Building an orientation training course about commission for POS salesman in Hochiminh region? What you think about the alternative solution: Building a two – way communication system for POS salesman? What you thịn about the alternative solution: Providing a pay statement about commission salary for POS salesman? Which alternative solution is the solution selection? Table 16: Alternative solution and solution selection interview transcript Head of Installment Loan department She claimed that all solution are good for resolving Miscommunication on commission with POS salesman She also shared that two of solutions are in plan of company However, she confirmed that these solutions only make clearly database about commission for POS salesman, it does not cut the root cause of the problem POS salesman may still get misunderstandings, need of explaination and feeling of complexity on commission policy It is important to give a full explanation to POS salesman If you want your staffs thing right, you need to confirm with them what is the right thing 70 The company had a plan to build this two – way communication system for sales division including Telesales, Direct sales and Instalment Loan department The project is in planning progress with thirdparty But the cost is extremly high That why the company is still discussing There have been no final decision yet If the company build the two – way communication successfully, POS salesman will have a channel to check their commission If not, IT department could support a tool via excel for Sales admin team to send this pay statement for POS salesman Building a two – way communication system is a long – term of the firm with a huge cost I refer to choose “Building an orientation training course” about commission for POS salesman to get target in short – term And its cost is also in a reasonable range * Survey for the final solution with POS Sales supervisors in Hochiminh city: Interviewer: Nguyen Thi Hoang My Interviewees: Group of POS Sales Supervisors in Hochiminh city Objective: Conducting a survey from POS Sales supervisors to find out the final solution for “Dissatisfaction on Commission of POS Salesman at Mirae Asset Finance Company (Vietnam)” problem Date of interview: 26/05/2021 Interview Guide: Question: Which solutions you choose to resolve the “Dissatisfaction on Commission of POS Salesman at Mirae Asset Finance Company (Vietnam)” problem? 1: Alternative Solution 1: Building an orientation training course 2: Alternative Solution 2: Building a two – way communication system 3: Alternative Solution 3: Providing a pay statement about commission salary Table 7.17: Survey for the final solution with POS Sales supervisors in Hochiminh city Name of POS Sales Supervisors Nguyen Chi Dung Nguyen Hong Phap Huynh Thanh Tung Vu Thuy Hang Do Thien Huong Nguyen Nhat Phung Nguyen Huu Dien Che Minh Hai 7.4 x x x x x x x x Commission Policy for POS Salesman 71 Commission Policy for POS Salesman Category Sales Income Total commission A1 (Commission for Target) Level of Commission Note Sales Income = Base salary + Compensation + A1 + A2*(PR3 +PR6) + Bonus for Bancasurance loan = A1 + A2 Target/month (million VND) 150 – 200 200 – 300 300 – 500 >= 500 >= 100% 0.8 mil mil 1.2 mil 1.8 mil > 150% 1.2 mil 1.5 mil mil mil 90% - 100% 0 0.8 mil 1.2 mil < 90% 0 0 A2 (Commission for Loan Amount) = Loan amount of month (S) * Level of Loan amount * (PR3 + PR6) Level of Loan amount >= 100% target 1% > 150% target 1.3% < 100% target Condition for receiving all commission is PR3 >= 95% The numbers will be rounded to digits after a comma 72 PR3 < 75% Subtract all commission 75%
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