ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA QUẢN TRỊ VÀ KINH DOANH --------------------- NGUYỄN THÙY DƯƠNG IMPROVING EMPLOYEE RETENTION AT IMPAC CORPORATION HOÀN THIỆN CÔNG TÁC GIỮ CHÂN NHÂN VIÊN TẠI CÔNG TY CỔ PHẦN IMPAC LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH HÀ NỘI - 2019 TIEU LUAN MOI download : skknchat@gmail.com ĐẠI HỌC QUỐC GIA HÀ NỘI KHOA QUẢN TRỊ VÀ KINH DOANH --------------------- NGUYỄN THÙY DƯƠNG IMPROVING EMPLOYEE RETENTION AT IMPAC CORPORATION HOÀN THIỆN CÔNG TÁC GIỮ CHÂN NHÂN VIÊN TẠI CÔNG TY CỔ PHẦN IMPAC Chuyên ngành: Quản trị kinh doanh Mã số: 60 34 01 02 LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH NGƯỜI HƯỚNG DẪN KHOA HỌC: TS. TRẦN HUY PHƯƠNG HÀ NỘI - 2019 TIEU LUAN MOI download : skknchat@gmail.com 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, Hanoi School of Business and Management, and the laws for above-mentioned declaration.
i TIEU LUAN MOI download : skknchat@gmail.com ACKNOWLEDGEMENTS I would like to express my deepest gratitude to all of the following people for helping me complete my thesis. Firstly, I would like to express my special thanks to my company for giving favorable conditions for my study and my master thesis completion at Hanoi school of business and management (HSB). Secondly, I am extremely grateful to all of the lecturers from the Department of Business Administration - HSB for providing me with research methods and professional knowledge during the course, especially the active and creative research skills. My appreciation also goes to the teachers in the thesis review committee for giving me valuable ideas during my thesis completion process.
My profound gratitude is also conveyed to my instructor for his helpful assistance and guidance. This thesis could have never been completed without his enthusiastic counsel and support. Despite the efforts during the research period, there are still many limitations in the thesis. I would hope to receive valuable comments from the teachers and co- workers to make this essay more complete.
Thank you very much. Ha Noi, 2019 ii TIEU LUAN MOI download : skknchat@gmail.com TABLE OF CONTENTS DECLARATION. ii LIST OF TABLES. vi LIST OF CHARTS AND FIGURES.
THEORETICAL BASIS ON RETAINING EMPLOYEES IN ENTERPRISES AND RESEARCH DESIGN. Concept and role of retaining employees in enterprises. Basic factors effecting employee retention. Factors belong to the enterprise.
Factors belong to employees. Theories of working motivation to retain employees. Theories about needs. Theory of two groups of elements of F.
Equity theory of J. Victor Vroom’s Expectancy theory of Motivation (1964). Content of retaining employees. Determine the need of employees.
Retain employees with material tools. Retain employees with spiritual tools. Experience on retaining employees in SMEs. Experience of United education Joint Stock Company.
Lessons learned for Impac Corporation .35 iii TIEU LUAN MOI download : skknchat@gmail. Proposal of analytical framework. Data collection methods. Methods of processing and analyzing data .40 CHAPTER 2: CURRENT SITUATION OF EMPLOYEE RETENTION AT IMPAC CORPOTATION.
General overview of Impac Corporation. Process of formation and development of the Company. Organizational structure of the Company. Characteristics of business activities and manpower of the company.
Analysis of employee retention status at Impac Corporation. Current situation of determining the needs of employees at the Company. Status of retaining employees with material tools. Status of retaining employees with spiritual tools.
Analysis of factors effecting employee retention. Factors belong to the business. Factors belong to employees. Overal assessment of the status of retaining employees at Impac Corporation69 2.
Limitations and causes. PROPOSAL OF SOLUTIONS TO COMPLETE EMPLOYEE RETENTION AT IMPAC CORPORATION. Business development orientation of the Company until 2025. Perpectives of HRM of the Company.
Proposal of solutions to employee retention at Impac Corporation. Solutions to determine the needs of employees. Solutions of employee retention with material tools. Solutions of employee retention by spiritual tools .96 iv TIEU LUAN MOI download : skknchat@gmail.100 v TIEU LUAN MOI download : skknchat@gmail.IMPAC LIST OF TABLES Table 1.
Detailed description of the factors affecting staff retention at Impac Corporation. Business records of the Company in the period of 2015-2017. Labor situation of the Company in the period of 2015-2017. Payroll of employees at the Company in December 2017 (quoted).
Results of employee survey on salary of the Company. Total paid bonuses of the Company in the period of 2015 - 2017. Results of staff survey on bonuses of the Company. Forms of welfare, allowance and subsidies applied at Impac Corporation.
Result of staff survey on the Company’s welfare. Results of staff survey on work assignment in the Company. Results of staff survey on the stability of work at the Company. Comparing the number of employees of the Company in the period of 2015 - 2017.
Survey results of staff on working environment and conditions at the Company. Survey results of employees on the assessment of work performance at the Company. Training needs at the company in the period of 2015-2017. The situation of using the training and development budget at the Company in the period of 2015 - 2017.
Results of staff survey on training and promotion opportunities in the Company. Survey form of employees’ needs at Impac Corporation. Sample of work performance assessment form. Norms of the bonus level according to the coefficient of work completion.
Sample of job description form. Questionnaires identifying training needs for employees in the Company .IMPAC TIEU LUAN MOI download : skknchat@gmail.IMPAC LIST OF CHARTS AND FIGURES Figure 1. Maslow's hierarchy of Needs. Influence of factors.
Company organization chart .IMPAC TIEU LUAN MOI download : skknchat@gmail. Rationale Among the resources required to create the social and economic development of the nation in general and of each enterprise in particular, Human resources are viewed as the core resource for creating material value, creating the most competitive and decisive position for other resources. In addition to building a business strategy, Enterprises need to have a human development strategy commensurate with human capital as Human resource is an important factor in turning a business strategy into reality. Today, retaining employees is not just an administrative issue but requires organizations to recognize the importance of coordinating policies, goals and employee retention practices which is the work of all managers and the process of combining systems, policies and governance measures to recruit, retain and develop qualified staff to meet requirements in performing the overall goal of the organization.
Therefore, in order to promote human resource efficiency, staff retention should be developed and implemented as part of the overall strategy of the organization. However, in Vietnam, most businesses are not really aware of the importance of this work, causing "bleeding" talent became quite common. At the same time, it can be seen that our high-qualified human resources market is facing serious crisis because it can not catch up with the development of the economy. As a company operating in the field of investing and providing transfering technology of medical equipment, science and technology, including both specific and competitive features, Impac Corporation has identified human development as an important strategic task to build and develop the Company into an enterprise that is able to meet the increasing demands of customers, especially with health care products.
As a result, retaining employee is increasingly attracted by the Company's leaders in order to build and develop strong human resource in all aspects, sufficiently quantitatively with high levels of education and management capacity, creativity and application of new technology.IMPAC TIEU LUAN MOI download : skknchat@gmail.IMPAC However, the company still has a lot of personnel changes, especially middle management staff and highly qualified staff. This is due to the current status of staff retention in the company has some limitations such as: - The actual income of employees at the company is not high; - The laborers have not been given much conditions to raise their professional qualifications and development; - Reward activities are uneven; - The assignment of labor is not reasonable, many employees have to concurrently undertake many jobs causing overloaded. So far, there is a lack of research to address the above shortcomings for Impac Corporation. Based on that practice, the author chose the topic: "Improving employee retention at Impac Corporation" as the master thesis topic in order to better understand the real situation of retaining employees at the Company, thereby recommend solutions with the desire to further improve staff retention at Impac Corporation.
The subject focused on some theoretical issues and the status of staff retention at Impac Corporation. Thereby, to see strengths, weaknesses, causes exist to propose some solutions to improve this work in the Company; and hope to answer the question: What should the Board of Directors of Impac Corporation do to improve the staff retention in the company in the future? 2. Literature review Foreign studies on staff retention are seen in many different perspectives and names. Research related to this issue mainly refers to associating employees with the organization as a key therapist to retain them.
Some typical studies such as: 2. Abroad research situation The study by Shruti and Nirmala (2013) investigates the impact of human resource management practices on the organizational commitment of employees in various sectors in India. Research shows how the human resource management practices bring the advantage of employee engagement to organizational goals in a globally competitive marketplace. The results show the factors of promotion, satisfaction, 2 (LUAN.IMPAC TIEU LUAN MOI download : skknchat@gmail.IMPAC job characteristics, communication, leadership satisfaction, job satisfaction, external exchanges, internal exchanges, external rewards and internal rewards are positively and significantly related to cohesion among employees.
According to the study by AK Paul and RN Anantharaman (2004) on the impact of human resource management on organizational engagement among software professionals in India and research shows that Human resource management activities such as friendly environment to employees, career development, development orientation, and comprehensive training have a significant positive relationship with engagement with the organization. The Asma and Mehboob study (2012) examines the effects of human resources on the organization association of workers in the service sector of Pakistan. This research identifies the practical activities of human resources such as the sense of organizational support, communication - training and development, compensation, organizational environment, work life policy, professional development, empowerment. The results show the positive relationship of these factors in HR practices with engagement with employees' organizations.
Meyer et al. (2000) also provided in their analysis their findings on the causal factors of association with the organization. These factors include: absenteeism and awareness of leaving the organization, absenteeism, job performance, civic behavior in the organization, tensions and conflicts between job and family; In addition, they also show an additional factor related to health and welfare. Research situation within country In the study of organizational attachment and job satisfaction, two authors, Tran Kim Dung and Morris (2005), have adapted Mowday's scale to Vietnam's condition, and the results show three parts of cohesion are influenced by five aspects of employee job satisfaction: work, payment, colleagues, supervisors, and promotion.
In terms of Vietnam, the cohesion of employees with the organization has three components: Effort (effort to fulfill responsibilities, assigned tasks); Pride (as a member of the organization) and loyalty (the desire to remain a member of the organization). Do Phu Tran Tinh et al.