UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business ------------------------------ Nguyen Thi Phuong Oanh WORK-LIFE IMBALANCE OF REMITTANCE EMPLOYEES AT BANK A MASTER OF BUSINESS ADMINISTRATION SUPERVISOR: Dr. Nguyen Phong Nguyen Ho Chi Minh City - 2017 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com TABLE OF CONTENTS LIST OF FIGURES.3 LIST OF TABLES. Description of Remittance team. Long working hours.
Increased health problems. Initial cause-effect map. CENTRAL PROBLEM VALIDATION. Central problem definition.
Central problem existence. Central problem importance. SOLUTIONS AND ACTION PLANS. Questionnaire on Work-life imbalance.
47 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com LIST OF FIGURES Figure 1. Structure of Remittance team Figure 2. Working hours of Remittance team Figure 3. Productivity of Remittance team Figure 4.
Initial cause-effect map Figure 5. Updated cause-effect map Figure 6. Level of fatigue related workplace problems vs overtime level Figure 7. Priority factors choosing a job Figure 8.
Second updated cause-effect map Figure 9. Final cause-effect map LIST OF TABLES Table 1. Number of employees at grade A health results versus amount of employees from 2015 to 2017 Table 2. Rate of employees sick leaving over 3 years (2015-2017) Table 3.
Interview guide questions of group 1 Table 4. Interview guide questions of group 2 LIST OF ABBREVIATIONS Rem – Remittance WLB – Work-life balance LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com EXECUTIVE SUMMARY Each organization has its own problems. Depending on the seriousness of the problems, the performance or even the survival of the organizations in this highly competitive environment will be determined. In problem solving, identify the real problem – the central problem is the most important step.
The right problem needed to be determined to propose the right solutions. Mistakes in determining the real problem may result in unnecessary wastes of resources. Therefore, this study focused on a specific of a department to have a deep look of one problem. Starting with the symptoms as long working hours, increased health problems and low productivity, the author managed to identify the central problem by root case analysis method.
Then, based on literature reviews and surveys, it was recognized that Work-life imbalance is the central problem of this organization. Work-life imbalance is an attractive topic to discuss on both business and academic research. Malgorzata Kluczyk (1) demonstrated that “work-life imbalance is a central issue affecting wellbeing, as family and work are the most important elements of everyone’s life”. The value of this study is through analysis of the problems and the importance of it to suggest the best solutions for bank A practice.
It is useful for not only this bank manager but also all employees to find the right way at their workplace. 1|Page LUAN VAN CHAT LUONG download : add luanvanchat@agmail. Company Background For over 20 years since its initial branch in Vietnam in 1995, bank A has nearly 200 employees up to now. Among the flourish of banking industry, bank A is facing with many competitors such as HSBC, Standard Chartered and a large number of domestic banks.
Vision and mission Its mission is a statement expressing what bank A aims to do. It provides a path in making the right decisions that will distinctively sets us apart from its competitors. The mission statement is to be a bank that does what is right, consistently. It captures its strategic ambitions, unites it and guide it towards the future.
Its main vision statement is to be the world’s most trusted bank. Description of Remittance team 1. Description Remittance team has the task to send to and receive funds from various accounts. - Inward Remittance product description Authenticated payment instructions received by the branch to pay a named beneficiary are classified as inward remittances.
Inward remittance can take the following forms: instructions received from overseas agents to credit branch customer’s account or pay to the beneficiary through a beneficiary bank, instructions received through local clearing to credit branch customer’s account. - Outward Remittance product description Payment instructions issued by customer to pay out from their accounts to the beneficiary are classified as outward remittances. Outward remittance can take the following forms: overseas telegraphic transfer, local payment order and inter- account transfer. - FX Settlement product description 2|Page LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com A request issued by customers to buy foreign currencies base on their available fund in Vietnam Dong under various following purposes: to repay for loan to the bank/ repay for offshore loan, to pay for L/C (letter of credit), to pay for goods under TTR (Telegraphic Transfer Reimbursement), to repatriate of legal income to overseas and other purposes complied with the Authority’s regulation.
Structure of Remittance team in 2013 vs 2016 Manager Inward Outward Outward FX Officer Officer Officer Officer Staff 1 Staff 2 Staff 3 Staff 4 Staff 5 Manager Inward Inward Outward Outward FX Officer Officer Officer Officer Officer Staff 1 Staff 2 Staff 3 Staff 4 Staff 5 According to Figure 1, in 2013, under one manager, there are 4 officers to check the processing from 5 staffs. To survive in the competitive industry, the bank tried to connect with various new customers that is the reason why it has significantly increased the amount of customers just in after 3 years. Therefore, in 2016, they recruited one officer to help the other officers with checking the payment more accurately and efficiently. This officer can handle the task of both inward and outward reports so the burden of 4 officers was released.
However, the number of payment orders continuously goes up day by day, 5 staffs are always whining about their work. 3|Page LUAN VAN CHAT LUONG download : add luanvanchat@agmail. Long working hours It is easy to discover that the trend of working hours for each employees in Remittance department grows continuously over the years. Accordingly, all staffs recently complain that they have no time for family and personal hobbies.
For this reason, the author took further look at the average working hours of this team. Average working hours of Remittance team Year Average Working Number of Average working hours transaction hours employees (hrs/no. of employees) 2013 200 72 9 8 2014 250 81 9 9 2015 576 90 9 10 2016 610 100 10 10 Q2/2017 630 105 10 10,5 Firstly, by table 1, before 2016, the department is operated with 9 employees, the average working hours were 8 hours/employee (in 2013), 9 hours/employee (in 2014). In 2015, the fact was that although the average working hours did not change significantly, due to the system upgrade and the wide open of customer accounts, bank A started to develop so the average transactions were at the 200% rate of growth.
Secondly, to have a deep look into the table, with one more recruited officer, the average working hours did not decrease (still around 10 hours). This equivalent to reducing spent time with their family. In 2013, the staff left office at 5:30pm for 8 working hours. From 2014, when they returned home at 6:30pm, their dinner time must be 1 hour later than the usual time.
Hence, it is not difficult to understand that in 2017, all the employees did not often have family dinners together if they stay at work for 11 hours per day and reach home at 9pm. According to Labor Code of Vietnam - Law No. 10/2012/QH13 date June 18, 2012 (Appendix), the overtime working hours with 11 hours per day could be accepted because the working hours are allowed under 12 hours per day and all employees are paid 1.5 times for each hour overtime working. However, when the 4|Page LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com staffs get their overtime paid while they still complain.
It must be a problem we should invest in. Increased health problems 1. Low degree of health results Health check-up programs and insurance policies are always practiced with all employees in the bank. By the collected annual health check, it is easy to find out that the status of remittance employees health are in trouble.
Number of employees at grade A health results versus amount of employees from 2015 to 2017 2015 2016 2017 Rate of grade A health results 8/9 5/10 4/10 By collecting the short summary results from Remittance employees (table 2 and table 3), it is discovered that in 2015, there were 8 employees with good health scores. They are ranked at grade A in health check results. However, this result falls to 50% in 2016 and it continues to decrease to 40% in 2017. High rate of sick leaving Table 3.
Rate of employee sick leaving over 3 years (2015-2017) Number of days on sick leave/ 2015 2016 2017 amount of employees 0/9 5/10 20/10 This collected data shows how many sick leave days all employees had taken. In 2015, nobody was off for health reasons. On the other hand, in 2016, moderately, each person took half of a leave day because of bad health. A serious symptom was seen when average every employee had to leave 2 days to cure their disease.
Obviously, this department should ensure all employees for better health. 5|Page LUAN VAN CHAT LUONG download : add luanvanchat@agmail. Decreased productivity The data given in Figure 3 below shows the trend of the productivity of Remittance team per day. Working hours per day is the average of total working hours of the team per day.
The productivity is calculated by dividing the average transaction per day and the working hours. Productivity of Remittance team 7.727 In 2013, with 9 employees and the small size of 200 transactions, the productivity was estimated at 2. By the growing the amount of customers in 2014, the number of transactions increased and the working hours average equal approximately 9 hours per day for each person, so the productivity was 3. Although the average working hours did not change significantly, due to the system upgrade and the wide open of customer accounts when bank A started to develop in 2015, the productivity was at the highest level of 6.
From 2016, this department recruited one more staff. Due to the amount of transactions did not increase too much, the productivity felt to 6. Especially, in Quarter 1-2 in 2017, it is worth noting that the productivity drops to 5. Therefore, productivity issue is one of the matter that Remittance team should invest in.
In summary, the symptoms which are easy to discover are three main troubles: staffs have to work for long hours, warning employee health status should be concerned and their productivity decreased in 2 recent years. 6|Page LUAN VAN CHAT LUONG download : add luanvanchat@agmail. Initial cause-effect map Based on the symptoms, the interview guide was designed to investigate the picture of problem. 2 respondents were kind to help with questions then the authors discovered that previous symptoms really exist and they lead to various effects.
Then 2 other interviewees were invited to answer similar questions to validate all the information. Effects of long working hours 1. Lack of elderly care time Ms. Ha shared her story with sayings: “I have an old mom but I reach at home at 9pm, it is a short time to converse with her.
I think the elderly should be cared much more. Lack of household time Ms. Ha added to her answers: “After work, I have to go to supermarket and cook meals for mom. It takes me a lot of time.
Lack of childcare time Ms. Uyen who had 2 year-old child got trouble with her baby. She told her story that she often go home when her baby is going to sleep, she had no time to take care of her child. Lack of personal time Shared by Ms.
Minh, what influenced her after work is tiredness and time management.