NATIONAL ECONOMICS UNIVERSITY FACULTY OF FOREIGN LANGUAGES DEPARTMENT OF BUSINESS ENGLISH DANG KIEU GIANG A STUDY ON EMPLOYEE RETENTION STRATEGIES AT MELISOFT TECHNOLOGY SOLUTIONS COMPANY LIMITED NATIONAL ECONOMICS UNIVERSITY FACULTY OF FOREIGN LANGUAGES DEPARTMENT OF BUSINESS ENGLISH DANG KIEU GIANG A STUDY ON EMPLOYEE RETENTION STRATEGIES AT MELISOFT TECHNOLOGY SOLUTIONS COMPANY LIMITED Hanoi, March, 2023 Dang Kieu Giang — 11191381 — Business English 61C ACKNOWLEDGEMENT As the author of this report, I would like to express my gratitude to those who contributed to the study after a lengthy investigation. The research paper has a profound meaning to me personally and partly contributes to the development of employee retention strategies at Melisoft Technology Solutions Company Limited. Firstly, I would like to extend my gratitude and respect to National Economics University, the Faculty of Foreign Languages, and my supervisor, Mrs. Tran Thi Dan Huyen, PhD for providing me with the opportunity and resources to complete my research with a strong sense of passion.
I would also like to express my appreciation to all the managers at Melisoft who assisted me by providing their practical knowledge and suggestions to expedite the research process. Moreover, I would like to thank the current and former employees of Melisoft who participated in the survey and helped to disseminate the study's findings. Additionally, I want to acknowledge and thank my close friends who have continuously encouraged me to put in more effort and conduct effective research. Their support inspired me to complete my coursework.
Lastly, I want to express my heartfelt appreciation to my family for their unwavering love and support over the years. Their encouragement has been a powerful source of motivation for me, helping me overcome obstacles in both my personal and educational pursuits. Dang Kieu Giang — 11191381 — Business English 61C EXECUTIVE SUMMARY This study investigates employee retention strategies at Melisoft Technology Solutions Company Limited. The aim of this research is to identify the current retention strategies being used by the company and to evaluate the level of employee satisfaction with these strategies.
Data was collected through current and former employee surveys and a review of the company's policies and procedures. The study was conducted using a mixed-methods approach, including surveys and secondary data analysis. A total of 51 employees, both current and former, participated in the study. The findings reveal that job satisfaction, career development opportunities, fair compensation, and a positive work environment are critical factors in retaining employees.
The results also indicate that Melisoft has implemented various retention strategies, including compensation and benefits, employee training and development, flexible work arrangements, and a positive organizational culture, to enhance employee retention. However, despite these efforts, the company still experiences a relatively high turnover rate. The study recommends that Melisoft Technology Solutions Company Limited should implement additional retention strategies, such as improving communication between management and employees, offering training and development programs, enhancing employee compensation and benefits, providing a work-life balance, and improving communication channels. It is also suggested that the company should conduct regular employee surveys to gather feedback and identify areas for improvement.
The study concludes that employee retention is a critical factor in maintaining a competitive edge in the technology industry and that continuous evaluation and improvement of retention strategies are necessary to ensure long-term success. li Dang Kieu Giang — 11191381 — Business English 61C LIST OF ABBREVIATIONS HR Human Resources IT Information Technology UƯ UX User Interface/ User Experience HTML/CSS Hypertext Markup Language/ Cascading Style Sheets QA Quality Assurance Al Artificial Intelligence CEO Chief Executive Officer SHRM Society for Human Resource Management GDP Gross Domestic Product Pct of CEs Percentage of current employees Pct of FEs Percentage of former employees 11 Dang Kieu Giang — 11191381 — Business English 61C LIST OF FIGURES Figure 1. Melisoft’s organizational SfTUCfUTG. Maslow's hierarchy of needl.
--- «ch ng gi, 13 Figure 2. Herzberg's two-factor theOry. The number of Melisoft employees from 2019 to 2022. Melisoft's labor changes from 2019 to 2022.
Melisoft's personnel structure by gender in 2022. Melisoft's personnel structure by age in 2022. Current and former employees’ level of agreement with statements about the company's Compensation DOÏICY.- - -- + s s + kg ng rey 33 Figure 3. Current employees’ level of satisfaction with the company's benefits.
Current and former employees’ level of satisfaction with the company's benefits package by industry standars. Current and former employees’ level of satisfaction with the company's WOTKING COnIfIOTIS.- -- - c 1311123199119 1 vn ng kg rưy 36 Figure 3. Current and former employees’ level of agreement with a statement about team-building activities .- - -- s11 1x HH ng ng ky 39 Figure 3. Current and former employees’ level of agreement with statements about training and development activities.
Current and former employees’ level of agreement with the Statement about Career Da(H. -- -- c1 131991119 11 11119111 ng ngư 42 Figure 3. Current and former employees’ level of agreement with the statement about employee TÊCOØTIILIOH. -- ó6 + 21111 Hiệp 43 iv Dang Kieu Giang — 11191381 — Business English 61C LIST OF TABLES Table 1.
Melisoft’s general infOrmatfIOI.-- 5 5553 * SE ssEEeeereersserrrrs 5 Table 3. Current and former employees’ level of agreement with statements about workplace relatIOnnsh1DS. - -- -- - + 133119211 93 1111 91 ng ng ng ng key 37 Dang Kieu Giang — 11191381 — Business English 61C TABLE OF CONTENTS ACKNOWLEDGBEMETNTT. << < 5< < 5c HH 09608888 08080 i EXECUTIVE SUMMA RRYY.0 00 0000500968966 ii LIST OF ABBREVIATIONS .csccsssssssssssssssssssscssssccsecscsessesccssescesssecsessesseees iii LIST OF FIGURES .91 0010000090090 896 iv LIST OF TABLES.
Research bj€CẨÏVS. sọ Họ HH 00000000 0400 2 3. Scope of IR€S€AFCÌ,. Structure Of Research.
OVERVIEW OF MELISOFT TECHNOLOGY SOLUTIONS COMPANY LIMITED1. Services and Products. Vision, Mission, and Core VaÌÏUe. Definitions of Human Resources.
Definitions of Employee Retention Strategies. Motivational Theories for Employee Retention. Abraham Maslow's Hierarchy of Needs. Frederick Herzberg's Two-factor Theory.
Factors Affecting Employee Retention. External Ea4CẨOFS. FINDINGS AND ANALYSTIS. Current Situation of Human Resources at Melisoft Technology Solutions Company ỈTHÏf€C(Ả.9000 089996 25 VI Dang Kieu Giang — 11191381 — Business English 61C 3.
ÁI DO Go o Ọ ọ ọ ỌỌ ọỌ họ cọ. Current Employee Retention Strategies at Melisoff Technology Solutions Company ỈImÏf€C. Compensation and Benefits .-- << 5s se se 1sssseesse 29 3. Career Development OpporfunniÏfÏ€S.
Employee Satisfaction with Employee Retention Strategies at Melisoft Technology Solutions Company LÏImÏf€(CÍ. Employee Satisfaction with Compensation and Benefits. Employee Satisfaction with Working Conditions. Employee Satisfaction with Corporate Culture.
Employee Satisfaction with Career Development Opportunities 40 3. Achievements and Limitations of Employee Retention Strategies at Melisoft Technology Solutions Company LLimi(ed. Reasons for the Departure of Former EmppÌOY€S. Recommendations to Improve Employee Retention Strategies of Melisoft Technology Solutions Company Limife(d.
Recommendations on Compensation and Benefits. Recommendations on Corporate Culture. Recommendations on Career Development Opportunities.cssscssssssscscssssccsssscsessssecseesssscsesssseessssssecsessssecsessssessssesserseseese 55 REFERENCES APPENDIX 1 APPENDIX 2 Vil Dang Kieu Giang — 11191381 — Business English 61C INTRODUCTION 1. Rationale Employee retention is an essential process in today's scenario of high economic growth and development, as well as rapid globalization, where the competition for talent is becoming increasingly fierce.
Because talent or human resources are a valuable asset to any organization, they invest heavily in employee retention programs or strategies. Companies that understand what their employees need and want in the workplace and make strategic decisions to proactively fulfill those requirements will become market leaders with the best quality human resources. Employee retention is critical to any organization's long-term health and success; however, companies around the world are finding it increasingly difficult to attract, motivate, and retain significant talent. Additionally, employee turnover is a major challenge for companies throughout the globe.
According to Hill and Jones (2001), the impact of employee turnover on businesses can have far- reaching consequences and jeopardize efforts to achieve organizational goals. Therefore, it is crucial for organizations to implement effective employee retention strategies to keep employees motivated and committed to the organization. Retention strategies in start-ups are frequently ineffective. This is often due to a lack of understanding of the factors that drive employee retention, limited resources, and a lack of experience in developing and implementing effective retention strategies.
This can lead to a shortage of qualified workers and higher employee turnover, which adversely affects the success of the organization. Melisoft is a Vietnamese technology start-up with an established reputation for providing cutting-edge solutions to their clients. With the increasing demand for highly skilled employees, they have had to constantly innovate their retention strategies to stay competitive in the market. The purpose of "A Study on Employee Retention Strategies at Melisoft Technology Solutions Company Limited" is to provide insight into the various strategies employed by Melisoft to retain employees.
In addition, the aim of this study is to identify any potential gaps in Melisoft's employee retention strategies by evaluating the level of employee satisfaction with these strategies. By identifying the achieved results Dang Kieu Giang — 11191381 — Business English 61C and limitations of the current strategies, the study will provide recommendations to help Melisoft develop more effective retention strategies, contributing to reducing turnover rates and improving the overall company performance. Research Objectives The research objectives can be summarized as follows: e Identify current employee retention strategies of Melisoft. e Evaluate employee satisfaction with Melisoffs employee retention strategies.
e Develop recommendations to improve Melisoft’s retention strategies. Research Questions a) What are the current employee retention strategies of Melisoft Technology Solutions Company Limited? b) How satisfied are employees with Melisoft's employee retention strategies? c) What recommendation can be proposed to further improve employee retention strategies of Melisoft Technology Solutions Company Limited? 4. Scope of Research The research targeted current and former employees of Melisoft. The sample size was approximately 50 participants due to the limited number of current and former employees, and the author included all of them in the study.
The research focused on identifying employee retention strategies currently used by Melisoft. Additionally, the study evaluated employee satisfaction with these strategies based on internal factors within the company. Due to time constraints, external factors were assumed to be optimal and were not included in the analysis and recommendations. Data for the analysis was collected from 2019 to 2022.
Research Methodology The study used a combination of qualitative and quantitative research methods. The data collected includes primary and secondary data. Dang Kieu Giang — 11191381 — Business English 61C For secondary data, the author collected information about the company, characteristics of human resources, employee retention strategies, etc. by studying the company's documents.
Based on collected information, the author processed and created tables or charts to analyze the data and make overall evaluations about the data. In addition, the author relied on available literature, theories from domestic and foreign books, websites, and previous studies to synthesize and select appropriate information for the topic. For primary data, the author surveyed 100% of current and former employees (55 people) of Melisoft through two Google Forms surveys corresponding to these two subjects. The number of current employees and former employees surveyed was 37 and 18 people, respectively.
However, the number of respondents was 35 current employees and 16 former employees. The online surveys were designed to collect information from current and former Melisoft employees about their satisfaction with the company's retention strategies based on internal factors such as compensation and benefits, working conditions, career development opportunities, etc. Based on the information obtained, the author processed the data to grasp the current state of employee satisfaction with the company's retention measures and made appropriate recommendations to improve these strategies. Structure of Research The study structure consists of four chapters in addition to the introduction, conclusion, list of abbreviations, list of tables, lists of figures, list of references and appendices.
Chapter 1: Overview of Melisoft Technology Solutions Company Limited Chapter 2: Theoretical Framework Chapter 3: Findings and Analysis Chapter 4: Recommendations Dang Kieu Giang — 11191381 — Business English 61C CHAPTER 1.