Factors affecting to the job satisfaction of vietcombank's employees

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RESEARCH PROJECT (BMBR5103) FACTORS AFFECTING TO THE JOB SATISFACTION OF VIETCOMBANK’S EMPLOYEES STUDENT’S FULL NAME : DINH THI QUYNH NHUNG STUDENT ID : CGS00018256 INTAKE : MAY, 2014 ADVISOR’S NAME & TITLE : DBA KHAI NGUYEN HO CHI MINH CITY, AUGUST 2015 Advisor’s Assessment --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Advisor’s signature Nguyen The Khai, DBA Student: Dinh Thi Quynh Nhung – MBAOUM0514 K14C 1 TABLE OF CONTENTS  ACKNOWLEDGEMENT ............................................................................................ 5 LIST OF FIGURES ...................................................................................................... 6 LIST OF TABLE........................................................................................................... 7 ABSTRACT ................................................................................................................... 8 CHAPTER I: INTRODUCTION ................................................................................ 9 1.1 RESEARCH INTRODUCTION ...................................................................... 9 1.1.1 Motivation of the research ........................................................................ 9 1.1.2 The research problem statement ............................................................. 10 1.1.3 Significance of the research .................................................................... 11 1.1.4 Purpose of the research ........................................................................... 11 1.1.5 Scope of the research .............................................................................. 12 1.1.6 Question of the research.......................................................................... 12 1.2 INTRODUCTION OF VIECOMBANK........................................................ 13 1.2.1 Overview of Vietcombank ...................................................................... 13 1.2.2 Organizational structure of Vietcombank ............................................... 18 1.2.3 Management system of Vietcombank ..................................................... 21 1.2.4 Corporate culture of Vietcombank .......................................................... 21 CHAPTER II: LITERATURE REVIEW................................................................. 24 2.1 Job satisfaction ................................................................................................... 24 2.2 Supervisory support ........................................................................................... 28 2.3 Perceived organizational support ....................................................................... 30 2.4 Performance appraisal system knowledge ......................................................... 32 2.5 Perceived ability - job fit .................................................................................... 35 2.6 Need hierarchy theory for job satisfaction ......................................................... 37 Student: Dinh Thi Quynh Nhung – MBAOUM0514 K14C 2 CHAPTER III: RESEARCH MODEL AND HYPOTHESIS ................................ 39 3.1 Research model .................................................................................................. 39 3.2 Contructs ........................................................................................................... 40 3.3 The relationship between each independent variable and dependent variable and Research Hypothesis ..................................................................................................... 40 3.3.1 The relationship between supervisory support and job satisfaction and hypothesis 1 ................................................................................................................... 40 3.3.2 The relationship between perceived organizational support and job satisfaction and hypothesis 2 ......................................................................................... 41 3.3.3 The relationship between performance appraisal system knowledge and job satisfaction and hypothesis 3................................................................................... 42 3.3.4 The relationship between percieved ability – job fit and job satisfaction and hypothesis 4 ............................................................................................................ 43 3.4 Research design .................................................................................................. 44 3.5 Measures of constructs ........................................................................................ 45 3.5.1 Supervisory support ................................................................................ 45 3.5.2 Perceived organizational support ............................................................ 47 3.5.3 Performance appraisal system knowledge .............................................. 49 3.5.4 Perceived ability - job fit ......................................................................... 51 3.5.5 Job satisfaction ........................................................................................ 53 3.6 Research Participants ......................................................................................... 53 3.7 Sources of data ................................................................................................... 53 3.7.1 Primary data ............................................................................................ 53 3.7.2 Secondary data ........................................................................................ 54 3.8 Procedure for Data Collection............................................................................ 54 3.8.1 Data collection tools........................................................................................... 54 3.8.2 Data collection method ...................................................................................... 54 Student: Dinh Thi Quynh Nhung – MBAOUM0514 K14C 3 CHAPTER IV: ANALYSIS AND RESULTS ......................................................... 56 4.1. Methods of analysis ........................................................................................... 56 4.1.1 Descriptive analysis ................................................................................ 56 4.1.2 Correlation .............................................................................................. 56 4.2 Analysis general and demographic information of the respondents .................. 58 4.3 Cronbach’s Alpha (Reliability) .......................................................................... 60 4.4 Descriptive Analysis .......................................................................................... 62 4.5 Correlations among variables............................................................................. 63 4.6 Hypothesis Testing Result ................................................................................. 65 4.6.1 Hypothesis 1 Testing Result ................................................................... 66 4.6.2 Hypothesis 2 Testing Result ................................................................... 67 4.6.3 Hypothesis 3 Testing Result ................................................................... 67 4.6.4 Hypothesis 4 Testing Result ................................................................... 68 CHAPTER V: CONCLUSION ................................................................................. 69 5.1 Summary of the results ...................................................................................... 69 5.2 Discussion and Recommendation ...................................................................... 70 5.2.1 Discussion ............................................................................................... 70 5.2.2 Recommendation .................................................................................... 73 5.3 Limitations of the research ................................................................................. 76 REFERENCES ............................................................................................................ 78 APPENDIX A .............................................................................................................. 82 Student: Dinh Thi Quynh Nhung – MBAOUM0514 K14C 4 ACKNOWLEDGEMENT First and foremost, I would like to express my sincere gratitude to my advisor DBA KHAI NGUYEN for his patience, motivation, enthusiasm, and immense knowledge in the continuous support for my research. Without his guidance, I could not have finished it as it is now. Besides, his lessons and guidance provide me with necessary knowledge as well as life inspiration. He is whom I could never forget in the rest of my life. Beside my dearest lecturers, my sincere thanks goes to my colleagues at Vietcombank Sai Gon South Branch who had help me to complete the questionnaire in order to help me conduct this research. I would like to show my appreciation for some my bestfriends always share their knowledges and experience with me. Last but not least, I am thankful for my family, my parents support spirit for me throughout the period of time I study MBA program. Ho Chi Minh, August 2015. Student: Dinh Thi Quynh Nhung – MBAOUM0514 K14C 5 LIST OF FIGURES  Figure 1: Vietcombank Market Position ....................................................................... 15 Figure 2: Vietcombank's logo and slogan ..................................................................... 17 Figure 3: Current Corporate Structure of Vietcombank ............................................... 18 Figure 4: Organizational structure of Vietcombank ..................................................... 19 Figure 5: Targeted Corporate Structure of Vietcombank ............................................. 20 Figure 6: Management system of Vietcombank ........................................................... 21 Figure 7: Hypothesized Research Model ..................................................................... 39 Figure 8: Participant's Gender ....................................................................................... 58 Figure 9: Participant's Age ............................................................................................ 58 Figure 10: Participant's Acamedic Degree .................................................................... 59 Figure 11: Participant's Working seniority ................................................................... 59 Figure 12: Participant's Working Position .................................................................... 60 Student: Dinh Thi Quynh Nhung – MBAOUM0514 K14C 6 LIST OF TABLES  Table 1: The profile of Vietcombank ............................................................................ 15 Table 2: Vietcombank in highlight ............................................................................... 16 Table 3: Data collection process ................................................................................... 55 Table 4: Pearson Correlation Coefficient ( Davies, 1971) ............................................ 57 Table 5: Cronbach’s Alpha ........................................................................................... 61 Table 6: Reliability Statistics of Cronbach’s Alpha...................................................... 61 Table 7: Descriptive Statistics ....................................................................................... 62 Table 8: The Pearson’s Correlation Coefficient r of all Independent and Dependent Variables........................................................................................................................ 63 Table 9: Coefficientsa of all Hypotheses ....................................................................... 67 Table 10: Model Summary of all hypotheses ............................................................... 67 Table 11: Summary of the results ................................................................................. 70 Student: Dinh Thi Quynh Nhung – MBAOUM0514 K14C 7 ABSTRACT “R ecruiting a good employee is very difficult, but retaining that employee is more difficult”. So job satisfaction is one of most frequently studied concepts in public management research. For decades, reseachers have sought to explain and predict job satisfaction with other key factors of organizatinal behavior (productivity, absenteeism, workplace behavior, and organizational citizenship behavior). The following documentation is a research report completed based on analyzing whether or not there is a significant relationship between Job Satisfaction with Supervisory Support, Perceived Organizational Support, Performance Appraisal System Knowledge and Perceived Ability-Job Fit of Vietcombank’s employees. Furthermore, with a study of those factors with use of questionnaires, data will be gathered which will be analyzed for the impact of each factor to job satisfaction. From this research findings, Vietcombank will understand more about its employees and improve its human resources strategies and policies in order that employees can increase more satisfied at work. Finally, in assisting and improving the four factors impact on job satisfaction positively, recommendations are further suggested. Multiple theoretical frameworks regarding job satisfaction are used as the theoretical guide. SPSS software is utilized to analyse the data in the research. Responses gathered by means of a questionnaire survey from 280 employees of one headquarter and eight transaction offices of Vietcombank Sai Gon South Branch, which were generated and analyzed using Cronbach’s Anpha analysis, descriptive analysis, and correlation analysis. Keywords: Job Satisfaction, Supervisory Support, Perceived Organizational Support, Performance Appraisal System Knowledge, Perceived Ability-Job Fit. Student: Dinh Thi Quynh Nhung – MBAOUM0514 K14C 8 CHAPTER 1: INTRODUCTION 1.1 RESEARCH INTRODUCTION 1.1.1 Motivation of the research Globalization is the inevitable trend of the world economy. Implementation of integration policies can help countries approaching rapidly with scientific and technical achievements, developing national economy. Because of a part of the world, Vietnam is strongly influenced by globalization. Especially when Vietnam becomes an official member of the World Trade Organization (WTO) and at the end of 2015, Vietnam will join the ASEAN Economic Community (AEC) and becomes a member of the Trans-Pacific Partnership (TPP), all trade barriers between countries were removed, the competition becomes more aggressive than it was. Therefore, in order to developt economy, we should take advantage and promote many resources including natural resources, financial resources, scientific-technical advances and especially human resources. Human resources are important resource of each country. The existence and development of each nation and each business depend on the human resources policies of that country. In the age of knowledge, competition among enterprises is often expressed in terms of product, engineering, technology, management methods, ect. But all things can copy, recycle or buy rights except human. Thus, competition among enterprises together is mainly about human competition. Good staff is the most important capital in the business. Retaining good staff is a criteria to evaluate elite enterprises. It is said that satisfied employee is a productive employee, any kind of grievance relating to organizational or personal always influence on the job. So every Student: Dinh Thi Quynh Nhung – MBAOUM0514 K14C 9 organization is giving higher priority to keep their employees with satisfaction by providing several facilities which improves satisfaction and which reduces dissatisfaction. Job Satisfaction is considered as a key issue by the entrepreneur where efforts are taken and programs are initiated. If an employee is not satisfied with the job there are chances for absenteeism, low turnover, lower productivity, committing of mistakes, diverting energy for different types of conflicts. All organizations are trying to identity the areas where satisfaction to be improved to get out of the above dangers. All managers, business owners recognized that they had to pay a very high price for the leave of good employees. The administrators are aware that in order to exploit and retain loyal customers depends so much on loyal employees in business. Bank is one kind of service company, organizational performance appears in term of high quality service delivery and customer satisfaction. Because of the stress on performance, researchers in human resource management emphasise on effective human resource strategies such as job satisfaction. In this connection, on behalf of Vietcombank a survey was conducted to identify the level of satisfaction in terms of strongly agree to strongly disagree on various related job factors such as employee’s satisfaction with Supervisory Support, Perceived Organizational Support, Performance Appraisal System Knowledge, Perceived AbilityJob Fit. 1.1.2 The research problem statement A survey of Towers Watson said that: “About 10% of workers change jobs in 2014, most of those in the pharmaceutical and financial sectors”. Explaining why workers in Vietnam change jobs more than other countries, Ms. Huynh Thu Huong Student: Dinh Thi Quynh Nhung – MBAOUM0514 K14C 10 CEO of Towers Watson Vietnam said that reason is not only because of salary and remuneration policy. According to her, leave jobs because wages can be relatively correct to senior personnel positions. Conversely, with the common position, the changing workplace often also comes from specific causes of labor Vietnam. She explained that “mostly they are young, inexperienced and want to try at multiple locations with greater stability”. Besides, these problems of supply – demand of the economy combined with the continuous small-scale enterprises, banks created new, ect. also cause the labor market change. Vietcombank is one of leading banks in Viet Nam with over 14,000 employees of which about 70% young employees aged 20 – 40 years old. Before the general situation, policies to attract and maintain the human resources of Vietcombank relatively succeed with quitting rate of the bank staffs quite low. So what are the factors make employees work at Vietcombank feel satisfied with the job? as well as what improvements does Vietcombank must do to create an attractive working environment to retain the human resources and against the lure of other banks, especially foreign banks?. This study will clarify above matters. 1.1.3 Significance of the research One of the biggest challenges in management has been implementing effective human development strategies to improve organizational performance. So it is an interesting and significant area for conducting research. The study made on the topic of Job Satisfaction will reveal the factors of feelings of employees. This research is useful to the management of Vietcombank to know the satisfaction levels of employees and they can take measures to increase productivity. Besides, it may be useful to the management students for reading, and may be useful in preparing their report on the job satisfaction, ect. 1.1.4 Purpose of the research Student: Dinh Thi Quynh Nhung – MBAOUM0514 K14C 11 The aim of this research is to examine the degree of Vietcombank employees' satisfaction towards specific factors such as Supervisory Support, Perceived Organizational Support, Performance Appraisal System Knowledge and Perceived Ability-Job Fit. In addition, the findings of the study could:  Measure the employees’s job satisfaction level in Vietcombank.  Study the employees perception towards organization.  Study the attitude of the employees towards their work.  Identify the factors that motivates the employees.  Last but not least, it is expected from the study will give suggestions for the Board of Directors improving the policies in order that employees can increasing more satisfied at work. 1.1.5 Scope of the research There were all 280 employees of Vietcombank Saigon South Branch (includes one headquarter and eight transaction offices) who participated in the research. A questionnaire was sent to each employee to fill in. This survey was conducted from 1st to 29th July 2015. 1.1.6 Questions of the study This study addresses some points follow: - How are the impact of Supervisory Support on Vietcombank employee’s job satisfaction? - How are the impact of Perceived Organizational Support on Vietcombank employee’s job satisfaction? - How are the impact of Performance Appraisal System Knowledge on Vietcombank’s employee job satisfaction? - How are the impact of Perceived Ability-Job Fit on Vietcombank’s employee job satisfaction? Student: Dinh Thi Quynh Nhung – MBAOUM0514 K14C 12 1.2 INTRODUCTION OF VIECOMBANK 1.2.1 Overview of Vietcombank Joint Stock Commercial Bank for Foreign Trade of Vietnam, formerly known as Bank for Foreign trade of Vietnam, was established from the Foreign Exchange Bureau (of the State Bank of Vietnam). Being the first state commercial bank chosen for pilot privatization by the Government, Joint Stock Commercial Bank for Foreign Trade of Vietnam officially came in to operation on 02/06/2008, after successfully implementing the equalization plan through IPO. Vietcombank (stock code: VCB) officially listed on the Ho Chi Minh Stock Exchange (HOSE) on 30/06/2009. Vietcombank has advantage of applying advanced technology into the automatic banking system, products development, and e-banking services, based on its high technology foundation. Vietcombank currently offers the following products and services: - Account services; - Funding services (savings, deposits, bonds, debentures); - Loan services (short, medium and long term); - Guarantee services; - LC negotiation services; - International payment services; - Remittance services; - Card services; - Collection services; - Foreign exchange trading services; - Correspondent banking services; Student: Dinh Thi Quynh Nhung – MBAOUM0514 K14C 13 - Factoring services; - Other services as indicated in VCB’s certificate of business registration. Products such as Internet Banking, VCB Money, SMS Banking, VCB Cyber Bill Payment have always attracted a great deal of customers by its convenience, promptness, safety, efficiency, creating the habit of non-cash payments (via banks) amongst customers. After half a century operating in the market, Vietcombank currently has over 13.560 employees, about 400 branches/ transaction offices/ representative officeS/ affiliates both in Vietnam and abroad, including Head Office in Hanoi, 1 Operation Center, 1 Training Center, 90 branches, over 400 transaction offices all over the country, 3 subsidiaries in Vietnam, 2 subsidiaries in other countries, 1 representative office in Singapore and 5 joint ventures. In addition, Vietcombank has also developed an Auto bank system with 1,835 ATMs and 32,178 Points of Sale nationwide. Bank’s operations are supported by a network of more than 1,300 correspondent banks in 100 countries and territories. Vietcombank’s team of professional employees with excellent expertise in banking and finance have a good sense for modern and integrated business environment…Thanks to their contribution, Vietcombank remains the primary choice for large corporations, domestic and foreign enterprises as well as millions individual customers. VCB provides a full range of commercial banking services, investment banking services, fund management, insurance, financial leasing, and real estate. With wisdom and enthusiasm, every generation of Vietcombank’s employees has been and will always be endeavoring to its position as a leading bank in Vietnam.'' Student: Dinh Thi Quynh Nhung – MBAOUM0514 K14C 14 THE PROFILE OF VIETCOMBANK  Name in English JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIET NAM.  Head office 198 Tran Quang Khai St., Ly Thai To Ward, Hoan Kiem District, Hanoi, Vietnam. Phone – Website 84 - 4 - 3 934 3137– www.vietcombank.com.vn  Market capitalization 25,174,170,760,000 VND (August 1, 2014)  Number of employees 13.560 employees  Stock exchange HOSE (Ho ChiMinh Stock Exchange, Vietnam) Table 1: The profile of Vietcombank  Vietcombank Market Position Figure 1: Vietcombank Market Position Student: Dinh Thi Quynh Nhung – MBAOUM0514 K14C 15  Vietcombank History and Regconitions  Vietcombank in highlight Table 2: Vietcombank in highlight Student: Dinh Thi Quynh Nhung – MBAOUM0514 K14C 16  Strategy management of Vietcombank Spread over 50 years of construction and development, Vietcombank’s brand has become familiar and a symbol of faith for the general public as well as all customer classes. Therefore, the Vietcombank’s brand is continuing to be developed based on several factors: inheritance, convergence and promote the values have been accumulated, refined throughout the history of banking activities 50 years. Bank's brand carries its own characteristics with core values: Innovation, continuous development, thoughtfulness - Devotion, Extensive Connectivity, Difference, and Safety - Security. Vision: “Becoming a dynamic financial holding company, ranking among the 300 leading financial group of the world by 2020, with its operations in both domestic and international financial market”. Mission: “Always bring success to customers; Ensure future for customers sustainably; Convenience in transaction and commercial activities in the market" Slogan: “Together for the future” (“Chung niem tin vung tuong lai” in Vietnamese). Logo: A green loop in triangle shape Figure 2: Vietcombank's logo and slogan (Source: www.vietcombank.com.vn) Student: Dinh Thi Quynh Nhung – MBAOUM0514 K14C 17 1.2.2 Organizational structure of Vietcombank  Current Corporate Structure of Vietcombank Figure 3: Current Corporate Structure of Vietcombank Vietcombank Group is currently organized with the banking operations at the holding level and the other financial operations and non – financial services at the subsidiary level. Student: Dinh Thi Quynh Nhung – MBAOUM0514 K14C 18  Organizational structure of Vietcombank Figure 4: Organizational structure of Vietcombank Student: Dinh Thi Quynh Nhung – MBAOUM0514 K14C 19
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