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Vietnam Today

Vietnam Best Places to Work 2019 Summit held in HCMC

Released at: 18:22, 27/03/2019

Vietnam Best Places to Work 2019 Summit held in HCMC

Photo: Anphabe

Vietnam Best Places to Work Survey released at March 27 Summit.

by Phi Linh

A typical Vietnamese company may lose up to 99 per cent of its talent and this ratio is also quite high for companies in the Top 10 Vietnam Most Attractive Employer Brands (EB), at 85 per cent, according to the Vietnam Best Places to Work Survey.

The survey was released at the Vietnam Best Places to Work 2019 Summit, with a theme of “Together Towards Tomorrow” and organized by Anphabe on March 27 in Ho Chi Minh City. The Summit saw the participation of 650 CEOs and human resources departments from leading enterprises in Vietnam. Key findings in the survey include:

(*) It’s not until employees quit that a company considers it a “Loss”. The Vietnam Best Places to Work Survey emphasized that “Talent Loss” has continuously occurred even before they join an organization. This “Loss” spans across five stages of Talent Attraction:

  • Awareness loss: this account for an average of 34 per cent of talent, of which 24 per cent have not known of / never heard about a company and 10 per cent know but reject working for such a company.
  • Interest loss: Among 66 per cent aware of a targeted talent, up to 53 per cent of potential talent have no interest in working for the company in the future.
  • Within the remaining 13 per cent, only 7 per cent are ready to apply for a job posting, and 6 per cent show none of this intention despite having interest.
  • Of this 7 per cent, only 5 per cent are serious about their application, and 2 per cent would apply but do not consider this company their “ideal workplace”, indicating desire loss.
  • If all desired companies provide similar job offers, the opportunity for a company to become their first choice is down to 1 per cent, equivalent to another 4 per cent loss of first choice.  

The Talent Loss trend is still seen after they have become a member of the company, at an alarming rate of 51 per cent of the workforce at a company. This trend once again confirms the importance of building a sustainable EB from inside out to minimize Talent Loss both before and after they join a company’s workforce.

(*) Exploring the Motivation at work of 75,481 respondents, the surveys’ results came up with six Motivation Behavior groups, of which three skew towards Extrinsic Motivation: Security Lover, Pragmatist, and Attention Seeker, with the remaining three groups leaning towards Intrinsic Motivation: Goal Achiever, Value Pursuer, and Work Lover.

Each Motivation group has quite different Career Objectives and Ideal Workplace Expectations. For example, The Pragmatist tends to favor advancing up the corporate ladder, expanding networks, and accumulating for a future startup, while the Value Pursuer will seek challenges to learn and grow, contributing to meaningful purposes or applying knowledge and experience to create value. These are among the reasons for high Talent Loss before joining the business, as hardly any company can satisfy the needs of all six Motivation groups at the same time.

The survey also revealed that Intrinsically Motivated groups have 20 per cent more employees willing to make discretionary efforts compared to groups that skew towards Extrinsic Motivation, and also shows that 21 per cent more employees commit to stay. As a result, such internal loss of talent can originate from the fact that the existing workforce is largely impacted by Extrinsic Motivation.

(*) The results show that Extrinsic Rewards (Salary & Bonus, Job Position, Nice office, Well-known company) can influence Motivation but only to a certain extent, hence these are more fittingly considered Hygiene factors - basic requirements - and should be provided just enough.

While Extrinsic factors will contribute to 41 per cent of employees’ effort, the chance for bigger impact lies with Intrinsic Rewards, which affect the remaining 59 per cent. The survey also defines five Motivation Enablement Factors that make a considerable contribution to improving Intrinsic Motivation, including Well-being, Autonomy, Competency, and Connection & Meaning.  

When employees give a more positive assessment on five Motivation Enablement Factors at their workplace, the survey results recorded that both their Effort & Loyalty improved significantly.  

On the occasion, the Vietnam Best Places to Work Survey held its 6th ceremony on the same day. The survey also measured the Employer Brand Attractiveness of 678 companies in 24 industries, and attracted the participation of 75,481 experienced professionals. Of which, Vinamilk was again selected as Vietnam Best Place to Work. Within the Financial Services industry, KPMG was again ranked first among all companies and first among the Big 4 Professional Services Firms. It was ranked No. 33 in the Top 100 list of companies; an impressive increase of 7 spots compared to last year.

The survey is endorsed by the Vietnam Chamber of Commerce and Industry (VCCI), and this is the second consecutive year Unilever has collaborated as Strategic Knowledge Partner and Intage as Research Consultation Partner.

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