In the recently released report about “Some outstanding issues about personnel of the banking industryViews from candidates and employers”, the surveyed banks said that the banking sector is still difficult to recruit and retain people.
The average income of employees is 10-30 million dong/month, and banks participating in the survey are still difficult to recruit and retain people.
According to the survey, up to 89 percent of the surveyed banks had the average salary from 10,000,000 dong to 30,000,000 dong per month. 26 percent of employers said that the uncompetitive salary and remuneration was the biggest difficulty for them in the recruitment process. To increase the recruitment efficiency, 37 percent of banks said they should consider applying financial incentives to attract applicants; 56 percent of banks surveyed said that basically, they had basic and reasonable policies, but these policies could be further diversified and expanded to be really attractive to employees.
*Candidates participating in the survey earn an average of 1-3 months of salary per year and have a relatively high salary increase.
According to the survey data, 62 percent of respondents said they were paid an average of 1-3 months’ salary per year; 18 percent received 3-5 months’ salary; seven percent got 5-7 months’ salary and five percent received over seven months’ salary. In addition, the average annual salary increase of surveyed candidates was also quite high. 40 percent of the surveyed respondents had an annual salary increase of more than 10 percent.
*The promotion roadmap and financial incentives are paid attention to by both employers and applicants
78 percent of surveyed employers said that in order to retain talent for their business, they needed to apply a clear career path to their employees. However, up to 52 percent of applicants said they did not have much promotion opportunities because of not having much change for managerial positions and banks often newly recruit vacant management positions.
In addition, 37 percent of employers were also considering to applying financial incentives to attract applicants. On the part of candidates, the three most attractive remuneration policies, which were assessed by them to be most attractive, included: Low interest loans (53 percent); Bonus (mid-term bonus, final-term bonus, and the 13th month salary), accounting for 47 percent; Health insurance and life insurance for employees, making up 45 percent.
The leadership at banks participating in the survey was interested in building corporate culture and implementing uniformly throughout the system.
This survey provided a positive view about the Board’s determination to build a corporate culture. Eighty percent of employers participating in the survey said that the board of directors of the bank where they worked not only stopped at macro policies but also had practical actions to develop and spread that culture. In terms of candidates, 52 percent of respondents agreed with this opinion.
In addition, 65 percent of recruiters surveyed said that the units in banks apply corporate culture in a uniform way. For effective communication to the whole business, most respondents said they used internal bulletin sent via email (60 percent) and internal online newspaper (55 percent).
Participants in the survey focused on assessing the suitability of candidates to the corporate culture during the recruitment process.
The survey results show that banks in Vietnam focused on corporate culture in the recruitment process. Specifically, 53 percent of businesses said they shared about the mission, vision, and core values of the bank with candidates when recruiting.
However, 42 percent of surveyed banks said they had difficulties because there was no method to accurately assess the suitability of candidates to corporate culture, most of them still rely on emotions; 37 percent said that the biggest difficulty was the pressure of recruiting enough people, leading to the fact that sometimes the assessment of cultural appropriateness was not focused on; 16 percent said that the shortage of qualified candidates led to the fact that sometimes there had to accept to recruit candidates that were not culturally appropriate but meet other criteria.
According to employers, to accurately assess cultural appropriateness, they needed a set of culturally appropriate questionnaires (42 percent); criteria for evaluating the appearance, attitude of candidates during the interview process (21 percent) and asking the candidates to take a separate test about culture (16 percent).
*Applicants wish to work at foreign banks
According to this survey, 50 percent of respondents said they would like to work at a bank/branch of a foreign bank in Vietnam; 31 percent of candidates wanted to work for joint stock commercial banks; 11 percent selected state-owned commercial banks and three percent chose joint venture commercial banks. Sharing the reasons for wanting to work at a foreign bank, candidates shared a number of key reasons including: the desire to be treated fairly and have healthy working environment; the desire to receive high salary and many opportunities for promotion; the desire to use English at work as well as work with foreign colleagues, managers and the desire to have more training opportunities to develop skills and professions.
