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Banking & Finance

Banks struggling to recruit employees

Released at: 16:36, 27/02/2018

Banks struggling to recruit employees

Photo from fixi.vn

Latest Navigos Search report identifies issues facing employers and candidates in Vietnam's banking sector when it comes to recruitment.

by Hai Van

Average monthly salaries for bank employees range from VND10 million ($440) to VND30 million ($1,320) and surveyed banks still find it difficult to recruit and retain staff, according to the latest report from Navigos Search entitled “Some Critical Issues in Banking Workforce - Perspectives from Candidates and Employers”.

Some 89 per cent of surveyed banks pay average monthly salaries of VND10 million ($440) to VND30 million ($1,320) per month. Twenty-six per cent said that uncompetitive wages and benefits are the biggest obstacle in their recruitment efforts, while 37 per cent said that in order to increase recruitment efficiency it is necessary to consider offering financial incentives. In addition, 56 per cent said they had basic and reasonable policies for employees but these could be diversified to attract more employees.

Surveyed candidates were offered bonuses of one to three month’s salary each year on average and received quite a high salary increase. Sixty-two per cent of candidates received a bonus of one to three month’s salary, 18 per cent received three to five month’s salary, 7 per cent received five to seven month’s salary, and 5 per cent received more than seven month’s salary. The average annual salary increase for surveyed candidates was quite high, with 40 per cent receiving increases of more than 10 per cent.

Another interesting result in the report is that a half of surveyed candidates prefer to work for foreign banks in Vietnam. Half of surveyed candidates said they would like to work at a foreign bank or a branch of a foreign bank in Vietnam, 31 per cent said they want to work for a joint stock commercial bank, 11 per cent prefer a State-owned commercial bank, and 3 per cent prefer a joint venture commercial bank. Reasons for wanting to work at a foreign bank include expectations of being treated fairly and working in a healthy environment, high salaries and more promotion opportunities, using English and working with expat colleagues and managers, and receiving training opportunities.

Navigos Group, the leader in Vietnam’s recruitment industry, comprises www.VietnamWorks.com, an online recruitment portal, and Navigos Search, an executive search firm. The Group was acquired by en-Japan in 2013, one of the leading recruitment firms in the region and located in Tokyo.

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