Ms. Tieu Yen Trinh, General Director of Talentnet Corporation, explains what enterprises must consider in the race to attract talent.
■ Foreign enterprises remain the employer of choice for a large proportion of Vietnam’s talent. Why is this?
Foreign enterprises, especially multi-national corporations (MNCs), still attract the most talented people in Vietnam for a number of reasons.
Firstly, due to their long establishment, foreign companies have professional and methodical policies and strategies for HR development, so most talented people would like to work in such an environment to have the opportunity to learn more, receive training, and develop their career path.
Secondly, foreign companies have professional systems and workplace processes.
Thirdly, the workplace environment at foreign companies is professional and transparent, with job evaluations, individual targets and indicators, and rewards. As a result, employees always have an overall picture of their contribution, individual results, assessments, and rewards, which provides motivation for them to work hard and be dedicated to the business.
Finally, at MNCs employees have access to experience and knowledge that helps them expand their own knowledge.
■ What can domestic companies do to attract talent and skilled employees?
Many domestic companies, especially big companies, are now fully developed and have become a destination for talent. The choice to work for a domestic or foreign company depends on the needs of employees in their different career phases. To attract talent, however, domestic companies must have an overall human resources (HR) strategy.
Enterprises must prepare clear personnel positioning. In particular, they need to define candidates to recruit and staff to retain. After defining targeted candidates, enterprises should focus on the needs and understand the expectations of each specific candidate as well as compare themselves with other companies in the same industry to gain market information and adopt specific HR strategies in recruitment, training, and effective workplace management.
Vietnamese enterprises need to consider new management and reporting mechanisms when recruiting, which requires a lot of consistency from the Board of Management and staff to create a fair and open environment and encourage the development of employees. Besides that, vision and orientation towards career path development will always be a concern for talented candidates when deciding to work at an enterprise, together with specific matters such as salary, bonuses, and benefits.
■ What do you foresee for Vietnam’s HR market with the AEC officially established?
Vietnam’s labor market will be vibrant, which will create opportunities and challenges for Vietnamese workers.
The arrival of foreign enterprises will open up a lot of job opportunities for Vietnamese workers but also increase skill and competency requirements, to meet the increasing demands of businesses to reach not only regional but also international standards.
The AEC will also provide a free flow of labor in a flexible manner for the entire region, which means Vietnam will welcome many workers from countries such as the Philippines, Myanmar, Thailand, and Singapore. Meanwhile, Vietnamese workers will also able to find employment in these countries. The AEC will therefore make a clear differentiation in the workforce, as talent will have opportunities at all companies in Vietnam and in the region, while workers who do not actively develop will have to compete with workers from other countries.