It is obviously that human resources are the firm foundation for every enterprise to develop rapidly and in a sustainable manner. Every staff member is seen not only as an asset but also as the most precious source of capital because they are the ones who implement business strategies and maintain the relationship with customers, ensuring the Bank’s success. However, so as to recruit qualified and talented employees is not an easy task. Not to mention, because recruiting and training really takes time, money and effort as well as always goes in line with biasness as previously mentioned, it's advisable that Techcombank make every effort to keep its existing employees. Thus, the Human Resources Management Department of Techcombank should attach great importance to offering preferential treatment to staff with the viewpoint of minimizing personal worries so that they can concentrate on improving the quality and efficiency in their work.
Developing appropriate and effective compensation system plays a very important part to the HRM process (Robin, 9th e.d). In fact, in 2008, Techcombank sought advice from William Mercer, whose representative in Vietnam is Talent Net, to adjust salary scales, raising salary in the whole system in July 2008. The total payroll increased 122.5% to VND405 billion in 2008. The per capita average income reached VND8 million per month, up 54.5% against 2007. The total bonus for the most outstanding staff was VND20 billion, accounting for 5% of the total payroll in 2008. (Techcombank’s annual report, 2008) This made important contribution to enhancing the competitiveness, attracting many highly skilled and competent staffs. Thus, Techcombank should continue to implement such programs to motivate and stimulate their employees to their best efforts to demonstrate themselves and develop their career.
Furthermore, Techcombank should pay attention to not only financial factors, but also to the healthcare of staffs and...
Please join StudyMode to read the full document