Improving Reward System at Vid Public Bank

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TABLE OF CONTENT

ACKNOWLEDGEMENT3
ABBRIVIATIONS4
LIST OF FIGURES5
LIST OF TABLES6
EXECUTIVE SUMMARY7
1.1. Rationale9
1.2. Research Objectives10
1.3. Research Questions10
1.4. Research Scope10
1.5. Theoretical Background10
1.6. Research methodology11
1.7. Structure of thesis12
CHAPTER 2: THEORETICAL BACKGROUND ON REWARD SYSTEM13
2.1.The concept of reward system13
2.2.The supporting components14
2.2.1.Business Strategy14
2.2.2.Reward strategy14
2.3.The elements of reward system16
2.3.1. Financial Reward16
2.3.1.1.Base Pay16
2.3.1.2.Variable Pay17
2.3.1.3.Employee benefits20
2.3.2. Non financial reward22
2.4.The aims of reward system28
2.5.Factors to assess the reward system29
CHAPTER 3:CURRENT REWARD SYSTEM AT VID PUBLIC BANK30
3.1. Overview of VID Public Bank30
3.1.1. History30
3.1.2. Corporate Philosophy32
3.1.3. VPB business results32
3.2. The current reward system at VID Public Bank33
3.2.1. Financial reward33
3.2.1.1. Base salary33
3.2.1.2. Variable pay33
3.2.1.3. Benefits35
3.2.2. Non financial reward40
3.2.2.2. Promotion Policy40
3.2.2.3. Training41
3.3. Findings on the VID Public Bank reward system42
3.3.1. Findings on financial reward42
3.3.1.1. Base pay42
3.3.1.2. Variable pay44
3.3.1.3. Benefits46
3.3.2. Findings on non financial reward47
3.3.2.1. Recognition47
3.3.2.2. Growth and development48
3.3.2.3. Work itself49
3.3.2.4. Supervision50
3.3.2.5. Interpersonal Relations51
3.3.3. Summary of strengths and weaknesses of VPB reward system51 3.3.3.1. Strengths51
3.3.3.2. Weaknesses and causes of weaknesses52
CHAPTER 4: RECOMMENDATIONS FOR IMPROVEMENTS55
4.1. Business Target for 2010 - 201155
4.2. Recommendation to improve VPB reward system55
4.2.1. Recommendations to financial rewards55
4.2.2. Recommendations to non financial rewards58
4.2.3. Participation of the management and staffs61
CONCLUSION63
APPENDIX64

ACKNOWLEDGEMENT

First of all, I would like to express my sincere thanks to my supervisor - Dr. Dao Thi Thanh Lam who enthusiastically guided me during the last thesis’s implementation. As one of the youngest students at EMBA 7 program, I am still lack of certain knowledge and experiences in both theory and practices. Ms Lam provided me with such a logical thinking that I can make a clear part in conducting my thesis and view it from different scales.

Secondly, I would like to thank my family members who support me a lot during the last time. Especially, my mother always encourages me to study further for better chance in life. She was the one to sponsor for my whole EMBA course even when I got a job with stable salary.

Moreover, my colleagues at VID Public Bank were so willing to contribute to this research by sharing with me their perspectives. I am also grateful of my Manager who allowed me to approach VPB information and gave me useful advice.

Last but not the least; I would like to mention my closed classmates who motivated me much time by time. I will miss some out goings for chatting/beer with them because such occasions enabled me to work harder on my thesis to catch up with them.

ABBRIVIATIONS

VPB:VID Public Bank
VN:Viet Nam
PBB:Public Bank Berhad
BIDV:Bank of Investment and Development
HA:Housing Allowance
COLA: Cost of living allowance
PAI:Personal Accident Insurance
LIST OF FIGURES
Figure 1.1 – Research Process
Figure 2.1 – The reward system
Figure 2.2 – Performance related pay scheme
Figure 2.3 – Job Characteristics Model
Figure 2.4 – The extension of reward system model by Michael Amstrong LIST OF TABLES

Table 2.1 – Advantages and Disadvantages of variable pay to individuals and teams Table 2.2 – Types of benefits
Table...
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