Average salary of bank employees is from VND10 – 30 million/month, surveyed banks still find it difficult to recruit and retain people
According to the survey, up to 89% of the surveyed banks have an average salary ranging from VND10,000,000 – 30,000,000 per month. 26% of employers said that uncompetitive wages and remuneration are the biggest recruitment obstacle. 37% of employers also said that in order to increase the efficiency of recruitment, banks should consider offering financial incentives to attract candidates. 56% of surveyed banks said they had basic and reasonable policies for employees, but the policies could be more diversified to attract employees.
Surveyed candidates are offered bonus of 1-3 month salary per year on average and have quite high salary increase
According to the survey, 62% of candidates receive a bonus of 1-3 month salary per month on average; 18% receive 3-5 month salary; 7% receive 5-7 month salary and 5% receive over 7 month salary. In addition, the average annual salary increase of the surveyed candidates is quite high. 40% of them have an annual salary increase of over 10%.
Promotion path & financial incentives are focused on by both employers and candidates
78% of surveyed employers said that in order to retain talented people, they need to adopt a clear promotion path policy for their employees. However, on the candidates’ side, 52% said their promotion opportunities are limited due to very few changes in managerial positions and banks often recruit new employees for managerial vacancies.
In addition, 37% of employers are considering financial incentives to attract candidates. On the candidates’ side, there are three compensation policies besides basic salary that they consider to be the most attractive: Low interest rate loans (53%); bonus (mid-term bonus, term bonus, 13th month salary) (47%); health insurance and life insurance (45%).
Surveyed banks said that boards of directors are interested in building corporate culture and deploying it consistently throughout the system
This survey demonstrates that boards of directors are determined to build a corporate culture. 80% of surveyed employers said their leaders do not have only macro policies but also specific actions to spread this culture across their organizations. 52% of candidates agreed with this opinion.
At the same time, 65% of surveyed employers said that different units in banks consistently apply the corporate culture. To effectively communicate within the whole business, most employers said that they use internal email (60%) and internal online newspaper (55%).
Surveyed banks focus on corporate culture for potential candidates
The survey shows that banks in Vietnam focus on corporate culture in the recruitment process. Specifically, 53% of businesses said they share the mission, vision and core values of their banks with candidates during the recruitment process.
However, during the recruitment process, 42% of surveyed employers said they have no way of accurately assessing candidates’ suitability for a corporate culture, and mostly base their choices on a personal hunch; 37% indicated that the pressure to recruit enough people makes them ignore corporate culture; 16% said that the shortage of qualified candidates makes them recruit candidates who do not fit a corporate culture but meet other criteria.
According to employers, in order to increase recruitment effectiveness, they need a set of questionnaires designed for cultural assessment (42%) and clear criteria to evaluate the attitude of the candidates (21%), as well as specific tests (16%).
Surveyed candidates would like to work for foreign banks
According to the survey, 50% of candidates said they would like to work at a foreign bank/branch of a foreign bank in Vietnam; 31% of them want to work for joint stock commercial banks; 11% select state-owned commercial banks and 3% select joint venture commercial banks. The candidates said that some main reasons why they want to work in foreign banks include: expecting to be treated fairly and work in a healthy environment; expecting high salaries and more promotion opportunities; expecting to use English and work with expat colleagues and managers and expecting to have training opportunities.