Clear promotion paths are key to retaining talented staff, according to banks.
According to a recent survey conducted by recruitment firm Navigos Group, 89 percent of banks said they offer employees an average monthly wage of VND10-30 ($440-1,320) million.
Up to 62 percent of banking staff receive a bonus of 1-3 months’ salary on average, while 18 percent receive 3-5 months’ salary. As many as 40 percent of employees receive an annual pay rise of over 10 percent.
However, 26 percent of employers said that uncompetitive wages and remuneration are the biggest recruitment obstacle they face, and 37 percent said they are considering financial incentives to attract candidates.
Meanwhile, 78 percent of employers said that in order to retain talented staff, they need to adopt a clear promotion path for employees. However, on the candidates’ side, 52 percent said their promotion opportunities are limited due to very few changes in managerial positions and a tendency for banks to recruit new employees for managerial vacancies.
On the candidates’ side, there are three compensation policies besides a basic salary that they consider to be the most attractive: Low interest loans (53 percent), bonuses (47 percent), and health and life insurance (45 percent).
According to the survey, 50 percent of candidates said they would like to work at a foreign bank in Vietnam, while 31 percent said they’d opt for joint stock commercial banks. Candidates said that working in a foreign bank would mean they’d be treated fairly in a healthy environment, while receiving a high salary and more promotion and training opportunities.
